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 32,352 1,148,850 SH   SOLE   1,148,850 0 0
iShares Russell Mid-Cap Value ETF COM 464287473 23,744 266,400 SH   SOLE   266,400 0 0
iShares Nasdaq Biotechnology ETF COM 464287556 21,798 199,800 SH   SOLE   199,800 0 0
iShares U.S. Home Construction ETF COM 464288752 25,836 675,990 SH   SOLE   675,990 0 0
SPDR S&P Bank ETF COM 78464A797 44,761 1,032,300 SH   SOLE   1,032,300 0 0
SPDR S&P Biotech ETF COM 78464A870 26,287 299,700 SH   SOLE   299,700 0 0
Health Care Select Sector SPDR Fund COM 81369Y209 27,147 293,040 SH   SOLE   293,040 0 0
Financial Select Sector SPDR Fund COM 81369Y605 68,931 2,497,500 SH   SOLE   2,497,500 0 0
Technology Select Sector SPDR Fund COM 81369Y803 101,351 1,298,700 SH   SOLE   1,298,700 0 0
VanEck Vectors Semiconductor ETF COM 92189F676 17,244 156,510 SH   SOLE   156,510 0 0
Vanguard Consumer Staples ETF COM 92204A207 44,583 299,700 SH   SOLE   299,700 0 0