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	400,000	$260,136,000	8.65%
2.	Ishares TrustPUT	IEF	900,000	$223,200,000	7.42%
3.	Ishares Trust	IEF	300,036	$195,986,516	6.51%
4.	Tesla Inc.PUT	TSLA	200,000	$74,350,000	2.47%
5.	Rb Global Inc.	RBA	725,236	$69,513,871	2.31%