<SEC-DOCUMENT>0001104659-23-017505.txt : 20230209
<SEC-HEADER>0001104659-23-017505.hdr.sgml : 20230209
<ACCEPTANCE-DATETIME>20230209142707
ACCESSION NUMBER:		0001104659-23-017505
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230209
DATE AS OF CHANGE:		20230209
EFFECTIVENESS DATE:		20230209

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:		23605576

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU SA
		DATE OF NAME CHANGE:	20010117
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
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          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>12-31-2022</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2022</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
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        <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>
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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>02-07-2023</signatureDate>
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            <secFileNumber>801-72400</secFileNumber>
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      <None>595</None>
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    <cusip>09075V102</cusip>
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      <None>59</None>
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      <None>5950</None>
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      <None>2512</None>
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      <sshPrnamt>225</sshPrnamt>
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    <nameOfIssuer>BRF SA</nameOfIssuer>
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    <nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
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      <sshPrnamt>1692</sshPrnamt>
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      <None>1692</None>
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    <cusip>12739A100</cusip>
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    <nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>742452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5772</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5772</None>
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    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
    <titleOfClass>COM PAR $0.001</titleOfClass>
    <cusip>29444U700</cusip>
    <value>178823</value>
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      <sshPrnamt>273</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
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      <None>273</None>
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    <nameOfIssuer>EQUITABLE HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29452E101</cusip>
    <value>106928</value>
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      <sshPrnamt>3691</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3691</None>
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    <nameOfIssuer>ESSENTIAL UTILS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29670G102</cusip>
    <value>15608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>327</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>327</None>
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    <nameOfIssuer>EXACT SCIENCES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30063P105</cusip>
    <value>96594</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1951</sshPrnamt>
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    <votingAuthority>
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      <None>1951</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>30161Q104</cusip>
    <value>12511</value>
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      <sshPrnamt>780</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>780</None>
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    <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>30212P303</cusip>
    <value>147598</value>
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      <None>1694</None>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
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      <None>354416</None>
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    <cusip>30190A104</cusip>
    <value>3382</value>
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      <sshPrnamt>168</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>168</None>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
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      <sshPrnamt>83745</sshPrnamt>
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      <None>77295</None>
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      <sshPrnamt>2080</sshPrnamt>
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      <Sole>0</Sole>
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      <None>2080</None>
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    <nameOfIssuer>FATE THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>226</sshPrnamt>
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      <None>226</None>
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    <nameOfIssuer>FIDELITY NATIONAL FINANCIAL</nameOfIssuer>
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    <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
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      <None>6793</None>
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    <nameOfIssuer>FIRST INDUSTRIAL REALTY TRUS</nameOfIssuer>
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    <cusip>32054K103</cusip>
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      <None>849</None>
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    <nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>259</sshPrnamt>
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      <None>259</None>
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    <cusip>337738108</cusip>
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      <None>2168</None>
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      <None>2751</None>
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    <nameOfIssuer>FOMENTO ECONOMICO MEXICANO S</nameOfIssuer>
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    <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
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      <None>669</None>
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      <None>13096</None>
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      <None>5301</None>
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    <nameOfIssuer>GLOBANT S A</nameOfIssuer>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
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    <nameOfIssuer>GROUP 1 AUTOMOTIVE INC</nameOfIssuer>
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      <None>4241</None>
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      <None>35014</None>
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      <None>8113</None>
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    <nameOfIssuer>LEXINGTON REALTY TRUST</nameOfIssuer>
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    <nameOfIssuer>LISTED FD TR</nameOfIssuer>
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      <None>29200</None>
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      <None>10100</None>
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      <None>1187</None>
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      <None>5672</None>
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      <None>4285</None>
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      <None>1791</None>
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      <None>313</None>
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      <None>0</None>
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      <None>1227</None>
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      <None>5077</None>
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      <None>2199</None>
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      <None>5404</None>
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      <None>70768</None>
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      <None>6877</None>
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      <None>5854</None>
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    <nameOfIssuer>NANO DIMENSION LTD</nameOfIssuer>
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      <None>9191</None>
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    <nameOfIssuer>NATIONAL INSTRS CORP</nameOfIssuer>
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      <None>7207</None>
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      <None>31820</None>
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      <None>6271</None>
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    <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
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      <None>35384</None>
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    <nameOfIssuer>OCCIDENTAL PETE CORP DEL</nameOfIssuer>
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      <None>352000</None>
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      <None>323</None>
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      <None>2516</None>
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      <None>6146</None>
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    <nameOfIssuer>P T TELEKOMUNIKASI INDONESIA</nameOfIssuer>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>502</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REXFORD INDL RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169C100</cusip>
    <value>56061</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1026</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1026</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIDGEBIO PHARMA INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>10806X102</cusip>
    <value>16429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2156</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2156</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIO TINTO PLC</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>767204100</cusip>
    <value>2097795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29509</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>29509</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>771049103</cusip>
    <value>423200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14870</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>14222</Sole>
      <Shared>0</Shared>
      <None>648</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKET LAB USA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773122106</cusip>
    <value>19084</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5062</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5062</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>12722</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>49</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROIVANT SCIENCES LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G76279101</cusip>
    <value>24146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3022</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3022</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>319761</value>
    <shrsOrPrnAmt>
      <sshPrnamt>941</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>941</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>214450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1618</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1618</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>30063</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>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>78410G104</cusip>
    <value>93904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>335</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>335</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>1198570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>14500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>44121</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 PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>148509</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2801</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2801</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81181C104</cusip>
    <value>66440</value>
    <shrsOrPrnAmt>
      <sshPrnamt>517</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>517</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>168085</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4915</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4915</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>60126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>441</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>441</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>13013602</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104566</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>104566</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS DISCR</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>35187909</value>
    <shrsOrPrnAmt>
      <sshPrnamt>272461</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>272461</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI MATERIALS</titleOfClass>
    <cusip>81369Y100</cusip>
    <value>1363451</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17552</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>17552</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>RL EST SEL SEC</titleOfClass>
    <cusip>81369Y860</cusip>
    <value>7370859</value>
    <shrsOrPrnAmt>
      <sshPrnamt>199590</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>199590</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>COMMUNICATION</titleOfClass>
    <cusip>81369Y852</cusip>
    <value>10986975</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228934</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>228934</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENTINELONE INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>81730H109</cusip>
    <value>20835</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1428</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1428</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>183861</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>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>2664946</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47018</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>47018</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SK TELECOM LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>78440P306</cusip>
    <value>265611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SK TELECOM LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>78440P306</cusip>
    <value>265611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>12900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X887</cusip>
    <value>8228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>244</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>244</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNOWFLAKE INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>833445109</cusip>
    <value>5030020</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34999</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>34999</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>194810</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2455</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2455</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>28336879</value>
    <shrsOrPrnAmt>
      <sshPrnamt>357170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>80761</Sole>
      <Shared>0</Shared>
      <None>276409</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONY CORP</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>835699307</cusip>
    <value>166901</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2188</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2188</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>13757991</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228362</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>60866</Sole>
      <Shared>0</Shared>
      <None>167496</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>78347</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13347</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13347</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DOW JONES INDL AVRG ETF</nameOfIssuer>
    <titleOfClass>UT SER 1</titleOfClass>
    <cusip>78467X109</cusip>
    <value>1672254</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5036</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5036</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>38222734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>226155</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>226155</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>293850416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>768377</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>768377</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
    <titleOfClass>BLOOMBERG HIGH Y</titleOfClass>
    <cusip>78468R622</cusip>
    <value>1241442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13803</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13803</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P METALS MNG</titleOfClass>
    <cusip>78464A755</cusip>
    <value>323765</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
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    <cusip>78464A797</cusip>
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    <titleOfClass>PORTFOLIO SHORT</titleOfClass>
    <cusip>78464A474</cusip>
    <value>947268</value>
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      <None>32220</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>848637104</cusip>
    <value>2423</value>
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      <sshPrnamt>28</sshPrnamt>
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    <cusip>852234103</cusip>
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      <sshPrnamt>2675</sshPrnamt>
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      <None>2675</None>
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    <cusip>85225A107</cusip>
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      <None>1010</None>
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    <nameOfIssuer>STAG INDL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85254J102</cusip>
    <value>35767</value>
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      <sshPrnamt>1107</sshPrnamt>
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      <None>1107</None>
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    <cusip>854502101</cusip>
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      <None>12573</None>
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    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
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    <cusip>858119100</cusip>
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      <sshPrnamt>1906</sshPrnamt>
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      <None>1906</None>
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    <cusip>858912108</cusip>
    <value>10028</value>
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      <sshPrnamt>201</sshPrnamt>
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      <None>201</None>
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    <nameOfIssuer>STIFEL FINL CORP</nameOfIssuer>
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    <cusip>860630102</cusip>
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      <sshPrnamt>3599</sshPrnamt>
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      <None>3599</None>
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    <value>12202</value>
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      <sshPrnamt>508</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>508</None>
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    <nameOfIssuer>SUZANO S A SPON</nameOfIssuer>
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      <sshPrnamt>74625</sshPrnamt>
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      <None>74625</None>
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    <nameOfIssuer>SUZANO S A SPON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86959K105</cusip>
    <value>17081357</value>
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      <Sole>461406</Sole>
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    <nameOfIssuer>SYNCHRONY FINL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87165B103</cusip>
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      <sshPrnamt>3626</sshPrnamt>
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      <None>3626</None>
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      <None>136</None>
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    <cusip>87161C501</cusip>
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      <Sole>0</Sole>
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      <None>2454</None>
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      <None>1445</None>
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    <nameOfIssuer>T MOBILE US INC</nameOfIssuer>
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    <cusip>872590104</cusip>
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      <None>33621</None>
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    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
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      <sshPrnamt>16629</sshPrnamt>
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      <None>16629</None>
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    <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR</nameOfIssuer>
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      <None>159</None>
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      <None>1007</None>
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      <None>7613</None>
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      <None>843</None>
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      <None>1980</None>
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      <None>538</None>
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      <None>39463</None>
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      <None>103</None>
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      <None>2059</None>
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      <None>3097</None>
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      <None>3688</None>
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    <nameOfIssuer>THE TRADE DESK INC</nameOfIssuer>
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      <sshPrnamt>148</sshPrnamt>
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      <None>148</None>
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    <cusip>883556102</cusip>
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      <sshPrnamt>568</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>568</None>
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    <nameOfIssuer>TIM S A</nameOfIssuer>
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    <cusip>88706T108</cusip>
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      <Sole>113931</Sole>
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    <titleOfClass>COM</titleOfClass>
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      <None>129727</None>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>TREX CO INC</nameOfIssuer>
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      <sshPrnamt>217</sshPrnamt>
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      <None>217</None>
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      <None>5249</None>
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      <None>8748</None>
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      <None>3045</None>
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    <nameOfIssuer>VORNADO RLTY TR</nameOfIssuer>
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      <None>682795</None>
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    <nameOfIssuer>VUZIX CORP</nameOfIssuer>
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      <None>4410</None>
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