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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
OMB APPROVAL
OMB Number: 3235-0006
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FIRST TR EXCHANGE TRADED FD WTR ETF 33733B100   426,513 5,100 SH   SOLE   5,100 0 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319   885,692 29,173 SH   SOLE   29,173 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   2,535,520 121,900 SH   SOLE   121,900 0 0
ISHARES INC MSCI CHILE ETF 464286640   446,090 15,500 SH   SOLE   15,500 0 0
ISHARES INC MSCI THAILND ETF 464286624   603,377 8,226 SH   SOLE   8,226 0 0
ISHARES TR SELECT DIVID ETF 464287168   304,668 2,600 SH   SOLE   2,600 0 0
ISHARES TR IBOXX HI YD ETF 464288513   2,886,010 38,200 SH   SOLE   38,200 0 0
ISHARES TR IBOXX INV CP ETF 464287242   2,323,732 21,200 SH   SOLE   21,200 0 0
ISHARES TR NATIONAL MUN ETF 464288414   4,546,628 42,200 SH   SOLE   42,200 0 0
ISHARES TR MSCI PERU ETF 464289842   564,825 18,531 SH   SOLE   18,531 0 0
ISHARES TR S&P 500 GRWT ETF 464287309   1,603,639 25,100 SH   SOLE   25,100 0 0
ISHARES TR S&P 500 VAL ETF 464287408   4,120,436 27,151 SH   SOLE   27,151 0 0
KRANESHARES TR GLOBAL CARB STRA 500767678   4,128,953 104,135 SH   SOLE   104,135 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   65,259,185 873,500 SH   SOLE   873,500 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   768,385 23,900 SH   SOLE   23,900 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803   15,750,343 104,300 SH   SOLE   104,300 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   1,009,788 7,800 SH   SOLE   7,800 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   13,986,444 173,400 SH   SOLE   173,400 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704   11,817,824 116,800 SH   SOLE   116,800 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   455,565 5,500 SH   SOLE   5,500 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   2,821,728 30,400 SH   SOLE   30,400 0 0
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   257,052 6,200 SH   SOLE   6,200 0 0
VANGUARD MALVERN FDS STRM INFPROIDX 922020805   4,834,602 101,100 SH   SOLE   101,100 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409   3,133,358 41,104 SH   SOLE   41,104 0 0