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 RUS 1000 VAL ETF 464287598 206 2,000 SH   DFND   2,000 0 0
BANCO SANTANDER SA ADR 05964H105 250 63,941 SH   DFND   63,941 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 335 10,774 SH   DFND   10,774 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 849 20,249 SH   DFND   20,249 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 339 6,076 SH   DFND   6,076 0 0
ISHARES TR US OIL&GS EX ETF 464288851 2,083 36,737 SH   DFND   36,737 0 0
POWERSHARES ETF TRUST DYN PHRMA PORT 73935X799 745 11,771 SH   DFND   11,771 0 0
ALLEGHANY CORP DEL COM 017175100 222 405 SH   DFND   405 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,678 23,410 SH   DFND   23,410 0 0
ISHARES TR U.S. FINLS ETF 464287788 1,109 12,901 SH   DFND   12,901 0 0
ISHARES TR MIN VOL USA ETF 46429B697 415 8,982 SH   DFND   8,982 0 0
NOVARTIS A G SPONSORED ADR 66987V109 239 2,897 SH   DFND   2,897 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 33,943 161,999 SH   DFND   161,999 0 0
MICROSOFT CORP COM 594918104 372 7,276 SH   DFND   7,276 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 3,678 79,370 SH   DFND   79,370 0 0
ALPHABET INC CAP STK CL C 02079K107 227 328 SH   DFND   328 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 385 10,915 SH   DFND   10,915 0 0
FIRST TR EXCHANGE TRADED FD HLTH CARE ALPH 33734X143 812 13,777 SH   DFND   13,777 0 0
CLIFFS NAT RES INC COM 18683K101 205 36,272 SH   DFND   36,272 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 510 13,153 SH   DFND   13,153 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 680 24,550 SH   DFND   24,550 0 0
KEYCORP NEW COM 493267108 466 42,175 SH   DFND   42,175 0 0
PROSHARES TR PSHS ULT NASB 74347R214 376 9,694 SH   DFND   9,694 0 0
TEXAS INSTRS INC COM 882508104 294 4,699 SH   DFND   4,699 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 367 8,571 SH   DFND   8,571 0 0
ISHARES TR NASDQ BIOTEC ETF 464287556 20,543 79,829 SH   DFND   79,829 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 517 19,715 SH   DFND   19,715 0 0
DIREXION SHS ETF TR DAILY GOLD MINER 25490K232 93 11,985 SH   DFND   11,985 0 0
DIREXION SHS ETF TR DL FTSE BLL 3X 25459W771 258 17,935 SH   DFND   17,935 0 0
SCHNITZER STL INDS CL A 806882106 199 11,325 SH   DFND   11,325 0 0
DBX ETF TR DB XTR MSCI EUR 233051853 217 8,878 SH   DFND   8,878 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 429 31,099 SH   DFND   31,099 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 1,944 28,500 SH   DFND   28,500 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 6,241 115,395 SH   DFND   115,395 0 0
COCA COLA CO COM 191216100 222 4,918 SH   DFND   4,918 0 0
ISHARES TR COHEN&STEER REIT 464287564 2,593 23,973 SH   DFND   23,973 0 0
FIRST TR EXCHANGE TRADED FD DJ INTERNT IDX 33733E302 619 8,595 SH   DFND   8,595 0 0
ISHARES TR INTERM CR BD ETF 464288638 237 2,134 SH   DFND   2,134 0 0
FIRST TR EXCHANGE TRADED FD NY ARCA BIOTECH 33733E203 651 7,288 SH   DFND   7,288 0 0
PENNEY J C INC COM 708160106 226 25,483 SH   DFND   25,483 0 0
ISHARES TR HDG MSCI EAFE 46434V803 432 18,052 SH   DFND   18,052 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 456 12,974 SH   DFND   12,974 0 0
FIRST TR EXCHANGE TRADED FD ISE REVERE NAT 33733E807 3,659 150,228 SH   DFND   150,228 0 0
PROSHARES TR II ULT VIX SHRT 74347W312 176 18,738 SH   DFND   18,738 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 816 18,820 SH   DFND   18,820 0 0
MERCK & CO INC COM 58933Y105 218 3,797 SH   DFND   3,797 0 0
VANECK VECTORS ETF TR BIOTECH ETF 92189F726 462 4,510 SH   DFND   4,510 0 0
COEUR MNG INC COM NEW 192108504 219 20,619 SH   DFND   20,619 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 3,489 44,709 SH   DFND   44,709 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 2,099 40,017 SH   DFND   40,017 0 0
FIRST TR EXCHANGE TRADED FD CONSUMR STAPLE 33734X119 2,929 60,559 SH   DFND   60,559 0 0
ISHARES MSCI STH KOR ETF 464286772 428 8,229 SH   DFND   8,229 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 548 16,016 SH   DFND   16,016 0 0
ISHARES MSCI EURZONE ETF 464286608 320 9,945 SH   DFND   9,945 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,026 52,842 SH   DFND   52,842 0 0
PFIZER INC COM 717081103 849 24,121 SH   DFND   24,121 0 0
STILLWATER MNG CO COM 86074Q102 195 16,512 SH   DFND   16,512 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 366 909 SH   DFND   909 0 0
AK STL HLDG CORP COM 001547108 167 35,906 SH   DFND   35,906 0 0
PROSHARES TR SHRT RUSSELL2000 74348A210 827 14,032 SH   DFND   14,032 0 0
ISHARES TR NA NAT RES 464287374 2,429 73,134 SH   DFND   73,134 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,828 21,590 SH   DFND   21,590 0 0
ISHARES TR MSCI EAFE ETF 464287465 524 9,396 SH   DFND   9,396 0 0
ISHARES TR US HLTHCR PR ETF 464288828 1,895 14,878 SH   DFND   14,878 0 0
ISHARES MSCI AUST ETF 464286103 300 15,425 SH   DFND   15,425 0 0
ISHARES TR TRANS AVG ETF 464287192 4,752 35,428 SH   DFND   35,428 0 0
QUALCOMM INC COM 747525103 286 5,356 SH   DFND   5,356 0 0
PROCTER & GAMBLE CO COM 742718109 217 2,566 SH   DFND   2,566 0 0
TECO ENERGY INC COM 872375100 229 8,313 SH   DFND   8,313 0 0
ISHARES TR RUS 1000 GRW ETF 464287614 435 4,344 SH   DFND   4,344 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 460 696 SH   DFND   696 0 0
ABB LTD SPONSORED ADR 000375204 222 11,225 SH   DFND   11,225 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 312 50,992 SH   DFND   50,992 0 0
BARRICK GOLD CORP COM 067901108 220 10,307 SH   DFND   10,307 0 0
HECLA MNG CO COM 422704106 212 41,685 SH   DFND   41,685 0 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 177 13,925 SH   DFND   13,925 0 0
ISHARES TR NA TEC-SFTWR ETF 464287515 1,753 16,672 SH   DFND   16,672 0 0
POWERSHARES ETF TRUST DYN FD & BEV 73935X849 222 6,553 SH   DFND   6,553 0 0
PHILIP MORRIS INTL INC COM 718172109 226 2,224 SH   DFND   2,224 0 0
BP PLC SPONSORED ADR 055622104 250 7,043 SH   DFND   7,043 0 0
VANGUARD INDEX FDS REIT ETF 922908553 9,863 111,243 SH   DFND   111,243 0 0
FIRST TR EXCHANGE TRADED FD DORSEY WRT 5 ETF 33738R605 2,833 126,704 SH   DFND   126,704 0 0
ISHARES MSCI CDA ETF 464286509 225 9,210 SH   DFND   9,210 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 504 28,246 SH   DFND   28,246 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 301 8,647 SH   DFND   8,647 0 0
PROSHARES TR PSHS ULSHT SP500 74347B300 274 15,404 SH   DFND   15,404 0 0
VANECK VECTORS ETF TR OIL SVCS ETF 92189F718 1,593 54,482 SH   DFND   54,482 0 0
ISHARES TR CHINA ETF 46429B671 249 5,888 SH   DFND   5,888 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 890 7,884 SH   DFND   7,884 0 0
JPMORGAN CHASE & CO COM 46625H100 243 3,916 SH   DFND   3,916 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 315 5,728 SH   DFND   5,728 0 0
ISHARES MSCI HONG KG ETF 464286871 258 13,196 SH   DFND   13,196 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 1,311 29,012 SH   DFND   29,012 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 200 877 SH   DFND   877 0 0
AT&T INC COM 00206R102 849 19,655 SH   DFND   19,655 0 0
INTEL CORP COM 458140100 1,159 35,343 SH   DFND   35,343 0 0
UNITED STATES STL CORP NEW COM 912909108 182 10,836 SH   DFND   10,836 0 0
ISHARES MSCI TAIWAN ETF 464286731 381 27,147 SH   DFND   27,147 0 0
CONSOL ENERGY INC COM 20854P109 274 17,072 SH   DFND   17,072 0 0
ISHARES TR US OIL EQ&SV ETF 464288844 543 14,080 SH   DFND   14,080 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 2,340 69,773 SH   DFND   69,773 0 0
ISHARES MSCI GERMANY ETF 464286806 206 8,592 SH   DFND   8,592 0 0
DIREXION SHS ETF TR DLY SMCAP BULL3X 25459W847 217 3,454 SH   DFND   3,454 0 0
ISHARES INC CORE MSCI EMKT 46434G103 1,582 37,833 SH   DFND   37,833 0 0
ISHARES TR U.S. REAL ES ETF 464287739 5,599 68,041 SH   DFND   68,041 0 0
JOHNSON & JOHNSON COM 478160104 282 2,329 SH   DFND   2,329 0 0
CISCO SYS INC COM 17275R102 238 8,305 SH   DFND   8,305 0 0
UNILEVER PLC SPON ADR NEW 904767704 230 4,815 SH   DFND   4,815 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 272 15,646 SH   DFND   15,646 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 225 7,189 SH   DFND   7,189 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 6,116 267,897 SH   DFND   267,897 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,514 44,063 SH   DFND   44,063 0 0