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Derivatives | 12 Months Ended
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Dec. 31, 2022
Derivatives Abstract |
Derivatives | Note 6 - Derivatives ITAÚ UNIBANCO HOLDING trades in derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures. Futures - Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) on a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments. Forwards - Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash. Swaps - Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between two specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts. Options - Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices. Credit Derivatives - Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permits one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative. The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 12,155 (R$ 11,011 at 12/31/2021) and was basically comprised of government securities. Further information on parameters used to management risks, may be found in Note 32 – Risk and Capital Management. a) Derivatives Summary
See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date.
Schedule of Composition of Derivative Financial Instruments Portfolio |  |  |  |  |  |  |  |
| 12/31/2022
| Fair value (1) | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 46,902 | 59.9% | 4,866 | 1,022 | 1,635 | 2,842 | 8,261 | 28,276
Option agreements | 23,671 | 30.3% | 15,610 | 923 | 1,443 | 4,283 | 802 | 610
Forwards | 601 | 0.8% | 460 | 74 | 58 | 3 | - | 6
Credit derivatives | 492 | 0.6% | 3 | - | 10 | 9 | 9 | 461
NDF - Non Deliverable Forward | 6,140 | 7.9% | 1,632 | 1,095 | 926 | 1,220 | 995 | 272
Other Derivative Financial Instruments | 402 | 0.5% | 1 | 28 | 1 | 5 | 26 | 341
Total | 78,208 | 100.0% | 22,572 | 3,142 | 4,073 | 8,362 | 10,093 | 29,966
% per maturity date |  |  | 28.9% | 4.0% | 5.2% | 10.7% | 12.9% | 38.3%
| 12/31/2022
| Fair value (1) | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (39,068) | 50.8% | (2,835) | (881) | (1,241) | (2,992) | (7,344) | (23,775)
Option agreements | (29,882) | 38.9% | (3,221) | (2,973) | (9,214) | (12,900) | (901) | (673)
Forwards | (65) | 0.1% | (55) | (5) | - | (5) | - | -
Credit derivatives | (604) | 0.8% | - | - | (2) | (1) | (7) | (594)
NDF - Non Deliverable Forward | (6,626) | 8.6% | (1,672) | (1,722) | (863) | (1,213) | (707) | (449)
Other Derivative Financial Instruments | (616) | 0.8% | (219) | (37) | (12) | (53) | (97) | (198)
Total | (76,861) | 100.0% | (8,002) | (5,618) | (11,332) | (17,164) | (9,056) | (25,689)
% per maturity date |  |  | 10.4% | 7.3% | 14.7% | 22.3% | 11.8% | 33.5%
1) Comprises R$ 24 pegged to Libor.
| 12/31/2021
| Fair value (1) | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 38,014 | 55.0% | 1,820 | 370 | 837 | 2,596 | 7,341 | 25,050
Option agreements | 21,252 | 30.8% | 10,599 | 3,515 | 3,788 | 1,913 | 683 | 754
Forwards | 3,111 | 4.5% | 1,595 | 1,167 | 290 | 56 | 3 | -
Credit derivatives | 242 | 0.4% | - | - | 7 | 8 | 22 | 205
NDF - Non Deliverable Forward | 5,943 | 8.6% | 1,193 | 1,207 | 1,109 | 1,053 | 752 | 629
Other Derivative Financial Instruments | 483 | 0.7% | 285 | 2 | - | 6 | 25 | 165
Total | 69,045 | 100.0% | 15,492 | 6,261 | 6,031 | 5,632 | 8,826 | 26,803
% per maturity date |  |  | 22.4% | 9.1% | 8.7% | 8.2% | 12.8% | 38.8%
| 12/31/2021
| Fair value (1) | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (34,646) | 54.9% | (1,562) | (638) | (1,057) | (2,275) | (6,944) | (22,170)
Option agreements | (22,547) | 35.7% | (4,086) | (5,170) | (7,479) | (4,247) | (786) | (779)
Forwards | (762) | 1.2% | (762) | - | - | - | - | -
Credit derivatives | (198) | 0.3% | - | - | (1) | (1) | (8) | (188)
NDF - Non Deliverable Forward | (4,896) | 7.7% | (739) | (1,256) | (565) | (1,097) | (822) | (417)
Other Derivative Financial Instruments | (155) | 0.2% | (4) | (2) | (6) | (5) | (36) | (102)
Total | (63,204) | 100.0% | (7,153) | (7,066) | (9,108) | (7,625) | (8,596) | (23,656)
% per maturity date |  |  | 11.3% | 11.2% | 14.4% | 12.1% | 13.6% | 37.4%
b) Derivatives by index and Risk Factor
Summary of the Composition of Derivatives by Index |  |  |  |  |
|  | Off-balance sheet notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2022
Future contracts |  | 1,020,605 | - | - | -
Purchase commitments |  | 418,886 | - | - | -
Shares |  | 3,395 | - | - | -
Commodities |  | 503 | - | - | -
Interest |  | 385,229 | - | - | -
Foreign currency |  | 29,759 | - | - | -
Commitments to sell |  | 601,719 | - | - | -
Shares |  | 11,702 | - | - | -
Commodities |  | 3,896 | - | - | -
Interest |  | 557,806 | - | - | -
Foreign currency |  | 28,315 | - | - | -
Swap contracts |  |  | 2,948 | 4,886 | 7,834
Asset position |  | 1,571,025 | 22,396 | 24,506 | 46,902
Commodities |  | 222 | 1 | 1 | 2
Interest |  | 1,509,045 | 20,913 | 23,502 | 44,415
Foreign currency |  | 61,758 | 1,482 | 1,003 | 2,485
Liability position |  | 1,571,025 | (19,448) | (19,620) | (39,068)
Shares |  | 1,604 | (180) | 59 | (121)
Commodities |  | 609 | (5) | 1 | (4)
Interest |  | 1,491,476 | (18,130) | (18,487) | (36,617)
Foreign currency |  | 77,336 | (1,133) | (1,193) | (2,326)
Option contracts |  | 1,352,201 | (5,960) | (251) | (6,211)
Purchase commitments – long position |  | 267,199 | 3,071 | (665) | 2,406
Shares |  | 131,529 | 1,786 | (131) | 1,655
Commodities |  | 2,347 | 43 | (7) | 36
Interest |  | 93,795 | 156 | 4 | 160
Foreign currency |  | 39,528 | 1,086 | (531) | 555
Commitments to sell – long position |  | 419,044 | 20,238 | 1,027 | 21,265
Shares |  | 138,899 | 19,592 | 1,094 | 20,686
Commodities |  | 904 | 18 | (6) | 12
Interest |  | 256,483 | 51 | 6 | 57
Foreign currency |  | 22,758 | 577 | (67) | 510
Purchase commitments – short position |  | 223,496 | (7,997) | 444 | (7,553)
Shares |  | 131,361 | (4,448) | 155 | (4,293)
Commodities |  | 2,000 | (15) | 5 | (10)
Interest |  | 64,256 | (181) | (5) | (186)
Foreign currency |  | 25,879 | (3,353) | 289 | (3,064)
Commitments to sell – short position |  | 442,462 | (21,272) | (1,057) | (22,329)
Shares |  | 137,322 | (17,467) | (1,087) | (18,554)
Commodities |  | 963 | (32) | 10 | (22)
Interest |  | 270,585 | (66) | (13) | (79)
Foreign currency |  | 33,592 | (3,707) | 33 | (3,674)
Forward operations |  | 4,755 | 549 | (13) | 536
Purchases receivable |  | 187 | 452 | (4) | 448
Shares |  | 157 | 157 | (5) | 152
Interest |  | 30 | 295 | 1 | 296
Purchases payable obligations |  | - | (30) | - | (30)
Interest |  | - | (30) | - | (30)
Sales receivable |  | 3,901 | 153 | - | 153
Shares |  | 126 | 124 | - | 124
Commodities |  | 6 | 6 | - | 6
Interest |  | - | 23 | - | 23
Foreign currency |  | 3,769 | - | - | -
Sales deliverable obligations |  | 667 | (26) | (9) | (35)
Interest |  | 23 | (26) | 1 | (25)
Foreign currency |  | 644 | - | (10) | (10)
Credit derivatives |  | 43,808 | (101) | (11) | (112)
Asset position |  | 28,724 | 542 | (50) | 492
Shares |  | 2,192 | 71 | 15 | 86
Interest |  | 26,532 | 471 | (65) | 406
Liability position |  | 15,084 | (643) | 39 | (604)
Shares |  | 2,846 | (58) | (58) | (116)
Interest |  | 12,238 | (585) | 97 | (488)
NDF - Non Deliverable Forward |  | 326,100 | (936) | 450 | (486)
Asset position |  | 162,554 | 5,808 | 332 | 6,140
Shares |  | 2,943 | 343 | (2) | 341
Foreign currency |  | 159,611 | 5,465 | 334 | 5,799
Liability position |  | 163,546 | (6,744) | 118 | (6,626)
Commodities |  | 867 | (81) | (4) | (85)
Foreign currency |  | 162,679 | (6,663) | 122 | (6,541)
Other derivative financial instruments |  | 8,170 | 44 | (258) | (214)
Asset position |  | 7,261 | 255 | 147 | 402
Shares |  | 1,096 | - | 61 | 61
Commodities |  | 72 | - | 1 | 1
Interest |  | 6,093 | 255 | 85 | 340
Liability position |  | 909 | (211) | (405) | (616)
Shares |  | 467 | (1) | (4) | (5)
Commodities |  | 47 | (6) | (1) | (7)
Interest |  | 301 | (201) | (15) | (216)
Foreign currency |  | 94 | (3) | (385) | (388)
|  | Asset | 52,915 | 25,293 | 78,208
|  | Liability | (56,371) | (20,490) | (76,861)
|  | Total | (3,456) | 4,803 | 1,347
Summary of Derivative Contracts Maturity |  |  |  |  |
Derivative contracts mature as follows (in days): |  |  |  |  |
Off-balance sheet – notional amount (1) | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2022
Future contracts | 227,878 | 423,571 | 216,999 | 152,157 | 1,020,605
Swap contracts | 267,484 | 151,436 | 176,320 | 975,785 | 1,571,025
Option contracts | 456,100 | 462,790 | 374,678 | 58,633 | 1,352,201
Forwards (onshore) | 1,406 | 2,637 | 706 | 6 | 4,755
Credit derivatives | 3,912 | 9,578 | 5,144 | 25,174 | 43,808
NDF - Non Deliverable Forward | 116,901 | 111,325 | 55,411 | 42,463 | 326,100
Other derivative financial instruments | 131 | 637 | 1,012 | 6,390 | 8,170
Summary of the Composition of Derivatives by Index |  |  |  |  |
|  | Off-balance sheet notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2021
Future contracts |  | 857,781 | - | - | -
Purchase commitments |  | 470,895 | - | - | -
Shares |  | 14,627 | - | - | -
Commodities |  | 703 | - | - | -
Interest |  | 429,862 | - | - | -
Foreign currency |  | 25,703 | - | - | -
Commitments to sell |  | 386,886 | - | - | -
Shares |  | 14,181 | - | - | -
Commodities |  | 3,308 | - | - | -
Interest |  | 342,575 | - | - | -
Foreign currency |  | 26,822 | - | - | -
Swap contracts |  |  | (1,861) | 5,229 | 3,368
Asset position |  | 1,338,457 | 13,410 | 24,604 | 38,014
Commodities |  | 2 | - | - | -
Interest |  | 1,318,082 | 10,339 | 23,835 | 34,174
Foreign currency |  | 20,373 | 3,071 | 769 | 3,840
Liability position |  | 1,338,457 | (15,271) | (19,375) | (34,646)
Shares |  | 497 | (37) | (3) | (40)
Commodities |  | 130 | - | (1) | (1)
Interest |  | 1,309,778 | (13,331) | (19,377) | (32,708)
Foreign currency |  | 28,052 | (1,903) | 6 | (1,897)
Option contracts |  | 1,621,736 | 154 | (1,449) | (1,295)
Purchase commitments – long position |  | 145,412 | 17,981 | 1,496 | 19,477
Shares |  | 11,929 | 521 | 1,140 | 1,661
Commodities |  | 471 | 20 | 20 | 40
Interest |  | 63,697 | 127 | 98 | 225
Foreign currency |  | 69,315 | 17,313 | 238 | 17,551
Commitments to sell – long position |  | 668,380 | 2,433 | (658) | 1,775
Shares |  | 18,928 | 878 | 339 | 1,217
Commodities |  | 306 | 9 | (3) | 6
Interest |  | 582,086 | 154 | (148) | 6
Foreign currency |  | 67,060 | 1,392 | (846) | 546
Purchase commitments – short position |  | 79,734 | (17,595) | (2,781) | (20,376)
Shares |  | 14,045 | (348) | (1,185) | (1,533)
Commodities |  | 274 | (8) | (1) | (9)
Interest |  | 3,284 | (68) | (48) | (116)
Foreign currency |  | 62,131 | (17,171) | (1,547) | (18,718)
Commitments to sell – short position |  | 728,210 | (2,665) | 494 | (2,171)
Shares |  | 16,545 | (648) | (368) | (1,016)
Commodities |  | 266 | (19) | 11 | (8)
Interest |  | 642,475 | (227) | 211 | (16)
Foreign currency |  | 68,924 | (1,771) | 640 | (1,131)
Forward operations |  | 26,129 | 2,362 | (13) | 2,349
Purchases receivable |  | 1,016 | 1,186 | (27) | 1,159
Shares |  | 948 | 948 | (27) | 921
Interest |  | 68 | 238 | - | 238
Purchases payable obligations |  | - | (68) | - | (68)
Interest |  | - | (68) | - | (68)
Sales receivable |  | 20,765 | 1,938 | 14 | 1,952
Shares |  | 1,258 | 1,244 | (1) | 1,243
Interest |  | - | 694 | - | 694
Foreign currency |  | 19,507 | - | 15 | 15
Sales deliverable obligations |  | 4,348 | (694) | - | (694)
Interest |  | 694 | (694) | - | (694)
Foreign currency |  | 3,654 | - | - | -
Credit derivatives |  | 21,556 | (532) | 576 | 44
Asset position |  | 13,414 | (271) | 513 | 242
Shares |  | 1,784 | (37) | 101 | 64
Commodities |  | 18 | - | - | -
Interest |  | 11,612 | (234) | 412 | 178
Liability position |  | 8,142 | (261) | 63 | (198)
Shares |  | 1,865 | (63) | 17 | (46)
Interest |  | 6,277 | (198) | 46 | (152)
NDF - Non Deliverable Forward |  | 278,531 | 239 | 808 | 1,047
Asset position |  | 144,123 | 5,256 | 687 | 5,943
Shares |  | 5 | - | - | -
Commodities |  | 2,489 | 478 | (1) | 477
Foreign currency |  | 141,629 | 4,778 | 688 | 5,466
Liability position |  | 134,408 | (5,017) | 121 | (4,896)
Commodities |  | 1,104 | (50) | 3 | (47)
Foreign currency |  | 133,304 | (4,967) | 118 | (4,849)
Other derivative financial instruments |  | 6,064 | 25 | 303 | 328
Asset position |  | 5,132 | 164 | 319 | 483
Shares |  | 202 | - | 8 | 8
Interest |  | 4,869 | 161 | 29 | 190
Foreign currency |  | 61 | 3 | 282 | 285
Liability position |  | 932 | (139) | (16) | (155)
Shares |  | 576 | (9) | (12) | (21)
Interest |  | 347 | (130) | (3) | (133)
Foreign currency |  | 9 | - | (1) | (1)
|  | Asset | 42,097 | 26,948 | 69,045
|  | Liability | (41,710) | (21,494) | (63,204)
|  | Total | 387 | 5,454 | 5,841
Summary of Derivative Contracts Maturity |  |  |  |  |
Derivative contracts mature as follows (in days):
Off-balance sheet – notional amount (1) | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2021
Future contracts | 370,243 | 248,922 | 74,456 | 164,160 | 857,781
Swap contracts | 131,681 | 155,022 | 121,040 | 930,714 | 1,338,457
Option contracts | 1,230,470 | 268,254 | 45,731 | 77,281 | 1,621,736
Forwards | 3,173 | 13,402 | 9,551 | 3 | 26,129
Credit derivatives | - | 6,602 | 826 | 14,128 | 21,556
NDF - Non Deliverable Forward | 77,962 | 113,359 | 48,091 | 39,119 | 278,531
Other derivative financial instruments | 199 | 739 | 624 | 4,502 | 6,064
c) Derivatives by notional amount
See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties.
Schedule of Derivative Financial Instruments Portfolio by Type of Instrument |  |  |  |  |  |  |
| 12/31/2022
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 1,020,604 | 991,559 | 1,255,056 | 4,696 | 17,806 | 70,562 | -
Over-the-counter market | 1 | 579,466 | 97,145 | 59 | 26,002 | 255,538 | 8,170
Financial institutions | - | 465,917 | 52,177 | 53 | 26,002 | 117,077 | 5,938
Companies | 1 | 105,076 | 43,949 | 6 | - | 137,091 | 2,227
Individuals | - | 8,473 | 1,019 | - | - | 1,370 | 5
Total | 1,020,605 | 1,571,025 | 1,352,201 | 4,755 | 43,808 | 326,100 | 8,170
| 12/31/2021
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 857,781 | 817,629 | 1,530,730 | 25,368 | 7,535 | 65,035 | -
Over-the-counter market | - | 520,828 | 91,006 | 761 | 14,021 | 213,496 | 6,064
Financial institutions | - | 413,651 | 57,540 | 761 | 14,021 | 76,415 | 4,861
Companies | - | 103,758 | 32,415 | - | - | 136,270 | 1,200
Individuals | - | 3,419 | 1,051 | - | - | 811 | 3
Total | 857,781 | 1,338,457 | 1,621,736 | 26,129 | 21,556 | 278,531 | 6,064
d) Credit derivatives
ITAÚ UNIBANCO HOLDING buys and sells credit protection in order to meet the needs of its customers, to manage and mitigate its portfolios' risk.
CDS (credit default swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive, the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the reference entity's debt instrument in order to receive the amounts due when a credit event occurs, as per the terms of the CDS contract.
TRS (total return swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets.
ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody's, and BBB- or higher, by Standard & Poor’s and Fitch Ratings.
Disclosure of Portfolio of Credit Derivatives |  |  |  |  |
| 12/31/2022
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 18,156 | 2,534 | 6,368 | 9,176 | 78
TRS | 16,000 | 16,000 | - | - | -
Total by instrument | 34,156 | 18,534 | 6,368 | 9,176 | 78
By risk rating |  |  |  |  |
Investment grade | 1,944 | 218 | 850 | 876 | -
Below investment grade | 32,212 | 18,316 | 5,518 | 8,300 | 78
Total by risk | 34,156 | 18,534 | 6,368 | 9,176 | 78
By reference entity |  |  |  |  |
Brazilian government | 28,988 | 17,195 | 4,543 | 7,172 | 78
Governments – abroad | 280 | 91 | 73 | 116 | -
Private entities | 4,888 | 1,248 | 1,752 | 1,888 | -
Total by entity | 34,156 | 18,534 | 6,368 | 9,176 | 78
| 12/31/2021
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 9,837 | 1,681 | 3,566 | 4,590 | -
TRS | 5,610 | 5,610 | - | - | -
Total by instrument | 15,447 | 7,291 | 3,566 | 4,590 | -
By risk rating |  |  |  |  |
Investment grade | 516 | 194 | 253 | 69 | -
Below investment grade | 14,931 | 7,097 | 3,313 | 4,521 | -
Total by risk | 15,447 | 7,291 | 3,566 | 4,590 | -
By reference entity |  |  |  |  |
Brazilian government | 11,882 | 6,144 | 1,792 | 3,946 | -
Governments – abroad | 196 | 33 | 102 | 61 | -
Private entities | 3,369 | 1,114 | 1,672 | 583 | -
Total by entity | 15,447 | 7,291 | 3,566 | 4,590 | -
The following table presents the notional amount of credit derivatives purchased. The underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING has sold credit protection.
Schedule of Notional Amount of Purchased Credit Derivatives |  |  |
| 12/31/2022
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (18,156) | 9,652 | (8,504)
TRS | (16,000) | - | (16,000)
Total | (34,156) | 9,652 | (24,504)
| 12/31/2021
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (9,837) | 6,109 | (3,728)
TRS | (5,610) | - | (5,610)
Total | (15,447) | 6,109 | (9,338)
e) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements
The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING's consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32.
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:
Schedule of Financial Assets subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements |  |  |  |  |  |
| 12/31/2022
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 221,776 | - | 221,776 | (3,930) | - | 217,846
Derivative financial instruments | 78,208 | - | 78,208 | (17,507) | (1,005) | 59,696
| 12/31/2021
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 169,711 | - | 169,711 | (3,649) | - | 166,062
Derivative financial instruments | 69,045 | - | 69,045 | (14,517) | (217) | 54,311
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:
| 12/31/2022
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 293,440 | - | 293,440 | (40,156) | - | 253,284
Derivative financial instruments | 76,861 | - | 76,861 | (17,507) | - | 59,354
| 12/31/2021
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 252,848 | - | 252,848 | (39,317) | - | 213,531
Derivative financial instruments | 63,204 | - | 63,204 | (14,517) | - | 48,687
1) Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable.
2) Limited to amounts subject to enforceable master offset agreements and other such agreements.
3) Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments.
Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
Derivative financial instruments and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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