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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
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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
GLOBAL X FDS GLOBAL X COPPER 37954Y830 3,143,302 37,111 SH SOLE 37,111 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 51,739,514 69,940 SH SOLE 69,940 0 0
ISHARES INC MSCI STH KOR ETF 464286772 3,811,329 20,852 SH SOLE 20,852 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 94,246,206 424,074 SH SOLE 424,074 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 5,642,926 121,275 SH SOLE 121,275 0 0
ISHARES TR EAFE VALUE ETF 464288877 13,162,407 166,318 SH SOLE 166,318 0 0
ISHARES TR MSCI INTL QUALTY 46434V456 27,587,688 557,665 SH SOLE 557,665 0 0
SELECT SECTOR SPDR TR ST STR UTIL ETF 81369Y886 5,478,571 138,909 SH SOLE 138,909 0 0
SELECT SECTOR SPDR TR ST STR CARE ETF 81369Y209 15,768,996 93,629 SH SOLE 93,629 0 0
SELECT SECTOR SPDR TR ST STR STAPL ETF 81369Y308 18,756,184 232,707 SH SOLE 232,707 0 0
TCW ETF TRUST TRANS SYSTE ETF 29287L205 5,753,470 54,694 SH SOLE 54,694 0 0
VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 17,860,752 29,328 SH SOLE 29,328 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 5,376,784 61,239 SH SOLE 61,239 0 0
VANGUARD INDEX FDS MRNGSTR VAL ETF 922908744 14,619,973 67,660 SH SOLE 67,660 0 0