<SEC-DOCUMENT>0001104659-21-067856.txt : 20210517
<SEC-HEADER>0001104659-21-067856.hdr.sgml : 20210517
<ACCEPTANCE-DATETIME>20210517142625
ACCESSION NUMBER:		0001104659-21-067856
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210517
DATE AS OF CHANGE:		20210517
EFFECTIVENESS DATE:		20210517

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:		21929515

	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
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          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2021</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2021</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>
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      <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>05-17-2021</signatureDate>
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      <tableValueTotal>1368082</tableValueTotal>
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            <cik>0001541597</cik>
            <form13FFileNumber>028-14678</form13FFileNumber>
            <name>Itau USA Asset Management Inc.</name>
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    <titleOfClass>COM</titleOfClass>
    <cusip>31847R102</cusip>
    <value>2042</value>
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      <sshPrnamt>36050</sshPrnamt>
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      <None>36050</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>320517105</cusip>
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      <None>132500</None>
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    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>20074</value>
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      <None>603645</None>
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    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
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      <None>32893</None>
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    <titleOfClass>USD SHS</titleOfClass>
    <cusip>G38327105</cusip>
    <value>1650</value>
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      <None>103111</None>
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    <nameOfIssuer>GERDAU SA</nameOfIssuer>
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    <cusip>373737105</cusip>
    <value>6643</value>
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      <None>1243979</None>
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    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>518</value>
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      <sshPrnamt>8019</sshPrnamt>
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      <Sole>8019</Sole>
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      <None>0</None>
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    <nameOfIssuer>GLOBAL PMTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37940X102</cusip>
    <value>5527</value>
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      <sshPrnamt>27420</sshPrnamt>
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      <Shared>0</Shared>
      <None>27420</None>
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    <nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
    <titleOfClass>GLOBAL X URANIUM</titleOfClass>
    <cusip>37954Y871</cusip>
    <value>2636</value>
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      <sshPrnamt>140000</sshPrnamt>
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      <None>140000</None>
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    <nameOfIssuer>GLOBANT S A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>L44385109</cusip>
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      <sshPrnamt>54600</sshPrnamt>
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      <None>54600</None>
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    <nameOfIssuer>GRUPO AEROPORTUARIO DEL SURE</nameOfIssuer>
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      <None>14300</None>
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    <nameOfIssuer>HDFC BANK LTD</nameOfIssuer>
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      <None>25800</None>
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      <None>246362</None>
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      <None>11258</None>
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    <nameOfIssuer>INTERCONTINENTAL EXCHANGE IN</nameOfIssuer>
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      <None>19500</None>
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    <nameOfIssuer>INVESCO EXCHNG TRADED FD TR</nameOfIssuer>
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      <None>22300</None>
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      <None>7900</None>
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      <None>24500</None>
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      <None>10800</None>
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      <None>31000</None>
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      <None>75409</None>
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      <None>9000</None>
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      <None>331731</None>
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      <None>16500</None>
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    <value>243</value>
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      <None>5190</None>
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      <None>1750</None>
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  <infoTable>
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      <Shared>0</Shared>
      <None>2500</None>
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  <infoTable>
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      <None>6098</None>
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  <infoTable>
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      <None>54478</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464289180</cusip>
    <value>85</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4400</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>4400</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>46429B671</cusip>
    <value>3922</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>48000</None>
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  <infoTable>
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    <value>1633</value>
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      <Shared>0</Shared>
      <None>15000</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287408</cusip>
    <value>4167</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29500</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>29500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>SHORT TREAS BD</titleOfClass>
    <cusip>464288679</cusip>
    <value>12985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>117500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>10-20 YR TRS ETF</titleOfClass>
    <cusip>464288653</cusip>
    <value>1637</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11551</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11551</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>US TREAS BD ETF</titleOfClass>
    <cusip>46429B267</cusip>
    <value>1642</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62014</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>62014</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUS 1000 VAL ETF</titleOfClass>
    <cusip>464287598</cusip>
    <value>930</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6135</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6135</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JD.COM INC</nameOfIssuer>
    <titleOfClass>SPON ADR CL A</titleOfClass>
    <cusip>47215P106</cusip>
    <value>2530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>30000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>388</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2362</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2362</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRANESHARES TR</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>500767906</cusip>
    <value>4</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KRANESHARES TR</nameOfIssuer>
    <titleOfClass>CSI CHI INTERNET</titleOfClass>
    <cusip>500767306</cusip>
    <value>5345</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>70000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>512807108</cusip>
    <value>3869</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>517834107</cusip>
    <value>10025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164998</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>164998</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LPL FINL HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50212V100</cusip>
    <value>2033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>14300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTEC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>576323109</cusip>
    <value>2108</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>22500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58733R102</cusip>
    <value>16425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11139</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11139</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595112103</cusip>
    <value>5557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>63000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>16956</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71699</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>5954</Sole>
      <Shared>0</Shared>
      <None>65745</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>617446448</cusip>
    <value>7766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>100000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETFLIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110L106</cusip>
    <value>10775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20441</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2024</Sole>
      <Shared>0</Shared>
      <None>18417</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6158</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>6158</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>654106103</cusip>
    <value>1258</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9464</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>228</Sole>
      <Shared>0</Shared>
      <None>9236</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
    <value>10917</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20233</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1179</Sole>
      <Shared>0</Shared>
      <None>19054</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670837103</cusip>
    <value>3</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAGSEGURO DIGITAL LTD</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>G68707101</cusip>
    <value>1404</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30322</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>30322</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARKER-HANNIFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701094104</cusip>
    <value>2255</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7150</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PAYPAL HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70450Y103</cusip>
    <value>185</value>
    <shrsOrPrnAmt>
      <sshPrnamt>762</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>762</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>71654V908</cusip>
    <value>10</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1483</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>SP ADR NON VTG</titleOfClass>
    <cusip>71654V101</cusip>
    <value>81113</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9497981</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>9497981</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PETROLEO BRASILEIRO SA PETRO</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>71654V408</cusip>
    <value>93114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10980387</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>10920387</Sole>
      <Shared>0</Shared>
      <None>60000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE FINL PARTNERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>72346Q104</cusip>
    <value>2421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27310</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>27310</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>723787107</cusip>
    <value>492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSHARES TR</nameOfIssuer>
    <titleOfClass>SHORT QQQ NEW</titleOfClass>
    <cusip>74347B714</cusip>
    <value>8861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>630000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>630000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>778296103</cusip>
    <value>14077</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>117400</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>2668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7560</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>1602</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7561</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7561</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>840</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>81369Y906</cusip>
    <value>128</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1450</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>81369Y905</cusip>
    <value>179</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2350</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>6803</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138657</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>138657</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>1145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33632</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33632</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>11877</value>
    <shrsOrPrnAmt>
      <sshPrnamt>89428</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>89428</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS DISCR</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>7723</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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      <Shared>0</Shared>
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      <Sole>0</Sole>
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      <None>1124</None>
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    <cusip>78463X301</cusip>
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      <None>20500</None>
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    <value>1749</value>
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      <sshPrnamt>21500</sshPrnamt>
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      <None>21500</None>
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      <None>54200</None>
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</SEC-DOCUMENT>
