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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

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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
DBX ETF TR XTRACK HRVST CSI 233051879 40,100 1,424,000 SH   DFND 1 1,424,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 772 17,649 SH   DFND 1 17,649 0 0
ISHARES INC MSCI RUSSIA ETF 46434G798 1,317 33,457 SH   DFND 1 33,457 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 41,194 960,000 SH   DFND 1 960,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 49,846 1,806,000 SH   DFND 1 1,806,000 0 0
YANDEX N V SHS CLASS A N97284108 5,320 140,000 SH   DFND 1 140,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 8,263 453,786 SH   DFND 1 453,786 0 0