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
Xtrackers Harvest CSI 300 China A-Shares ETF COM 233051879 16,974 669,600 SH   SOLE   669,600 0 0
iShares North American Tech-Software ETF COM 464287515 11,437 55,800 SH   SOLE   55,800 0 0
iShares Nasdaq Biotechnology ETF COM 464287556 20,413 167,400 SH   SOLE   167,400 0 0
iShares Core MSCI Emerging Markets ETF COM 46434G103 24,559 474,300 SH   SOLE   474,300 0 0
SPDR S&P Metals & Mining ETF COM 78464A755 37,169 1,088,100 SH   SOLE   1,088,100 0 0
SPDR S&P Bank ETF COM 78464A797 40,278 864,900 SH   SOLE   864,900 0 0
SPDR S&P Biotech ETF COM 78464A870 24,073 251,100 SH   SOLE   251,100 0 0
Health Care Select Sector SPDR Fund COM 81369Y209 63,712 669,600 SH   SOLE   669,600 0 0
Financial Select Sector SPDR Fund COM 81369Y605 57,711 2,092,500 SH   SOLE   2,092,500 0 0
Technology Select Sector SPDR Fund COM 81369Y803 81,967 1,088,100 SH   SOLE   1,088,100 0 0
Vanguard Mid-Cap Value ETF COM 922908512 18,928 167,400 SH   SOLE   167,400 0 0