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
SPDR SER TR PORTFOLIO SandP500 Com 78464A854 56,324 1,008,859 SH   DFND   0 0 1,008,859
SPDR SER TR PORTFOLI SandP1500 Com 78464A805 56,054 959,019 SH   DFND   0 0 959,019
INVESCO EXCHANGE TRADED FD TR SandP500 EQL Com 46137V282 36,770 113,479 SH   DFND   0 0 113,479
KRANESHARES TR QUADRTC INT RT Com 500767736 34,479 1,284,138 SH   DFND   0 0 1,284,138
ISHARES TR CORE SandP TTL STK Com 464287150 33,562 313,727 SH   DFND   0 0 313,727
ISHARES TR MSCI USA MIN VOL Com 46429B697 23,260 287,518 SH   DFND   0 0 287,518
INVESCO EXCHANGE TRADED FD TR SandP500 EQL Com 46137V357 22,553 138,580 SH   DFND   0 0 138,580
VANGUARD INDEX FDS REAL ESTATE ETF Com 922908553 21,496 185,296 SH   DFND   0 0 185,296
FIRST TR EXCHANGE-TRADED FD IV SENIOR LN FD Com 33738D309 18,276 381,402 SH   DFND   0 0 381,402
SPDR SER TR PORTFOLIO SandP400 Com 78464A847 18,211 366,131 SH   DFND   0 0 366,131
ISHARES INC MSCI EMRG CHN Com 46434G764 18,139 299,189 SH   DFND   0 0 299,189
VICTORY PORTFOLIOS II VICTORYSHS SHORT Com 92647N535 16,929 329,824 SH   DFND   0 0 329,824
ISHARES INC MSCI EQUAL WEITE Com 464286681 15,241 170,291 SH   DFND   0 0 170,291
ISHARES TR SHORT TREAS BD Com 464288679 14,978 135,654 SH   DFND   0 0 135,654
SELECT SECTOR SPDR TR SBI HEALTHCARE Com 81369Y209 12,153 86,264 SH   DFND   0 0 86,264
SELECT SECTOR SPDR TR SBI CONS DISCR Com 81369Y407 9,322 45,600 SH   DFND   0 0 45,600
SELECT SECTOR SPDR TR SBI INT-INDS Com 81369Y704 8,424 79,621 SH   DFND   0 0 79,621
SELECT SECTOR SPDR TR SBI CONS STPLS Com 81369Y308 7,025 91,112 SH   DFND   0 0 91,112
ISHARES TR SELECT DIVID ETF Com 464287168 6,912 56,391 SH   DFND   0 0 56,391
FIRST TR EXCHANGE TRADED FD II TECH ALPHADEX Com 33734X176 5,523 41,835 SH   DFND   0 0 41,835
ISHARES TR ISHS 1-5YR INVS Com 464288646 4,743 88,038 SH   DFND   0 0 88,038
SELECT SECTOR SPDR TR RL EST SEL SEC Com 81369Y860 3,822 73,787 SH   DFND   0 0 73,787
INVESCO EXCHANGE TRADED FD TR SandP500 PUR Com 46137V266 2,918 13,844 SH   DFND   0 0 13,844
FIRST TR EXCHANGE TRADED FD II CONSUMR DISCRE Com 33734X101 2,869 46,259 SH   DFND   0 0 46,259
AMA Fund Ltd Com 99VVBJY83 2,159 70,023 SH   DFND   0 0 70,023
ISHARES TR TIPS BD ETF Com 464287176 1,908 14,769 SH   DFND   0 0 14,769
SELECT SECTOR SPDR TR TECHNOLOGY Com 81369Y803 1,733 9,970 SH   DFND   0 0 9,970
INVESCO EXCHANGE TRADED FD TR SandP500 PUR Com 46137V258 1,179 14,592 SH   DFND   0 0 14,592
INVESCO QQQ TR UNIT SER 1 Com 46090E103 971 2,441 SH   DFND   0 0 2,441
ISHARES TR 20 YR TR BD ETF Com 464287432 406 2,742 SH   DFND   0 0 2,742
ISHARES INC MSCI TAIWAN ETF Com 46434G772 283 4,257 SH   DFND   0 0 4,257
ISHARES TR MSCI INDONIA ETF Com 46429B309 283 12,327 SH   DFND   0 0 12,327
ISHARES INC MSCI TURKEY ETF Com 464286715 205 11,087 SH   DFND   0 0 11,087
ISHARES INC MSCI STH AFR ETF Com 464286780 203 4,396 SH   DFND   0 0 4,396
ISHARES TR MSCI POLAND ETF Com 46429B606 203 9,655 SH   DFND   0 0 9,655
ISHARES INC MSCI RUSSIA ETF Com 46434G798 202 4,723 SH   DFND   0 0 4,723
ISHARES TR MSCI PHILIPS ETF Com 46429B408 90 2,872 SH   DFND   0 0 2,872
ISHARES INC MSCI MEXICO ETF Com 464286822 87 1,729 SH   DFND   0 0 1,729
ISHARES TR 10 YR INVST GRD Com 464289511 85 1,236 SH   DFND   0 0 1,236
PIMCO ETF TR 0-5 HIGH YIELD Com 72201R783 34 346 SH   DFND   0 0 346
ISHARES TR IBOXX HI YD ETF Com 464288513 26 299 SH   DFND   0 0 299
INDEXIQ ETF TR IQ SandP HGH YLD Com 45409B412 23 934 SH   DFND   0 0 934
ISHARES TR ISHS 5-10YR INVT Com 464288638 19 335 SH   DFND   0 0 335
VANGUARD BD INDEX FDS SHORT TRM BOND Com 921937827 17 222 SH   DFND   0 0 222
INVESCO EXCH TRD SLF IDX FD TR BULSHS 2022 CB Com 46138J882 17 829 SH   DFND   0 0 829
ISHARES TR FLTG RATE NT ETF Com 46429B655 12 252 SH   DFND   0 0 252
SPDR SandP 500 ETF TR TR UNIT Com 78462F103 9 21 SH   DFND   0 0 21
J P MORGAN EXCHANGE-TRADED FD HIGH YLD Com 46641Q878 7 138 SH   DFND   0 0 138