<SEC-DOCUMENT>0001104659-22-090815.txt : 20220815
<SEC-HEADER>0001104659-22-090815.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815103709
ACCESSION NUMBER:		0001104659-22-090815
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815
EFFECTIVENESS DATE:		20220815

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:		221163318

	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>
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      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2022</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2022</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>08-12-2022</signatureDate>
    </signatureBlock>
    <summaryPage>
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      <tableEntryTotal>489</tableEntryTotal>
      <tableValueTotal>2859745</tableValueTotal>
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          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001541597</cik>
            <form13FFileNumber>028-14678</form13FFileNumber>
            <name>Itau USA Asset Management Inc.</name>
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      <None>8979</None>
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      <None>122</None>
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      <None>297</None>
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    <cusip>101121101</cusip>
    <value>21</value>
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      <sshPrnamt>232</sshPrnamt>
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      <None>232</None>
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    <value>350</value>
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      <None>4540</None>
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    <value>17</value>
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      <sshPrnamt>232</sshPrnamt>
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      <None>232</None>
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    <value>20</value>
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      <sshPrnamt>311</sshPrnamt>
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      <None>311</None>
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      <None>1767</None>
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      <None>5141</None>
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    <value>30</value>
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      <None>9704</None>
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      <sshPrnamt>1817</sshPrnamt>
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      <None>1817</None>
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    <nameOfIssuer>CAESARS ENTERTAINMENT INC NE</nameOfIssuer>
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      <None>19205</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>543</value>
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      <None>5207</None>
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      <None>11478</None>
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      <None>99</None>
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      <None>3462</None>
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    <value>71</value>
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      <sshPrnamt>663</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>663</None>
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    <nameOfIssuer>CELANESE CORP DEL</nameOfIssuer>
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    <value>440</value>
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    <nameOfIssuer>CEMEX SAB DE CV</nameOfIssuer>
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      <None>31100</None>
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    <nameOfIssuer>CEREVEL THERAPEUTICS HLDNG I</nameOfIssuer>
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      <None>1818</None>
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      <None>625762</None>
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    <titleOfClass>MSCI EAFE ETF</titleOfClass>
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      <None>189</None>
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      <None>13741</None>
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      <None>586</None>
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    <nameOfIssuer>LISTED FD TR</nameOfIssuer>
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    <value>202</value>
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      <None>25200</None>
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    <value>265</value>
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      <None>617</None>
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      <None>4879</None>
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      <None>6202</None>
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    <nameOfIssuer>MARAVAI LIFESCIENCES HLDGS I</nameOfIssuer>
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    <nameOfIssuer>MARRIOTT VACATIONS WRLDWDE C</nameOfIssuer>
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      <None>372</None>
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      <None>4954</None>
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      <None>10184</None>
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    <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
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    <value>479</value>
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      <None>3239</None>
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    <nameOfIssuer>O REILLY AUTOMOTIVE INC NEW</nameOfIssuer>
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      <None>2740</None>
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    <nameOfIssuer>OLD DOMINION FGHT LINES INC</nameOfIssuer>
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    <nameOfIssuer>OLIN CORP</nameOfIssuer>
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    <nameOfIssuer>ONEOK INC NEW</nameOfIssuer>
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      <Shared>0</Shared>
      <None>80000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROLOGIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74340W103</cusip>
    <value>106</value>
    <shrsOrPrnAmt>
      <sshPrnamt>904</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>904</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSHARES TR</nameOfIssuer>
    <titleOfClass>PSHS ULTSH 20YRS</titleOfClass>
    <cusip>74347B201</cusip>
    <value>427</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16316</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16316</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PUBLIC SVC ENTERPRISE GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744573106</cusip>
    <value>1033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16332</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>16332</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PVH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693656100</cusip>
    <value>157</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2756</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2756</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QORVO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74736K101</cusip>
    <value>265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2810</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2810</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74834L100</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>232</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUIDELORTHO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>219798105</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>241</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>9</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>232</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2158</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2158</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RECURSION PHARMACEUTICALS IN</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>75629V104</cusip>
    <value>38</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4678</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4678</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>77</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>131</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPLIGEN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759916109</cusip>
    <value>18</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>108</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>62</value>
    <shrsOrPrnAmt>
      <sshPrnamt>476</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>476</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIO TINTO PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>767204100</cusip>
    <value>2204</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36123</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>36123</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>771049103</cusip>
    <value>1032</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31401</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30292</Sole>
      <Shared>0</Shared>
      <None>1109</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>2</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>778296103</cusip>
    <value>1741</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24786</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>24786</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>2797</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8297</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8297</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>20</value>
    <shrsOrPrnAmt>
      <sshPrnamt>264</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>264</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>78410G104</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>395</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>395</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>7972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>126175</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>126175</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>912</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>912</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81181C104</cusip>
    <value>91</value>
    <shrsOrPrnAmt>
      <sshPrnamt>513</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>513</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>81369Y906</cusip>
    <value>251</value>
    <shrsOrPrnAmt>
      <sshPrnamt>524</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>524</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>10455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146198</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>146198</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>10035</value>
    <shrsOrPrnAmt>
      <sshPrnamt>319070</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>319070</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>32</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>250</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>36557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>287575</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>287575</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>923</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13165</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13165</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7337</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7337</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS DISCR</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>27545</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200360</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>200360</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI MATERIALS</titleOfClass>
    <cusip>81369Y100</cusip>
    <value>16275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221126</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>221126</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>RL EST SEL SEC</titleOfClass>
    <cusip>81369Y860</cusip>
    <value>4391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107459</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>107459</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>COMMUNICATION</titleOfClass>
    <cusip>81369Y852</cusip>
    <value>7667</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141278</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>141278</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENTINELONE INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>81730H109</cusip>
    <value>33</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1414</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1414</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>1176</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2473</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2473</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>4593</value>
    <shrsOrPrnAmt>
      <sshPrnamt>87836</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>87836</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILICON LABORATORIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826919102</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>221</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X887</cusip>
    <value>7</value>
    <shrsOrPrnAmt>
      <sshPrnamt>155</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>155</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>61825</value>
    <shrsOrPrnAmt>
      <sshPrnamt>740586</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>74521</Sole>
      <Shared>0</Shared>
      <None>666065</None>
    </votingAuthority>
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      <None>2009</None>
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      <None>2124</None>
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    <cusip>84265V105</cusip>
    <value>26581</value>
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      <sshPrnamt>533640</sshPrnamt>
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      <None>533640</None>
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    <value>107</value>
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      <sshPrnamt>2963</sshPrnamt>
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      <None>2963</None>
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      <None>12703</None>
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    <nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
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    <value>23607</value>
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      <None>140132</None>
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    <cusip>78463X475</cusip>
    <value>3674</value>
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      <sshPrnamt>79200</sshPrnamt>
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      <None>79200</None>
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      <None>20500</None>
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    <cusip>78462F953</cusip>
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      <sshPrnamt>650</sshPrnamt>
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      <None>650</None>
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    <cusip>78468R556</cusip>
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      <sshPrnamt>31666</sshPrnamt>
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      <None>31666</None>
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    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
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    <cusip>78464A755</cusip>
    <value>282</value>
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      <sshPrnamt>6493</sshPrnamt>
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      <None>6493</None>
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    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
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    <cusip>78464A797</cusip>
    <value>24715</value>
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      <sshPrnamt>563230</sshPrnamt>
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      <None>563230</None>
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      <sshPrnamt>2808</sshPrnamt>
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      <None>2808</None>
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      <sshPrnamt>1031</sshPrnamt>
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      <None>1031</None>
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      <sshPrnamt>189</sshPrnamt>
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      <None>189</None>
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      <sshPrnamt>1906</sshPrnamt>
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      <sshPrnamt>1958</sshPrnamt>
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      <None>1958</None>
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      <sshPrnamt>475</sshPrnamt>
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      <None>475</None>
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    <nameOfIssuer>SUZANO S A SPON</nameOfIssuer>
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      <None>2879145</None>
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      <None>78667</None>
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    <nameOfIssuer>SYNCHRONY FINL</nameOfIssuer>
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    <cusip>87165B103</cusip>
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      <sshPrnamt>7259</sshPrnamt>
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      <None>7259</None>
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    <value>11</value>
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      <sshPrnamt>150</sshPrnamt>
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      <None>150</None>
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      <None>40659</None>
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      <None>11970</None>
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      <None>1849</None>
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    <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR</nameOfIssuer>
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    <cusip>874054109</cusip>
    <value>13</value>
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      <sshPrnamt>103</sshPrnamt>
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      <None>103</None>
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      <None>17201</None>
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      <sshPrnamt>903</sshPrnamt>
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      <None>903</None>
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      <sshPrnamt>57096</sshPrnamt>
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      <None>57096</None>
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    <value>102</value>
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      <sshPrnamt>3738</sshPrnamt>
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      <None>3738</None>
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      <None>10382</None>
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    <cusip>883556102</cusip>
    <value>312</value>
    <shrsOrPrnAmt>
      <sshPrnamt>575</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>575</None>
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    <nameOfIssuer>TIM S A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88706T108</cusip>
    <value>11855</value>
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      <sshPrnamt>976803</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>201131</Sole>
      <Shared>0</Shared>
      <None>775672</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>887389104</cusip>
    <value>108</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>2032</None>
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  <infoTable>
    <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872540109</cusip>
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      <sshPrnamt>28975</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>28975</None>
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  <infoTable>
    <nameOfIssuer>TOPBUILD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89055F103</cusip>
    <value>11</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>64</None>
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  <infoTable>
    <nameOfIssuer>TRAVEL PLUS LEISURE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>894164102</cusip>
    <value>105</value>
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      <sshPrnamt>2710</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2710</None>
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  <infoTable>
    <nameOfIssuer>TREX CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89531P105</cusip>
    <value>13</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>241</None>
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  <infoTable>
    <nameOfIssuer>TURNING POINT THERAPEUTICS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90041T108</cusip>
    <value>10</value>
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      <sshPrnamt>139</sshPrnamt>
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      <Shared>0</Shared>
      <None>139</None>
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      <sshPrnamt>4622</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4622</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>10</value>
    <shrsOrPrnAmt>
      <sshPrnamt>299</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>299</None>
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    <nameOfIssuer>TWITTER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90184L102</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>226</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>902681105</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2492</sshPrnamt>
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      <None>2492</None>
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    <cusip>90364P105</cusip>
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      <sshPrnamt>1633</sshPrnamt>
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      <None>1633</None>
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    <nameOfIssuer>ULTRAGENYX PHARMACEUTICAL IN</nameOfIssuer>
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    <value>22</value>
    <shrsOrPrnAmt>
      <sshPrnamt>371</sshPrnamt>
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      <None>371</None>
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    <cusip>907818108</cusip>
    <value>10726</value>
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    <votingAuthority>
      <Sole>38827</Sole>
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      <None>11462</None>
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    <nameOfIssuer>UNITED MICROELECTRONICS CORP</nameOfIssuer>
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    <votingAuthority>
      <Sole>300000</Sole>
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      <None>0</None>
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    <cusip>911363109</cusip>
    <value>105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>432</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>432</None>
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    <nameOfIssuer>UNITED STATES NATL GAS FUND</nameOfIssuer>
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    <value>400</value>
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      <Sole>0</Sole>
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      <None>21067</None>
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    <value>51</value>
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      <sshPrnamt>2848</sshPrnamt>
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      <None>2848</None>
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      <None>960</None>
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    <nameOfIssuer>UNITED STS OIL FD LP</nameOfIssuer>
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      <sshPrnamt>5932</sshPrnamt>
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      <None>5932</None>
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    <value>93</value>
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      <sshPrnamt>396</sshPrnamt>
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      <None>396</None>
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    <cusip>91324P102</cusip>
    <value>644</value>
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      <sshPrnamt>1254</sshPrnamt>
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      <None>1254</None>
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    <nameOfIssuer>UNITI GROUP INC</nameOfIssuer>
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      <sshPrnamt>4429</sshPrnamt>
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      <None>4429</None>
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      <None>882</None>
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      <None>8478</None>
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    <nameOfIssuer>UNIVERSAL DISPLAY CORP</nameOfIssuer>
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      <None>1087</None>
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      <None>24163</None>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
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    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
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    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
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      <None>23494</None>
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      <None>11264</None>
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      <None>17555</None>
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    <nameOfIssuer>VIPSHOP HLDGS LTD</nameOfIssuer>
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      <None>5000</None>
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      <None>5165</None>
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      <sshPrnamt>18088</sshPrnamt>
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      <None>18088</None>
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    <cusip>928563402</cusip>
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      <sshPrnamt>541</sshPrnamt>
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      <None>541</None>
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  <infoTable>
    <nameOfIssuer>VORNADO RLTY TR</nameOfIssuer>
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    <cusip>929042109</cusip>
    <value>9</value>
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      <sshPrnamt>320</sshPrnamt>
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      <None>320</None>
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    <nameOfIssuer>VTEX</nameOfIssuer>
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    <cusip>G9470A102</cusip>
    <value>1244</value>
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      <sshPrnamt>404029</sshPrnamt>
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      <None>404029</None>
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  <infoTable>
    <nameOfIssuer>VULCAN MATLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929160109</cusip>
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      <None>4090</None>
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  <infoTable>
    <nameOfIssuer>VUZIX CORP</nameOfIssuer>
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    <value>36</value>
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      <None>5056</None>
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  <infoTable>
    <nameOfIssuer>WABTEC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>36</value>
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      <sshPrnamt>439</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>439</None>
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  <infoTable>
    <nameOfIssuer>WALMART INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>4953</value>
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      <sshPrnamt>40742</sshPrnamt>
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      <Sole>38947</Sole>
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      <None>1795</None>
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  <infoTable>
    <nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>94106L109</cusip>
    <value>147</value>
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