F-Squared Investment Management, LLC Activity Q4 2012-Q2 2015

Q2 2015

			Value		Shares		↓ Weighting
FXH	New	FIRST TRST HLTH CARE ETF ALPHA	$185,048,000	–	2,687,703	–	11.96%	–
FXD	New	FIRST TRUST CONSUMERETF DISCRE	$183,599,000	–	5,028,734	–	11.87%	–
FXO	New	FIRST TRUST ETF FINANCIAL	$182,946,000	–	7,709,499	–	11.83%	–
FXN	New	FIRST TRUST ENERGY ETF ALPHA	$180,624,000	–	9,049,291	–	11.68%	–
FEM	New	FIRST TR EMERGING ETF MARKE	$125,169,000	–	5,451,603	–	8.09%	–
MINT	New	PIMCO ETF TRUST ETF ENHANCED S	$120,507,000	–	1,191,367	–	7.79%	–
FJP	New	FIRST TR JAPAN ETF ALPHADEX F	$62,743,000	–	1,250,365	–	4.06%	–
FKU	New	FIRST TR UNITED ETF KINGDOM AL	$61,985,000	–	1,425,261	–	4.01%	–
XLY	New	SELECT SECTOR SPDR FD CONSUMER	$52,106,000	–	681,307	–	3.37%	–
SHV	New	ISHARES ETF SHORT TREA	$49,544,000	–	449,213	–	3.20%	–
IVV	New	ISHARES CORE S&P 500 ETF S&P 5	$49,059,000	–	236,747	–	3.17%	–
IYH	New	ISHARES ETF U.S. HEALT	$47,324,000	–	298,159	–	3.06%	–
IYE	New	ISHARES ETF U.S. ENERG	$47,018,000	–	1,109,432	–	3.04%	–
IYF	New	ISHARES ETF U.S. FINAN	$46,896,000	–	522,574	–	3.03%	–
FTSM	New	FIRST TR ENHANCED ETF SHORT	$32,049,000	–	534,068	–	2.07%	–
HYS	New	PIMCO 0-5 YEAR HIGH ETF YIELD	$29,277,000	–	293,147	–	1.89%	–
SPY	New	SPDR S&P 500 TRUST ETF	$25,460,000	–	123,683	–	1.65%	–
EEM	New	ISHARES MSCI ETF EMERGING M	$19,594,000	–	494,547	–	1.27%	–
HYG	New	ISHARES IBOXX $ ETF HIGH YIELD	$11,806,000	–	132,945	–	0.76%	–
EWJ	New	ISHARES MSCI JAPAN ETF	$9,831,000	–	767,469	–	0.64%	–
EWU	New	ISHARES MSCI UNITED ETF KINGD	$9,416,000	–	515,950	–	0.61%	–
XLE	New	ENERGY SELECT ETF SECTOR SPD	$4,784,000	–	63,645	–	0.31%	–
XLV	New	SELECT SECTOR SPDR FD HEALTH C	$4,769,000	–	64,102	–	0.31%	–
XLF	New	FINANCIAL SELECTETF SECTOR SPD	$4,763,000	–	195,348	–	0.31%	–
BIL	New	SPDR SERIES TRUST BRCLYS 1-3MT	$250,000	–	5,462	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
IJH	Exit	ISHARES CORE S&P MIDCAP ETF	$0	–	-2,374	–	-0.01%	–
FXN	Exit	FIRST TRUST ENERGY ETF ALPHADE	$0	–	-18,401	–	-0.01%	–
XLI	Exit	INDUSTRIAL SELECT ETF SECTOR S	$0	–	-85,489	–	-0.11%	–
XLK	Exit	SECTOR SPDR TR ETF TECHNOLOGY	$0	–	-217,079	–	-0.20%	–
XLV	Exit	SELECT SECTOR SPDR FD HEALTH C	$0	–	-136,288	–	-0.21%	–
EPP	Exit	ISHARES MSCI PACIFIC ETF EX-JA	$0	–	-273,073	–	-0.30%	–
EWC	Exit	ISHARES MSCI CANADA ETF INDEX	$0	–	-425,097	–	-0.31%	–
EWU	Exit	ISHARES MSCI UNITED ETF KINGD	$0	–	-683,050	–	-0.31%	–
EWL	Exit	ISHARES MSCI ETF SWITZERLAND C	$0	–	-413,586	–	-0.32%	–
EEM	Exit	ISHARES MSCI ETF EMERGING MARK	$0	–	-620,050	–	-0.61%	–
EZU	Exit	ISHARES MSCI EMUETF	$0	–	-688,975	–	-0.63%	–
HYG	Exit	ISHARES IBOXX $ ETF HIGH YIELD	$0	–	-362,663	–	-0.79%	–
IEF	Exit	ISHARES ETF 7-10 YR TREASURY B	$0	–	-326,799	–	-0.80%	–
SHV	Exit	ISHARES ETF SHORT TREASURY BON	$0	–	-308,159	–	-0.80%	–
SPY	Exit	SPDR S&P 500 TRUST ETF	$0	–	-344,366	–	-1.60%	–
IYH	Exit	ISHARES ETF U.S. HEALTHCARE	$0	–	-590,115	–	-1.88%	–
IYJ	Exit	ISHARES ETF U.S. INDUSTRIALS	$0	–	-790,228	–	-1.89%	–
IYW	Exit	ISHARES ETF U.S. TECHNOLOGY	$0	–	-795,539	–	-1.90%	–
HYS	Exit	PIMCO 0-5 YEAR HIGH ETF YIELD	$0	–	-823,501	–	-2.02%	–
MINT	Exit	PIMCO ETF TRUST ETF ENHANCED S	$0	–	-847,235	–	-2.03%	–
TENZ	Exit	PIMCO TRUST ETF 7-15 YR US TRE	$0	–	-1,033,613	–	-2.04%	–
XLB	Exit	SELECT SECTOR SPDR FD MATERIAL	$0	–	-1,770,940	–	-2.08%	–
XLY	Exit	SELECT SECTOR SPDR FD CONSUMER	$0	–	-1,320,435	–	-2.08%	–
XLF	Exit	FINANCIAL SELECTETF SECTOR SPD	$0	–	-3,824,357	–	-2.10%	–
XLP	Exit	SELECT SECTOR SPDR TR CONSUMER	$0	–	-1,967,781	–	-2.10%	–
FPA	Exit	FIRST TR ASIA ETF PACIFIC EX-J	$0	–	-3,410,981	–	-2.44%	–
FKU	Exit	FIRST TR UNITED ETF KINGDOM AL	$0	–	-2,669,430	–	-2.46%	–
FSZ	Exit	FIRST TR SWITZERLAND ETF ALPHA	$0	–	-2,720,129	–	-2.51%	–
FCAN	Exit	FIRST TR CANADA ETF ALPHADEX F	$0	–	-2,993,995	–	-2.54%	–
MBB	Exit	ISHARES MBS ETF	$0	–	-1,110,363	–	-2.84%	–
FLOT	Exit	ISHARES ETF FLOATING RATE BOND	$0	–	-2,365,366	–	-2.84%	–
IVV	Exit	ISHARES CORE S&P 500 ETF S&P 5	$0	–	-714,038	–	-3.35%	–
FEM	Exit	FIRST TR EMERGING ETF MARKETS	$0	–	-8,678,149	–	-4.88%	–
FEP	Exit	FIRST TR EUROPE ETF ALPHADEX F	$0	–	-6,792,343	–	-4.94%	–
FXH	Exit	FIRST TRST HLTH CAREETF ALPHAD	$0	–	-4,711,237	–	-6.22%	–
FXZ	Exit	FIRST TRUST MATERIAL ETF ALPHA	$0	–	-8,223,888	–	-6.25%	–
FXD	Exit	FIRST TRUST CONSUMER ETF DISCR	$0	–	-8,193,660	–	-6.28%	–
FXL	Exit	FIRST TRUST TECHNLGY ETF ALPHA	$0	–	-8,225,723	–	-6.31%	–
FXR	Exit	FIRST TRUST ETF INDUSTRIALS/PR	$0	–	-9,082,449	–	-6.31%	–
FXO	Exit	FIRST TRUST ETF FINANCIAL ALPH	$0	–	-12,258,910	–	-6.34%	–
FXG	Exit	FIRST TRUST CONSUMER ETF STAPL	$0	–	-6,874,934	–	-6.36%	–

Q3 2014

			Value		Shares		↓ Weighting
FXG	Buy	FIRST TRUST CONSUMER ETF STAPL	$268,604,000	+26.0%	6,874,934	+28.3%	6.36%	+18.2%
FXO	Buy	FIRST TRUST ETF FINANCIAL ALPH	$267,857,000	+25.5%	12,258,910	+27.9%	6.34%	+17.8%
FXR	Buy	FIRST TRUST ETF INDUSTRIALS/PR	$266,752,000	+26.5%	9,082,449	+31.4%	6.31%	+18.8%
FXL	Buy	FIRST TRUST TECHNLGY ETF ALPHA	$266,678,000	+23.3%	8,225,723	+23.7%	6.31%	+15.8%
FXD	New	FIRST TRUST CONSUMER ETF DISCR	$265,557,000	–	8,193,660	–	6.28%	–
FXZ	Buy	FIRST TRUST MATERIAL ETF ALPHA	$264,151,000	+23.4%	8,223,888	+31.2%	6.25%	+15.9%
FXH	Buy	FIRST TRST HLTH CAREETF ALPHAD	$262,840,000	+21.8%	4,711,237	+16.3%	6.22%	+14.3%
FEP	Sell	FIRST TR EUROPE ETF ALPHADEX F	$208,932,000	-21.0%	6,792,343	-10.9%	4.94%	-25.8%
FEM	Sell	FIRST TR EMERGING ETF MARKETS	$206,193,000	-21.1%	8,678,149	-16.4%	4.88%	-25.9%
IVV	Buy	ISHARES CORE S&P 500 ETF S&P 5	$141,565,000	+112.7%	714,038	+111.4%	3.35%	+99.8%
FLOT	Buy	ISHARES ETF FLOATING RATE BOND	$120,232,000	+29.2%	2,365,366	+29.1%	2.84%	+21.3%
MBB	Buy	ISHARES MBS ETF	$120,041,000	+29.4%	1,110,363	+29.5%	2.84%	+21.4%
FCAN	Buy	FIRST TR CANADA ETF ALPHADEX F	$107,245,000	+16.6%	2,993,995	+26.2%	2.54%	+9.5%
FSZ	New	FIRST TR SWITZERLAND ETF ALPHA	$106,139,000	–	2,720,129	–	2.51%	–
FKU	New	FIRST TR UNITED ETF KINGDOM AL	$103,921,000	–	2,669,430	–	2.46%	–
FPA	Buy	FIRST TR ASIA ETF PACIFIC EX-J	$103,216,000	+23.5%	3,410,981	+23.2%	2.44%	+15.9%
XLP	Buy	SELECT SECTOR SPDR TR CONSUMER	$88,767,000	+26.6%	1,967,781	+25.2%	2.10%	+18.8%
XLF	Buy	FINANCIAL SELECTETF SECTOR SPD	$88,610,000	+24.7%	3,824,357	+22.4%	2.10%	+17.1%
XLY	New	SELECT SECTOR SPDR FD CONSUMER	$88,060,000	–	1,320,435	–	2.08%	–
XLB	Buy	SELECT SECTOR SPDR FD MATERIAL	$87,821,000	+23.0%	1,770,940	+23.1%	2.08%	+15.5%
TENZ	Buy	PIMCO TRUST ETF 7-15 YR US TRE	$86,233,000	+36.7%	1,033,613	+36.6%	2.04%	+28.3%
MINT	New	PIMCO ETF TRUST ETF ENHANCED S	$85,867,000	–	847,235	–	2.03%	–
HYS	Buy	PIMCO 0-5 YEAR HIGH ETF YIELD	$85,356,000	+34.3%	823,501	+38.4%	2.02%	+26.1%
IYW	Buy	ISHARES ETF U.S. TECHNOLOGY	$80,159,000	+18.2%	795,539	+13.6%	1.90%	+10.9%
IYJ	Buy	ISHARES ETF U.S. INDUSTRIALS	$79,916,000	+20.6%	790,228	+23.5%	1.89%	+13.2%
IYH	Buy	ISHARES ETF U.S. HEALTHCARE	$79,282,000	+16.6%	590,115	+11.3%	1.88%	+9.5%
SPY	Buy	SPDR S&P 500 TRUST ETF	$67,847,000	+87.3%	344,366	+86.1%	1.60%	+75.8%
SHV	New	ISHARES ETF SHORT TREASURY BON	$33,975,000	–	308,159	–	0.80%	–
IEF	Buy	ISHARES ETF 7-10 YR TREASURY B	$33,863,000	+15.4%	326,799	+15.3%	0.80%	+8.2%
HYG	Buy	ISHARES IBOXX $ ETF HIGH YIELD	$33,347,000	+12.8%	362,663	+16.7%	0.79%	+5.9%
EZU	New	ISHARES MSCI EMUETF	$26,526,000	–	688,975	–	0.63%	–
EEM	Sell	ISHARES MSCI ETF EMERGING MARK	$25,769,000	-34.0%	620,050	-31.4%	0.61%	-38.1%
EWL	New	ISHARES MSCI ETF SWITZERLAND C	$13,446,000	–	413,586	–	0.32%	–
EWU	New	ISHARES MSCI UNITED ETF KINGD	$13,238,000	–	683,050	–	0.31%	–
EWC	Sell	ISHARES MSCI CANADA ETF INDEX	$13,046,000	-6.0%	425,097	-1.4%	0.31%	-11.7%
EPP	Buy	ISHARES MSCI PACIFIC ETF EX-JA	$12,580,000	+2.5%	273,073	+9.5%	0.30%	-3.6%
XLV	Buy	SELECT SECTOR SPDR FD HEALTH C	$8,710,000	+122.1%	136,288	+111.5%	0.21%	+108.1%
XLK	Buy	SECTOR SPDR TR ETF TECHNOLOGY	$8,661,000	+121.4%	217,079	+112.8%	0.20%	+107.1%
XLI	Buy	INDUSTRIAL SELECT ETF SECTOR S	$4,544,000	+18.0%	85,489	+20.1%	0.11%	+11.3%
FXN	Sell	FIRST TRUST ENERGY ETF ALPHADE	$476,000	-99.8%	18,401	-99.8%	0.01%	-99.8%
IJH	New	ISHARES CORE S&P MIDCAP ETF	$325,000	–	2,374	–	0.01%	–
	Exit	JACKSON NATIONAL LIFE INS PERS	$0	–	-12,950	–	0.00%	–
REM	Exit	ISHARES ETF MORTGAGE REAL ESTA	$0	–	-10,372	–	-0.00%	–
XLE	Exit	ENERGY SELECT ETF SECTOR SPD	$0	–	-38,470	–	-0.10%	–
XLU	Exit	SELECT SECTOR SPDR TR UTILITIE	$0	–	-89,930	–	-0.10%	–
EWJ	Exit	ISHARES MSCI JAPAN ETF	$0	–	-1,074,351	–	-0.33%	–
LQD	Exit	ISHARES IBOXX & ETF INVESTMENT	$0	–	-247,917	–	-0.74%	–
TIP	Exit	ISHARES TIP BONDETF	$0	–	-256,451	–	-0.75%	–
VGK	Exit	VANGUARD FTSE ETF EUROPEAN	$0	–	-659,770	–	-1.00%	–
TIPZ	Exit	PIMCO TRUST ETF BROAD U S	$0	–	-1,081,908	–	-1.58%	–
CORP	Exit	PIMCO INVESTMENTETF GRADE CORP	$0	–	-611,010	–	-1.59%	–
IYE	Exit	ISHARES ETF U.S. ENERGY	$0	–	-1,214,241	–	-1.74%	–
IDU	Exit	ISHARES ETF U.S. UTILITIES	$0	–	-628,900	–	-1.76%	–
FJP	Exit	FIRST TR JAPAN ETF ALPHADEX F	$0	–	-1,803,401	–	-2.18%	–
GLD	Exit	SPDR GOLD TRUST ETF	$0	–	-789,414	–	-2.55%	–
FXU	Exit	FIRST TRUST ETF UTILITIES ALPH	$0	–	-9,345,123	–	-5.62%	–

Q2 2014

			Value		Shares		↓ Weighting
FEP	New	FIRST TR EUROPE ETF ALPHADEX F	$264,335,000	–	7,619,906	–	6.66%	–
FEM	New	FIRST TR EMERGING ETF MARKE	$261,325,000	–	10,378,282	–	6.59%	–
FXU	New	FIRST TRUST ETF UTILITIES ALPH	$222,975,000	–	9,345,123	–	5.62%	–
FXN	New	FIRST TRUST ENERGY ETF ALPHA	$221,720,000	–	7,568,020	–	5.59%	–
FXL	New	FIRST TRUST TECHNLGY ETF ALPHA	$216,231,000	–	6,649,173	–	5.45%	–
FXH	New	FIRST TRST HLTH CAREETF ALPHAD	$215,792,000	–	4,050,915	–	5.44%	–
FXZ	New	FIRST TRUST MATERIAL ETF ALPHA	$213,997,000	–	6,266,375	–	5.39%	–
FXO	New	FIRST TRUST ETF FINANCIAL ALPH	$213,439,000	–	9,588,463	–	5.38%	–
FXG	New	FIRST TRUST CONSUMER ETF STAPL	$213,245,000	–	5,356,576	–	5.38%	–
FXR	New	FIRST TRUST ETF INDUSTRIALS PR	$210,876,000	–	6,911,689	–	5.32%	–
GLD	New	SPDR GOLD TRUST ETF	$101,077,000	–	789,414	–	2.55%	–
FLOT	New	ISHARES ETF FLOATING RATE BOND	$93,086,000	–	1,832,411	–	2.35%	–
MBB	New	ISHARES MBS ETF	$92,802,000	–	857,534	–	2.34%	–
FCAN	New	FIRST TR CANADA ETF ALPHADEX F	$91,961,000	–	2,373,122	–	2.32%	–
FJP	New	FIRST TR JAPAN ETF ALPHADEX F	$86,311,000	–	1,803,401	–	2.18%	–
FPA	New	FIRST TR ASIA ETF PACIFIC EX-J	$83,585,000	–	2,767,617	–	2.11%	–
XLB	New	SELECT SECTOR SPDR FD MATERIAL	$71,389,000	–	1,438,144	–	1.80%	–
XLF	New	FINANCIAL SELECTETF SECTOR SPD	$71,064,000	–	3,125,073	–	1.79%	–
XLP	New	SELECT SECTOR SPDR TR CONSUMER	$70,140,000	–	1,571,943	–	1.77%	–
IDU	New	ISHARES ETF U.S. UTILITIES	$70,041,000	–	628,900	–	1.76%	–
IYE	New	ISHARES ETF U.S. ENERGY	$68,969,000	–	1,214,241	–	1.74%	–
IYH	New	ISHARES ETF U.S. HEALTHCARE	$67,990,000	–	530,302	–	1.71%	–
IYW	New	ISHARES ETF U.S. TECHNOLOGY	$67,835,000	–	700,196	–	1.71%	–
IVV	New	ISHARES CORE S&P 500 ETF S&P 5	$66,545,000	–	337,794	–	1.68%	–
IYJ	New	ISHARES ETF U.S. INDUSTRIALS	$66,288,000	–	639,846	–	1.67%	–
HYS	New	PIMCO 0-5 YEAR HIGH ETF YIELD	$63,574,000	–	594,871	–	1.60%	–
CORP	New	PIMCO INVESTMENTETF GRADE CORP	$63,067,000	–	611,010	–	1.59%	–
TENZ	New	PIMCO TRUST ETF 7-15YR US TREA	$63,092,000	–	756,681	–	1.59%	–
TIPZ	New	PIMCO TRUST ETF BROAD U S	$62,880,000	–	1,081,908	–	1.58%	–
VGK	New	VANGUARD FTSE ETF EUROPEAN	$39,553,000	–	659,770	–	1.00%	–
EEM	New	ISHARES MSCI ETF EMERGING MARK	$39,069,000	–	903,736	–	0.98%	–
SPY	New	SPDR S&P 500 TRUST ETF	$36,216,000	–	185,041	–	0.91%	–
TIP	New	ISHARES TIP BONDETF	$29,584,000	–	256,451	–	0.75%	–
LQD	New	ISHARES IBOXX & ETF INVESTMENT	$29,567,000	–	247,917	–	0.74%	–
HYG	New	ISHARES IBOXX $ ETF HIGH YIELD	$29,575,000	–	310,657	–	0.74%	–
IEF	New	ISHARES ETF 7-10 YR TREASURY B	$29,346,000	–	283,313	–	0.74%	–
EWC	New	ISHARES MSCI CANADA ETF INDEX	$13,885,000	–	431,082	–	0.35%	–
EWJ	New	ISHARES MSCI JAPAN ETF	$12,935,000	–	1,074,351	–	0.33%	–
EPP	New	ISHARES MSCI PACIFIC ETF EX-JA	$12,277,000	–	249,280	–	0.31%	–
XLU	New	SELECT SECTOR SPDR TR UTILITIE	$3,980,000	–	89,930	–	0.10%	–
XLK	New	SECTOR SPDR TR ETF TECHNOLOGY	$3,912,000	–	102,009	–	0.10%	–
XLV	New	SELECT SECTOR SPDR FD HEALTH C	$3,921,000	–	64,454	–	0.10%	–
XLI	New	INDUSTRIAL SELECT ETF SECTO	$3,850,000	–	71,211	–	0.10%	–
XLE	New	ENERGY SELECT ETF SECTOR SPD	$3,851,000	–	38,470	–	0.10%	–
REM	New	ISHARES ETF MORTGAGE REAL ESTA	$131,000	–	10,372	–	0.00%	–
	New	JACKSON NATIONAL LIFE INS PERS	$0	–	12,950	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
IEF	Exit	ISHARES ETF 7-10 YR TREASURY B	$0	–	-2,244	–	-0.03%	–
HYG	Exit	ISHARES IBOXX $ ETF HIGH YIELD	$0	–	-2,633	–	-0.03%	–
EWC	Exit	ISHARES MSCI CDA ETF	$0	–	-9,071	–	-0.04%	–
EPP	Exit	ISHARES MSCI PACIFIC EX JAPA	$0	–	-5,378	–	-0.04%	–
EWJ	Exit	ISHARES MSCI JAPAN ETF	$0	–	-25,162	–	-0.04%	–
SPY	Exit	SPDR S&P 500 TRUST ETF	$0	–	-2,452	–	-0.06%	–
EEM	Exit	ISHARES MSCI EMERGING MARKET	$0	–	-18,505	–	-0.10%	–
VGK	Exit	VANGUARD FTSE ETF EUROPEAN	$0	–	-15,538	–	-0.12%	–
XLU	Exit	SELECT SECTOR SPDR TR SBI INT-	$0	–	-96,707	–	-0.49%	–
XLK	Exit	SECTOR SPDR TR ETF TECHNOLOGY	$0	–	-113,013	–	-0.49%	–
XLV	Exit	SELECT SECTOR SPDR FD HEALTH C	$0	–	-71,763	–	-0.49%	–
XLI	Exit	INDUSTRIAL SELECT ETF SECTOR S	$0	–	-78,455	–	-0.50%	–
XLE	Exit	ENERGY SELECT ETF SECTOR SPDR	$0	–	-43,924	–	-0.50%	–
FPA	Exit	FIRST TRUST ASIA ETF PACIFIC E	$0	–	-592,927	–	-2.24%	–
FCAN	Exit	FIRST TRUST CANADA ETF ALPHADE	$0	–	-464,459	–	-2.28%	–
TENZ	Exit	PIMCO TRUST ETF 7-15YR US	$0	–	-248,337	–	-2.78%	–
HYS	Exit	PIMCO 0-5 YEAR HIGH ETF YIELD	$0	–	-195,000	–	-2.78%	–
FLOT	Exit	ISHARES ETF FLOATING RATE BOND	$0	–	-405,147	–	-2.80%	–
MINT	Exit	PIMCO ETF TRUST ETF ENHANCED S	$0	–	-202,970	–	-2.80%	–
MBB	Exit	ISHARES MBS ETF	$0	–	-194,331	–	-2.80%	–
FJP	Exit	FIRST TRUST EXCH TRD ALPHA FD	$0	–	-457,878	–	-2.87%	–
IYH	Exit	ISHARES ETF U.S. HEALTHCARE	$0	–	-210,464	–	-3.06%	–
IYE	Exit	ISHARES ETF U.S. ENERGY	$0	–	-480,452	–	-3.08%	–
IDU	Exit	ISHARES ETF U.S. UTILITIES	$0	–	-242,157	–	-3.10%	–
IYJ	Exit	ISHARES ETF U.S. INDUSTRIALS	$0	–	-251,565	–	-3.10%	–
IYW	Exit	ISHARES ETF U.S. TECHNOLOGY	$0	–	-290,331	–	-3.12%	–
XLF	Exit	FINANCIAL SELECTETF SECTOR SPD	$0	–	-1,306,079	–	-3.54%	–
XLB	Exit	SELECT SECTOR SPDR FD MATERIAL	$0	–	-626,032	–	-3.58%	–
XLY	Exit	SELECT SECTOR SPDR FD CONSUMER	$0	–	-438,919	–	-3.62%	–
FXZ	Exit	FIRST TRUST MATERIAL ETF ALPHA	$0	–	-937,874	–	-3.71%	–
FXU	Exit	FIRST TRUST ETF UTILITIES ALPH	$0	–	-1,379,032	–	-3.74%	–
FXO	Exit	FIRST TRUST ETF FINANCIAL ALPH	$0	–	-1,396,739	–	-3.76%	–
FXD	Exit	FIRST TRUST CONSUMERETF DISCRE	$0	–	-931,666	–	-3.76%	–
FXH	Exit	FIRST TRUST HEALTH CARE ETF AL	$0	–	-639,117	–	-3.77%	–
FXR	Exit	FIRST TRUST ETF INDUSTRIALS/PR	$0	–	-1,106,381	–	-3.77%	–
FXL	Exit	FIRST TRUST TECHNLGY ETF ALPHA	$0	–	-1,019,748	–	-3.78%	–
FXN	Exit	FIRST TRUST ENERGY ETF ALPHA	$0	–	-1,210,240	–	-3.78%	–
IVV	Exit	ISHARES CORE S&P 500 ETF S&P 5	$0	–	-211,967	–	-4.88%	–
FEM	Exit	FIRST TRUST EMERGING ETF MARKE	$0	–	-2,031,718	–	-6.73%	–
FEP	Exit	FIRST TRUST EUROPE ETF ALPHADE	$0	–	-1,869,267	–	-7.85%	–

Q3 2013

			Value		Shares		↓ Weighting
FEP	New	FIRST TRUST EUROPE ETF ALPHADE	$57,648,000	–	1,869,267	–	7.85%	–
FEM	New	FIRST TRUST EMERGING ETF MARKE	$49,391,000	–	2,031,718	–	6.73%	–
IVV	New	ISHARES CORE S&P 500 ETF S&P 5	$35,801,000	–	211,967	–	4.88%	–
FXN	New	FIRST TRUST ENERGY ETF ALPHA	$27,762,000	–	1,210,240	–	3.78%	–
FXL	New	FIRST TRUST TECHNLGY ETF ALPHA	$27,737,000	–	1,019,748	–	3.78%	–
FXH	New	FIRST TRUST HEALTH CARE ETF AL	$27,687,000	–	639,117	–	3.77%	–
FXR	New	FIRST TRUST ETF INDUSTRIALS/PR	$27,682,000	–	1,106,381	–	3.77%	–
FXD	New	FIRST TRUST CONSUMERETF DISCRE	$27,624,000	–	931,666	–	3.76%	–
FXO	New	FIRST TRUST ETF FINANCIAL ALPH	$27,600,000	–	1,396,739	–	3.76%	–
FXU	New	FIRST TRUST ETF UTILITIES ALPH	$27,443,000	–	1,379,032	–	3.74%	–
FXZ	New	FIRST TRUST MATERIAL ETF ALPHA	$27,226,000	–	937,874	–	3.71%	–
XLY	Buy	SELECT SECTOR SPDR FD CONSUMER	$26,612,000	+18.5%	438,919	+10.2%	3.62%	-68.8%
XLB	Buy	SELECT SECTOR SPDR FD MATERIAL	$26,300,000	+36.1%	626,032	+24.2%	3.58%	-64.2%
XLF	Buy	FINANCIAL SELECTETF SECTOR SPD	$25,998,000	+15.9%	1,306,079	+13.2%	3.54%	-69.5%
IYW	Buy	ISHARES ETF U.S. TECHNOLOGY	$22,878,000	+23.6%	290,331	+15.5%	3.12%	-67.5%
IYJ	Buy	ISHARES ETF U.S. INDUSTRIALS	$22,772,000	+17.6%	251,565	+7.7%	3.10%	-69.1%
IDU	Buy	ISHARES ETF U.S. UTILITIES	$22,736,000	+18.5%	242,157	+19.3%	3.10%	-68.8%
IYE	Buy	ISHARES ETF U.S. ENERGY	$22,629,000	+23.2%	480,452	+16.4%	3.08%	-67.6%
IYH	New	ISHARES ETF U.S. HEALTHCARE	$22,503,000	–	210,464	–	3.06%	–
FJP	New	FIRST TRUST EXCH TRD ALPHA FD	$21,081,000	–	457,878	–	2.87%	–
MBB	New	ISHARES MBS ETF	$20,583,000	–	194,331	–	2.80%	–
MINT	New	PIMCO ETF TRUST ETF ENHANCED S	$20,580,000	–	202,970	–	2.80%	–
FLOT	New	ISHARES ETF FLOATING RATE BOND	$20,533,000	–	405,147	–	2.80%	–
HYS	New	PIMCO 0-5 YEAR HIGH ETF YIELD	$20,455,000	–	195,000	–	2.78%	–
TENZ	New	PIMCO TRUST ETF 7-15YR US	$20,436,000	–	248,337	–	2.78%	–
FCAN	New	FIRST TRUST CANADA ETF ALPHADE	$16,753,000	–	464,459	–	2.28%	–
FPA	New	FIRST TRUST ASIA ETF PACIFIC E	$16,460,000	–	592,927	–	2.24%	–
XLI	Buy	INDUSTRIAL SELECT ETF SECTOR S	$3,641,000	+80.2%	78,455	+65.6%	0.50%	-52.6%
XLE	Buy	ENERGY SELECT ETF SECTOR SPDR	$3,642,000	+313.9%	43,924	+290.8%	0.50%	+8.8%
XLV	Sell	SELECT SECTOR SPDR FD HEALTH C	$3,630,000	-83.8%	71,763	-84.8%	0.49%	-95.7%
XLK	Buy	SECTOR SPDR TR ETF TECHNOLOGY	$3,621,000	+89.2%	113,013	+80.6%	0.49%	-50.3%
XLU	Buy	SELECT SECTOR SPDR TR SBI INT-	$3,614,000	+83.6%	96,707	+84.9%	0.49%	-51.7%
VGK	Buy	VANGUARD FTSE ETF EUROPEAN	$847,000	+47.6%	15,538	+30.3%	0.12%	-61.3%
EEM	New	ISHARES MSCI EMERGING MARKET	$754,000	–	18,505	–	0.10%	–
SPY	Buy	SPDR S&P 500 TRUST ETF	$412,000	+57.9%	2,452	+50.7%	0.06%	-58.5%
EWJ	Buy	ISHARES MSCI JAPAN ETF	$300,000	+33.9%	25,162	+26.0%	0.04%	-64.7%
EWC	Buy	ISHARES MSCI CDA ETF	$257,000	+179.3%	9,071	+157.6%	0.04%	-27.1%
EPP	New	ISHARES MSCI PACIFIC EX JAPA	$256,000	–	5,378	–	0.04%	–
HYG	New	ISHARES IBOXX $ ETF HIGH YIELD	$241,000	–	2,633	–	0.03%	–
IEF	New	ISHARES ETF 7-10 YR TREASURY B	$229,000	–	2,244	–	0.03%	–
SHV	Exit	ISHARES TRbarclys sh trea	$0	–	-13,622	–	-0.78%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-546,333	–	-11.22%	–

Q2 2013

			Value		Shares		↓ Weighting
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$22,460,000	–	398,234	–	11.63%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$22,432,000	–	1,153,626	–	11.61%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$22,420,000	–	470,915	–	11.60%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$21,673,000	–	546,333	–	11.22%	–
IYJ	New	ISHARES TRdj us industrl	$19,365,000	–	233,511	–	10.02%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$19,322,000	–	503,909	–	10.00%	–
IDU	New	ISHARES TRdj us utils	$19,193,000	–	202,928	–	9.94%	–
IYW	New	ISHARES TRdj us tech sec	$18,514,000	–	251,446	–	9.58%	–
IYE	New	ISHARES TRdj us energy	$18,375,000	–	412,654	–	9.51%	–
XLI	New	SPDR SERIES TRUSTsbi int-inds	$2,020,000	–	47,384	–	1.05%	–
XLU	New	SPDR SERIES TRUSTsbi int-utils	$1,968,000	–	52,311	–	1.02%	–
XLK	New	SPDR SERIES TRUSTtechnology	$1,914,000	–	62,589	–	0.99%	–
SHV	New	ISHARES TRbarclys sh trea	$1,501,000	–	13,622	–	0.78%	–
XLE	New	SPDR SERIES TRUSTsbi int-energy	$880,000	–	11,239	–	0.46%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$574,000	–	11,923	–	0.30%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$261,000	–	1,627	–	0.14%	–
EWJ	New	ISHARES INCmsci japan	$224,000	–	19,971	–	0.12%	–
EWC	New	ISHARES INCmsci cda index	$92,000	–	3,522	–	0.05%	–

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