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
INVESCO EXCHANGE TRADED FD TR SandP500 EQL COM 46137V282 54,480 201,891 SH   DFND   48,553 0 153,338
SPDR SER TR PORTFOLIO SandP500 COM 78464A854 40,355 865,817 SH   DFND   204,559 0 661,258
SPDR SER TR PORTFOLI SandP1500 COM 78464A805 36,625 744,566 SH   DFND   175,879 0 568,687
INVESCO ACTIVLY MANGD ETC FD T OPTIMUM YIELD COM 46090F100 34,292 1,989,698 SH   DFND   464,790 0 1,524,908
ISHARES TR MSCI USA MIN VOL COM 46429B697 21,276 307,504 SH   DFND   72,133 0 235,371
INVESCO EXCHANGE TRADED FD TR SandP500 EQL COM 46137V357 20,187 142,510 SH   DFND   60,974 0 81,536
WISDOMTREE TR EM EX ST-OWNED COM 97717X578 17,884 439,532 SH   DFND   106,561 0 332,971
FIRST TR EXCHANGE-TRADED FD IV SENIOR LN FD COM 33738D309 17,734 370,325 SH   DFND   86,288 0 284,037
KRANESHARES TR QUADRTC INT RT COM 500767736 17,713 619,788 SH   DFND   146,959 0 472,829
ISHARES TR ISHS 1-5YR INVS COM 464288646 17,358 317,462 SH   DFND   71,580 0 245,882
FIRST TR EXCHANGE-TRADED FD IV FST LOW OPPT EFT COM 33739Q200 17,036 333,665 SH   DFND   76,379 0 257,286
VANGUARD BD INDEX FDS SHORT TRM BOND COM 921937827 16,948 206,209 SH   DFND   47,333 0 158,876
ISHARES INC MSCI EQUAL WEITE COM 464286681 16,321 208,284 SH   DFND   0 0 208,284
SELECT SECTOR SPDR TR SBI HEALTHCARE COM 81369Y209 11,548 98,922 SH   DFND   27,417 0 71,505
SPDR INDEX SHS FDS PORTFOLIO EMG MK COM 78463X509 10,995 251,144 SH   DFND   58,550 0 192,594
ISHARES TR IBOXX INV CP ETF COM 464287242 10,250 78,818 SH   DFND   17,564 0 61,254
VANGUARD WORLD FDS COMM SRVC ETF COM 92204A884 9,918 76,287 SH   DFND   21,080 0 55,207
SELECT SECTOR SPDR TR SBI INT-FINL COM 81369Y605 9,461 277,862 SH   DFND   77,123 0 200,739
ISHARES INC CORE MSCI EMKT COM 46434G103 7,576 117,725 SH   DFND   27,919 0 89,806
SELECT SECTOR SPDR TR SBI CONS STPLS COM 81369Y308 6,875 100,651 SH   DFND   27,924 0 72,727
ISHARES TR RUSSELL 2000 ETF COM 464287655 6,359 28,782 SH   DFND   0 0 28,782
SPDR SER TR BLOOMBERG BRCLYS COM 78468R622 6,065 55,753 SH   DFND   0 0 55,753
INVESCO QQQ TR UNIT SER 1 COM 46090E103 5,484 17,187 SH   DFND   0 0 17,187
FIRST TR EXCHANGE TRADED FD II TECH ALPHADEX COM 33734X176 5,147 45,298 SH   DFND   12,767 0 32,531
ISHARES TR 3 7 YR TREAS BD COM 464288661 4,209 32,410 SH   DFND   0 0 32,410
SELECT SECTOR SPDR TR RL EST SEL SEC COM 81369Y860 3,515 89,023 SH   DFND   24,082 0 64,941
ISHARES TR CORE US AGGBD ET COM 464287226 2,190 19,248 SH   DFND   0 0 19,248
ALPS ETF TR ALERIAN MLP COM 00162Q452 1,609 52,785 SH   DFND   0 0 52,785
AMA Fund Ltd COM 99VVBJY83 1,583 25,245 SH   DFND   0 0 25,245
OSI ETF TR OSHS GBL INTER COM 67110P704 1,512 29,023 SH   DFND   8,535 0 20,488
ISHARES TR SHORT TREAS BD COM 464288679 1,253 11,341 SH   DFND   0 0 11,341
INVESCO EXCHANGE TRADED FD TR SandP500 PUR COM 46137V258 834 11,272 SH   DFND   0 0 11,272
SPDR GOLD TR GOLD SHS COM 78463V107 671 4,197 SH   DFND   68 0 4,129
ISHARES INC MSCI TAIWAN ETF COM 46434G772 313 5,225 SH   DFND   0 0 5,225
ISHARES TR MSCI INDIA ETF COM 46429B598 307 7,302 SH   DFND   0 0 7,302
ISHARES INC MSCI THAILND ETF COM 464286624 304 3,703 SH   DFND   0 0 3,703
ISHARES INC MSCI STH AFR ETF COM 464286780 302 6,124 SH   DFND   0 0 6,124
ISHARES INC MSCI CHILE ETF COM 464286640 302 8,823 SH   DFND   0 0 8,823
ISHARES INC MSCI MEXICO ETF COM 464286822 298 6,807 SH   DFND   0 0 6,807
ISHARES INC MSCI RUSSIA ETF COM 46434G798 297 7,535 SH   DFND   0 0 7,535
ISHARES TR MSCI CHINA ETF COM 46429B671 287 3,517 SH   DFND   0 0 3,517
ISHARES INC MSCI MLY ETF NEW COM 46434G814 209 7,734 SH   DFND   0 0 7,734
ISHARES TR MSCI INDONIA ETF COM 46429B309 209 9,587 SH   DFND   0 0 9,587
ISHARES INC MSCI TURKEY ETF COM 464286715 209 9,103 SH   DFND   0 0 9,103
ISHARES INC MSCI BRAZIL ETF COM 464286400 201 6,023 SH   DFND   0 0 6,023
ISHARES TR MSCI PHILIPS ETF COM 46429B408 200 6,850 SH   DFND   0 0 6,850
ISHARES TR MSCI POLAND ETF COM 46429B606 199 11,018 SH   DFND   0 0 11,018
PIMCO ETF TR 0-5 HIGH YIELD COM 72201R783 34 350 SH   DFND   0 0 350
ISHARES U S ETF TR BLACKROCK ST MAT COM 46431W507 25 504 SH   DFND   0 0 504
INDEXIQ ETF TR IQ SandP HGH YLD COM 45409B412 20 824 SH   DFND   0 0 824
ISHARES TR ISHS 5-10YR INVT COM 464288638 19 334 SH   DFND   0 0 334
INVESCO EXCH TRD SLF IDX FD TR BULSHS 2022 CB COM 46138J882 18 832 SH   DFND   0 0 832
ISHARES TR CORE TOTAL USD COM 46434V613 15 294 SH   DFND   0 0 294
ISHARES TR IBOXX HI YD ETF COM 464288513 13 150 SH   DFND   0 0 150
ISHARES TR FLTG RATE NT ETF COM 46429B655 12 254 SH   DFND   0 0 254
ABERDEEN STD GOLD ETF TR PHYSCL GOLD SHS COM 00326A104 11 699 SH   DFND   699 0 0