<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>1-3 YR TR BD ETF</titleOfClass>
       <cusip>464287457</cusip>
       <value>165</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1960</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1960</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>20+ YR TR BD ETF</titleOfClass>
       <cusip>464287432</cusip>
       <value>165</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1620</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1620</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>7-10 Y TR BD ETF</titleOfClass>
       <cusip>464287440</cusip>
       <value>165</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1660</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1660</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>IBOXX HI YD ETF</titleOfClass>
       <cusip>464288513</cusip>
       <value>124</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1340</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1340</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>IBOXX INV CP ETF</titleOfClass>
       <cusip>464287242</cusip>
       <value>371</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3250</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>3250</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI FRANCE ETF</titleOfClass>
       <cusip>464286707</cusip>
       <value>157</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5510</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5510</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI GERMANY ETF</titleOfClass>
       <cusip>464286806</cusip>
       <value>114</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>3600</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI HONG KG ETF</titleOfClass>
       <cusip>464286871</cusip>
       <value>70</value>
       <shrsOrPrnAmt>
           <sshPrnamt>3390</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>3390</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI ITALCPD ETF</titleOfClass>
       <cusip>464286855</cusip>
       <value>27</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1760</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1760</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI JAPAN ETF</titleOfClass>
       <cusip>464286848</cusip>
       <value>284</value>
       <shrsOrPrnAmt>
           <sshPrnamt>23390</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>23390</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI NETHERL ETF</titleOfClass>
       <cusip>464286814</cusip>
       <value>39</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1490</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1490</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI SPAN CP ETF</titleOfClass>
       <cusip>464286764</cusip>
       <value>43</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1110</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1110</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI SWEDEN ETF</titleOfClass>
       <cusip>464286756</cusip>
       <value>44</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1230</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1230</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI SZ CAP ETF</titleOfClass>
       <cusip>464286749</cusip>
       <value>150</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4560</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4560</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>MSCI UK ETF</titleOfClass>
       <cusip>464286699</cusip>
       <value>317</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15160</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>15160</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>RUS 1000 GRW ETF</titleOfClass>
       <cusip>464287614</cusip>
       <value>552</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6420</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>6420</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>RUS 2000 GRW ETF</titleOfClass>
       <cusip>464287648</cusip>
       <value>591</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4360</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4360</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>RUS MD CP GR ETF</titleOfClass>
       <cusip>464287481</cusip>
       <value>553</value>
       <shrsOrPrnAmt>
           <sshPrnamt>6550</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>6550</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES</nameOfIssuer>
       <titleOfClass>S&amp;P 100 ETF</titleOfClass>
       <cusip>464287101</cusip>
       <value>1738</value>
       <shrsOrPrnAmt>
           <sshPrnamt>21100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>21100</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>POWERSHARES ETF TRUST II</nameOfIssuer>
       <titleOfClass>SENIOR LN PORT</titleOfClass>
       <cusip>73936Q769</cusip>
       <value>6004</value>
       <shrsOrPrnAmt>
           <sshPrnamt>241310</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>241310</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI CONS DISCR</titleOfClass>
       <cusip>81369Y407</cusip>
       <value>28636</value>
       <shrsOrPrnAmt>
           <sshPrnamt>428497</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>428497</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI CONS STPLS</titleOfClass>
       <cusip>81369Y308</cusip>
       <value>26738</value>
       <shrsOrPrnAmt>
           <sshPrnamt>622098</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>622098</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI HEALTHCARE</titleOfClass>
       <cusip>81369Y209</cusip>
       <value>28026</value>
       <shrsOrPrnAmt>
           <sshPrnamt>505520</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>505520</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI INT-ENERGY</titleOfClass>
       <cusip>81369Y506</cusip>
       <value>28585</value>
       <shrsOrPrnAmt>
           <sshPrnamt>322953</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>322953</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI INT-FINL</titleOfClass>
       <cusip>81369Y605</cusip>
       <value>28461</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1301957</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>1301957</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI INT-INDS</titleOfClass>
       <cusip>81369Y704</cusip>
       <value>28973</value>
       <shrsOrPrnAmt>
           <sshPrnamt>554392</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>554392</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>SBI MATERIALS</titleOfClass>
       <cusip>81369Y100</cusip>
       <value>29074</value>
       <shrsOrPrnAmt>
           <sshPrnamt>629028</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>629028</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
       <titleOfClass>TECHNOLOGY</titleOfClass>
       <cusip>81369Y803</cusip>
       <value>28566</value>
       <shrsOrPrnAmt>
           <sshPrnamt>799283</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>SOLE</investmentDiscretion>
       <votingAuthority>
           <Sole>799283</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
       <titleOfClass>BRC HGH YLD BD</titleOfClass>
       <cusip>78464A417</cusip>
       <value>4025</value>
       <shrsOrPrnAmt>
           <sshPrnamt>99233</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>OTR</investmentDiscretion>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>99233</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
</informationTable>
