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
VANECK VECTORS ETF TR ETF 92189F494 1,090 55,600 SH   SOLE 0 55,600 0 0
ISHARES TR ETF 464288273 2,229 34,200 SH   SOLE 0 34,200 0 0
ISHARES INC ETF 46434G822 4,490 74,000 SH   SOLE 0 74,000 0 0
WISDOMTREE TR ETF 97717W851 3 58 SH   SOLE 0 58 0 0
ISHARES TR ETF 464287234 3,182 65,900 SH   SOLE 0 65,900 0 0
ISHARES TR ETF 464287242 2,953 25,155 SH   SOLE 0 25,155 0 0
ISHARES TR ETF 464287465 4,508 64,700 SH   SOLE 0 64,700 0 0
SELECT SECTOR SPDR TR ETF 81369Y100 381 6,700 SH   SOLE 0 6,700 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 5,803 71,291 SH   SOLE 0 71,291 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 369 7,018 SH   SOLE 0 7,018 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 5,336 52,683 SH   SOLE 0 52,683 0 0
SELECT SECTOR SPDR TR ETF 81369Y506 374 5,550 SH   SOLE 0 5,550 0 0
SELECT SECTOR SPDR TR ETF 81369Y605 4,594 166,633 SH   SOLE 0 166,633 0 0
SELECT SECTOR SPDR TR ETF 81369Y704 533 7,178 SH   SOLE 0 7,178 0 0
SELECT SECTOR SPDR TR ETF 81369Y803 5,911 90,352 SH   SOLE 0 90,352 0 0
SELECT SECTOR SPDR TR ETF 81369Y886 388 7,677 SH   SOLE 0 7,677 0 0
SPDR GOLD TRUST ETF 78463V107 3,887 30,900 SH   SOLE 0 30,900 0 0
ISHARES TR ETF 464287242 2,820 24,024 SH   DFND 028-15753 24,024 0 0
SELECT SECTOR SPDR TR ETF 81369Y100 80 1,400 SH   DFND 028-15753 1,400 0 0
SELECT SECTOR SPDR TR ETF 81369Y209 1,228 15,092 SH   DFND 028-15753 15,092 0 0
SELECT SECTOR SPDR TR ETF 81369Y308 78 1,491 SH   DFND 028-15753 1,491 0 0
SELECT SECTOR SPDR TR ETF 81369Y605 904 32,773 SH   DFND 028-15753 32,773 0 0
SELECT SECTOR SPDR TR ETF 81369Y506 79 1,168 SH   DFND 028-15753 1,168 0 0
SELECT SECTOR SPDR TR ETF 81369Y407 639 6,306 SH   DFND 028-15753 6,306 0 0
SELECT SECTOR SPDR TR ETF 81369Y704 651 8,769 SH   DFND 028-15753 8,769 0 0
SELECT SECTOR SPDR TR ETF 81369Y886 82 1,621 SH   DFND 028-15753 1,621 0 0
SELECT SECTOR SPDR TR ETF 81369Y803 1,249 19,098 SH   DFND 028-15753 19,098 0 0
UNITED STATES OIL FUND LP ETF 91232N108 33 2,500 SH   DFND 028-15753 2,500 0 0
BARCLAYS BK PLC ETN 06739F119 38 2,330 SH   DFND 028-15753 2,330 0 0
SPDR GOLD TRUST ETF 78463V107 1,572 12,500 SH   DFND 028-15753 12,500 0 0