# EDGAR Filing Document

**Accession Number:** 0001589176
**File Stem:** 0001589176-25-000006
**Filing Date:** 2025-11
**Character Count:** 21393
**Document Hash:** 70e4f3962eb74b22e9e88ebe8257dea2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001589176-25-000006.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001589176-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPX Gestao de Recursos Ltda
- **CENTRAL INDEX KEY:** 0001589176

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18920
- **FILM NUMBER:** 251470011

**BUSINESS ADDRESS:**
- **STREET 1:** RUA HUMAITA, 275, 6 ANDAR
- **STREET 2:** HUMAITA
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22261000
- **BUSINESS PHONE:** 552132031580

**MAIL ADDRESS:**
- **STREET 1:** RUA HUMAITA, 275, 6 ANDAR
- **STREET 2:** HUMAITA
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22261000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPX Equities Gestao de Recursos Ltda
- **DATE OF NAME CHANGE:** 20131011

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SPX Gestao de Recursos Ltda<br>**Address:** RUA HUMAITA 275 6 ANDAR<br>HUMAITA<br>RIO DE JANEIRO, D5 22261000

**Form 13F File Number:** 028-18920

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Marilia Lorena<br>**Title:** Legal and Compliance Manager<br>**Phone:** 55 21 32033943

**Signature, Place, and Date of Signing:**

Marilia Lorena  Rio de Janeiro, D5  11-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 167

**Form 13F Information Table Value Total:** $1203266390

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                       | Form 13F File Number   |
|:---|:---|:---|
|  | SPX Capital Management LLC |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 3286742 | 10600 | SH |  | DFND | 1 | 0 | 10600 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 2136400 | 2800 | SH |  | DFND | 1 | 0 | 2800 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 6928110 | 21000 | SH |  | DFND | 1 | 0 | 21000 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 28343069 | 66630 | SH |  | DFND | 1 | 0 | 66630 | 0 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 1489500 | 50000 | SH |  | DFND | 1 | 0 | 50000 | 0 |
| NIKE INC CL B | CL B | 654106103 |  | 1394600 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 296000 | 8000 | SH |  | DFND | 1 | 0 | 8000 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 5749678 | 19960 | SH |  | DFND | 1 | 0 | 19960 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 1845228 | 1400 | SH |  | DFND | 1 | 0 | 1400 | 0 |
| NAYAX LTD | SHS | M7S750159 |  | 909779 | 19109 | SH |  | DFND | 1 | 0 | 19109 | 0 |
| GE VERNOVA LLC | COM | 36828A101 |  | 17647630 | 28700 | SH |  | DFND | 1 | 0 | 28700 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 1054352 | 109600 | SH |  | DFND | 1 | 0 | 109600 | 0 |
| SHOALS TECHNOLOGIES GROUP -A | CL A | 82489W107 |  | 281580 | 38000 | SH |  | DFND | 1 | 0 | 38000 | 0 |
| EIGHTCO HOLDINGS INC | COM | 22890A302 |  | 153720 | 16800 | SH |  | DFND | 1 | 0 | 16800 | 0 |
| QUANTUM COMPUTING INC | COM | 74766W108 |  | 1178240 | 64000 | SH |  | DFND | 1 | 0 | 64000 | 0 |
| GAMBLING.COM GROUP LTD | ORDINARY SHARES | G3R239101 |  | 1707984 | 208800 | SH |  | DFND | 1 | 0 | 208800 | 0 |
| BED BATH  BEYOND INC | COM | 690370101 |  | 548240 | 56000 | SH |  | DFND | 1 | 0 | 56000 | 0 |
| MASTEC INC | COM | 576323109 |  | 893802 | 4200 | SH |  | DFND | 1 | 0 | 4200 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 10359000 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| UIPATH INC - CLASS A | CL A | 90364P105 |  | 1070400 | 80000 | SH |  | DFND | 1 | 0 | 80000 | 0 |
| PUT - HYG 100 @ 80.5 EXP 10/17/2025 | PUT | 99DNWB6N3 |  | 19010 | 1000 | SH | Put | DFND | 1 | 0 | 1000 | 0 |
| EQT CORP | COM | 26884L109 |  | 2721500 | 50000 | SH |  | DFND | 1 | 0 | 50000 | 0 |
| NEXTRACKER INC-CL A | CLASS A COM | 65290E101 |  | 273763 | 3700 | SH |  | DFND | 1 | 0 | 3700 | 0 |
| CALL- IWM 100 @ 242 EXP 10/03/2025 | CALL | 99DNDHGM2 |  | 36324 | 200 | SH | Call | DFND | 1 | 0 | 200 | 0 |
| WESTERN DIGITAL | COM | 958102105 |  | 2401200 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1047900 | 2800 | SH |  | DFND | 1 | 0 | 2800 | 0 |
| CALL- AMZN 100 @ 250 EXP 10/17/2025 | CALL | 99DJ8XX19 |  | 26500 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 7219462 | 32880 | SH |  | DFND | 1 | 0 | 32880 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 2031384 | 42400 | SH |  | DFND | 1 | 0 | 42400 | 0 |
| CALL- KWEB 100 @ 44 EXP 10/17/2025 | CALL | 99DM6XYR6 |  | 460000 | 10000 | SH | Call | DFND | 1 | 0 | 10000 | 0 |
| CALL- META 100 @ 780 EXP 10/17/2025 | CALL | 99DJX4ZL9 |  | 44115 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 |  | 100228992 | 7916982 | SH |  | DFND | 1 | 0 | 7916982 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 1360380 | 8400 | SH |  | DFND | 1 | 0 | 8400 | 0 |
| CALL- META 100 @ 800 EXP 10/17/2025 | CALL | 99DJX5KZ1 |  | 30240 | 140 | SH | Call | DFND | 1 | 0 | 140 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 1005900 | 105000 | SH |  | DFND | 1 | 0 | 105000 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8100211 | 11030 | SH |  | DFND | 1 | 0 | 11030 | 0 |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 |  | 5987455 | 33500 | SH |  | DFND | 1 | 0 | 33500 | 0 |
| DOORDASH INC - A | CL A | 25809K105 |  | 1523144 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| URANIUM ENERGY | COM | 916896103 |  | 2868100 | 215000 | SH |  | DFND | 1 | 0 | 215000 | 0 |
| IONQ INC | COM | 46222L108 |  | 1845000 | 30000 | SH |  | DFND | 1 | 0 | 30000 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 869624 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| DELL TECHNOLOGIES -C | CL C | 24703L202 |  | 1275930 | 9000 | SH |  | DFND | 1 | 0 | 9000 | 0 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 |  | 1341200 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 1014035 | 5500 | SH |  | DFND | 1 | 0 | 5500 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 25636613 | 116250 | SH |  | DFND | 1 | 0 | 116250 | 0 |
| NEBIUS GROUP NV | SHS CLASS A | N97284108 |  | 1257424 | 11200 | SH |  | DFND | 1 | 0 | 11200 | 0 |
| HONEYWELL INTERNATIONAL INC | COM | 438516106 |  | 1178800 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| RIOT PLATFORMS INC | COM | 767292105 |  | 1598520 | 84000 | SH |  | DFND | 1 | 0 | 84000 | 0 |
| SUNRUN INC | COM | 86771W105 |  | 267995 | 15500 | SH |  | DFND | 1 | 0 | 15500 | 0 |
| CALL- FSLR 100 @ 240 EXP 11/21/2025 | CALL | 99DN4NST1 |  | 120500 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| ISHARES MSCI BRAZIL ETF | MSCI BRAZIL ETF | 464286400 |  | 49600000 | 1600000 | SH |  | DFND | 1 | 0 | 1600000 | 0 |
| TAIWAN SEMI ADR | SPONSORED ADS | 874039100 |  | 1564024 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| CALL- FSLR 100 @ 250 EXP 11/21/2025 | CALL | 99DN4PM96 |  | 91750 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| JBS NV-A | CL A SHS | N4732M103 |  | 586465 | 39281 | SH |  | DFND | 1 | 0 | 39281 | 0 |
| ARISTA NETWORKS | COM SHS | 040413205 |  | 1165680 | 8000 | SH |  | DFND | 1 | 0 | 8000 | 0 |
| CALL- EEM 100 @ 54  EXP 10/17/2025 | CALL | 99DM6ZFL5 |  | 1552000 | 32000 | SH | Call | DFND | 1 | 0 | 32000 | 0 |
| BANK OF AMERICA | COM | 060505104 |  | 773850 | 15000 | SH |  | DFND | 1 | 0 | 15000 | 0 |
| CALL- EEM 100 @ 54  EXP 11/21/2025 | CALL | 99DM6ZMR4 |  | 110500 | 1000 | SH | Call | DFND | 1 | 0 | 1000 | 0 |
| ISHARES MSCI SOUTH KOREA ETF | MSCI STH KOR ETF | 464286772 |  | 2403000 | 30000 | SH |  | DFND | 1 | 0 | 30000 | 0 |
| ISHARES MSCI EMERGING MARKETS ETF | MSCI EMG MKT ETF | 464287234 |  | 79032000 | 1480000 | SH |  | DFND | 1 | 0 | 1480000 | 0 |
| GINKGO BIOWORKS HOLDINGS INC | CL A NEW | 37611X209 |  | 1458000 | 100000 | SH |  | DFND | 1 | 0 | 100000 | 0 |
| PAGAYA TECHNOLOGIES LTD -A | CL A NEW | M7S64L123 |  | 1484500 | 50000 | SH |  | DFND | 1 | 0 | 50000 | 0 |
| PUT - INTC 100 @ 27 EXP 10/17/2025 | PUT | 99DJ2H8Y6 |  | 11500 | 1000 | SH | Put | DFND | 1 | 0 | 1000 | 0 |
| TAKE TWO | COM | 874054109 |  | 2583600 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| INTL BUSINESS MACHINES CORP | COM | 459200101 |  | 2821600 | 10000 | SH |  | DFND | 1 | 0 | 10000 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 957950 | 7000 | SH |  | DFND | 1 | 0 | 7000 | 0 |
| GENERAL MILLS | COM | 370334104 |  | 1622516 | 32180 | SH |  | DFND | 1 | 0 | 32180 | 0 |
| CANADIAN SOLAR INC | COM | 136635109 |  | 286880 | 22000 | SH |  | DFND | 1 | 0 | 22000 | 0 |
| JAMES HARDIE IND | ORD SHS | G4253H101 |  | 1951736 | 101600 | SH |  | DFND | 1 | 0 | 101600 | 0 |
| CALL- CROX 100 @ 90 EXP 10/24/2025 | CALL | 99DNKJRJ5 |  | 89652 | 400 | SH | Call | DFND | 1 | 0 | 400 | 0 |
| PUT - QQQ 100 @ 565 EXP 10/17/2025 | PUT | 99DMDK6F3 |  | 30800 | 200 | SH | Put | DFND | 1 | 0 | 200 | 0 |
| BLOOM ENERGY CORP- A | COM CL A | 093712107 |  | 1691400 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| PUT - QQQ 100 @ 585 EXP 10/17/2025 | PUT | 99DM4G3P3 |  | 411400 | 1100 | SH | Put | DFND | 1 | 0 | 1100 | 0 |
| FUTU HOLDINGS LTD-ADR | SPON ADS CL A | 36118L106 |  | 5391210 | 31000 | SH |  | DFND | 1 | 0 | 31000 | 0 |
| CALL- AMD 100 @ 190 EXP 10/17/2025 | CALL | 99DGQ49K4 |  | 0 | 0 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| CALL- AMD 100 @ 180 EXP 10/17/2025 | CALL | 99DGQ47S9 |  | 0 | 0 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| FIVE BELOW | COM | 33829M101 |  | 866320 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| PUT - QQQ 100 @ 570 EXP 10/17/2025 | PUT | 99DM4FHZ8 |  | 38000 | 200 | SH | Put | DFND | 1 | 0 | 200 | 0 |
| ADVANCED MICRO DEVICES | COM | 007903107 |  | 1051635 | 6500 | SH |  | DFND | 1 | 0 | 6500 | 0 |
| HDFC BK LTD | SPONSORED ADS | 40415F101 |  | 7583520 | 222000 | SH |  | DFND | 1 | 0 | 222000 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 6456425 | 381360 | SH |  | DFND | 1 | 0 | 381360 | 0 |
| LUXEXPERIENCE BV | ADS | 55406W103 |  | 3178235 | 373910 | SH |  | DFND | 1 | 0 | 373910 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 2107750 | 25000 | SH |  | DFND | 1 | 0 | 25000 | 0 |
| CONOCOPHILLIPS       COM STK | COM | 20825C104 |  | 1891800 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| SNOWFLAKE INC-CLASS A | CL A | 833445109 |  | 1263080 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 883204 | 2800 | SH |  | DFND | 1 | 0 | 2800 | 0 |
| CALL- VST 100 @ 212.5 EXP 10/03/2025 | CALL | 99DNNHBB0 |  | 0 | 0 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 3008600 | 196000 | SH |  | DFND | 1 | 0 | 196000 | 0 |
| DROPBOX INC-CLASS A | CL A | 26210C104 |  | 507528 | 16800 | SH |  | DFND | 1 | 0 | 16800 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 41633000 | 212500 | SH |  | DFND | 1 | 0 | 212500 | 0 |
| CALL- FXI 100 @ 43  EXP 11/21/2025 | CALL | 99DJNHD35 |  | 288000 | 3000 | SH | Call | DFND | 1 | 0 | 3000 | 0 |
| COMPANHIA PARANAENSE DE ENERGI | SPON ADS | 20441B605 |  | 8323493 | 849336 | SH |  | DFND | 1 | 0 | 849336 | 0 |
| INDIVIOR PLC | ORD | G4766E116 |  | 675080 | 28000 | SH |  | DFND | 1 | 0 | 28000 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 4950740 | 34000 | SH |  | DFND | 1 | 0 | 34000 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 6845360 | 82000 | SH |  | DFND | 1 | 0 | 82000 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 3156202 | 298600 | SH |  | DFND | 1 | 0 | 298600 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 4847400 | 45000 | SH |  | DFND | 1 | 0 | 45000 | 0 |
| NETAPP INC | COM | 64110D104 |  | 663376 | 5600 | SH |  | DFND | 1 | 0 | 5600 | 0 |
| STONECO LTD-A | COM CL A | G85158106 |  | 8574966 | 453462 | SH |  | DFND | 1 | 0 | 453462 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 9352611 | 90670 | SH |  | DFND | 1 | 0 | 90670 | 0 |
| CALL- DDOG 100 @ 150 EXP 10/17/2025 | CALL | 99DJ8TD44 |  | 117450 | 500 | SH | Call | DFND | 1 | 0 | 500 | 0 |
| CALL- XHB 100 @ 130 EXP 11/21/2025 | CALL | 99DMNDZX7 |  | 12810 | 500 | SH | Call | DFND | 1 | 0 | 500 | 0 |
| PUT - SPY 100 @ 620 EXP 10/17/2025 | PUT | 99DLCXB88 |  | 22551 | 300 | SH | Put | DFND | 1 | 0 | 300 | 0 |
| SEA LTD-ADR | SPONSORD ADS | 81141R100 |  | 6791740 | 38000 | SH |  | DFND | 1 | 0 | 38000 | 0 |
| BITDEER TECHNOLOGIES GROUP-A | CL A ORD SHS | G11448100 |  | 717780 | 42000 | SH |  | DFND | 1 | 0 | 42000 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1336020 | 2800 | SH |  | DFND | 1 | 0 | 2800 | 0 |
| BITMINE IMMERSION TECHNOLOGIES | COM NEW | 09175A206 |  | 872424 | 16800 | SH |  | DFND | 1 | 0 | 16800 | 0 |
| CALL- HUT 100 @ 45  EXP 12/19/2025 | CALL | 99DGRWTD5 |  | 70008 | 200 | SH | Call | DFND | 1 | 0 | 200 | 0 |
| HUT 8 MINING CORP | COM | 44812J104 |  | 2116448 | 60800 | SH |  | DFND | 1 | 0 | 60800 | 0 |
| JINKOSOLAR HOLDING CO-ADR | SPONSORED ADS | 47759T100 |  | 252315 | 10500 | SH |  | DFND | 1 | 0 | 10500 | 0 |
| GRUPO FINANCIERO GALICIA | SPONSORED ADR | 399909100 |  | 826800 | 30000 | SH |  | DFND | 1 | 0 | 30000 | 0 |
| GRINDR INC | COM | 39854F101 |  | 2663046 | 177300 | SH |  | DFND | 1 | 0 | 177300 | 0 |
| ARRAY TECHNOLOGIES INC | COM SHS | 04271T100 |  | 220050 | 27000 | SH |  | DFND | 1 | 0 | 27000 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 16604874 | 88996 | SH |  | DFND | 1 | 0 | 88996 | 0 |
| CALL- MRVL 100 @ 81 EXP 10/17/2025 | CALL | 99DNZ6T06 |  | 933300 | 1700 | SH | Call | DFND | 1 | 0 | 1700 | 0 |
| CALL- MU 100 @ 180  EXP 12/19/2025 | CALL | 99D9YZPC2 |  | 590000 | 500 | SH | Call | DFND | 1 | 0 | 500 | 0 |
| CALL- NVDA 100 @ 180 EXP 10/17/2025 | CALL | 99DHCF1P9 |  | 102389 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| CALL- NVDA 100 @ 185 EXP 10/17/2025 | CALL | 99DHCF1T1 |  | 0 | 0 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 3346400 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| STATE STREET SPDR S OIL  GA | S OILGAS EXP | 78468R556 |  | 1850800 | 14000 | SH |  | DFND | 1 | 0 | 14000 | 0 |
| PUT - XLU 100 @ 83.5 EXP 10/17/2025 | PUT | 99DNWBPX0 |  | 22010 | 1000 | SH | Put | DFND | 1 | 0 | 1000 | 0 |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 |  | 120202857 | 11068403 | SH |  | DFND | 1 | 0 | 11068403 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1959400 | 20000 | SH |  | DFND | 1 | 0 | 20000 | 0 |
| CALL- GDXJ 100 @ 100 EXP 11/21/2025 | CALL | 99DLQC2S5 |  | 376500 | 600 | SH | Call | DFND | 1 | 0 | 600 | 0 |
| CALL- UBER 100 @ 110 EXP 11/21/2025 | CALL | 99DJDLN28 |  | 438000 | 2000 | SH | Call | DFND | 1 | 0 | 2000 | 0 |
| IREN LTD | ORDINARY SHARES | Q4982L109 |  | 3407118 | 72600 | SH |  | DFND | 1 | 0 | 72600 | 0 |
| D-WAVE QUANTUM INC | COM | 26740W109 |  | 1087240 | 44000 | SH |  | DFND | 1 | 0 | 44000 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 13922230 | 4491042 | SH |  | DFND | 1 | 0 | 4491042 | 0 |
| CREDICORP | COM | G2519Y108 |  | 34241478 | 128592 | SH |  | DFND | 1 | 0 | 128592 | 0 |
| CENTRAIS ELETRICAS BR-SP ADR | SPONSORED ADR | 15234Q207 |  | 4694233 | 473209 | SH |  | DFND | 1 | 0 | 473209 | 0 |
| WALDENCAST ACQ CL A -CW27 | *W EXP 07/27/202 | G9503X111 |  | 76 | 1988 | SH |  | DFND | 1 | 0 | 1988 | 0 |
| ULTRAPAR PARTICIPACOES | SP ADR REP COM | 90400P101 |  | 88023 | 21469 | SH |  | DFND | 1 | 0 | 21469 | 0 |
| CIA PARANAENSE DE ENER-ADR | SPONSORED ADS | 20441B704 |  | 635524 | 70929 | SH |  | DFND | 1 | 0 | 70929 | 0 |
| EMBRAER SA | SPONSORED ADR | 29082A107 |  | 13974347 | 231172 | SH |  | DFND | 1 | 0 | 231172 | 0 |
| COMPHANIA DE BEBIDAS DAS AMERICAS  AMBEV | SPONSORED ADR | 02319V103 |  | 7230985 | 3242594 | SH |  | DFND | 1 | 0 | 3242594 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 48317202 | 406642 | SH |  | DFND | 1 | 0 | 406642 | 0 |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 |  | 676842 | 320778 | SH |  | DFND | 1 | 0 | 320778 | 0 |
| NU HOLDINGS LTD/CAYMAN ISL-A | ORD SHS CL A | G6683N103 |  | 10473182 | 654165 | SH |  | DFND | 1 | 0 | 654165 | 0 |
| PAMPA ENERGIA SA | SPONS ADR LVL I | 697660207 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| INTER  CO INC - CL A | CLASS A COM | G4R20B107 |  | 18930084 | 2050930 | SH |  | DFND | 1 | 0 | 2050930 | 0 |
| ITAU UNIBANCO HOLDING SA | SPON ADR REP PFD | 465562106 |  | 12287762 | 1674082 | SH |  | DFND | 1 | 0 | 1674082 | 0 |
| SUZANO SA | SPON ADS | 86959K105 |  | 1355602 | 144213 | SH |  | DFND | 1 | 0 | 144213 | 0 |
| TRANSPORT GAS SUR B ADR | SPONSORED ADS B | 893870204 |  | 12163016 | 578365 | SH |  | DFND | 1 | 0 | 578365 | 0 |
| VINCI COMPASS INVESTMENTS LTD | COM CL A | G9451V109 |  | 43412757 | 4038396 | SH |  | DFND | 1 | 0 | 4038396 | 0 |
| XP INC - CLASS A | CL A | G98239109 |  | 37585487 | 2000292 | SH |  | DFND | 1 | 0 | 2000292 | 0 |
| AMBIPAR EMERGENCY RESPONS-28 | *W EXP 99/99/999 | G02532110 |  | 66905 | 1592965 | SH |  | DFND | 1 | 0 | 1592965 | 0 |
| PUT - SPY 100 @ 663 EXP 10/10/2025 | PUT | 99DNJRJH2 |  | 964180 | 2716 | SH | Put | DFND | 1 | 0 | 2716 | 0 |
| LATAM AIRLINES GROUP-SP ADR | SPONSORED ADR | 51817R205 |  | 42323275 | 935321 | SH |  | DFND | 1 | 0 | 935321 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 42812692 | 6342621 | SH |  | DFND | 1 | 0 | 6342621 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 42699625 | 646866 | SH |  | DFND | 1 | 0 | 646866 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 |  | 29988358 | 805922 | SH |  | DFND | 1 | 0 | 805922 | 0 |
| CENTRAIS ELEC BRAS-ADR PREF | SPON ADR PFD B | 15234Q108 |  | 521792 | 50366 | SH |  | DFND | 1 | 0 | 50366 | 0 |
| TELEFONICA BRASIL SA-ADR | SPONSORED ADS | 87936R205 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 24236028 | 703309 | SH |  | DFND | 1 | 0 | 703309 | 0 |
| CALL- TLT 100 @ 93  EXP 12/19/2025 | CALL | 99DHJ2G83 |  | 2731790 | 31765 | SH | Call | DFND | 1 | 0 | 31765 | 0 |
| PUT - TLT 100 @ 89  EXP 12/19/2025 | PUT | 99DHJ33Q5 |  | 259604 | 1179 | SH | Put | DFND | 1 | 0 | 1179 | 0 |
| AFYA LTD-CLASS A | CL A COM | G01125106 |  | 2895001 | 185577 | SH |  | DFND | 1 | 0 | 185577 | 0 |
| BRAZIL POTASH CORP | COMMON SHARES | 10586A108 |  | 200599 | 74572 | SH |  | DFND | 1 | 0 | 74572 | 0 |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 |  | 19747559 | 5842473 | SH |  | DFND | 1 | 0 | 5842473 | 0 |
| VASTA PLATFORM LTD | CL A | G9440A109 |  | 7704 | 1550 | SH |  | DFND | 1 | 0 | 1550 | 0 |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 |  | 1043722 | 25370 | SH |  | DFND | 1 | 0 | 25370 | 0 |
| EVE HOLDING INC | COM | 29970N104 |  | 2244056 | 588991 | SH |  | DFND | 1 | 0 | 588991 | 0 |
| AMBIPAR EMERGENCY RESPONSE | CL A ORD SHS | G02532102 |  | 5314 | 6642 | SH |  | DFND | 1 | 0 | 6642 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 20593147 | 1742229 | SH |  | DFND | 1 | 0 | 1742229 | 0 |
| BHP BILLITON LTD -SPON ADR | SPONSORED ADR | 088606108 |  | 0 | 0 | SH |  | DFND | 1 | 0 | 0 | 0 |
| BASIC SANITATION COMPANY OF THE STATE OF | SPONSORED ADR | 20441A102 |  | 5239743 | 210516 | SH |  | DFND | 1 | 0 | 210516 | 0 |
| SHELL PLC-ADR | SPON ADS | 780259305 |  | 872523 | 12198 | SH |  | DFND | 1 | 0 | 12198 | 0 |

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