Giralda Advisors, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (13 quarters reported)

$273M $497K

Q3 13 Q2 14 Q1 15 Q4 15 Q3 16

$211M in Q3 2013 → $497K now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2016. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
PT Proshares Tr	100.0%	New	7,000	$497K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended September 30, 2016 · filed November 14, 2016

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Exited	−756,800	−$32.8M	—
SS Select Sector SPDR Tr	Exited	−334,485	−$24M	—
SS Select Sector SPDR Tr	Exited	−306,563	−$23.9M	—
SS Select Sector SPDR Tr	Exited	−410,600	−$23M	—
SS Select Sector SPDR Tr	Exited	−404,648	−$22.3M	—
SS Select Sector SPDR Tr	Exited	−245,300	−$16.7M	—
SS Select Sector SPDR Tr	Exited	−283,800	−$13.2M	—
SS Select Sector SPDR Tr	Exited	−210,600	−$11.1M	—
VW Vanguard World Fds	Exited	−58,600	−$5.77M	—
F Fidelity	Exited	−52,274	−$1.69M	—

Showing the 10 largest of 21 changes.

quarter ended June 30, 2016 · filed August 05, 2016

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	New	+756,800	+$32.8M	17.8%
IT Ishares Tr	Exited	−271,500	−$29.5M	—
VW Vanguard World Fds	Trimmed	−52,100	−$5.13M	3.1%
SS Select Sector SPDR Tr	Trimmed	−34,800	−$2.37M	9.1%
SS Select Sector SPDR Tr	Trimmed	−30,282	−$2.17M	13.0%
SS Select Sector SPDR Tr	Trimmed	−23,122	−$1.28M	12.1%
SS Select Sector SPDR Tr	Trimmed	−19,000	−$997K	6.0%
SS Select Sector SPDR Tr	Trimmed	−15,200	−$851K	12.5%
SS Select Sector SPDR Tr	Trimmed	−16,600	−$769K	7.1%
SS Select Sector SPDR Tr	Trimmed	−7,001	−$546K	13.0%

Showing the 10 largest of 21 changes.

quarter ended March 31, 2016 · filed May 16, 2016

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Exited	−1,522,567	−$36.3M	—
SS Select Sector SPDR Tr	New	+425,800	+$23.6M	12.4%
SS Select Sector SPDR Tr	New	+300,400	+$13.5M	7.1%
VW Vanguard World Fds	New	+110,700	+$10.3M	5.4%
SS Select Sector SPDR Tr	Trimmed	−129,800	−$8.03M	9.1%
IT Ishares Tr	Trimmed	−71,900	−$7.8M	15.5%
IT Ishares Tr	Exited	−195,500	−$5.63M	—
SS Select Sector SPDR Tr	Added	+74,200	+$3.68M	6.0%
SS Select Sector SPDR Tr	Trimmed	−64,759	−$3.44M	11.9%
SS Select Sector SPDR Tr	Trimmed	−31,525	−$2.49M	13.0%

Showing the 10 largest of 23 changes.

quarter ended December 31, 2015 · filed February 17, 2016

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Exited	−596,778	−$29.8M	—
IT Ishares Tr	Trimmed	−871,200	−$25.1M	2.8%
SS Select Sector SPDR Tr	New	+409,900	+$24.7M	12.2%
SS Select Sector SPDR Tr	Trimmed	−156,471	−$7.9M	12.3%
SS Select Sector SPDR Tr	New	+155,400	+$6.73M	3.3%
IT Ishares Tr	Added	+48,600	+$5.2M	18.2%
SS Select Sector SPDR Tr	Trimmed	−64,856	−$5.07M	13.4%
SS Select Sector SPDR Tr	Added	+201,547	+$4.8M	18.0%
SS Select Sector SPDR Tr	Trimmed	−57,429	−$4.14M	13.5%
F Fidelity	New	+93,640	+$1.6M	0.8%

Showing the 10 largest of 19 changes.

quarter ended September 30, 2015 · filed November 16, 2015

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Exited	−324,500	−$24.4M	—
IT Ishares Tr	Added	+870,260	+$23.5M	13.2%
SS Select Sector SPDR Tr	Exited	−254,438	−$12.3M	—
IT Ishares Tr	Trimmed	−97,000	−$9.59M	13.3%
SS Select Sector SPDR Tr	Trimmed	−352,883	−$8M	13.7%
SS Select Sector SPDR Tr	Exited	−149,567	−$6.2M	—
SS Select Sector SPDR Tr	Added	+103,848	+$5.18M	13.6%
SS Select Sector SPDR Tr	Added	+94,424	+$4.46M	14.0%
F Fidelity	Exited	−89,990	−$1.94M	—
SS Select Sector SPDR Tr	Added	+15,758	+$1.04M	13.2%

Showing the 10 largest of 21 changes.

quarter ended June 30, 2015 · filed August 05, 2015

Company	Action	Shares changed	Value of change	% of portfolio
F Fidelity	Added	+32,657	+$947K	0.8%
F Fidelity	Added	+29,082	+$931K	0.8%
F Fidelity	Trimmed	−34,357	−$741K	0.7%
F Fidelity	Added	+23,086	+$713K	0.6%
F Fidelity	Added	+19,158	+$692K	0.6%
F Fidelity	Added	+23,183	+$670K	0.5%
F Fidelity	Added	+23,364	+$658K	0.5%
F Fidelity	Added	+9,064	+$247K	0.2%
F Fidelity	Added	+5,575	+$148K	0.1%
F Fidelity	Added	+4,376	+$118K	0.1%

Showing the 10 largest of 20 changes.

quarter ended March 31, 2015 · filed May 01, 2015

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Trimmed	−50,713	−$3.93M	9.8%
SS Select Sector SPDR Tr	Trimmed	−49,229	−$3.57M	11.8%
IT Ishares Tr	Trimmed	−29,950	−$3.14M	16.0%
SS Select Sector SPDR Tr	Trimmed	−38,028	−$2.87M	12.3%
SS Select Sector SPDR Tr	Trimmed	−57,850	−$2.82M	10.5%
F Fidelity	New	+124,347	+$2.76M	1.1%
SS Select Sector SPDR Tr	Trimmed	−87,233	−$2.1M	15.7%
SS Select Sector SPDR Tr	Trimmed	−32,953	−$1.84M	10.7%
SS Select Sector SPDR Tr	Trimmed	−25,303	−$1.23M	4.8%
SS Select Sector SPDR Tr	Trimmed	−25,160	−$1.12M	2.6%

Showing the 10 largest of 21 changes.

quarter ended December 31, 2014 · filed February 11, 2015

Company	Action	Shares changed	Value of change	% of portfolio
SS Select Sector SPDR Tr	Added	+65,300	+$5.17M	11.0%
SS Select Sector SPDR Tr	Trimmed	−164,750	−$4.07M	16.1%
SS Select Sector SPDR Tr	Trimmed	−54,700	−$3.74M	11.8%
IT Ishares Tr	Trimmed	−29,300	−$3.06M	16.3%
SS Select Sector SPDR Tr	Trimmed	−62,150	−$3.01M	11.0%
SS Select Sector SPDR Tr	Trimmed	−37,000	−$2.09M	11.0%
SS Select Sector SPDR Tr	Trimmed	−24,450	−$1.76M	12.2%
SS Select Sector SPDR Tr	Trimmed	−21,350	−$1.01M	3.0%
SS Select Sector SPDR Tr	Added	+4,200	+$204K	5.0%
IT Ishares Tr	Added	+2,100	+$61.5K	2.5%

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