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
ISHARES TR MSCI ACWI ETF 464288257 26,863 454,000 SH   DFND 1 0 0 454,000
DBX ETF TR XTRAK MSCI JAPN 233051507 1,452 39,000 SH   DFND 1 0 0 39,000
ISHARES TR EAFE VALUE ETF 464288877 619 13,100 SH   DFND 1 0 0 13,100
ISHARES TR N AMER TECH ETF 464287549 8,469 68,400 SH   DFND 1 0 0 68,400
ISHARES TR RUS 1000 VAL ETF 464287598 5,646 50,400 SH   DFND 1 0 0 50,400
ISHARES TR RUS 1000 GRW ETF 464287614 2,444 23,300 SH   DFND 1 0 0 23,300
ISHARES TR RUS MID-CAP ETF 464287499 9,032 50,500 SH   DFND 1 0 0 50,500
ISHARES TR U.S. CNSM SV ETF 464287580 2,401 15,900 SH   DFND 1 0 0 15,900
ISHARES TR U.S. FINLS ETF 464287788 11,759 115,896 SH   DFND 1 0 0 115,896
ISHARES TR USA MOMENTUM FCT 46432F396 1,054 13,900 SH   DFND 1 0 0 13,900
RYDEX ETF TRUST GUG S&P500 PU VA 78355W304 645 11,200 SH   DFND 1 0 0 11,200
VANECK VECTORS ETF TR RUSSIA SMALL CAP 92189F734 1,988 52,200 SH   DFND 1 0 0 52,200
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,108 49,693 SH   DFND 1 0 0 49,693
SPDR SERIES TRUST AEROSPACE DEF 78464A631 3,530 55,700 SH   DFND 1 0 0 55,700
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1,642 21,800 SH   DFND 1 0 0 21,800
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 10,136 209,600 SH   DFND 1 0 0 209,600