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
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF ETP 233051879 2,420 102,952 SH   DFND 1,2 0 102,952 0
iShares Transportation Average ETF ETP 464287192 3,138 19,270 SH   DFND 1, 0 19,270 0
SPDR S&P China ETF ETP 78463X400 3,145 43,651 SH   DFND 1,2 0 43,651 0
SPDR S&P Retail ETF ETP 78464A714 1,736 39,400 SH   DFND 1, 0 39,400 0
Vanguard Financials ETF ETP 92204A405 12,510 210,778 SH   DFND 1,2 0 210,778 0
SPDR S&P Insurance ETF ETP 78464A789 1,825 22,000 SH   DFND 1, 0 22,000 0
SPDR S&P Homebuilders ETF ETP 78464A888 2,055 60,700 SH   DFND 1,2 0 60,700 0
PowerShares S&P SmallCap Information Technology Portfolio ETP 73937B860 907 13,000 SH   DFND 1, 0 13,000 0
iShares MSCI Brazil Capped ETF ETP 464286400 5,846 174,740 SH   DFND 1,2 0 174,740 0
Industrial Select Sector SPDR Fund ETP 81369Y704 11,153 179,250 SH   DFND 1,2 0 179,250 0
iShares MSCI Mexico Capped ETF ETP 464286822 874 19,875 SH   DFND 1,2 0 19,875 0
Global X Brazil Consumer ETF ETP 37950E846 5 426 SH   DFND 1, 0 426 0
SPDR S&P Oil & Gas Equipment & Services ETF ETP 78464A748 226 10,100 SH   DFND ,2 0 10,100 0
SPDR S&P Regional Banking ETF ETP 78464A698 2,284 41,100 SH   DFND 1, 0 41,100 0
Health Care Select Sector SPDR Fund ETP 81369Y209 7,908 114,710 SH   DFND 1,2 0 114,710 0
iShares MSCI Italy Capped ETF ETP 464286855 574 23,630 SH   DFND 1,2 0 23,630 0
Powershares QQQ Trust Series 1 ETP 73935A104 22,363 188,330 SH   DFND 1,2 0 188,330 0
Energy Select Sector SPDR Fund ETP 81369Y506 8,658 114,760 SH   DFND 1,2 0 114,760 0
Consumer Discretionary Select Sector SPDR Fund ETP 81369Y407 4,151 50,990 SH   DFND 1,2 0 50,990 0
Materials Select Sector SPDR Fund ETP 81369Y100 1,056 21,250 SH   DFND 1,2 0 21,250 0
iShares Currency Hedged MSCI Germany ETF ETP 46434V704 145 5,610 SH   DFND ,2 0 5,610 0
iShares Currency Hedged MSCI Japan ETF ETP 46434V886 143 5,100 SH   DFND 1, 0 5,100 0
iShares China Large-Cap ETF ETP 464287184 989 28,200 SH   DFND 1,2 0 28,200 0
iShares Russell 1000 ETF ETP 464287622 3,572 28,700 SH   DFND 1,2 0 28,700 0
iShares MSCI Germany ETF ETP 464286806 705 26,616 SH   DFND 1, 0 26,616 0
iShares MSCI Global Gold Miners ETF ETP 464286335 90 5,250 SH   DFND ,2 0 5,250 0
Technology Select Sector SPDR Fund ETP 81369Y803 2,351 48,608 SH   DFND 1,2 0 48,608 0
Consumer Staples Select Sector SPDR Fund ETP 81369Y308 1,404 27,150 SH   DFND 1, 0 27,150 0
WisdomTree Japan Hedged Equity Fund ETP 97717W851 982 19,716 SH   DFND 1,2 0 19,716 0
WisdomTree Europe Hedged Equity Fund ETP 97717X701 1,144 19,900 SH   DFND 1,2 0 19,900 0
iShares MSCI United Kingdom ETF ETP 46434V548 410 13,305 SH   DFND 1,2 0 13,305 0
FireEye Inc Common Stock 31816Q101 196 16,500 SH   DFND 1,2 0 16,500 0
Ellomay Capital Ltd Common Stock M39927120 8 1,000 SH   DFND 1, 0 1,000 0
Powershares Dynamic Pharmaceuticals Portfolio ETP 73935X799 83 1,480 SH   DFND 1, 0 1,480 0
iShares MSCI South Korea Capped ETF ETP 464286772 186 3,500 SH   DFND 1, 0 3,500 0
AerCap Holdings NV Common Stock N00985106 354 8,500 SH   DFND 1,2 0 8,500 0
Vanguard FTSE Emerging Markets ETF ETP 922042858 1,545 43,188 SH   DFND 1,2 0 43,188 0
SPDR S&P500 ETF Trust ETP 78462F103 6,313 28,119 SH   DFND ,2 0 28,119 0
iShares Nasdaq Biotechnology ETF ETP 464287556 206 775 SH   DFND 1, 0 775 0
CyberArk Software Ltd Common Stock M2682V108 43 950 SH   DFND 1, 0 950 0
Utilities Select Sector SPDR Fund ETP 81369Y886 146 3,000 SH   DFND 1, 0 3,000 0
Financial Select Sector SPDR Fund ETP 81369Y605 289 12,400 SH   DFND 1,2 0 12,400 0
PVH Corp Common Stock 693656100 126 1,400 SH   DFND 1, 0 1,400 0
Synaptics Inc Common Stock 87157D109 32 600 SH   DFND 1, 0 600 0
Guggenheim S&P 500 Equal Weight ETF ETP 78355W106 173 2,000 SH   DFND 1, 0 2,000 0
iShares Europe ETF ETP 464287861 30 770 SH   DFND 1, 0 770 0
iShares S&P 100 ETF ETP 464287101 58 583 SH   DFND 1, 0 583 0
Vanguard FTSE Europe ETF ETP 922042874 96 2,000 SH   DFND 1, 0 2,000 0
Petroleo Brasileiro SA ADR 71654V408 331 32,700 SH   DFND 1,2 0 32,700 0
Middleby Corp/The Common Stock 596278101 64 500 SH   DFND 1, 0 500 0
iShares Russell 2000 ETF ETP 464287655 263 1,950 SH   DFND 1, 0 1,950 0
iShares Core High Dividend ETF ETP 46429B663 49 600 SH   DFND 1, 0 600 0
Palo Alto Networks Inc Common Stock 697435105 75 600 SH   DFND 1, 0 600 0
SuperCom Ltd Common Stock M87095119 0 96 SH   DFND 1, 0 96 0
Mobileye NV Common Stock N51488117 40 1,050 SH   DFND 1, 0 1,050 0
Mastercard Inc Common Stock 57636Q104 522 5,060 SH   DFND 1,2 0 5,060 0
Accenture PLC Common Stock G1151C101 340 2,900 SH   DFND 1,2 0 2,900 0
General Motors Co Common Stock 37045V100 244 7,000 SH   DFND 1,2 0 7,000 0
Check Point Software Technologies Ltd Common Stock M22465104 52 620 SH   DFND 1, 0 620 0
Cisco Systems Inc Common Stock 17275R102 465 15,400 SH   DFND 1,2 0 15,400 0
Vanguard Value ETF ETP 922908744 62 663 SH   DFND 1,2 0 663 0
Vanguard Dividend Appreciation ETF ETP 921908844 51 600 SH   DFND 1, 0 600 0
Pfizer Inc Common Stock 717081103 342 10,530 SH   DFND 1, 0 10,530 0
Medtronic PLC Common Stock G5960L103 120 1,670 SH   DFND 1, 0 1,670 0
salesforce.com Inc Common Stock 79466L302 54 790 SH   DFND 1, 0 790 0
Gilead Sciences Inc Common Stock 375558103 85 1,190 SH   DFND 1, 0 1,190 0
Visa Inc Common Stock 92826C839 122 1,560 SH   DFND 1, 0 1,560 0
Goldman Sachs Group Inc/The Common Stock 38141G104 68 285 SH   DFND 1, 0 285 0
Facebook Inc Common Stock 30303M102 175 1,520 SH   DFND 1, 0 1,520 0
iShares MSCI Emerging Markets ETF ETP 464287234 15 433 SH   DFND 1, 0 433 0
Alibaba Group Holding Ltd ADR 01609W102 98 1,120 SH   DFND 1, 0 1,120 0
Procter & Gamble Co/The Common Stock 742718109 86 1,024 SH   DFND 1, 0 1,024 0
3M Co Common Stock 88579Y101 36 200 SH   DFND 1, 0 200 0
Intel Corp Common Stock 458140100 49 1,350 SH   DFND 1, 0 1,350 0
Oracle Corp Common Stock 68389X105 44 1,150 SH   DFND 1, 0 1,150 0
Microsoft Corp Common Stock 594918104 81 1,300 SH   DFND 1, 0 1,300 0
Wells Fargo & Co Common Stock 949746101 37 680 SH   DFND 1, 0 680 0
AT&T Inc Common Stock 00206R102 35 830 SH   DFND 1, 0 830 0
iShares MSCI Japan ETF ETP 464286848 6 127 SH   DFND 1, 0 127 0
Citigroup Inc Common Stock 172967424 17 284 SH   DFND 1, 0 284 0
Sanofi Right 80105N113 0 7 SH   DFND 1, 0 7 0