The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN EMERGING MARKETS EX CH COM 00301W105   110,219 19,202 SH   DFND 1 0 0 19,202
ALBEMARLE CORP COM 012653101   6,937,399 96,326 SH   DFND 1 0 0 96,326
AMBEV SA SPONSORED ADR 02319V103   11,892 5,104 SH   DFND 1 0 0 5,104
BANCO BRADESCO S A SP ADR PFD NEW 059460303   134,489 60,309 SH   DFND 1 0 0 60,309
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107   75,906 16,116 SH   DFND 1 0 0 16,116
BRF SA SPONSORED ADR 10552T107   169,788 49,357 SH   DFND 1 0 0 49,357
CEMEX SAB DE CV SPON ADR NEW 151290889   564,394 100,605 SH   DFND 1 0 0 100,605
COCA-COLA FEMSA SAB DE CV SPONS ADS REP 191241108   298,153 3,266 SH   DFND 1 0 0 3,266
COPA HOLDINGS SA CL A P31076105   1,232,492 13,330 SH   DFND 1 0 0 13,330
CREDICORP LTD COM G2519Y108   3,465,555 18,616 SH   DFND 1 0 0 18,616
DBX ETF TR XTRACK HRVST CSI XTRACK HRVST CSI 233051879   61,169,985 2,302,220 SH   DFND 1 0 0 2,302,220
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   369,828 3,790 SH   DFND 1 0 0 3,790
GERDAU SA SPON ADR REP PFD 373737105   317,254 111,709 SH   DFND 1 0 0 111,709
INTERCORP FINL SVCS INC SHS P5626F128   2,017,451 60,895 SH   DFND 1 0 0 60,895
INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF NASDAQ 100 ETF 46138G649   157,894,220 818,020 SH   DFND 1 0 0 818,020
ISHARES INC MSCI BRAZIL ETF MSCI BRAZIL ETF 464286400   12,292,742 476,033 SH   DFND 1 0 0 476,033
ISHARES INC MSCI CHILE ETF MSCI CHILE ETF 464286640   16,089,027 538,731 SH   DFND 1 0 0 538,731
ISHARES INC MSCI EURZONE ETF MSCI EURZONE ETF 464286608   12,074,894 226,749 SH   DFND 1 0 0 226,749
ISHARES INC MSCI GERMANY ETF MSCI GERMANY ETF 464286806   15,293,872 412,457 SH   DFND 1 0 0 412,457
ISHARES INC MSCI HONG KG ETF MSCI HONG KG ETF 464286871   17,332 988 SH   DFND 1 0 0 988
ISHARES INC MSCI JPN ETF NEW MSCI JPN ETF NEW 46434G822   2,759,104 40,228 SH   DFND 1 0 0 40,228
ISHARES INC MSCI MEXICO ETF MSCI MEXICO ETF 464286822   47,723,530 936,490 SH   DFND 1 0 0 936,490
ISHARES INC MSCI STH KOR ETF MSCI STH KOR ETF 464286772   76,733,266 1,415,269 SH   DFND 1 0 0 1,415,269
ISHARES INC MSCI TAIWAN ETF MSCI TAIWAN ETF 46434G772   247,640,391 5,215,678 SH   DFND 1 0 0 5,215,678
ISHARES TR CORE S&P SCP ETF CORE S&P SCP ETF 464287804   451,925,502 4,321,751 SH   DFND 1 0 0 4,321,751
ISHARES TR CORE S&P500 ETF CORE S&P500 ETF 464287200   437,552,092 778,701 SH   DFND 1 0 0 778,701
ISHARES TR IBOXX INV CP ETF IBOXX INV CP ETF 464287242   8,890,842 81,800 SH   DFND 1 0 0 81,800
ISHARES TR ISHARES SEMICDTR ISHARES SEMICDTR 464287523   2,184,842 11,611 SH   DFND 1 0 0 11,611
ISHARES TR LATN AMER 40 ETF LATN AMER 40 ETF 464287390   144,909,461 6,153,268 SH   DFND 1 0 0 6,153,268
ISHARES TR MSCI CHINA ETF MSCI CHINA ETF 46429B671   80,145,057 1,471,727 SH   DFND 1 0 0 1,471,727
ISHARES TR MSCI EURO FL ETF MSCI EURO FL ETF 464289180   110,204,719 3,873,950 SH   DFND 1 0 0 3,873,950
ISHARES TR MSCI UK ETF NEW MSCI UK ETF NEW 46435G334   86,348,093 2,305,408 SH   DFND 1 0 0 2,305,408
ISHARES TR MSCI USA MMENTM MSCI USA MMENTM 46432F396   8,407,914 41,647 SH   DFND 1 0 0 41,647
ISHARES TR MSCI USA QLT FCT MSCI USA QLT FCT 46432F339   34,606,568 202,448 SH   DFND 1 0 0 202,448
ISHARES TR RUSSELL 2000 ETF RUSSELL 2000 ETF 464287655   3,686,974 18,482 SH   DFND 1 0 0 18,482
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106   98,093 17,835 SH   DFND 1 0 0 17,835
J P MORGAN EXCHANGE TRADED F BETABUILDERS EUR BETABUILDERS EUR 46641Q191   66,141,653 1,069,734 SH   DFND 1 0 0 1,069,734
J P MORGAN EXCHANGE TRADED F BETABULDRS JAPAN BETABULDRS JAPAN 46641Q217   140,958,876 2,511,293 SH   DFND 1 0 0 2,511,293
MERCADOLIBRE INC COM 58733R102   9,754 5 SH   DFND 1 0 0 5
PAGSEGURO DIGITAL LTD COM CL A G68707101   73,240 9,599 SH   DFND 1 0 0 9,599
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   129,060 9,000 SH   DFND 1 0 0 9,000
SELECT SECTOR SPDR TR ENERGY ENERGY 81369Y506   95,289,750 1,019,687 SH   DFND 1 0 0 1,019,687
SELECT SECTOR SPDR TR FINANCIAL FINANCIAL 81369Y605   97,470,151 1,956,839 SH   DFND 1 0 0 1,956,839
SELECT SECTOR SPDR TR INDL INDL 81369Y704   2,023,983 15,442 SH   DFND 1 0 0 15,442
SELECT SECTOR SPDR TR SBI CONS DISCR SBI CONS DISCR 81369Y407   2,410,987 12,210 SH   DFND 1 0 0 12,210
SELECT SECTOR SPDR TR SBI CONS STPLS SBI CONS STPLS 81369Y308   972,281 11,905 SH   DFND 1 0 0 11,905
SELECT SECTOR SPDR TR SBI HEALTHCARE SBI HEALTHCARE 81369Y209   18,795,867 128,730 SH   DFND 1 0 0 128,730
SELECT SECTOR SPDR TR SBI INT-UTILS SBI INT-UTILS 81369Y886   2,842,464 36,049 SH   DFND 1 0 0 36,049
SELECT SECTOR SPDR TR TECHNOLOGY TECHNOLOGY 81369Y803   65,569,582 317,559 SH   DFND 1 0 0 317,559
SOUTHERN COPPER CORP COM 84265V105   12,526,350 134,029 SH   DFND 1 0 0 134,029
SPDR INDEX SHS FDS S&P CHINA ETF S&P CHINA ETF 78463X400   10,470,227 121,806 SH   DFND 1 0 0 121,806
SPDR SER TR PRTFLO S&P500 GW PRTFLO S&P500 GW 78464A409   18,069 225 SH   DFND 1 0 0 225
SPDR SER TR S&P 500 ESG ETF S&P 500 ESG ETF 78468R531   120,800,984 2,260,012 SH   DFND 1 0 0 2,260,012
SUZANO S A SPON ADS 86959K105   24,786 2,668 SH   DFND 1 0 0 2,668
VANECK ETF TRUST GOLD MINERS ETF GOLD MINERS ETF 92189F106   179,559 3,906 SH   DFND 1 0 0 3,906
VANGUARD INDEX FDS GROWTH ETF GROWTH ETF 922908736   514,489,628 1,387,288 SH   DFND 1 0 0 1,387,288
VANGUARD INDEX FDS S&P 500 ETF SHS S&P 500 ETF SHS 922908363   905,085,444 1,761,175 SH   DFND 1 0 0 1,761,175
VANGUARD INDEX FDS SMALL CP ETF SMALL CP ETF 922908751   99,441,127 448,438 SH   DFND 1 0 0 448,438
VANGUARD INDEX FDS TOTAL STK MKT TOTAL STK MKT 922908769   169,045,540 615,248 SH   DFND 1 0 0 615,248
VANGUARD INDEX FDS VALUE ETF VALUE ETF 922908744   482,678,336 2,794,733 SH   DFND 1 0 0 2,794,733
VANGUARD WORLD FD INF TECH ETF INF TECH ETF 92204A702   118,732,711 219,060 SH   DFND 1 0 0 219,060
XP INC CL A G98239109   25,548 1,858 SH   DFND 1 0 0 1,858