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
FINANCIAL SELECTETF SECTOR SPD COM 81369Y605 88,610 3,824,357 SH   DFND   0 3,824,357 0
FIRST TRST HLTH CAREETF ALPHAD COM 33734X143 262,840 4,711,237 SH   DFND   0 4,711,237 0
FIRST TRUST CONSUMER ETF DISCR COM 33734X101 265,557 8,193,660 SH   DFND   0 8,193,660 0
FIRST TRUST CONSUMER ETF STAPL COM 33734X119 268,604 6,874,934 SH   DFND   0 6,874,934 0
FIRST TRUST ENERGY ETF ALPHADE COM 33734X127 476 18,401 SH   DFND   0 18,401 0
FIRST TRUST ETF FINANCIAL ALPH COM 33734X135 267,857 12,258,910 SH   DFND   0 12,258,910 0
FIRST TRUST ETF INDUSTRIALS/PR COM 33734X150 266,752 9,082,449 SH   DFND   0 9,082,449 0
FIRST TRUST MATERIAL ETF ALPHA COM 33734X168 264,151 8,223,888 SH   DFND   0 8,223,888 0
FIRST TRUST TECHNLGY ETF ALPHA COM 33734X176 266,678 8,225,723 SH   DFND   0 8,225,723 0
INDUSTRIAL SELECT ETF SECTOR S COM 81369Y704 4,544 85,489 SH   DFND   0 85,489 0
ISHARES ETF U.S. HEALTHCARE COM 464287762 79,282 590,115 SH   DFND   0 590,115 0
ISHARES ETF U.S. INDUSTRIALS COM 464287754 79,916 790,228 SH   DFND   0 790,228 0
ISHARES ETF U.S. TECHNOLOGY COM 464287721 80,159 795,539 SH   DFND   0 795,539 0
SECTOR SPDR TR ETF TECHNOLOGY COM 81369Y803 8,661 217,079 SH   DFND   0 217,079 0
SELECT SECTOR SPDR FD CONSUMER COM 81369Y407 88,060 1,320,435 SH   DFND   0 1,320,435 0
SELECT SECTOR SPDR FD HEALTH C COM 81369Y209 8,710 136,288 SH   DFND   0 136,288 0
SELECT SECTOR SPDR FD MATERIAL COM 81369Y100 87,821 1,770,940 SH   DFND   0 1,770,940 0
SELECT SECTOR SPDR TR CONSUMER COM 81369Y308 88,767 1,967,781 SH   DFND   0 1,967,781 0
FIRST TR ASIA ETF PACIFIC EX-J COM 33737J109 103,216 3,410,981 SH   DFND   0 3,410,981 0
FIRST TR CANADA ETF ALPHADEX F COM 33737J208 107,245 2,993,995 SH   DFND   0 2,993,995 0
FIRST TR EMERGING ETF MARKETS COM 33737J182 206,193 8,678,149 SH   DFND   0 8,678,149 0
FIRST TR EUROPE ETF ALPHADEX F COM 33737J117 208,932 6,792,343 SH   DFND   0 6,792,343 0
FIRST TR SWITZERLAND ETF ALPHA COM 33737J232 106,139 2,720,129 SH   DFND   0 2,720,129 0
FIRST TR UNITED ETF KINGDOM AL COM 33737J224 103,921 2,669,430 SH   DFND   0 2,669,430 0
ISHARES MSCI CANADA ETF INDEX COM 464286509 13,046 425,097 SH   DFND   0 425,097 0
ISHARES MSCI EMUETF COM 464286608 26,526 688,975 SH   DFND   0 688,975 0
ISHARES MSCI ETF EMERGING MARK COM 464287234 25,769 620,050 SH   DFND   0 620,050 0
ISHARES MSCI ETF SWITZERLAND C COM 464286749 13,446 413,586 SH   DFND   0 413,586 0
ISHARES MSCI PACIFIC ETF EX-JA COM 464286665 12,580 273,073 SH   DFND   0 273,073 0
ISHARES MSCI UNITED ETF KINGD COM 46434V548 13,238 683,050 SH   DFND   0 683,050 0
ISHARES ETF 7-10 YR TREASURY B COM 464287440 33,863 326,799 SH   DFND   0 326,799 0
ISHARES ETF FLOATING RATE BOND COM 46429B655 120,232 2,365,366 SH   DFND   0 2,365,366 0
ISHARES IBOXX $ ETF HIGH YIELD COM 464288513 33,347 362,663 SH   DFND   0 362,663 0
ISHARES MBS ETF COM 464288588 120,041 1,110,363 SH   DFND   0 1,110,363 0
PIMCO 0-5 YEAR HIGH ETF YIELD COM 72201R783 85,356 823,501 SH   DFND   0 823,501 0
PIMCO TRUST ETF 7-15 YR US TRE COM 72201R700 86,233 1,033,613 SH   DFND   0 1,033,613 0
ISHARES CORE S&P 500 ETF S&P 5 COM 464287200 141,565 714,038 SH   DFND   0 714,038 0
SPDR S&P 500 TRUST ETF COM 78462F103 67,847 344,366 SH   DFND   0 344,366 0
ISHARES CORE S&P MIDCAP ETF COM 464287507 325 2,374 SH   DFND   0 2,374 0
ISHARES ETF SHORT TREASURY BON COM 464288679 33,975 308,159 SH   DFND   0 308,159 0
PIMCO ETF TRUST ETF ENHANCED S COM 72201R833 85,867 847,235 SH   DFND   0 847,235 0