Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	iShares MSCI Japan ETF	4,115,261	$47.98M	18.6%	$11.66	—	COM	464286848
KRE	SPDR S&P Regional Banking ETF	771,984	$31.29M	12.1%	$40.53	—	COM	78464A698
—	SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF	754,063	$29.66M	11.5%	$39.33	—	COM	78463X723
IGV	iShares North American Tech-Software ETF	179,854	$17.42M	6.7%	$96.85	—	COM	464287515
EWG	iShares MSCI Germany ETF	687,760	$17.16M	6.6%	$24.95	—	COM	464286806
HEDJ	WisdomTree Europe Hedged Equity Fund	302,492	$16.88M	6.5%	$55.80	—	COM	97717X701
OPPJ	WISDOMTREE JAPAN HEDGED SMALLCAP EQUITY FUND	473,273	$15.9M	6.1%	$33.59	—	COM	97717W521
IHI	iShares U.S. Medical Devices ETF	109,780	$12.57M	4.9%	$114.48	—	COM	464288810
IHF	iShares U.S. Healthcare Providers ETF	98,050	$12.16M	4.7%	$124.01	—	COM	464288828
KIE	SPDR S&P Insurance ETF	152,224	$10.25M	4.0%	$67.34	—	COM	78464A789
EWL	iShares MSCI Switzerland Capped ETF	244,052	$7.587M	2.9%	$31.09	—	COM	464286749
DXJ	WisdomTree Japan Hedged Equity Fund	106,562	$5.276M	2.0%	$49.51	—	COM	97717W851
SPTI	SPDR Barclays Intermediate Term Treasury ETF	56,266	$3.394M	1.3%	$60.32	—	COM	78464A672
EPHE	iShares MSCI Philippines ETF	74,403	$2.634M	1.0%	$35.40	—	COM	46429B408
IXN	iShares Global Tech ETF	29,768	$2.614M	1.0%	$87.81	—	COM	464287291
EUFN	iShares MSCI Europe Financials ETF	119,385	$2.548M	1.0%	$21.34	—	COM	464289180
—	POWERSHARES S&P SMALLCAP HEALTH CARE PORTFOLIO	37,376	$2.462M	1.0%	$65.87	—	COM	73937B886
RXI	iShares Global Consumer Discretionary ETF	27,313	$2.375M	0.9%	$86.95	—	COM	464288745
SPAB	SPDR Barclays Aggregate Bond ETF	39,191	$2.334M	0.9%	$59.55	—	COM	78464A649
—	MARKET VECTORS INDIA SMALL-CAP INDEX ETF	54,533	$2.318M	0.9%	$42.51	—	COM	57061R551
SMIN	iShares MSCI India Small Cap ETF	54,531	$1.87M	0.7%	$34.29	—	COM	46429B614
XLP	Consumer Staples Select Sector SPDR Fund	33,550	$1.523M	0.6%	$45.39	—	COM	81369Y308
EWP	ISHARES MSCI SPAIN CAPPED ETF	37,225	$1.131M	0.4%	$30.38	—	COM	464286764
—	SPDR MSCI Europe Health Care UCITS ETF	7,606	$1.112M	0.4%	$146.20	—	COM	F89826196
SCJ	iShares MSCI Japan Small-Cap ETF	19,524	$1.065M	0.4%	$54.55	—	COM	464286582
IXJ	ISHARES GLOBAL HEALTHCARE ETF	10,098	$1.017M	0.4%	$100.71	—	COM	464287325
—	POWERSHARES S&P SMALLCAP UTILITIES PORTFOLIO	21,600	$813K	0.3%	$37.64	—	COM	73937B837
—	iShares MSCI Taiwan ETF	57,098	$794K	0.3%	$13.91	—	COM	464286731
IYZ	iShares U.S. Telecommunications ETF	23,032	$666K	0.3%	$28.92	—	COM	464287713
KXI	iShares Global Consumer Staples ETF	5,931	$558K	0.2%	$94.08	—	COM	464288737
—	EGShares Emerging Markets Consumer ETF	20,229	$552K	0.2%	$27.29	—	COM	268461779
—	POWERSHARES S&P SMALLCAP CONSUMER DISCRETIONARY PORTFOLIO	11,303	$544K	0.2%	$48.13	—	COM	73937B506
XLU	Utilities Select Sector SPDR Fund	11,074	$458K	0.2%	$41.36	—	COM	81369Y886
—	POWERSHARES S&P SMALLCAP CONSUMER STAPLES PORTFOLIO	7,344	$405K	0.2%	$55.15	—	COM	73937B605
XSD	SPDR S&P SEMICONDUCTOR ETF	9,904	$378K	0.1%	$38.17	—	COM	78464A862
CARZ	First Trust NASDAQ Global Auto Index Fund	7,708	$297K	0.1%	$38.53	—	COM	33734X309
KWEB	KRANESHARES CSI CHINA INTERNET ETF	9,323	$297K	0.1%	$31.86	—	COM	500767306
JXI	iShares Global Utilities ETF	2,750	$131K	0.1%	$47.64	—	COM	464288711
EWH	iShares MSCI Hong Kong ETF	5,954	$129K	0.0%	$21.67	—	COM	464286871
—	WisdomTree Emerging Markets Consumer Growth Fund	5,053	$129K	0.0%	$25.53	—	COM	97717W539