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
ISHARES TR MSCI EMG MKT ETF 464287234 82,058 2,395,860 SH   DFND 1 2,395,860 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 4,027 132,600 SH   DFND 1 132,600 0 0
MARKET VECTORS ETF TR VIETNAM ETF 92189F817 5,530 395,010 SH   DFND 1 395,010 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 6,514 192,500 SH   DFND 1 192,500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,315 2,500 SH Call DFND 1 2,500 0 0
ISHARES TR MSCI EAFE ETF 464287465 564 4,750 SH Call DFND 1 4,750 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,168 3,500 SH Call DFND 1 3,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,054 2,500 SH Call DFND 1 2,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,306 2,500 SH Call DFND 1 2,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,046 4,000 SH Call DFND 1 4,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 367 11,500 SH Put DFND 1 11,500 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 567 17,500 SH Put DFND 1 17,500 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 1,980 24,500 SH Put DFND 1 24,500 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 1,467 30,000 SH Put DFND 1 30,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 728 10,000 SH Put DFND 1 10,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 458 7,000 SH Put DFND 1 7,000 0 0