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   8,988 49,200 SH   SOLE   0 0 49,200
iShares Nasdaq Biotechnology ETF COM 464287556   16,209 147,600 SH   SOLE   0 0 147,600
iShares U.S. Home Construction ETF COM 464288752   16,893 442,800 SH   SOLE   0 0 442,800
iShares Core MSCI Emerging Markets ETF COM 46434G103   21,960 418,200 SH   SOLE   0 0 418,200
SPDR S&P Metals & Mining ETF COM 78464A755   34,030 959,400 SH   SOLE   0 0 959,400
SPDR S&P Bank ETF COM 78464A797   35,964 762,600 SH   SOLE   0 0 762,600
SPDR S&P Biotech ETF COM 78464A870   21,075 221,400 SH   SOLE   0 0 221,400
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF COM 78468R663   15,770 172,200 SH   SOLE   0 0 172,200
Health Care Select Sector SPDR Fund COM 81369Y209   49,275 590,400 SH   SOLE   0 0 590,400
Financial Select Sector SPDR Fund COM 81369Y605   49,059 1,845,000 SH   SOLE   0 0 1,845,000
Technology Select Sector SPDR Fund COM 81369Y803   66,650 959,400 SH   SOLE   0 0 959,400