Instuitional Investor - Bw Gestao De Investimentos Ltda.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares TrustCALL	IEF	1,875,000	$376,331,250	11.97%
2.	Ishares TrustPUT	IEF	1,500,000	$301,065,000	9.57%
3.	Invesco Exchange Traded Fd T		1,463,710	$230,973,438	7.34%
4.	Spdr S & P 500 Etf TrustPUT	SPY	400,000	$190,124,000	6.04%
5.	Spdr S & P 500 Etf TrustCALL	SPY	350,000	$166,358,500	5.29%