<SEC-DOCUMENT>0001104659-22-118105.txt : 20221114
<SEC-HEADER>0001104659-22-118105.hdr.sgml : 20221114
<ACCEPTANCE-DATETIME>20221114104919
ACCESSION NUMBER:		0001104659-22-118105
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221114
DATE AS OF CHANGE:		20221114
EFFECTIVENESS DATE:		20221114

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:		221381943

	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
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          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
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      </filer>
      <periodOfReport>09-30-2022</periodOfReport>
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      <reportCalendarOrQuarter>09-30-2022</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>
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    <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>11-14-2022</signatureDate>
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      <tableValueTotal>2490485</tableValueTotal>
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            <name>Itau USA Asset Management Inc.</name>
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      <None>1280</None>
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      <None>159</None>
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      <None>2610</None>
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      <None>5947</None>
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      <None>23392</None>
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    <value>205</value>
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      <None>3380</None>
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    <nameOfIssuer>MGM RESORTS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>374</value>
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      <None>12573</None>
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      <sshPrnamt>215550</sshPrnamt>
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    <votingAuthority>
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      <None>211669</None>
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    <nameOfIssuer>MICROVISION INC DEL</nameOfIssuer>
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    <value>23</value>
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      <None>6378</None>
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    <value>181</value>
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      <sshPrnamt>1415</sshPrnamt>
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      <None>1415</None>
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    <value>15</value>
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      <sshPrnamt>219</sshPrnamt>
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      <None>219</None>
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    <nameOfIssuer>MKS INSTRUMENT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>98</value>
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      <None>1185</None>
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    <nameOfIssuer>MODERNA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>60770K107</cusip>
    <value>223</value>
    <shrsOrPrnAmt>
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      <None>1886</None>
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    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>76</value>
    <shrsOrPrnAmt>
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      <None>831</None>
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    <nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>609207105</cusip>
    <value>15</value>
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      <sshPrnamt>271</sshPrnamt>
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      <None>271</None>
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    <value>64</value>
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      <None>177</None>
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    <cusip>615369105</cusip>
    <value>223</value>
    <shrsOrPrnAmt>
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      <None>919</None>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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    <value>5</value>
    <shrsOrPrnAmt>
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      <None>57</None>
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    <nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
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    <value>315</value>
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      <None>6517</None>
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    <nameOfIssuer>MYRIAD GENETICS INC</nameOfIssuer>
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    <cusip>62855J104</cusip>
    <value>46</value>
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      <None>2405</None>
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    <nameOfIssuer>NANO DIMENSION LTD</nameOfIssuer>
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    <value>20</value>
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    <value>19</value>
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      <None>435</None>
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      <None>4690</None>
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    <value>89</value>
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    <value>6</value>
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    <value>861</value>
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      <Sole>10985</Sole>
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    <nameOfIssuer>NIKE INC</nameOfIssuer>
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      <sshPrnamt>764</sshPrnamt>
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      <None>536</None>
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    <nameOfIssuer>NIKOLA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>56</value>
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      <None>15938</None>
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    <value>254</value>
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      <None>1197</None>
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    <nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
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    <value>161</value>
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      <None>343</None>
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    <value>167</value>
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      <None>10324</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>67000B104</cusip>
    <value>164</value>
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      <None>1414</None>
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    <value>8</value>
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      <None>430</None>
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    <titleOfClass>COM NEW</titleOfClass>
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    <value>274</value>
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      <None>7167</None>
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    <titleOfClass>CL A</titleOfClass>
    <cusip>67059N108</cusip>
    <value>17</value>
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      <sshPrnamt>823</sshPrnamt>
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      <None>823</None>
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    <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
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      <None>52510</None>
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    <nameOfIssuer>O REILLY AUTOMOTIVE INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67103H107</cusip>
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      <None>3042</None>
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  <infoTable>
    <nameOfIssuer>OCCIDENTAL PETE CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674599105</cusip>
    <value>15234</value>
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      <None>247916</None>
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    <titleOfClass>CL A</titleOfClass>
    <cusip>679295105</cusip>
    <value>16</value>
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      <None>3971</None>
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      <None>3135</None>
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      <None>4873</None>
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    <value>85</value>
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      <sshPrnamt>1210</sshPrnamt>
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    <value>79</value>
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      <None>1242</None>
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    <value>159</value>
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      <None>658</None>
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      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>241</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYMOND JAMES FINANCIAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754730109</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
      <sshPrnamt>956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>956</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>7</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>267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3259</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3259</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>472</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>472</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>485</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>485</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIDGEBIO PHARMA INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>10806X102</cusip>
    <value>28</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>RIO TINTO PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>767204100</cusip>
    <value>187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3398</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3398</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>771049103</cusip>
    <value>457</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12743</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>12014</Sole>
      <Shared>0</Shared>
      <None>729</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>444</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>444</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROIVANT SCIENCES LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G76279101</cusip>
    <value>12</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3765</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3765</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>6771</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22173</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>22173</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>705</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>705</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SARCOS TECHN AND ROBOTICS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>80359A106</cusip>
    <value>6</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2788</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2788</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>29</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>117</value>
    <shrsOrPrnAmt>
      <sshPrnamt>410</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>410</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHEIN HENRY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806407102</cusip>
    <value>90</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1362</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1362</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>48</value>
    <shrsOrPrnAmt>
      <sshPrnamt>848</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>848</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY HLDNGS PL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7997R103</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4954</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4954</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81181C104</cusip>
    <value>47</value>
    <shrsOrPrnAmt>
      <sshPrnamt>342</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>342</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2245</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2245</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>3972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130845</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>130845</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>50</value>
    <shrsOrPrnAmt>
      <sshPrnamt>414</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>414</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>25682</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216215</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>216215</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>691</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10546</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10546</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>11653</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140673</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>140673</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS DISCR</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>25709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180478</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>180478</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS STPLS</titleOfClass>
    <cusip>81369Y308</cusip>
    <value>121</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1819</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1819</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI MATERIALS</titleOfClass>
    <cusip>81369Y100</cusip>
    <value>25466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>374445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>374445</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>RL EST SEL SEC</titleOfClass>
    <cusip>81369Y860</cusip>
    <value>6705</value>
    <shrsOrPrnAmt>
      <sshPrnamt>186190</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>186190</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>COMMUNICATION</titleOfClass>
    <cusip>81369Y852</cusip>
    <value>8647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>180556</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>180556</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMTECH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816850101</cusip>
    <value>115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3912</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3912</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENTINELONE INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>81730H109</cusip>
    <value>27</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1060</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1060</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>982</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>982</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>12918</value>
    <shrsOrPrnAmt>
      <sshPrnamt>259615</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>259615</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>94</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1051</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1051</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SK TELECOM LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>78440P306</cusip>
    <value>216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>11200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKECHERS U S A INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>830566105</cusip>
    <value>96</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3015</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3015</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X887</cusip>
    <value>6</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>SMITH A O</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>831865209</cusip>
    <value>285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5863</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5863</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>83304A106</cusip>
    <value>2</value>
    <shrsOrPrnAmt>
      <sshPrnamt>240</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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      <None>240</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>833034101</cusip>
    <value>9</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46</sshPrnamt>
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      <None>46</None>
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    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
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    <value>28201</value>
    <shrsOrPrnAmt>
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      <None>216109</None>
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      <None>1842</None>
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    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
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      <None>201100</None>
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    <nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>92</value>
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      <sshPrnamt>2971</sshPrnamt>
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      <None>2971</None>
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    <value>1885</value>
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      <None>307948</None>
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    <nameOfIssuer>SPDR DOW JONES INDL AVRG ETF</nameOfIssuer>
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    <cusip>78467X109</cusip>
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    <votingAuthority>
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      <None>3083</None>
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    <nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
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    <votingAuthority>
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      <None>42856</None>
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    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
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      <sshPrnamt>79200</sshPrnamt>
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      <None>79200</None>
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    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
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    <value>1120</value>
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      <None>12500</None>
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      <None>650</None>
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    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
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    <cusip>78464A755</cusip>
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      <None>6489</None>
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    <cusip>78464A797</cusip>
    <value>16963</value>
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      <sshPrnamt>382988</sshPrnamt>
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      <None>382988</None>
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    <titleOfClass>PORTFOLIO SHORT</titleOfClass>
    <cusip>78464A474</cusip>
    <value>963</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32960</sshPrnamt>
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      <None>32960</None>
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    <cusip>852234103</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>2710</sshPrnamt>
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      <None>2710</None>
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      <sshPrnamt>1217</sshPrnamt>
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      <None>1217</None>
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    <titleOfClass>COM</titleOfClass>
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      <None>5050</None>
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    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2126</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>2126</None>
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    <cusip>858912108</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>189</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>189</None>
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      <None>19900</None>
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      <sshPrnamt>495</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>495</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>2612</value>
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      <sshPrnamt>316560</sshPrnamt>
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      <None>316560</None>
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    <nameOfIssuer>SUZANO S A SPON</nameOfIssuer>
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    <value>16167</value>
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      <sshPrnamt>1959636</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>557006</Sole>
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      <None>1402630</None>
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    <nameOfIssuer>SVB FINL GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78486Q101</cusip>
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      <sshPrnamt>534</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>534</None>
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    <nameOfIssuer>SYNCHRONY FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87165B103</cusip>
    <value>216</value>
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      <sshPrnamt>7656</sshPrnamt>
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      <None>7656</None>
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    <nameOfIssuer>SYNEOS HEALTH INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>87166B102</cusip>
    <value>120</value>
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      <sshPrnamt>2540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2540</None>
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  <infoTable>
    <nameOfIssuer>T MOBILE US INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872590104</cusip>
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      <sshPrnamt>12702</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>12702</None>
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      <None>723061</None>
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      <None>0</None>
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      <None>4121</None>
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      <None>11463</None>
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      <None>21600</None>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>903</None>
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  <infoTable>
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    <cusip>879360105</cusip>
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      <None>1092</None>
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  <infoTable>
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    <cusip>879369106</cusip>
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      <sshPrnamt>554</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>554</None>
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  <infoTable>
    <nameOfIssuer>TENARIS S A</nameOfIssuer>
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    <cusip>88031M109</cusip>
    <value>1240</value>
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      <sshPrnamt>48000</sshPrnamt>
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      <None>48000</None>
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      <None>747</None>
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      <None>281</None>
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      <sshPrnamt>60289</sshPrnamt>
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      <None>0</None>
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      <None>3609</None>
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      <None>1231</None>
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      <None>226</None>
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      <None>7751</None>
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      <None>606</None>
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      <None>5390</None>
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      <None>875</None>
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      <None>3167</None>
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    <nameOfIssuer>VALE S A</nameOfIssuer>
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</SEC-DOCUMENT>
