The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| PowerShares QQQ Trust Series 1 | ETP | 73935A104 | 16,457 | 105,655 | SH | DFND | 1 | 0 | 105,655 | 0 | |
| SPDR S&P 500 ETF Trust | ETP | 78462F103 | 11,663 | 43,469 | SH | DFND | 1 | 0 | 43,469 | 0 | |
| Industrial Select Sector SPDR Fund | ETP | 81369Y704 | 10,711 | 141,549 | SH | DFND | 1 | 0 | 141,549 | 0 | |
| Vanguard Financials ETF | ETP | 92204A405 | 10,459 | 149,323 | SH | DFND | 1 | 0 | 149,323 | 0 | |
| Technology Select Sector SPDR Fund | ETP | 81369Y803 | 8,519 | 133,221 | SH | DFND | 1 | 0 | 133,221 | 0 | |
| Health Care Select Sector SPDR Fund | ETP | 81369Y209 | 7,869 | 95,170 | SH | DFND | 1 | 0 | 95,170 | 0 | |
| SPDR Dow Jones Industrial Average ETF Trust | ETP | 78467X109 | 6,185 | 25,000 | SH | DFND | 1 | 0 | 25,000 | 0 | |
| Consumer Discretionary Select Sector SPDR Fund | ETP | 81369Y407 | 5,688 | 57,640 | SH | DFND | 1 | 0 | 57,640 | 0 | |
| Energy Select Sector SPDR Fund | ETP | 81369Y506 | 5,099 | 70,570 | SH | DFND | 1 | 0 | 70,570 | 0 | |
| iShares MSCI Brazil ETF | ETP | 464286400 | 4,266 | 105,460 | SH | DFND | 1 | 0 | 105,460 | 0 | |
| iShares China Large-Cap ETF | ETP | 464287184 | 2,589 | 55,720 | SH | DFND | 1 | 0 | 55,720 | 0 | |
| Materials Select Sector SPDR Fund | ETP | 81369Y100 | 2,106 | 34,800 | SH | DFND | 1 | 0 | 34,800 | 0 | |
| Vanguard S&P 500 ETF | ETP | 922908363 | 1,967 | 8,019 | SH | DFND | 1 | 0 | 8,019 | 0 | |
| KraneShares CSI China Internet ETF | ETP | 500767306 | 1,842 | 31,430 | SH | DFND | 1 | 0 | 31,430 | 0 | |
| Alibaba Group Holding Ltd | ADR | 01609W102 | 1,793 | 10,399 | SH | DFND | 1 | 0 | 10,399 | 0 | |
| VanEck Vectors Semiconductor ETF | ETP | 92189F676 | 1,614 | 16,500 | SH | DFND | 1 | 0 | 16,500 | 0 | |
| iShares U.S. Home Construction ETF | ETP | 464288752 | 1,574 | 36,000 | SH | DFND | 1 | 0 | 36,000 | 0 | |
| Amazon.com Inc | Common Stock | 023135106 | 1,511 | 1,292 | SH | DFND | 1 | 0 | 1,292 | 0 | |
| SPDR S&P Biotech ETF | ETP | 78464A870 | 1,341 | 15,800 | SH | DFND | 1 | 0 | 15,800 | 0 | |
| SPDR S&P Pharmaceuticals ETF | ETP | 78464A722 | 1,283 | 29,490 | SH | DFND | 1 | 0 | 29,490 | 0 | |
| Bank of America Corp | Common Stock | 060505104 | 1,094 | 37,000 | SH | DFND | 1 | 0 | 37,000 | 0 | |
| WisdomTree Europe Hedged Equity Fund | ETP | 97717X701 | 1,089 | 17,091 | SH | DFND | 1 | 0 | 17,091 | 0 | |
| Southwest Airlines Co | Common Stock | 844741108 | 1,080 | 16,470 | SH | DFND | 1 | 0 | 16,470 | 0 | |
| JPMorgan Chase & Co | Common Stock | 46625H100 | 1,059 | 9,900 | SH | DFND | 1 | 0 | 9,900 | 0 | |
| Citigroup Inc | Common Stock | 172967424 | 990 | 13,300 | SH | DFND | 1 | 0 | 13,300 | 0 | |
| Oracle Corp | Common Stock | 68389X105 | 903 | 19,100 | SH | DFND | 1 | 0 | 19,100 | 0 | |
| Vanguard FTSE Emerging Markets ETF | ETP | 922042858 | 817 | 17,793 | SH | DFND | 1 | 0 | 17,793 | 0 | |
| Real Estate Select Sector SPDR Fund | ETP | 81369Y860 | 784 | 23,801 | SH | DFND | 1 | 0 | 23,801 | 0 | |
| WisdomTree Japan Hedged Equity Fund | ETP | 97717W851 | 765 | 12,888 | SH | DFND | 1 | 0 | 12,888 | 0 | |
| iShares MSCI Emerging Markets ETF | ETP | 464287234 | 743 | 15,770 | SH | DFND | 1 | 0 | 15,770 | 0 | |
| Wal-Mart Stores Inc | Common Stock | 931142103 | 610 | 6,150 | SH | DFND | 1 | 0 | 6,150 | 0 | |
| Alphabet Inc | Common Stock | 02079K305 | 558 | 530 | SH | DFND | 1 | 0 | 530 | 0 | |
| Apple Inc | Common Stock | 037833100 | 538 | 3,180 | SH | DFND | 1 | 0 | 3,180 | 0 | |
| Mastercard Inc | Common Stock | 57636Q104 | 454 | 3,000 | SH | DFND | 1 | 0 | 3,000 | 0 | |
| Cisco Systems Inc | Common Stock | 17275R102 | 295 | 7,700 | SH | DFND | 1 | 0 | 7,700 | 0 | |
| Financial Select Sector SPDR Fund | ETP | 81369Y605 | 235 | 8,425 | SH | DFND | 1 | 0 | 8,425 | 0 | |
| VanEck Vectors Russia ETF | ETP | 92189F403 | 165 | 7,780 | SH | DFND | 1 | 0 | 7,780 | 0 | |
| iShares Currency Hedged MSCI Germany ETF | ETP | 46434V704 | 146 | 5,090 | SH | DFND | 1 | 0 | 5,090 | 0 | |
| iShares Russell 2000 ETF | ETP | 464287655 | 133 | 870 | SH | DFND | 1 | 0 | 870 | 0 | |
| iShares MSCI Germany ETF | ETP | 464286806 | 88 | 2,650 | SH | DFND | 1 | 0 | 2,650 | 0 | |
| Vanguard Value ETF | ETP | 922908744 | 69 | 650 | SH | DFND | 1 | 0 | 650 | 0 | |
| iShares MSCI Hong Kong ETF | ETP | 464286871 | 46 | 1,800 | SH | DFND | 1 | 0 | 1,800 | 0 | |
| iShares MSCI All Country Asia ex Japan ETF | ETP | 464288182 | 25 | 325 | SH | DFND | 1 | 0 | 325 | 0 | |
| iShares U.S. Oil & Gas Exploration & Production ETF | ETP | 464288851 | 1,234 | 19,000 | SH | DFND | 1 | 0 | 19,000 | 0 | |
| ISHARES GLOBAL FINANCIALS ET | ETP | 464287333 | 4,196 | 60,000 | SH | DFND | 1 | 0 | 60,000 | 0 | |