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
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF ETP 233051879 6,719 273,357 SH   DFND 1,2 0 273,357 0
iShares Transportation Average ETF ETP 464287192 2,803 19,270 SH   DFND 1, 0 19,270 0
SPDR S&P Retail ETF ETP 78464A714 1,716 39,400 SH   DFND 1, 0 39,400 0
SPDR S&P Insurance ETF ETP 78464A789 1,630 22,000 SH   DFND 1, 0 22,000 0
SPDR S&P Homebuilders ETF ETP 78464A888 2,060 60,700 SH   DFND 1,2 0 60,700 0
SPDR S&P China ETF ETP 78463X400 1,550 19,400 SH   DFND 1,2 0 19,400 0
Vanguard Financials ETF ETP 92204A405 5,730 116,080 SH   DFND 1,2 0 116,080 0
PowerShares S&P SmallCap Information Technology Portfolio ETP 73937B860 825 13,000 SH   DFND 1, 0 13,000 0
Industrial Select Sector SPDR Fund ETP 81369Y704 11,301 193,580 SH   DFND 1,2 0 193,580 0
iShares MSCI Italy Capped ETF ETP 464286855 521 47,260 SH   DFND 1,2 0 47,260 0
iShares MSCI Brazil Capped ETF ETP 464286400 3,935 116,650 SH   DFND ,2 0 116,650 0
Global X Brazil Consumer ETF ETP 37950E846 6 426 SH   DFND 1, 0 426 0
SPDR S&P Oil & Gas Equipment & Services ETF ETP 78464A748 192 10,100 SH   DFND ,2 0 10,100 0
SPDR S&P Regional Banking ETF ETP 78464A698 1,737 41,100 SH   DFND 1, 0 41,100 0
iShares China Large-Cap ETF ETP 464287184 2,307 60,700 SH   DFND 1,2 0 60,700 0
Energy Select Sector SPDR Fund ETP 81369Y506 9,069 128,440 SH   DFND 1,2 0 128,440 0
Powershares QQQ Trust Series 1 ETP 73935A104 24,172 203,380 SH   DFND 1,2 0 203,380 0
Health Care Select Sector SPDR Fund ETP 81369Y209 7,056 97,850 SH   DFND 1,2 0 97,850 0
Consumer Discretionary Select Sector SPDR Fund ETP 81369Y407 4,081 50,990 SH   DFND 1,2 0 50,990 0
iShares MSCI Global Gold Miners ETF ETP 464286335 117 10,500 SH   DFND ,2 0 10,500 0
iShares Currency Hedged MSCI Germany ETF ETP 46434V704 134 5,610 SH   DFND ,2 0 5,610 0
iShares Currency Hedged MSCI Japan ETF ETP 46434V886 126 5,100 SH   DFND 1, 0 5,100 0
iShares Russell 1000 ETF ETP 464287622 3,461 28,700 SH   DFND 1,2 0 28,700 0
iShares MSCI United Kingdom ETF ETP 46434V548 422 26,610 SH   DFND 1,2 0 26,610 0
iShares MSCI South Korea Capped ETF ETP 464286772 698 12,000 SH   DFND 1,2 0 12,000 0
iShares MSCI Germany ETF ETP 464286806 699 26,616 SH   DFND 1, 0 26,616 0
Consumer Staples Select Sector SPDR Fund ETP 81369Y308 1,445 27,150 SH   DFND 1, 0 27,150 0
iShares MSCI Taiwan ETF ETP 464286731 487 31,000 SH   DFND ,2 0 31,000 0
Technology Select Sector SPDR Fund ETP 81369Y803 2,070 43,320 SH   DFND 1,2 0 43,320 0
WisdomTree Japan Hedged Equity Fund ETP 97717W851 823 19,172 SH   DFND 1,2 0 19,172 0
WisdomTree Europe Hedged Equity Fund ETP 97717X701 1,042 19,368 SH   DFND 1,2 0 19,368 0
FireEye Inc Common Stock 31816Q101 243 16,500 SH   DFND 1,2 0 16,500 0
Ellomay Capital Ltd Common Stock M39927120 9 1,000 SH   DFND 1, 0 1,000 0
Powershares Dynamic Pharmaceuticals Portfolio ETP 73935X799 91 1,480 SH   DFND 1, 0 1,480 0
Materials Select Sector SPDR Fund ETP 81369Y100 203 4,260 SH   DFND 1, 0 4,260 0
Vanguard FTSE Emerging Markets ETF ETP 922042858 3,143 83,536 SH   DFND 1,2 0 83,536 0
AerCap Holdings NV Common Stock N00985106 327 8,500 SH   DFND 1,2 0 8,500 0
SPDR S&P500 ETF Trust ETP 78462F103 8,562 39,509 SH   DFND ,2 0 39,509 0
iShares Nasdaq Biotechnology ETF ETP 464287556 224 775 SH   DFND 1, 0 775 0
Financial Select Sector SPDR Fund ETP 81369Y605 268 13,900 SH   DFND 1,2 0 13,900 0
Utilities Select Sector SPDR Fund ETP 81369Y886 147 3,000 SH   DFND 1, 0 3,000 0
PVH Corp Common Stock 693656100 155 1,400 SH   DFND 1, 0 1,400 0
Synaptics Inc Common Stock 87157D109 35 600 SH   DFND 1, 0 600 0
Guggenheim S&P 500 Equal Weight ETF ETP 78355W106 167 2,000 SH   DFND 1, 0 2,000 0
iShares Europe ETF ETP 464287861 30 770 SH   DFND 1, 0 770 0
iShares S&P 100 ETF ETP 464287101 56 583 SH   DFND 1, 0 583 0
Palo Alto Networks Inc Common Stock 697435105 166 1,040 SH   DFND 1, 0 1,040 0
Vanguard FTSE Europe ETF ETP 922042874 97 2,000 SH   DFND 1, 0 2,000 0
Middleby Corp/The Common Stock 596278101 62 500 SH   DFND 1, 0 500 0
iShares Select Dividend ETF ETP 464287168 142 1,648 SH   DFND 1, 0 1,648 0
Citigroup Inc Common Stock 172967424 1,157 24,500 SH   DFND 1,2 0 24,500 0
iShares Core High Dividend ETF ETP 46429B663 49 600 SH   DFND 1, 0 600 0
Check Point Software Technologies Ltd Common Stock M22465104 71 920 SH   DFND 1, 0 920 0
Accenture PLC Common Stock G1151C101 391 3,200 SH   DFND 1,2 0 3,200 0
Mobileye NV Common Stock N51488117 45 1,050 SH   DFND 1, 0 1,050 0
Mastercard Inc Common Stock 57636Q104 515 5,060 SH   DFND 1,2 0 5,060 0
General Motors Co Common Stock 37045V100 222 7,000 SH   DFND 1,2 0 7,000 0
Western Digital Corp Common Stock 958102105 74 1,250 SH   DFND 1, 0 1,250 0
Petroleo Brasileiro SA ADR 71654V408 145 15,500 SH   DFND 1,2 0 15,500 0
Cisco Systems Inc Common Stock 17275R102 591 18,600 SH   DFND 1,2 0 18,600 0
Vanguard Value ETF ETP 922908744 58 663 SH   DFND 1,2 0 663 0
Vanguard Dividend Appreciation ETF ETP 921908844 50 600 SH   DFND 1, 0 600 0
Pfizer Inc Common Stock 717081103 357 10,530 SH   DFND 1, 0 10,530 0
Medtronic PLC Common Stock G5960L103 144 1,670 SH   DFND 1, 0 1,670 0
salesforce.com Inc Common Stock 79466L302 56 790 SH   DFND 1, 0 790 0
Vanguard REIT ETF ETP 922908553 34 390 SH   DFND 1, 0 390 0
Gilead Sciences Inc Common Stock 375558103 94 1,190 SH   DFND 1, 0 1,190 0
Goldman Sachs Group Inc/The Common Stock 38141G104 46 285 SH   DFND 1, 0 285 0
Facebook Inc Common Stock 30303M102 195 1,520 SH   DFND 1, 0 1,520 0
Visa Inc Common Stock 92826C839 88 1,060 SH   DFND 1, 0 1,060 0
iShares MSCI Emerging Markets ETF ETP 464287234 16 433 SH   DFND 1, 0 433 0
iShares MSCI Japan ETF ETP 464286848 6 513 SH   DFND 1, 0 513 0
Alibaba Group Holding Ltd ADR 01609W102 118 1,120 SH   DFND 1, 0 1,120 0
Procter & Gamble Co/The Common Stock 742718109 104 1,160 SH   DFND 1, 0 1,160 0
3M Co Common Stock 88579Y101 35 200 SH   DFND 1, 0 200 0
Intel Corp Common Stock 458140100 51 1,350 SH   DFND 1, 0 1,350 0
Oracle Corp Common Stock 68389X105 45 1,150 SH   DFND 1, 0 1,150 0
Microsoft Corp Common Stock 594918104 75 1,300 SH   DFND 1, 0 1,300 0
Wells Fargo & Co Common Stock 949746101 30 680 SH   DFND 1, 0 680 0
AT&T Inc Common Stock 00206R102 34 830 SH   DFND 1, 0 830 0