The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
DBX ETF TR ETF 233051200 1,999 73,608 SH   SOLE 0 0 0 0
DBX ETF TR ETF 233051200 7,225 266,028 SH   DFND 1 0 0 0
ISHARES TR ETF 464287184 1,167 33,084 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287184 4,688 132,849 SH   DFND 1 0 0 0
ISHARES TR ETF 464287473 939 13,678 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287473 3,756 54,699 SH   DFND 1 0 0 0
ISHARES TR ETF 464287556 1,520 4,491 SH   SOLE 0 0 0 0
ISHARES TR ETF 464287556 6,461 19,097 SH   DFND 1 0 0 0
ISHARES TR ETF 46429B655 5,366 106,382 SH   SOLE 0 0 0 0
ISHARES TR ETF 46429B655 19,357 383,766 SH   DFND 1 0 0 0
PIMCO ETF TR ETF 72201R833 1,346 13,374 SH   SOLE 0 0 0 0
PIMCO ETF TR ETF 72201R833 5,109 50,777 SH   DFND 1 0 0 0
POWERSHARES QQQ TRUST ETF 73935A104 1,991 17,799 SH   SOLE 0 0 0 0
POWERSHARES QQQ TRUST ETF 73935A104 7,849 70,164 SH   DFND 1 0 0 0
POWERSHS DB US DOLLAR INDEX ETF 73936D107 1,745 68,016 SH   SOLE 0 0 0 0
POWERSHS DB US DOLLAR INDEX ETF 73936D107 6,573 256,271 SH   DFND 1 0 0 0
POWERSHARES GLOBAL ETF TRUST ETF 73936T565 1,699 113,635 SH   SOLE 0 0 0 0
POWERSHARES GLOBAL ETF TRUST ETF 73936T565 6,352 424,879 SH   DFND 1 0 0 0
SPDR SERIES TRUST ETF 78464A359 1,184 27,367 SH   SOLE 0 0 0 0
SPDR SERIES TRUST ETF 78464A359 4,758 109,942 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 1,892 26,273 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 7,677 106,585 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 1,961 38,839 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 6,521 129,161 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 951 12,157 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 3,870 49,510 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y605 1,041 43,671 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y605 3,697 155,155 SH   DFND 1 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y803 1,433 33,472 SH   SOLE 0 0 0 0
SELECT SECTOR SPDR TR ETF 81369Y803 5,226 122,019 SH   DFND 1 0 0 0
VANGUARD INTL EQUITY INDEX F ETF 922042874 623 12,484 SH   SOLE 0 0 0 0
VANGUARD INTL EQUITY INDEX F ETF 922042874 2,417 48,464 SH   DFND 1 0 0 0
VANGUARD INDEX FDS ETF 922908553 2,064 25,883 SH   SOLE 0 0 0 0
VANGUARD INDEX FDS ETF 922908553 7,806 97,911 SH   DFND 1 0 0 0