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

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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
PROSHARES ULTRASHORT 20Y TR ETF 74347B201 670 30,800 SH   SOLE   30,800 0 0
ISHARES MSCI GERMANY ETF ETF 464286806 6,407 191,600 SH   SOLE   191,600 0 0
ISHARES MSCI JAPAN ETF ETF 46434G822 8,942 130,500 SH   SOLE   130,500 0 0
ISHARES NASDAQ BIOTECHNOLOGY ETF 464287556 7,368 48,940 SH   SOLE   48,940 0 0
KRANESHARES CSI CHINA INTERN ETF 500767306 8,162 106,900 SH   SOLE   106,900 0 0
INVESCO QQQ TRUST SERIES 1 ETF 46090E103 12,478 39,100 SH   SOLE   39,100 0 0
VANECK SEMICONDUCTOR ETF 92189F676 12,056 49,500 SH   SOLE   49,500 0 0
VANGUARD CONSUMER DISCRE ETF ETF 92204A108 8,374 28,350 SH   SOLE   28,350 0 0
VANGUARD FTSE ALL-WORLD EX-U ETF 922042775 14,624 241,000 SH   SOLE   241,000 0 0
SPDR S&P BIOTECH ETF ETF 78464A870 3,134 23,100 SH   SOLE   23,100 0 0
SPDR S&P HOMEBUILDERS ETF ETF 78464A888 1,668 23,700 SH   SOLE   23,700 0 0
COMM SERV SELECT SECTOR SPDR ETF 81369Y852 8,608 117,400 SH   SOLE   117,400 0 0
INDUSTRIAL SELECT SECT SPDR ETF 81369Y704 4,854 49,300 SH   SOLE   49,300 0 0
TECHNOLOGY SELECT SECT SPDR ETF 81369Y803 7,278 54,800 SH   SOLE   54,800 0 0
HEALTH CARE SELECT SECTOR ETF 81369Y209 1,687 14,450 SH   SOLE   14,450 0 0
MATERIALS SELECT SECTOR SPDR ETF 81369Y100 3,357 42,600 SH   SOLE   42,600 0 0
ENERGY SELECT SECTOR SPDR ETF 81369Y506 1,104 22,500 SH   SOLE   22,500 0 0
FINANCIAL SELECT SECTOR SPDR ETF 81369Y605 1,226 36,000 SH   SOLE   36,000 0 0
JPMORGAN ALERIAN MLP INDEX ETN 46625H365 3,597 216,800 SH   SOLE   216,800 0 0
AVALONBAY COMMUNITIES INC COM 053484101 775 4,200 SH   SOLE   4,200 0 0
COREPOINT LODGING INC COM 21872L104 6,046 669,500 SH   SOLE   669,500 0 0
COLUMBIA PROPERTY TRUST INC COM 198287203 1,607 94,000 SH   SOLE   94,000 0 0
INVESCO DB AGRICULTURE FUND ETF 46140H106 639 37,700 SH   SOLE   37,700 0 0
EQUITY RESIDENTIAL COM 29476L107 860 12,000 SH   SOLE   12,000 0 0
SPDR S&P GL NAT RESOURCES ETF 78463X541 1,257 25,000 SH   SOLE   25,000 0 0
SIGMA LITHIUM RESOURCES CORP COM 826600108 1,526 368,600 SH   SOLE   368,600 0 0
TRITON INTERNATIONAL LTD COM G9078F107 665 12,100 SH   SOLE   12,100 0 0
VANGUARD REAL ESTATE ETF ETF 922908553 8,249 89,800 SH   SOLE   89,800 0 0