Instuitional Investor - Bw Gestao De Investimentos Ltda.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf TrustPUT	SPY	1,050,000	$587,359,500	18.46%
2.	Spdr S & P 500 Etf TrustCALL	SPY	770,000	$430,730,300	13.54%
3.	Invesco Qqq TrPUTPUT		550,000	$257,906,000	8.11%
4.	Ishares TrustPUT	IEF	1,100,000	$219,439,000	6.9%
5.	Invesco Qqq TrCALLCALL		450,000	$211,014,000	6.63%