Pension Partners, LLC Activity Q4 2013-Q3 2019

Q3 2019

			Value		Shares		↓ Weighting
IEMG	Sell	ISHARES INC CORE MSCI EMKT	$26,972,000	-99.9%	550,222	-3.8%	37.14%	+4.1%
SPEM	Sell	SPDR INDEX SHS FDS PORTFOLIO EMG MK	$16,895,000	-99.9%	492,857	-3.9%	23.26%	+4.5%
SCHE	Sell	SCHWAB STRATEGIC TR EMRG MKTEQ ET	$13,989,000	-99.9%	556,705	-7.5%	19.26%	+0.7%
EDC	Sell	DIREXION SHS ETF TR DLY EMG MK BL 3X	$9,819,000	-99.9%	151,017	-3.2%	13.52%	-8.4%
EET	Buy	ProShares MSCI Emerg ETF	$1,595,000	-99.9%	24,569	+9.5%	2.20%	+10.7%
WPG	Buy	Washington Prime Group New	$465,000	-99.9%	112,302	+18.4%	0.64%	+45.8%
MIC	Sell	Macquarie Infrastructure Corp	$398,000	-99.9%	10,077	-7.8%	0.55%	+2.0%
OUSA	Buy	Osi Etf Tr Oshars Ftse Us	$352,000	-99.9%	10,123	+0.0%	0.48%	+16.0%
KIE	Buy	SPDR S&P Ins ETF	$340,000	-99.9%	9,654	+0.3%	0.47%	+18.2%
NLY	New	Annaly Cap Mgmt Inc	$339,000	–	38,501	–	0.47%	–
KL	Buy	Kirkland Lake Gold Ltd	$318,000	-99.9%	7,104	+1.5%	0.44%	+20.3%
BIZD	Sell	Vaneck Vectors ETF Tr BDC Inco	$307,000	-99.9%	18,194	-1.1%	0.42%	+14.0%
KKR	Buy	KKR & Co Inc Cl A	$243,000	-99.9%	9,038	+6.1%	0.34%	+28.4%
GOLD	New	Barrick Gold Corporation	$236,000	–	13,614	–	0.32%	–
MIE	Buy	Cohen & Steers MLP Inc & Energ	$139,000	-99.9%	15,390	+6.2%	0.19%	+15.1%
SACH	Buy	Sachem Cap Corp	$114,000	-99.9%	24,241	+1.0%	0.16%	+1.9%
SPGYF	New	Whitecap Resources Inc	$57,000	–	16,500	–	0.08%	–
SELF	Buy	Global Self Storage Inc	$52,000	-99.9%	11,000	+8.2%	0.07%	+56.5%
CARS	Exit	Cars Com Inc	$0	–	-10,000	–	-0.24%	–
BP	Exit	BP PLC Sp ADRsponsored adr	$0	–	-4,869	–	-0.25%	–
	Exit	Fidelity Adv Growth Opport Ins	$0	–	-2,551	–	-0.28%	–
	Exit	Fidelity Adv Intl Cap Apprec	$0	–	-12,955	–	-0.35%	–
KWEB	Exit	Kraneshares Tr Csi Chi Internecsi chi internet	$0	–	-9,570	–	-0.51%	–
	Exit	Northern Lights Opportnstc Rel	$0	–	-30,778	–	-0.60%	–
	Exit	Columbia Seligman Comms & Info	$0	–	-9,262	–	-0.82%	–

Q2 2019

			Value		Shares		↓ Weighting
IEMG	New	ISHARES INC CORE MSCI EMKTcore msci emkt	$29,433,659,000	–	572,194	–	35.67%	–
SPEM	New	SPDR INDEX SHS FDS PORTFOLIO EMG MK	$18,363,992,000	–	513,104	–	22.25%	–
SCHE	New	SCHWAB STRATEGIC TR EMRG MKTEQ ETFemrg mkteq etf	$15,784,329,000	–	601,523	–	19.13%	–
EDC	New	DIREXION SHS ETF TR DLY EMG MK BL 3Xdly emg mk bl 3x	$12,184,146,000	–	156,007	–	14.76%	–
EET	New	ProShares MSCI Emerg ETF	$1,637,000,000	–	22,443	–	1.98%	–
	New	Columbia Seligman Comms & Info	$680,000,000	–	9,262	–	0.82%	–
	New	Northern Lights Opportnstc Rel	$498,000,000	–	30,778	–	0.60%	–
MIC	New	Macquarie Infrastructure Corp	$443,000,000	–	10,925	–	0.54%	–
KWEB	New	Kraneshares Tr Csi Chi Internecsi chi internet	$421,000,000	–	9,570	–	0.51%	–
WPG	New	Washington Prime Group New	$362,000,000	–	94,835	–	0.44%	–
OUSA	New	Osi Etf Tr Oshars Ftse Usoshars ftse us	$345,000,000	–	10,121	–	0.42%	–
KIE	New	SPDR S&P Ins ETF	$327,000,000	–	9,627	–	0.40%	–
BIZD	New	Vaneck Vectors ETF Tr BDC Inco	$306,000,000	–	18,392	–	0.37%	–
KL	New	Kirkland Lake Gold Ltd	$300,000,000	–	7,000	–	0.36%	–
	New	Fidelity Adv Intl Cap Apprec	$291,000,000	–	12,955	–	0.35%	–
	New	Fidelity Adv Growth Opport Ins	$228,000,000	–	2,551	–	0.28%	–
KKR	New	KKR & Co Inc Cl Acl a	$215,000,000	–	8,515	–	0.26%	–
BP	New	BP PLC Sp ADRsponsored adr	$203,000,000	–	4,869	–	0.25%	–
CARS	New	Cars Com Inc	$197,000,000	–	10,000	–	0.24%	–
MIE	New	Cohen & Steers MLP Inc & Energ	$137,000,000	–	14,498	–	0.17%	–
SACH	New	Sachem Cap Corp	$127,000,000	–	24,000	–	0.15%	–
SELF	New	Global Self Storage Inc	$38,000,000	–	10,168	–	0.05%	–

Q4 2018

			Value		Shares		↓ Weighting
SRC	Exit	Spirit Realty Cap Inc	$0	–	-13,000	–	-0.08%	–
KWEB	Exit	Kraneshares Tr Csi Chi Interne	$0	–	-5,355	–	-0.21%	–
KIE	Exit	SPDR S&P Ins ETF	$0	–	-9,256	–	-0.24%	–
AAPL	Exit	Apple Inc	$0	–	-1,475	–	-0.27%	–
MSFT	Exit	Microsoft Corp	$0	–	-3,000	–	-0.28%	–
GOOG	Exit	Alphabet Inc Cap Stock Cl C	$0	–	-375	–	-0.36%	–
	Exit	Northern Lights Opportnstc Rel	$0	–	-32,451	–	-0.40%	–
MTUM	Exit	iShares USA Momentum Fct	$0	–	-4,500	–	-0.43%	–
	Exit	Columbia Seligman Comms & Info	$0	–	-8,833	–	-0.55%	–
XLG	Exit	Invesco Exchange Traded Fd Tr	$0	–	-5,524	–	-0.93%	–
SCHE	Exit	Schwab Emerg Mkt Equity ETF	$0	–	-51,450	–	-1.07%	–
EET	Exit	ProShares MSCI Emerg ETF	$0	–	-23,554	–	-1.42%	–
OUSA	Exit	Osi Etf Tr Oshars Ftse Us	$0	–	-60,314	–	-1.60%	–
ITOT	Exit	iShares Core S&P Ttl Stock	$0	–	-31,244	–	-1.68%	–
SPLG	Exit	SPDR SERIES TRUST PORTFOLIO LR ETF	$0	–	-328,332	–	-9.05%	–
UPRO	Exit	PROSHARES TR ULTRPRO S&P500	$0	–	-296,297	–	-13.72%	–
IVV	Exit	ISHARES TR CORE S&P500 ETF	$0	–	-113,635	–	-26.90%	–
VOO	Exit	VANGUARD INDEX FDS S&P 500 ETF SHS	$0	–	-188,836	–	-40.78%	–

Q3 2018

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS S&P 500 ETF SHS	$50,428,000	–	188,836	–	40.78%	–
IVV	New	ISHARES TR CORE S&P500 ETF	$33,264,000	–	113,635	–	26.90%	–
UPRO	New	PROSHARES TR ULTRPRO S&P500	$16,968,000	–	296,297	–	13.72%	–
SPLG	New	SPDR SERIES TRUST PORTFOLIO LR ETF	$11,186,000	–	328,332	–	9.05%	–
ITOT	Buy	iShares Core S&P Ttl Stock	$2,082,000	+6.9%	31,244	+0.3%	1.68%	+84100.0%
OUSA	Buy	Osi Etf Tr Oshars Ftse Us	$1,975,000	+7.2%	60,314	+0.4%	1.60%	+159600.0%
EET	New	ProShares MSCI Emerg ETF	$1,761,000	–	23,554	–	1.42%	–
SCHE	New	Schwab Emerg Mkt Equity ETF	$1,323,000	–	51,450	–	1.07%	–
XLG	New	Invesco Exchange Traded Fd Tr	$1,155,000	–	5,524	–	0.93%	–
	Buy	Columbia Seligman Comms & Info	$684,000	+68.1%	8,833	+62.5%	0.55%	–
MTUM	New	iShares USA Momentum Fct	$535,000	–	4,500	–	0.43%	–
	Buy	Northern Lights Opportnstc Rel	$500,000	+42.5%	32,451	+50.6%	0.40%	–
GOOG	Buy	Alphabet Inc Cap Stock Cl C	$448,000	+78.5%	375	+66.7%	0.36%	–
KIE	Buy	SPDR S&P Ins ETF	$297,000	+8.0%	9,256	+0.4%	0.24%	–
KWEB	Buy	Kraneshares Tr Csi Chi Interne	$261,000	+7.9%	5,355	+32.1%	0.21%	–
SRC	New	Spirit Realty Cap Inc	$105,000	–	13,000	–	0.08%	–
CHIQ	Exit	Global X Funds China Cons ETF	$0	–	-11,300	–	0.00%	–
	Exit	T Rowe Price Emerg Mkts Stock	$0	–	-64,524	–	-0.00%	–
TNA	Exit	DIREXION SHS ETF TR DLY SMCAP BULL3X	$0	–	-222,011	–	-14.23%	–
IJR	Exit	ISHARES TR CORE S&P SCP ETF	$0	–	-231,914	–	-15.10%	–
IWM	Exit	ISHARES TR RUSSELL 2000 ETF	$0	–	-197,178	–	-25.20%	–
VB	Exit	VANGUARD INDEX FDS SMALL CP ETF	$0	–	-374,289	–	-45.46%	–

Q2 2018

			Value		Shares		↓ Weighting
VB	New	VANGUARD INDEX FDS SMALL CP ETF	$58,265,568,000	–	374,289	–	45.46%	–
IWM	New	ISHARES TR RUSSELL 2000 ETF	$32,291,841,000	–	197,178	–	25.20%	–
IJR	New	ISHARES TR CORE S&P SCP ETF	$19,355,542,000	–	231,914	–	15.10%	–
TNA	New	DIREXION SHS ETF TR DLY SMCAP BULL3X	$18,240,423,000	–	222,011	–	14.23%	–
	New	T Rowe Price Emerg Mkts Stock	$2,727,000	–	64,524	–	0.00%	–
ITOT	New	iShares Core S&P Ttl Stock	$1,947,000	–	31,139	–	0.00%	–
OUSA	New	Osi Etf Tr Oshars Ftse Us	$1,842,000	–	60,055	–	0.00%	–
KWEB	New	Kraneshares Tr Csi Chi Interne	$242,000	–	4,055	–	0.00%	–
MSFT	New	Microsoft Corp	$296,000	–	3,000	–	0.00%	–
	New	Northern Lights Opportnstc Rel	$351,000	–	21,542	–	0.00%	–
KIE	New	SPDR S&P Ins ETF	$275,000	–	9,222	–	0.00%	–
AAPL	New	Apple Inc	$273,000	–	1,475	–	0.00%	–
CHIQ	New	Global X Funds China Cons ETF	$201,000	–	11,300	–	0.00%	–
	New	Columbia Seligman Comms & Info	$407,000	–	5,436	–	0.00%	–
GOOG	New	Alphabet Inc Cap Stock Cl C	$251,000	–	225	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
RCII	Exit	Rent-A-Center Inc	$0	–	-13,000	–	-0.11%	–
MSFT	Exit	Microsoft Corp	$0	–	-3,000	–	-0.17%	–
KIE	Exit	SPDR S&P Ins ETF	$0	–	-3,031	–	-0.21%	–
	Exit	Northern Lights Opportnstc Rel	$0	–	-20,025	–	-0.22%	–
	Exit	Columbia Seligman Comms & Info	$0	–	-3,983	–	-0.23%	–
KWEB	Exit	Kraneshares Tr Csi Chi Interne	$0	–	-9,000	–	-0.39%	–
SCHA	Exit	Schwab US Small Cap ETF	$0	–	-17,430	–	-0.89%	–
UWM	Exit	ProShares Ultra Russell 2000	$0	–	-25,809	–	-1.31%	–
OUSA	Exit	Fqf Tr Oshars FTSE US	$0	–	-57,606	–	-1.32%	–
ITOT	Exit	iShares Core S&P Ttl Stock	$0	–	-30,913	–	-1.35%	–
	Exit	T Rowe Price Emerg Mkts Stock	$0	–	-61,058	–	-1.95%	–
IJR	Exit	ISHARES TR CORE S&P SCP ETF	$0	–	-331,619	–	-18.69%	–
IWM	Exit	ISHARES TR RUSSELL 2000 ETF	$0	–	-246,321	–	-27.72%	–
VB	Exit	VANGUARD INDEX FDS SMALL CP ETF	$0	–	-423,176	–	-45.42%	–

Q3 2017

			Value		Shares		↓ Weighting
VB	Buy	VANGUARD INDEX FDS SMALL CP ETF	$59,803,000	+14.1%	423,176	+9.5%	45.42%	-1.9%
IWM	Buy	ISHARES TR RUSSELL 2000 ETF	$36,500,000	+16.0%	246,321	+10.3%	27.72%	-0.3%
IJR	Buy	ISHARES TR CORE S&P SCP ETF	$24,613,000	+17.3%	331,619	+10.8%	18.69%	+0.8%
	Buy	T Rowe Price Emerg Mkts Stock	$2,573,000	+22.8%	61,058	+11.1%	1.95%	+5.6%
ITOT	Buy	iShares Core S&P Ttl Stock	$1,782,000	+4.4%	30,913	+0.4%	1.35%	-10.3%
OUSA	Buy	Fqf Tr Oshars FTSE US	$1,743,000	+16.0%	57,606	+12.1%	1.32%	-0.3%
UWM	New	ProShares Ultra Russell 2000	$1,724,000	–	25,809	–	1.31%	–
SCHA	New	Schwab US Small Cap ETF	$1,174,000	–	17,430	–	0.89%	–
KWEB	New	Kraneshares Tr Csi Chi Interne	$512,000	–	9,000	–	0.39%	–
	New	Columbia Seligman Comms & Info	$304,000	–	3,983	–	0.23%	–
	New	Northern Lights Opportnstc Rel	$295,000	–	20,025	–	0.22%	–
KIE	Buy	SPDR S&P Ins ETF	$273,000	+2.6%	3,031	+0.3%	0.21%	-11.9%
RCII	New	Rent-A-Center Inc	$149,000	–	13,000	–	0.11%	–
SCHE	Exit	Schwab Emerg Mkt Equity ETF	$0	–	-43,354	–	-0.95%	–
EET	Exit	ProShares MSCI Emerg ETF	$0	–	-20,699	–	-1.32%	–

Q2 2017

			Value		Shares		↓ Weighting
VB	New	VANGUARD INDEX FDS SMALL CP ETF	$52,404,000	–	386,634	–	46.29%	–
IWM	New	ISHARES TR RUSSELL 2000 ETF	$31,474,000	–	223,346	–	27.80%	–
IJR	New	ISHARES TR CORE S&P SCP ETF	$20,990,000	–	299,393	–	18.54%	–
	New	T Rowe Price Emerg Mkts Stock	$2,095,000	–	54,967	–	1.85%	–
ITOT	New	iShares Core S&P Ttl Stock	$1,707,000	–	30,798	–	1.51%	–
OUSA	New	Fqf Tr Oshars FTSE US	$1,503,000	–	51,391	–	1.33%	–
EET	New	ProShares MSCI Emerg ETF	$1,490,000	–	20,699	–	1.32%	–
SCHE	New	Schwab Emerg Mkt Equity ETF	$1,077,000	–	43,354	–	0.95%	–
KIE	New	SPDR S&P Ins ETF	$266,000	–	3,021	–	0.24%	–
MSFT	New	Microsoft Corp	$207,000	–	3,000	–	0.18%	–

Q4 2016

			Value		Shares		↓ Weighting
TIIAY	Exit	Telecom Italia SPA Sp ADRadr	$0	–	-10,000	–	-0.09%	–
ITOT	Exit	iShares Tr S&P 1500 Index	$0	–	-15,261	–	-0.80%	–
SCHA	Exit	Schwab US Small Cap ETF	$0	–	-16,960	–	-1.04%	–
VHT	Exit	VANGUARD WORLD FDS HEALTH CAR ETF	$0	–	-7,983	–	-1.12%	–
OUSA	Exit	Fqf Tr Oshars FTSE US	$0	–	-39,175	–	-1.14%	–
	Exit	T Rowe Price Emerg Mkt Stock	$0	–	-38,966	–	-1.42%	–
UWM	Exit	ProShares Trust Ultra Russell	$0	–	-15,319	–	-1.54%	–
	Exit	Invesco Global Healthcare A	$0	–	-52,087	–	-1.95%	–
VPU	Exit	VANGUARD WORLD FDS UTILITIES ETF	$0	–	-23,458	–	-2.66%	–
VDC	Exit	VANGUARD WORLD FDS CONSUM STP ETF	$0	–	-18,516	–	-2.69%	–
IEF	Exit	ISHARES TR 7-10 Y TR BD ETF	$0	–	-108,848	–	-12.91%	–
IEI	Exit	ISHARES TR 3-7 YR TR BD ETF	$0	–	-159,641	–	-21.41%	–
SHY	Exit	ISHARES TR 1-3 YR TR BD ETF	$0	–	-284,245	–	-25.62%	–
BIL	Exit	SPDR SERIES TRUST BRCLYS 1-3MT ETF	$0	–	-528,576	–	-25.62%	–

Q3 2016

			Value		Shares		↓ Weighting
BIL	New	SPDR SERIES TRUST BRCLYS 1-3MT ETF	$24,172,000	–	528,576	–	25.62%	–
SHY	New	ISHARES TR 1-3 YR TR BD ETF	$24,172,000	–	284,245	–	25.62%	–
IEI	New	ISHARES TR 3-7 YR TR BD ETF	$20,201,000	–	159,641	–	21.41%	–
IEF	Sell	ISHARES TR 7-10 Y TR BD ETF	$12,178,000	-43.4%	108,848	-42.8%	12.91%	-49.0%
VDC	Sell	VANGUARD WORLD FDS CONSUM STP ETF	$2,534,000	-15.6%	18,516	-12.9%	2.69%	-23.9%
VPU	Sell	VANGUARD WORLD FDS UTILITIES ETF	$2,509,000	-17.8%	23,458	-12.0%	2.66%	-25.9%
	Buy	Invesco Global Healthcare A	$1,840,000	+174.2%	52,087	+167.6%	1.95%	+147.1%
UWM	New	ProShares Trust Ultra Russell	$1,453,000	–	15,319	–	1.54%	–
	Buy	T Rowe Price Emerg Mkt Stock	$1,335,000	+84.1%	38,966	+69.1%	1.42%	+65.9%
OUSA	New	Fqf Tr Oshars FTSE US	$1,074,000	–	39,175	–	1.14%	–
VHT	Sell	VANGUARD WORLD FDS HEALTH CAR ETF	$1,061,000	-27.8%	7,983	-29.1%	1.12%	-34.9%
SCHA	New	Schwab US Small Cap ETF	$976,000	–	16,960	–	1.04%	–
ITOT	Buy	iShares Tr S&P 1500 Index	$756,000	+4.3%	15,261	+100.6%	0.80%	-6.1%
EDV	Exit	VANGUARD WORLD FD EXTENDED DUR	$0	–	-27,930	–	-4.54%	–
ZROZ	Exit	PIMCO ETF TR 25YR+ ZERO U S	$0	–	-28,716	–	-4.58%	–
TLT	Exit	ISHARES TR 20 YR TR BD ETF	$0	–	-331,503	–	-54.15%	–

Q2 2016

			Value		Shares		↓ Weighting
TLT	New	ISHARES TR 20 YR TR BD ETF	$46,046,000	–	331,503	–	54.15%	–
IEF	New	ISHARES TR 7-10 Y TR BD ETF	$21,510,000	–	190,407	–	25.30%	–
ZROZ	New	PIMCO ETF TR 25YR+ ZERO U S	$3,891,000	–	28,716	–	4.58%	–
EDV	New	VANGUARD WORLD FD EXTENDED DUR	$3,858,000	–	27,930	–	4.54%	–
VPU	New	VANGUARD WORLD FDS UTILITIES ETF	$3,052,000	–	26,657	–	3.59%	–
VDC	New	VANGUARD WORLD FDS CONSUM STP ETF	$3,002,000	–	21,259	–	3.53%	–
VHT	New	VANGUARD WORLD FDS HEALTH CAR ETF	$1,469,000	–	11,258	–	1.73%	–
	New	T Rowe Price Emerg Mkt Stock	$725,000	–	23,046	–	0.85%	–
ITOT	New	iShares Tr S&P 1500 Index	$725,000	–	7,607	–	0.85%	–
	New	Invesco Global Healthcare A	$671,000	–	19,468	–	0.79%	–
TIIAY	New	Telecom Italia SPA Sp ADRadr	$82,000	–	10,000	–	0.10%	–

Q4 2015

			Value		Shares		↓ Weighting
TIIAY	Exit	Telecom Italia SPA Sp ADRadr	$0	–	-10,000	–	-0.10%	–
XLE	Exit	SELECT SECTOR SPDR TR SBI INT-ENERGY	$0	–	-11,783	–	-0.56%	–
XLK	Exit	SELECT SECTOR SPDR TR TECHNOLOGY	$0	–	-18,326	–	-0.57%	–
XLF	Exit	SELECT SECTOR SPDR TR SBI INT-FINL	$0	–	-32,140	–	-0.57%	–
XLB	Exit	SELECT SECTOR SPDR TR SBI MATERIALS	$0	–	-18,244	–	-0.57%	–
XLI	Exit	SELECT SECTOR SPDR TR SBI INT-INDS	$0	–	-14,697	–	-0.57%	–
ITOT	Exit	iShares Tr S&P 1500 Index	$0	–	-12,544	–	-0.86%	–
EET	Exit	ProShares Trust MSCI Emerg ETF	$0	–	-32,514	–	-1.16%	–
XLY	Exit	SELECT SECTOR SPDR TR SBI CONS DISCR	$0	–	-48,795	–	-2.84%	–
DEM	Exit	WISDOMTREE TR EMER MKT HIGH FD	$0	–	-349,112	–	-9.15%	–
IEMG	Exit	ISHARES INC CORE MSCI EMKT	$0	–	-295,437	–	-9.23%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF	$0	–	-1,069,276	–	-27.70%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS INDEX FUND	$0	–	-1,797,405	–	-46.13%	–

Q3 2015

			Value		Shares		↓ Weighting
EEM	New	ISHARES MSCI EMERGING MARKETS INDEX FUND	$58,919,000	–	1,797,405	–	46.13%	–
VWO	New	VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF	$35,382,000	–	1,069,276	–	27.70%	–
IEMG	New	ISHARES INC CORE MSCI EMKT	$11,785,000	–	295,437	–	9.23%	–
DEM	New	WISDOMTREE TR EMER MKT HIGH FD	$11,688,000	–	349,112	–	9.15%	–
XLY	Buy	SELECT SECTOR SPDR TR SBI CONS DISCR	$3,624,000	+42.1%	48,795	+46.2%	2.84%	+29.0%
EET	New	ProShares Trust MSCI Emerg ETF	$1,477,000	–	32,514	–	1.16%	–
ITOT	Sell	iShares Tr S&P 1500 Index	$1,099,000	-52.6%	12,544	-49.0%	0.86%	-57.0%
XLI	Buy	SELECT SECTOR SPDR TR SBI INT-INDS	$733,000	+48.1%	14,697	+60.4%	0.57%	+34.4%
XLB	Buy	SELECT SECTOR SPDR TR SBI MATERIALS	$728,000	+47.4%	18,244	+78.5%	0.57%	+33.8%
XLF	Buy	SELECT SECTOR SPDR TR SBI INT-FINL	$728,000	+45.0%	32,140	+55.9%	0.57%	+31.6%
XLK	Buy	SELECT SECTOR SPDR TR TECHNOLOGY	$724,000	+47.2%	18,326	+54.1%	0.57%	+33.7%
XLE	Buy	SELECT SECTOR SPDR TR SBI INT-ENERGY	$721,000	+46.2%	11,783	+79.6%	0.56%	+32.7%
PBJ	Exit	PowerShares ETF Trust Dynamic	$0	–	-8,000	–	-0.22%	–
UWM	Exit	ProShares Trust Ultra Russell	$0	–	-13,540	–	-1.14%	–
SCHA	Exit	SCHWAB STRATEGIC TR US SML CAP ETF	$0	–	-98,938	–	-4.90%	–
IJR	Exit	ISHARES TR CORE S&P SCP ETF	$0	–	-194,759	–	-19.79%	–
VB	Exit	VANGUARD INDEX FDS SMALL CP ETF	$0	–	-234,109	–	-24.51%	–
IWM	Exit	ISHARES TR RUSSELL 2000 ETF	$0	–	-399,564	–	-43.00%	–

Q2 2015

			Value		Shares		↓ Weighting
IWM	New	ISHARES TR RUSSELL 2000 ETF	$49,889,000	–	399,564	–	43.00%	–
VB	New	VANGUARD INDEX FDS SMALL CP ETF	$28,437,000	–	234,109	–	24.51%	–
IJR	New	ISHARES TR CORE S&P SCP ETF	$22,958,000	–	194,759	–	19.79%	–
SCHA	New	SCHWAB STRATEGIC TR US SML CAP ETF	$5,683,000	–	98,938	–	4.90%	–
XLY	New	SELECT SECTOR SPDR TR SBI CONS DISCR	$2,551,000	–	33,365	–	2.20%	–
ITOT	New	iShares Tr S&P 1500 Index	$2,321,000	–	24,573	–	2.00%	–
UWM	New	ProShares Trust Ultra Russell	$1,321,000	–	13,540	–	1.14%	–
XLF	New	SELECT SECTOR SPDR TR SBI INT-FINL	$502,000	–	20,614	–	0.43%	–
XLI	New	SELECT SECTOR SPDR TR SBI INT-INDS	$495,000	–	9,160	–	0.43%	–
XLB	New	SELECT SECTOR SPDR TR SBI MATERIALS	$494,000	–	10,218	–	0.43%	–
XLE	New	SELECT SECTOR SPDR TR SBI INT-ENERGY	$493,000	–	6,560	–	0.42%	–
XLK	New	SELECT SECTOR SPDR TR TECHNOLOGY	$492,000	–	11,896	–	0.42%	–
PBJ	New	PowerShares ETF Trust Dynamic	$259,000	–	8,000	–	0.22%	–
TIIAY	New	Telecom Italia SPA Sp ADRadr	$127,000	–	10,000	–	0.11%	–

Q4 2014

			Value		Shares		↓ Weighting
PTGCY	Exit	Portugal Telecom SGPS SA Sp ADadr	$0	–	-10,000	–	-0.02%	–
TIIAY	Exit	Telecom Italia SPA Sp ADRadr	$0	–	-10,000	–	-0.10%	–
PBJ	Exit	PowerShares ETF Trust Dynamic	$0	–	-8,000	–	-0.20%	–
XLY	Exit	SELECT SECTOR SPDR TR SBI CONS DISCR	$0	–	-3,650	–	-0.21%	–
XLI	Exit	SELECT SECTOR SPDR TR SBI INT-INDS	$0	–	-4,649	–	-0.22%	–
XLB	Exit	SELECT SECTOR SPDR TR SBI MATERIALS	$0	–	-4,991	–	-0.22%	–
XLF	Exit	SELECT SECTOR SPDR TR SBI INT-FINL	$0	–	-10,787	–	-0.22%	–
XLK	Exit	SELECT SECTOR SPDR TR TECHNOLOGY	$0	–	-6,272	–	-0.22%	–
XLE	Exit	SELECT SECTOR SPDR TR SBI INT-ENERGY	$0	–	-13,040	–	-1.03%	–
SSO	Exit	ProShares Trust Ultra S&P 500	$0	–	-12,283	–	-1.26%	–
SPY	Exit	SPDR S&P 500 ETF TR TR UNIT	$0	–	-113,978	–	-19.65%	–
IWB	Exit	ISHARES TR RUS 1000 ETF	$0	–	-265,590	–	-25.53%	–
IVV	Exit	ISHARES TR CORE S&P500 ETF	$0	–	-147,312	–	-25.55%	–
OEF	Exit	ISHARES TR S&P 100 ETF	$0	–	-331,553	–	-25.57%	–

Q3 2014

			Value		Shares		↓ Weighting
OEF	New	ISHARES TR S&P 100 ETF	$29,229,000	–	331,553	–	25.57%	–
IVV	New	ISHARES TR CORE S&P500 ETF	$29,206,000	–	147,312	–	25.55%	–
IWB	New	ISHARES TR RUS 1000 ETF	$29,180,000	–	265,590	–	25.53%	–
SPY	New	SPDR S&P 500 ETF TR TR UNIT	$22,455,000	–	113,978	–	19.65%	–
SSO	New	ProShares Trust Ultra S&P 500	$1,446,000	–	12,283	–	1.26%	–
XLE	New	SELECT SECTOR SPDR TR SBI INT-ENERGY	$1,181,000	–	13,040	–	1.03%	–
XLK	New	SELECT SECTOR SPDR TR TECHNOLOGY	$250,000	–	6,272	–	0.22%	–
XLF	New	SELECT SECTOR SPDR TR SBI INT-FINL	$249,000	–	10,787	–	0.22%	–
XLI	New	SELECT SECTOR SPDR TR SBI INT-INDS	$247,000	–	4,649	–	0.22%	–
XLB	New	SELECT SECTOR SPDR TR SBI MATERIALS	$247,000	–	4,991	–	0.22%	–
XLY	New	SELECT SECTOR SPDR TR SBI CONS DISCR	$243,000	–	3,650	–	0.21%	–
XLP	Exit	SELECT SECTOR SPDR TR SBI CONS STPLS	$0	–	-13,445	–	-0.53%	–
XLU	Exit	SELECT SECTOR SPDR TR SBI INT-UTILS	$0	–	-13,629	–	-0.53%	–
XLV	Exit	SELECT SECTOR SPDR TR SBI HEALTHCARE	$0	–	-19,612	–	-1.05%	–
ZROZ	Exit	PIMCO ETF TR 25YR+ ZERO U S	$0	–	-55,330	–	-4.86%	–
EDV	Exit	VANGUARD WORLD FD EXTENDED DUR	$0	–	-53,000	–	-4.88%	–
IEF	Exit	ISHARES 7-10 Y TR BD ETF	$0	–	-321,436	–	-29.25%	–
TLT	Exit	ISHARES 20+ YR TR BD ETF	$0	–	-587,164	–	-58.56%	–

Q2 2014

			Value		Shares		↓ Weighting
TLT	New	ISHARES 20+ YR TR BD ETF	$66,655,000	–	587,164	–	58.56%	–
IEF	New	ISHARES 7-10 Y TR BD ETF	$33,294,000	–	321,436	–	29.25%	–
EDV	New	VANGUARD WORLD FD EXTENDED DUR	$5,551,000	–	53,000	–	4.88%	–
ZROZ	New	PIMCO ETF TR 25YR+ ZERO U S	$5,534,000	–	55,330	–	4.86%	–
XLV	New	SELECT SECTOR SPDR TR SBI HEALTHCARE	$1,193,000	–	19,612	–	1.05%	–
XLU	New	SELECT SECTOR SPDR TR SBI INT-UTILS	$603,000	–	13,629	–	0.53%	–
XLP	New	SELECT SECTOR SPDR TR SBI CONS STPLS	$600,000	–	13,445	–	0.53%	–
PBJ	New	PowerShares ETF Trust Dynamic	$221,000	–	8,000	–	0.19%	–
TIIAY	New	Telecom Italia SPA Sp ADRadr	$126,000	–	10,000	–	0.11%	–
PTGCY	New	Portugal Telecom SGPS SA Sp ADadr	$37,000	–	10,000	–	0.03%	–

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