<SEC-DOCUMENT>0001144204-18-059219.txt : 20181113
<SEC-HEADER>0001144204-18-059219.hdr.sgml : 20181113
<ACCEPTANCE-DATETIME>20181113130325
ACCESSION NUMBER:		0001144204-18-059219
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180930
FILED AS OF DATE:		20181113
DATE AS OF CHANGE:		20181113
EFFECTIVENESS DATE:		20181113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Itau Unibanco Holding S.A.
		CENTRAL INDEX KEY:			0001132597
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-17515
		FILM NUMBER:		181176828

	BUSINESS ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-5019-1723

	MAIL ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Itau Unibanco Banco Multiplo S.A.
		DATE OF NAME CHANGE:	20090226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU HOLDING FINANCEIRA S A
		DATE OF NAME CHANGE:	20030319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU SA
		DATE OF NAME CHANGE:	20010117
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2018</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2018</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Itau Unibanco Holding S.A.</name>
        <address>
          <ns1:street1>Pc. Alfredo Egydio De Souza Aranha, 100</ns1:street1>
          <ns1:street2>Torre Ae, 3 Andar, Cep 04344-902</ns1:street2>
          <ns1:city>Sao Paulo</ns1:city>
          <ns1:stateOrCountry>D5</ns1:stateOrCountry>
          <ns1:zipCode>00000</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17515</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Tatiana Grecco</name>
      <title>Executive Officer</title>
      <phone>55-11-36312510</phone>
      <signature>/s/ Tatiana Grecco</signature>
      <city>Sao Paulo</city>
      <stateOrCountry>D5</stateOrCountry>
      <signatureDate>11-13-2018</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>588</tableEntryTotal>
      <tableValueTotal>1755318</tableValueTotal>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001541597</cik>
            <form13FFileNumber>028-14678</form13FFileNumber>
            <name>Itau USA Asset Management Inc.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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</TEXT>
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    <cusip>31573A109</cusip>
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    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>IBOXX INV CP ETF</titleOfClass>
    <cusip>464287242</cusip>
    <value>1986</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17275</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75</Sole>
      <Shared>0</Shared>
      <None>17200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>S&amp;P 500 VAL ETF</titleOfClass>
    <cusip>464287408</cusip>
    <value>3417</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>29500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>INTRM TR CRP ETF</titleOfClass>
    <cusip>464288638</cusip>
    <value>1191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22424</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22424</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>SHORT TREAS BD</titleOfClass>
    <cusip>464288679</cusip>
    <value>2070</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18739</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18739</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>71654V901</cusip>
    <value>8572</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10840</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>SP ADR NON VTG</titleOfClass>
    <cusip>71654V101</cusip>
    <value>105895</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10123841</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1373419</Sole>
      <Shared>0</Shared>
      <None>8750422</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>71654V408</cusip>
    <value>30209</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2502838</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>990115</Sole>
      <Shared>0</Shared>
      <None>1512723</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>148</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1950</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>3059</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>110900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>1903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>2057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>27300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>474</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>EURO STOXX 50</titleOfClass>
    <cusip>78463X202</cusip>
    <value>11204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>292750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>292750</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>ASIA PACIF ETF</titleOfClass>
    <cusip>78463X301</cusip>
    <value>2343</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24191</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>24191</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>PUT</titleOfClass>
    <cusip>78462F953</cusip>
    <value>25439</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>282351</value>
    <shrsOrPrnAmt>
      <sshPrnamt>971213</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>545648</Sole>
      <Shared>0</Shared>
      <None>425565</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALE S A</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>91912E105</cusip>
    <value>33573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2265946</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2139891</Sole>
      <Shared>0</Shared>
      <None>126055</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
    <titleOfClass>RUSSIA ETF</titleOfClass>
    <cusip>92189F403</cusip>
    <value>2277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>105600</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
    <titleOfClass>JP MORGAN MKTS</titleOfClass>
    <cusip>92189F494</cusip>
    <value>3555</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>216000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
    <titleOfClass>FTSE EUROPE ETF</titleOfClass>
    <cusip>922042874</cusip>
    <value>101543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1806178</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1673230</Sole>
      <Shared>0</Shared>
      <None>132948</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
    <titleOfClass>TT WRLD ST ETF</titleOfClass>
    <cusip>922042742</cusip>
    <value>4209</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>55500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
    <titleOfClass>FTSE EMR MKT ETF</titleOfClass>
    <cusip>922042858</cusip>
    <value>2011</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>49050</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE TR</nameOfIssuer>
    <titleOfClass>EUROPE HEDGED EQ</titleOfClass>
    <cusip>97717X701</cusip>
    <value>12809</value>
    <shrsOrPrnAmt>
      <sshPrnamt>202605</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>202605</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE TR</nameOfIssuer>
    <titleOfClass>JAPN HEDGE EQT</titleOfClass>
    <cusip>97717W851</cusip>
    <value>6622</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114263</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>114263</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WISDOMTREE TR</nameOfIssuer>
    <titleOfClass>INDIA ERNGS FD</titleOfClass>
    <cusip>97717W422</cusip>
    <value>958</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>39750</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CREDICORP LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G2519Y108</cusip>
    <value>37955</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170143</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65162</Sole>
      <Shared>0</Shared>
      <None>104981</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COPA HOLDINGS SA</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>P31076105</cusip>
    <value>8119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101691</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>101691</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRESUD S A C I F Y A</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>226406106</cusip>
    <value>302</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21313</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21313</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAMPA ENERGIA S A</nameOfIssuer>
    <titleOfClass>SPONS ADR LVL I</titleOfClass>
    <cusip>697660207</cusip>
    <value>11904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>383375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>152400</Sole>
      <Shared>0</Shared>
      <None>230975</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>S&amp;P 500 ETF SHS</titleOfClass>
    <cusip>922908363</cusip>
    <value>3214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12035</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12035</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALCOA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>013872106</cusip>
    <value>55</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1372</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1372</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>591</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8058</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8058</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCENTURE PLC IRELAND</nameOfIssuer>
    <titleOfClass>SHS CLASS A</titleOfClass>
    <cusip>G1151C101</cusip>
    <value>110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>645</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>645</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADOBE SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00724F101</cusip>
    <value>174</value>
    <shrsOrPrnAmt>
      <sshPrnamt>645</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>645</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>039483102</cusip>
    <value>191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3797</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3797</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ADURO BIOTECH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00739L101</cusip>
    <value>24</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3230</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3230</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALLIANCE DATA SYSTEMS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018581108</cusip>
    <value>273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1155</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1155</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AERIE PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00771V108</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1080</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1080</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AGCO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>001084102</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>556</None>
    </votingAuthority>
  </infoTable>
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    <value>819</value>
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      <sshPrnamt>4300</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4300</None>
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    <nameOfIssuer>ASSURED GUARANTY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G0585R106</cusip>
    <value>407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9646</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9646</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>05351W103</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3419</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3419</None>
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    <titleOfClass>COM NEW</titleOfClass>
    <cusip>026874784</cusip>
    <value>273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5127</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5127</None>
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    <nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020002101</cusip>
    <value>232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2348</None>
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    <nameOfIssuer>ALNYLAM PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02043Q107</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>537</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>537</None>
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    <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007903107</cusip>
    <value>628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20327</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20327</None>
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    <nameOfIssuer>AMETEK INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031100100</cusip>
    <value>141</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1788</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Shared>0</Shared>
      <None>1788</None>
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    <nameOfIssuer>AMNEAL PHARMACEUTICALS INC</nameOfIssuer>
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    <cusip>03168L105</cusip>
    <value>120</value>
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      <sshPrnamt>5409</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5409</None>
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    <nameOfIssuer>TD AMERITRADE HLDG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87236Y108</cusip>
    <value>454</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8594</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8594</None>
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    <nameOfIssuer>AMAZON COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>3277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1636</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1636</None>
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    <nameOfIssuer>ANDEAVOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03349M105</cusip>
    <value>466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3035</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3035</None>
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    <nameOfIssuer>ARDAGH GROUP S A</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>L0223L101</cusip>
    <value>40</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2367</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2367</None>
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    <nameOfIssuer>ATHENE HLDG LTD</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>G0684D107</cusip>
    <value>383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7407</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7407</None>
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    <nameOfIssuer>BROADCOM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>11135F101</cusip>
    <value>565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2291</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2291</None>
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    <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025816109</cusip>
    <value>367</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3449</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3449</None>
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    <nameOfIssuer>ASTRAZENECA PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>046353108</cusip>
    <value>566</value>
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      <sshPrnamt>14309</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>14309</None>
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    <nameOfIssuer>BOEING CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097023105</cusip>
    <value>1245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3347</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3347</None>
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    <nameOfIssuer>BANK AMER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>2089</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70897</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>70897</None>
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    <nameOfIssuer>BAXTER INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>071813109</cusip>
    <value>291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3774</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>3774</None>
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    <nameOfIssuer>BLUCORA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>095229100</cusip>
    <value>497</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12352</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12352</None>
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    <nameOfIssuer>BAKER HUGHES A GE CO</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>05722G100</cusip>
    <value>117</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3452</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3452</None>
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    <nameOfIssuer>BIOGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09062X103</cusip>
    <value>268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>758</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>758</None>
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    <nameOfIssuer>BALL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>058498106</cusip>
    <value>330</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7503</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>7503</None>
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    <nameOfIssuer>BLUEBIRD BIO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09609G100</cusip>
    <value>44</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>300</None>
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    <nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>110122108</cusip>
    <value>1016</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16371</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16371</None>
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    <nameOfIssuer>AUDENTES THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05070R104</cusip>
    <value>36</value>
    <shrsOrPrnAmt>
      <sshPrnamt>921</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>921</None>
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    <nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>101137107</cusip>
    <value>604</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15689</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15689</None>
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    <nameOfIssuer>BRITISH AMERN TOB PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>110448107</cusip>
    <value>737</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15814</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15814</None>
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    <nameOfIssuer>CALITHERA BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13089P101</cusip>
    <value>7</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1417</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1417</None>
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    <nameOfIssuer>CATERPILLAR INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149123101</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1551</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1551</None>
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    <nameOfIssuer>CABOT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127055101</cusip>
    <value>134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2140</None>
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    <nameOfIssuer>CELANESE CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>150870103</cusip>
    <value>255</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2240</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2240</None>
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    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>18</value>
    <shrsOrPrnAmt>
      <sshPrnamt>205</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>205</None>
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  <infoTable>
    <nameOfIssuer>COHERUS BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>19249H103</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2976</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2976</None>
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    <nameOfIssuer>CHARTER COMMUNICATIONS INC N</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>16119P108</cusip>
    <value>219</value>
    <shrsOrPrnAmt>
      <sshPrnamt>672</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>672</None>
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  <infoTable>
    <nameOfIssuer>CLEARSIDE BIOMEDICAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>185063104</cusip>
    <value>4</value>
    <shrsOrPrnAmt>
      <sshPrnamt>688</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>688</None>
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  <infoTable>
    <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>20030N101</cusip>
    <value>1136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32091</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>32091</None>
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  <infoTable>
    <nameOfIssuer>CINEMARK HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17243V102</cusip>
    <value>295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7343</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7343</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040H105</cusip>
    <value>394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4147</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4147</None>
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  <infoTable>
    <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
    <value>416</value>
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      <None>1773</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1872</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>1872</None>
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    <nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6880</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6880</None>
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    <nameOfIssuer>CONCHO RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20605P101</cusip>
    <value>53</value>
    <shrsOrPrnAmt>
      <sshPrnamt>348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>348</None>
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    <nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>244199105</cusip>
    <value>190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1261</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
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      <None>1261</None>
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    <nameOfIssuer>DERMIRA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>24983L104</cusip>
    <value>69</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6374</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6374</None>
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    <nameOfIssuer>DANAHER CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>439</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4036</sshPrnamt>
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      <Shared>0</Shared>
      <None>4036</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM DISNEY</titleOfClass>
    <cusip>254687106</cusip>
    <value>403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3447</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3447</None>
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    <nameOfIssuer>DOWDUPONT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26078J100</cusip>
    <value>185</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2880</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2880</None>
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    <nameOfIssuer>EBAY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278642103</cusip>
    <value>182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5500</None>
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    <nameOfIssuer>EDISON INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>281020107</cusip>
    <value>274</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4047</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4047</None>
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    <nameOfIssuer>EOG RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>60</value>
    <shrsOrPrnAmt>
      <sshPrnamt>467</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>467</None>
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    <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G29183103</cusip>
    <value>362</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4170</None>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7688</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7688</None>
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    <nameOfIssuer>NATIONAL VISION HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63845R107</cusip>
    <value>401</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8882</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8882</None>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>71</value>
    <shrsOrPrnAmt>
      <sshPrnamt>296</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>296</None>
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    <nameOfIssuer>FLEX LTD</nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>Y2573F102</cusip>
    <value>472</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35939</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>35939</None>
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    <nameOfIssuer>FLEETCOR TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>339041105</cusip>
    <value>321</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1411</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1411</None>
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    <nameOfIssuer>F M C CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>302491303</cusip>
    <value>30</value>
    <shrsOrPrnAmt>
      <sshPrnamt>344</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>344</None>
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    <nameOfIssuer>TWENTY FIRST CENTY FOX INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>90130A101</cusip>
    <value>158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3415</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>3415</None>
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    <nameOfIssuer>FIVE PRIME THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33830X104</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>598</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>598</None>
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    <nameOfIssuer>FRESHPET INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>358039105</cusip>
    <value>103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2810</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>2810</None>
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    <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34959J108</cusip>
    <value>191</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2274</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>2274</None>
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    <nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</nameOfIssuer>
    <titleOfClass>COM SER C FRMLA</titleOfClass>
    <cusip>531229854</cusip>
    <value>135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3624</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>3624</None>
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    <titleOfClass>SHS</titleOfClass>
    <cusip>G3922B107</cusip>
    <value>146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4766</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>4766</None>
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    <nameOfIssuer>GLOBAL BLOOD THERAPEUTICS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37890U108</cusip>
    <value>22</value>
    <shrsOrPrnAmt>
      <sshPrnamt>585</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>585</None>
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    <nameOfIssuer>GREENBRIER COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>393657101</cusip>
    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3793</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3793</None>
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    <nameOfIssuer>GODADDY INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>380237107</cusip>
    <value>389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4668</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4668</None>
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    <nameOfIssuer>GLYCOMIMETICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38000Q102</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3447</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3447</None>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL A</titleOfClass>
    <cusip>02079K305</cusip>
    <value>2751</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2279</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2279</None>
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    <nameOfIssuer>GLOBAL PMTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37940X102</cusip>
    <value>347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2721</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>2721</None>
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    <nameOfIssuer>G1 THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>3621LQ109</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>657</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>657</None>
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    <nameOfIssuer>GUIDEWIRE SOFTWARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40171V100</cusip>
    <value>109</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1079</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>1079</None>
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    <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>406216101</cusip>
    <value>279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6873</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6873</None>
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    <nameOfIssuer>HCA HEALTHCARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40412C101</cusip>
    <value>971</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6983</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6983</None>
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    <nameOfIssuer>HARTFORD FINL SVCS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>416515104</cusip>
    <value>213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4272</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4272</None>
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    <nameOfIssuer>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>43300A203</cusip>
    <value>916</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11335</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11335</None>
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  <infoTable>
    <nameOfIssuer>HORMEL FOODS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>440452100</cusip>
    <value>97</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2472</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2472</None>
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  <infoTable>
    <nameOfIssuer>HARRIS CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>413875105</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3486</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3486</None>
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  <infoTable>
    <nameOfIssuer>HUBSPOT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>443573100</cusip>
    <value>15</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>100</None>
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  <infoTable>
    <nameOfIssuer>INSTALLED BLDG PRODS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45780R101</cusip>
    <value>80</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2064</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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    <value>435</value>
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    <value>9</value>
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    <value>412</value>
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      <None>5050</None>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>7658</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>737446104</cusip>
    <value>525</value>
    <shrsOrPrnAmt>
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      <None>5354</None>
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    <value>464</value>
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      <None>4256</None>
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    <value>217</value>
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      <None>2142</None>
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    <value>247</value>
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    <value>174</value>
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      <None>1979</None>
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      <None>951</None>
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    <value>34</value>
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    <value>12</value>
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      <None>3639</None>
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      <None>5056</None>
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    <value>44</value>
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      <None>12254</None>
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    <value>274</value>
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      <None>6059</None>
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    <value>233</value>
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      <None>3179</None>
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      <None>207</None>
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      <None>8258</None>
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      <None>6446</None>
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    <value>696</value>
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      <None>2851</None>
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    <cusip>896288107</cusip>
    <value>149</value>
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      <None>2648</None>
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    <value>128</value>
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    <value>234</value>
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      <None>5773</None>
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    <cusip>89400J107</cusip>
    <value>161</value>
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      <None>2182</None>
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      <None>6063</None>
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      <None>642</None>
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    <nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
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    <value>71</value>
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      <None>722</None>
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    <value>134</value>
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      <None>12091</None>
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    <value>630</value>
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      <None>5875</None>
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    <cusip>904311206</cusip>
    <value>10</value>
    <shrsOrPrnAmt>
      <sshPrnamt>518</sshPrnamt>
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      <None>518</None>
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    <cusip>904784709</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6276</sshPrnamt>
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      <None>6276</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>1986</value>
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      <sshPrnamt>7467</sshPrnamt>
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      <None>7467</None>
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    <cusip>907818108</cusip>
    <value>344</value>
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      <sshPrnamt>2110</sshPrnamt>
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      <None>2110</None>
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    <value>260</value>
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      <None>8441</None>
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      <None>6286</None>
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    <value>288</value>
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      <None>8532</None>
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    <value>216</value>
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      <None>4349</None>
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    <value>512</value>
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      <sshPrnamt>3466</sshPrnamt>
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      <None>3466</None>
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    <value>212</value>
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      <None>1454</None>
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    <nameOfIssuer>WESTLAKE CHEM CORP</nameOfIssuer>
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    <value>85</value>
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      <None>1027</None>
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    <value>277</value>
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      <None>5179</None>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
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      <None>18600</None>
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    <nameOfIssuer>ZIONS BANCORPORATION</nameOfIssuer>
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    <cusip>989701107</cusip>
    <value>217</value>
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      <None>4330</None>
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    <nameOfIssuer>TEVA PHARMACEUTICAL INDS LTD</nameOfIssuer>
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      <None>18008</None>
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    <nameOfIssuer>BIOHAVEN PHARMACTL HLDG CO L</nameOfIssuer>
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      <None>988</None>
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      <None>693</None>
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      <None>251</None>
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    <nameOfIssuer>GOL LINHAS AEREAS INTLG S A</nameOfIssuer>
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    <cusip>38045R206</cusip>
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      <None>87000</None>
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    <nameOfIssuer>BANCO SANTANDER BRASIL S A</nameOfIssuer>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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      <None>1958</None>
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    <nameOfIssuer>CAPSTEAD MTG CORP</nameOfIssuer>
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    <cusip>14067E506</cusip>
    <value>224</value>
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      <None>28257</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>03762U105</cusip>
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      <None>25359</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>168615102</cusip>
    <value>278</value>
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      <sshPrnamt>32051</sshPrnamt>
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      <None>32051</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>418</value>
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      <None>9476</None>
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    <nameOfIssuer>NIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>62914B100</cusip>
    <value>164</value>
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      <None>11093</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>212485106</cusip>
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      <None>10994</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>36473H104</cusip>
    <value>137</value>
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      <None>13688</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>45781M101</cusip>
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      <None>11589</None>
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    <cusip>21871N101</cusip>
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    <value>292</value>
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    <cusip>29272W109</cusip>
    <value>123</value>
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      <None>2093</None>
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    <cusip>808625107</cusip>
    <value>169</value>
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      <None>2095</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>630077105</cusip>
    <value>159</value>
    <shrsOrPrnAmt>
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      <None>4237</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>03820C105</cusip>
    <value>164</value>
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      <None>2090</None>
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    <cusip>759351604</cusip>
    <value>116</value>
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      <None>803</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>50077C106</cusip>
    <value>110</value>
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      <None>2335</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>858586100</cusip>
    <value>98</value>
    <shrsOrPrnAmt>
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      <None>1123</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>87162W100</cusip>
    <value>111</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1307</sshPrnamt>
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      <None>1307</None>
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    <cusip>98978V103</cusip>
    <value>164</value>
    <shrsOrPrnAmt>
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      <None>1791</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>03937C105</cusip>
    <value>70</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1452</sshPrnamt>
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    <votingAuthority>
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      <None>1452</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>231021106</cusip>
    <value>190</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1299</sshPrnamt>
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      <None>1299</None>
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    <nameOfIssuer>ALAMO GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>011311107</cusip>
    <value>143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1562</sshPrnamt>
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      <None>1562</None>
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    <cusip>29977A105</cusip>
    <value>141</value>
    <shrsOrPrnAmt>
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      <None>1406</None>
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    <cusip>023436108</cusip>
    <value>177</value>
    <shrsOrPrnAmt>
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      <None>1419</None>
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    <nameOfIssuer>BANNER CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>06652V208</cusip>
    <value>108</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>1732</None>
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    <nameOfIssuer>LOWES COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>385</value>
    <shrsOrPrnAmt>
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      <None>3349</None>
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    <nameOfIssuer>F5 NETWORKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>315616102</cusip>
    <value>178</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>891</None>
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    <nameOfIssuer>EAST WEST BANCORP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>27579R104</cusip>
    <value>120</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1984</None>
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    <nameOfIssuer>TEREX CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880779103</cusip>
    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2817</sshPrnamt>
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      <None>2817</None>
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    <nameOfIssuer>TORCHMARK CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>891027104</cusip>
    <value>161</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1857</sshPrnamt>
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      <None>1857</None>
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    <value>146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2228</sshPrnamt>
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      <None>2228</None>
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    <cusip>56418H100</cusip>
    <value>173</value>
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      <sshPrnamt>2017</sshPrnamt>
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      <None>2017</None>
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    <nameOfIssuer>MKS INSTRUMENT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55306N104</cusip>
    <value>150</value>
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      <None>1867</None>
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    <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>285512109</cusip>
    <value>111</value>
    <shrsOrPrnAmt>
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      <None>919</None>
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    <nameOfIssuer>WELLCARE HEALTH PLANS INC</nameOfIssuer>
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    <cusip>94946T106</cusip>
    <value>255</value>
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      <None>795</None>
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    <nameOfIssuer>INNOSPEC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45768S105</cusip>
    <value>92</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1205</sshPrnamt>
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      <None>1205</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>193</value>
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      <sshPrnamt>2016</sshPrnamt>
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      <None>2016</None>
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    <nameOfIssuer>HANOVER INS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>410867105</cusip>
    <value>291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2359</sshPrnamt>
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      <None>2359</None>
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    <nameOfIssuer>CRACKER BARREL OLD CTRY STOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22410J106</cusip>
    <value>258</value>
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      <sshPrnamt>1753</sshPrnamt>
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      <None>1753</None>
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    <nameOfIssuer>EAGLE PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>269796108</cusip>
    <value>108</value>
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      <sshPrnamt>1562</sshPrnamt>
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      <None>1562</None>
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    <nameOfIssuer>ACUITY BRANDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00508Y102</cusip>
    <value>135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>859</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>859</None>
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    <nameOfIssuer>MAGELLAN HEALTH INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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    <value>112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1554</sshPrnamt>
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      <None>1554</None>
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    <nameOfIssuer>CITY HLDG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>177835105</cusip>
    <value>111</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1451</sshPrnamt>
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      <None>1451</None>
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    <nameOfIssuer>WATTS WATER TECHNOLOGIES INC</nameOfIssuer>
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    <cusip>942749102</cusip>
    <value>142</value>
    <shrsOrPrnAmt>
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      <None>1709</None>
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    <nameOfIssuer>MOLSON COORS BREWING CO</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
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    <value>127</value>
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      <None>2065</None>
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    <nameOfIssuer>ASBURY AUTOMOTIVE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>043436104</cusip>
    <value>115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1677</sshPrnamt>
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      <None>1677</None>
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    <nameOfIssuer>COOPER STD HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21676P103</cusip>
    <value>107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>895</sshPrnamt>
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      <None>895</None>
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    <nameOfIssuer>CURTISS WRIGHT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>231561101</cusip>
    <value>95</value>
    <shrsOrPrnAmt>
      <sshPrnamt>688</sshPrnamt>
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      <None>688</None>
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    <nameOfIssuer>VARIAN MED SYS INC</nameOfIssuer>
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    <cusip>92220P105</cusip>
    <value>126</value>
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      <sshPrnamt>1128</sshPrnamt>
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      <None>1128</None>
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    <nameOfIssuer>MINERALS TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>603158106</cusip>
    <value>98</value>
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      <sshPrnamt>1453</sshPrnamt>
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    <cusip>695156109</cusip>
    <value>104</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>48020Q107</cusip>
    <value>120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>831</sshPrnamt>
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      <None>831</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>12709P103</cusip>
    <value>154</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1497</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1497</None>
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    <nameOfIssuer>ADVANCED ENERGY INDS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007973100</cusip>
    <value>63</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1216</sshPrnamt>
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      <None>1216</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>637215104</cusip>
    <value>189</value>
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      <sshPrnamt>1461</sshPrnamt>
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      <None>1461</None>
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    <nameOfIssuer>MARRIOTT VACATIONS WRLDWDE C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57164Y107</cusip>
    <value>217</value>
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      <sshPrnamt>1938</sshPrnamt>
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      <None>1938</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>512807108</cusip>
    <value>181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1194</sshPrnamt>
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      <None>1194</None>
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    <cusip>G84720104</cusip>
    <value>161</value>
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      <sshPrnamt>1406</sshPrnamt>
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      <Sole>0</Sole>
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      <None>1406</None>
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    <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>588</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2873</sshPrnamt>
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      <None>2873</None>
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    <nameOfIssuer>CNO FINL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12621E103</cusip>
    <value>90</value>
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      <sshPrnamt>4233</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>4233</None>
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    <nameOfIssuer>LABORATORY CORP AMER HLDGS</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>50540R409</cusip>
    <value>196</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1127</None>
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    <nameOfIssuer>UNITED THERAPEUTICS CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>975</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>975</None>
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    <nameOfIssuer>AFFILIATED MANAGERS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008252108</cusip>
    <value>110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>805</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>805</None>
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    <nameOfIssuer>GRAINGER W W INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384802104</cusip>
    <value>208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>583</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>583</None>
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    <nameOfIssuer>CONSOL ENERGY INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20854L108</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>2059</None>
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    <nameOfIssuer>PACWEST BANCORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>695263103</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2645</sshPrnamt>
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      <None>2645</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>724479100</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13491</sshPrnamt>
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      <Sole>0</Sole>
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      <None>13491</None>
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    <nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74460D109</cusip>
    <value>225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1117</sshPrnamt>
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      <None>1117</None>
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    <nameOfIssuer>GRAHAM HLDGS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384637104</cusip>
    <value>139</value>
    <shrsOrPrnAmt>
      <sshPrnamt>240</sshPrnamt>
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      <None>240</None>
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    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>12</value>
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      <None>847</None>
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    <nameOfIssuer>PRICE T ROWE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74144T108</cusip>
    <value>102</value>
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      <None>932</None>
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    <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302130109</cusip>
    <value>262</value>
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      <None>3569</None>
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    <value>163</value>
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      <None>2689</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>04621X108</cusip>
    <value>305</value>
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      <None>2828</None>
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    <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
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    <cusip>30212P303</cusip>
    <value>347</value>
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      <None>2660</None>
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    <nameOfIssuer>RALPH LAUREN CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>751212101</cusip>
    <value>200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1451</sshPrnamt>
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      <None>1451</None>
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    <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>363576109</cusip>
    <value>129</value>
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      <None>1734</None>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3053</sshPrnamt>
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      <None>3053</None>
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    <nameOfIssuer>FASTENAL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>311900104</cusip>
    <value>152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2620</sshPrnamt>
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      <None>2620</None>
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    <nameOfIssuer>TRI POINTE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87265H109</cusip>
    <value>71</value>
    <shrsOrPrnAmt>
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      <None>5828</None>
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    <nameOfIssuer>IHS MARKIT LTD</nameOfIssuer>
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    <cusip>G47567105</cusip>
    <value>142</value>
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      <Sole>0</Sole>
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      <None>2626</None>
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    <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
    <titleOfClass>UNIT SER 1</titleOfClass>
    <cusip>46090E103</cusip>
    <value>28091</value>
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      <None>151200</None>
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    <cusip>204409601</cusip>
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      <sshPrnamt>3971900</sshPrnamt>
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      <None>2096900</None>
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    <nameOfIssuer>GERDAU S A</nameOfIssuer>
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    <cusip>373737105</cusip>
    <value>10549</value>
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      <sshPrnamt>2505590</sshPrnamt>
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      <None>1020190</None>
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    <nameOfIssuer>AIR LEASE CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>00912X302</cusip>
    <value>55</value>
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      <sshPrnamt>1202</sshPrnamt>
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      <None>1202</None>
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    <nameOfIssuer>ASSEMBLY BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>045396108</cusip>
    <value>19</value>
    <shrsOrPrnAmt>
      <sshPrnamt>522</sshPrnamt>
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      <None>522</None>
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    <nameOfIssuer>ENCANA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>292505104</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6420</sshPrnamt>
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      <None>6420</None>
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    <nameOfIssuer>ETSY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29786A106</cusip>
    <value>193</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3752</sshPrnamt>
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      <None>3752</None>
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    <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25278X109</cusip>
    <value>152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1123</sshPrnamt>
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      <None>1123</None>
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    <nameOfIssuer>FORTY SEVEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34983P104</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
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      <None>2282</None>
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    <value>21</value>
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      <None>1167</None>
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      <None>1587</None>
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    <titleOfClass>COM</titleOfClass>
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      <None>3517</None>
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    <cusip>05968L102</cusip>
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      <None>113487</None>
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      <None>73200</None>
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    <votingAuthority>
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      <None>427300</None>
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      <None>330100</None>
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      <None>6900</None>
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      <None>871070</None>
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      <Sole>115347</Sole>
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    <nameOfIssuer>ITAU UNIBANCO HLDG SA</nameOfIssuer>
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    <cusip>465562106</cusip>
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    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
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    <nameOfIssuer>TERNIUM SA</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
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    <value>7833</value>
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      <None>224300</None>
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    <nameOfIssuer>TIM PARTICIPACOES S A</nameOfIssuer>
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      <None>2761</None>
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      <None>9711</None>
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      <None>21351</None>
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    <nameOfIssuer>BED BATH &amp; BEYOND INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <None>8505</None>
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    <nameOfIssuer>BOISE CASCADE CO DEL</nameOfIssuer>
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      <sshPrnamt>3383</sshPrnamt>
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      <None>3383</None>
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    <cusip>89055F103</cusip>
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      <None>1274</None>
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    <nameOfIssuer>BROOKLINE BANCORP INC DEL</nameOfIssuer>
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      <None>6295</None>
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    <nameOfIssuer>BORGWARNER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <None>1853</None>
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    <value>119</value>
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      <None>2705</None>
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    <nameOfIssuer>CARS COM INC</nameOfIssuer>
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    <value>109</value>
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      <None>3940</None>
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    <nameOfIssuer>CBL &amp; ASSOC PPTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>124830100</cusip>
    <value>103</value>
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      <sshPrnamt>25921</sshPrnamt>
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      <None>25921</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>141665109</cusip>
    <value>99</value>
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      <sshPrnamt>6661</sshPrnamt>
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      <None>6661</None>
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    <nameOfIssuer>CENTERPOINT ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15189T107</cusip>
    <value>222</value>
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      <sshPrnamt>8047</sshPrnamt>
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      <None>8047</None>
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    <nameOfIssuer>CARTERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>146229109</cusip>
    <value>225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2280</sshPrnamt>
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      <None>2280</None>
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    <nameOfIssuer>DIODES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254543101</cusip>
    <value>76</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2294</sshPrnamt>
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      <None>2294</None>
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    <nameOfIssuer>ENANTA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29251M106</cusip>
    <value>87</value>
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      <sshPrnamt>1016</sshPrnamt>
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      <None>1016</None>
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    <nameOfIssuer>E TRADE FINANCIAL CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>269246401</cusip>
    <value>68</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <None>1305</None>
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    <nameOfIssuer>FIRST COMWLTH FINL CORP PA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>319829107</cusip>
    <value>129</value>
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      <sshPrnamt>7971</sshPrnamt>
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      <None>3842</None>
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      <None>3785</None>
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      <sshPrnamt>2953</sshPrnamt>
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    <value>175</value>
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      <None>1432</None>
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    <cusip>577128101</cusip>
    <value>78</value>
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    <value>159</value>
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    <value>167</value>
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      <None>3991</None>
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    <value>171</value>
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      <None>3385</None>
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    <value>261</value>
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      <None>2806</None>
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      <None>2555</None>
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</SEC-DOCUMENT>
