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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
iShares North American Tech-Software ETF COM 464287515   5,410 35,000 SH   SOLE   0 0 35,000
iShares Nasdaq Biotechnology ETF COM 464287556   11,211 105,000 SH   SOLE   0 0 105,000
iShares U.S. Home Construction ETF COM 464288752   22,953 525,000 SH   SOLE   0 0 525,000
iShares Core MSCI Emerging Markets ETF COM 46434G103   16,928 297,500 SH   SOLE   0 0 297,500
SPDR S&P Metals & Mining ETF COM 78464A755   12,093 332,500 SH   SOLE   0 0 332,500
SPDR S&P Bank ETF COM 78464A797   25,682 542,500 SH   SOLE   0 0 542,500
SPDR S&P Biotech ETF COM 78464A870   13,367 157,500 SH   SOLE   0 0 157,500
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF COM 78468R663   11,197 122,500 SH   SOLE   0 0 122,500
Health Care Select Sector SPDR Fund COM 81369Y209   34,726 420,000 SH   SOLE   0 0 420,000
Financial Select Sector SPDR Fund COM 81369Y605   36,632 1,312,500 SH   SOLE   0 0 1,312,500
Technology Select Sector SPDR Fund COM 81369Y803   43,646 682,500 SH   SOLE   0 0 682,500