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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
ENERGY SELECT ETF SECTOR SPD COM 81369Y506 3,844 49,554 SH   DFND   0 49,554 0
FIRST TRUST CONSUMERETF DISCRE COM 33734X101 306,480 8,216,623 SH   DFND   0 8,216,623 0
FIRST TRUST ENERGY ETF ALPHA COM 33734X127 298,924 14,167,021 SH   DFND   0 14,167,021 0
ISHARES ETF U.S. ENERG COM 464287796 111,043 2,546,851 SH   DFND   0 2,546,851 0
SELECT SECTOR SPDR FD CONSUMER COM 81369Y407 114,649 1,526,008 SH   DFND   0 1,526,008 0
SELECT SECTOR SPDR FD HEALTH C COM 81369Y209 3,690 50,896 SH   DFND   0 50,896 0
FIRST TR EMERGING ETF MARKE COM 33737J182 208,163 9,380,950 SH   DFND   0 9,380,950 0
FIRST TR JAPAN ETF ALPHADEX F COM 33737J158 104,599 2,097,436 SH   DFND   0 2,097,436 0
ISHARES MSCI ETF EMERGING M COM 464287234 32,182 801,956 SH   DFND   0 801,956 0
ISHARES MSCI JAPAN ETF COM 464286848 16,082 1,283,503 SH   DFND   0 1,283,503 0
ISHARES MBS ETF COM 464288588 68,963 625,000 SH   DFND   0 625,000 0
ISHARES ETF MORTGAGE R COM 464288539 121 10,342 SH   DFND   0 10,342 0
FIRST TR ENHANCED ETF SHORT COM 33739Q408 719,454 11,982,912 SH   DFND   0 11,982,912 0
ISHARES ETF SHORT TREA COM 464288679 320,856 2,909,734 SH   DFND   0 2,909,734 0
PIMCO ETF TRUST ETF ENHANCED S COM 72201R833 333,132 3,293,444 SH   DFND   0 3,293,444 0
SPDR SERIES TRUST BRCLYS 1-3MT COM 78464A680 3,876 84,753 SH   DFND   0 84,753 0