<SEC-DOCUMENT>0001292814-25-002988.txt : 20250808
<SEC-HEADER>0001292814-25-002988.hdr.sgml : 20250808
<ACCEPTANCE-DATETIME>20250808162119
ACCESSION NUMBER:		0001292814-25-002988
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250808
DATE AS OF CHANGE:		20250808
EFFECTIVENESS DATE:		20250808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Itau Unibanco Holding S.A.
		CENTRAL INDEX KEY:			0001132597
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				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:		251198734

	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>
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<TYPE>13F-HR
<SEQUENCE>1
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          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2025</periodOfReport>
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      <isAmendment>false</isAmendment>
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        <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>Tatiana Grecco</signature>
      <city>Sao Paulo</city>
      <stateOrCountry>D5</stateOrCountry>
      <signatureDate>08-06-2025</signatureDate>
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      <None>7149</None>
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      <None>300</None>
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      <None>0</None>
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      <None>17678</None>
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      <None>883</None>
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      <None>73905</None>
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      <None>735</None>
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      <None>5575</None>
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      <None>892</None>
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      <None>262</None>
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      <None>166330</None>
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      <None>245</None>
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      <sshPrnamt>267</sshPrnamt>
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      <None>5788</None>
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  <infoTable>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>51255</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
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      <sshPrnamt>5897</sshPrnamt>
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    <votingAuthority>
      <Sole>967</Sole>
      <Shared>0</Shared>
      <None>4930</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>256163106</cusip>
    <value>40503</value>
    <shrsOrPrnAmt>
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      <None>520</None>
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    <nameOfIssuer>DOORDASH INC</nameOfIssuer>
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    <cusip>25809K105</cusip>
    <value>71241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>289</sshPrnamt>
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      <Shared>0</Shared>
      <None>289</None>
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    <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
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    <cusip>G29183103</cusip>
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      <sshPrnamt>8242</sshPrnamt>
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      <Sole>0</Sole>
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      <None>8242</None>
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    <nameOfIssuer>EBAY INC</nameOfIssuer>
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    <value>32092</value>
    <shrsOrPrnAmt>
      <sshPrnamt>431</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>431</None>
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    <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28176E108</cusip>
    <value>45284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>579</sshPrnamt>
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      <Sole>0</Sole>
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      <None>579</None>
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    <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>285512109</cusip>
    <value>82725</value>
    <shrsOrPrnAmt>
      <sshPrnamt>518</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>518</None>
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    <nameOfIssuer>EMBRAER S A</nameOfIssuer>
    <titleOfClass>SP ADR REP 4 COM</titleOfClass>
    <cusip>29082A107</cusip>
    <value>43195</value>
    <shrsOrPrnAmt>
      <sshPrnamt>759</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>759</Sole>
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      <None>0</None>
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    <nameOfIssuer>EMBRAER S A</nameOfIssuer>
    <titleOfClass>SP ADR REP 4 COM</titleOfClass>
    <cusip>29082A107</cusip>
    <value>66667675</value>
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      <sshPrnamt>1171458</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1171458</Sole>
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      <None>0</None>
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    <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29084Q100</cusip>
    <value>29419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>55</None>
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    <nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29355A107</cusip>
    <value>18437</value>
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      <sshPrnamt>465</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>250</Sole>
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      <None>215</None>
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    <nameOfIssuer>EOG RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>49279</value>
    <shrsOrPrnAmt>
      <sshPrnamt>412</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>412</None>
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    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
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    <cusip>29444U700</cusip>
    <value>91479</value>
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      <sshPrnamt>115</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>115</None>
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    <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
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      <sshPrnamt>26</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>26</None>
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    <nameOfIssuer>ERO COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>296006109</cusip>
    <value>462196</value>
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      <sshPrnamt>27430</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>27430</None>
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    <nameOfIssuer>ESSENTIAL UTILS INC</nameOfIssuer>
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      <sshPrnamt>158</sshPrnamt>
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      <None>158</None>
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    <nameOfIssuer>EVE HLDG INC</nameOfIssuer>
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      <sshPrnamt>80000</sshPrnamt>
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      <None>80000</None>
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    <nameOfIssuer>EXACT SCIENCES CORP</nameOfIssuer>
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      <sshPrnamt>677</sshPrnamt>
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      <Sole>0</Sole>
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      <None>677</None>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
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      <Sole>55</Sole>
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      <None>52842</None>
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    <nameOfIssuer>FAIR ISAAC CORP</nameOfIssuer>
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      <sshPrnamt>22</sshPrnamt>
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      <None>22</None>
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    <cusip>311900104</cusip>
    <value>41832</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>996</None>
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    <nameOfIssuer>FERRARI N V</nameOfIssuer>
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      <sshPrnamt>100</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>100</None>
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    <nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>336433107</cusip>
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      <None>391</None>
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    <nameOfIssuer>FOMENTO ECONOMICO MEXICANO S</nameOfIssuer>
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      <Sole>613888</Sole>
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      <None>0</None>
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    <nameOfIssuer>FORTINET INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34959E109</cusip>
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      <None>820</None>
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    <nameOfIssuer>FOX CORP</nameOfIssuer>
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    <cusip>35137L105</cusip>
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      <None>1069</None>
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    <nameOfIssuer>GARMIN LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>H2906T109</cusip>
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      <sshPrnamt>223</sshPrnamt>
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      <None>223</None>
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    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>65</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>65</None>
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    <nameOfIssuer>GDS HLDGS LTD</nameOfIssuer>
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      <Sole>11473</Sole>
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      <None>1965</None>
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    <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
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      <sshPrnamt>965</sshPrnamt>
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      <None>965</None>
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    <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
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      <None>911</None>
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    <nameOfIssuer>GERDAU SA</nameOfIssuer>
    <titleOfClass>SPON ADR REP PFD</titleOfClass>
    <cusip>373737105</cusip>
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      <sshPrnamt>4036600</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>463</None>
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    <nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
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      <None>100</None>
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    <nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
    <titleOfClass>LITHIUM BTRY ETF</titleOfClass>
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    <value>35021</value>
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      <None>912</None>
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    <nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
    <titleOfClass>GB MSCI AR ETF</titleOfClass>
    <cusip>37950E259</cusip>
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      <None>16282</None>
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    <nameOfIssuer>GLOBANT S A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <None>2350</None>
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    <nameOfIssuer>GOLD FIELDS LTD NEW</nameOfIssuer>
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      <sshPrnamt>49575</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>41626</Sole>
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      <None>7949</None>
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    <nameOfIssuer>GRAHAM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384556106</cusip>
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      <sshPrnamt>1242</sshPrnamt>
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      <None>41</None>
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    <nameOfIssuer>GRUPO AEROPORTUARIO DEL CENT</nameOfIssuer>
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    <cusip>400501102</cusip>
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      <None>966</None>
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      <None>0</None>
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    <nameOfIssuer>GRUPO FINANCIERO GALICIA S A</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>GRUPO TELEVISA SA</nameOfIssuer>
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    <nameOfIssuer>HARTFORD FINL SVCS GROUP INC</nameOfIssuer>
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      <None>250</None>
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    <nameOfIssuer>HASBRO INC</nameOfIssuer>
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      <None>765</None>
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    <nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
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      <None>3910</None>
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    <nameOfIssuer>HEXCEL CORP NEW</nameOfIssuer>
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    <nameOfIssuer>HIGHWOODS PPTYS INC</nameOfIssuer>
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      <None>268</None>
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    <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <None>7306</None>
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    <nameOfIssuer>HOWMET AEROSPACE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <None>330</None>
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    <nameOfIssuer>HP INC</nameOfIssuer>
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      <None>1028</None>
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    <nameOfIssuer>HYSTER YALE MATLS HANDLING I</nameOfIssuer>
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    <nameOfIssuer>ICICI BK LTD</nameOfIssuer>
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      <None>4004</None>
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    <nameOfIssuer>IDEXX LABS INC</nameOfIssuer>
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      <sshPrnamt>75</sshPrnamt>
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    <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
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      <None>288</None>
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    <nameOfIssuer>INCYTE CORP</nameOfIssuer>
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      <None>589</None>
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    <nameOfIssuer>INFOSYS LTD</nameOfIssuer>
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    <nameOfIssuer>INTUIT</nameOfIssuer>
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    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
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    <cusip>51817R106</cusip>
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    <nameOfIssuer>LISTED FD TR</nameOfIssuer>
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    <value>344006</value>
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    <nameOfIssuer>LIVE NATION ENTERTAINMENT IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
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      <None>29392</None>
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      <None>39000</None>
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      <None>24293</None>
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      <None>5700</None>
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    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
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    <nameOfIssuer>RESMED INC</nameOfIssuer>
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      <None>597</None>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>166</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>2003702</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>1938826</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7110</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>297488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1860</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1860</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEA LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>914217</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5716</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>4799</Sole>
      <Shared>0</Shared>
      <None>917</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>11388965</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134288</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>134288</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>86121994</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1644491</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1644491</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>3021287</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11931</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11931</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>19283224</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130716</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>130716</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI CONS DISCR</titleOfClass>
    <cusip>81369Y407</cusip>
    <value>10754140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>49483</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI MATERIALS</titleOfClass>
    <cusip>81369Y100</cusip>
    <value>9246481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105301</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>105301</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>COMMUNICATION</titleOfClass>
    <cusip>81369Y852</cusip>
    <value>6815467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62798</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>62798</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>19377252</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18848</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18848</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>84422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1199</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1199</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHIFT4 PMTS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>82452J109</cusip>
    <value>654126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6600</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIRIUSXM HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>829933100</cusip>
    <value>44332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1930</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNAP INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>83304A106</cusip>
    <value>35664</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4104</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4104</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNOWFLAKE INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>833445109</cusip>
    <value>840033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3754</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>170</Sole>
      <Shared>0</Shared>
      <None>3584</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>16334489</value>
    <shrsOrPrnAmt>
      <sshPrnamt>919538</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>919538</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONY CORP</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>835699307</cusip>
    <value>653275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25097</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25097</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>59893</value>
    <shrsOrPrnAmt>
      <sshPrnamt>592</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>592</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>38960627</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127811</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>127811</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>78463V907</cusip>
    <value>14616101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>ASIA PACIF ETF</titleOfClass>
    <cusip>78463X301</cusip>
    <value>505591</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>39255718</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63536</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>63536</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>277207670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>448665</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>69490</Sole>
      <Shared>0</Shared>
      <None>379175</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
    <titleOfClass>S&amp;P HOMEBUILD</titleOfClass>
    <cusip>78464A888</cusip>
    <value>1723989</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17490</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>17490</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P BIOTECH</titleOfClass>
    <cusip>78464A870</cusip>
    <value>1276</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P BK ETF</titleOfClass>
    <cusip>78464A797</cusip>
    <value>557600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPOTIFY TECHNOLOGY S A</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>L8681T102</cusip>
    <value>993904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1807</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1807</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>24578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>192</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONECO LTD</nameOfIssuer>
    <titleOfClass>CALL</titleOfClass>
    <cusip>G85158906</cusip>
    <value>104027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>364</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>306</Sole>
      <Shared>0</Shared>
      <None>58</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONECO LTD</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>G85158106</cusip>
    <value>10350949</value>
    <shrsOrPrnAmt>
      <sshPrnamt>645321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>645321</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONECO LTD</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>G85158106</cusip>
    <value>1180095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73572</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>62998</Sole>
      <Shared>0</Shared>
      <None>10574</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRYKER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>44706</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>113</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUZANO S A SPON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>86959K105</cusip>
    <value>6400795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>870012</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>870012</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871607107</cusip>
    <value>70750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>138</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value>49318198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>217750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>217750</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value>787506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3477</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>2918</Sole>
      <Shared>0</Shared>
      <None>559</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874054109</cusip>
    <value>62898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>259</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>259</None>
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