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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Xtrackers Harvest CSI 300 China A-Shares ETF COM 233051879 31,024 1,079,850 SH   SOLE   1,079,850 0 0
iShares Russell Mid-Cap Value ETF COM 464287473 21,750 250,400 SH   SOLE   250,400 0 0
iShares Nasdaq Biotechnology ETF COM 464287556 20,996 187,800 SH   SOLE   187,800 0 0
iShares Russell 2000 ETF COM 464287655 12,938 84,510 SH   SOLE   84,510 0 0
iShares U.S. Home Construction ETF COM 464288752 21,535 611,100 SH   SOLE   611,100 0 0
SPDR S&P Bank ETF COM 78464A797 40,529 970,300 SH   SOLE   970,300 0 0
SPDR S&P Biotech ETF COM 78464A870 25,505 281,700 SH   SOLE   281,700 0 0
Health Care Select Sector SPDR Fund COM 81369Y209 47,097 513,320 SH   SOLE   513,320 0 0
Financial Select Sector SPDR Fund COM 81369Y605 60,354 2,347,500 SH   SOLE   2,347,500 0 0
Technology Select Sector SPDR Fund COM 81369Y803 90,332 1,220,700 SH   SOLE   1,220,700 0 0
Vanguard FTSE Emerging Markets ETF COM 922042858 17,958 422,550 SH   SOLE   422,550 0 0
Vanguard Consumer Staples ETF COM 92204A207 40,906 281,700 SH   SOLE   281,700 0 0