% of shares outstanding is not shown for ARLU: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for ARLU in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| Allianz SE | — | — | — | — | 45K | 431K | $12M |
| COMMONWEALTH EQUITY SERVICES, LLC | 144K | 303K | 328K | 324K | 322K | 305K | $9M |
| RFG Advisory, LLC | 97K | 120K | 187K | 197K | 188K | 190K | $5M |
| ARS Wealth Advisors Group, LLC | — | 134K | 134K | 134K | 132K | 135K | $4M |
| STEPHENS INC /AR/ | 75K | 78K | 81K | 92K | 93K | 92K | $3M |
| Kestra Advisory Services, LLC | 89K | 90K | 91K | 87K | 87K | 87K | $2M |
| USA FINANCIAL FORMULAS | — | 45 | 101K | 83K | 69K | 65K | $2M |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | — | — | — | 10K | 12K | 62K | $2M |
| Patriot Financial Group Insurance Agency, LLC | 56K | 32K | 14K | 9K | 10K | 19K | $548,934 |
| CITADEL ADVISORS LLC | 10K | 17K | 16K | — | — | 17K | $485,323 |
| Arax Advisory Partners | — | 14K | 16K | — | 16K | 16K | $458,440 |
| Cetera Investment Advisers | 71K | 72K | 18K | 22K | 19K | 15K | $430,292 |
| First Heartland Consultants, Inc. | 20K | 20K | 20K | 16K | 15K | 14K | $397,871 |
| INDEPENDENT FINANCIAL GROUP, LLC | — | 13K | 14K | 14K | 14K | 14K | $390,927 |
| SILVER OAK SECURITIES, INCORPORATED | 13K | 13K | 13K | 13K | 13K | 12K | $355,493 |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 23 | 1,537,825 | — | $44M |
| 2025-Q4 | 25 | 1,404,917 | — | $43M |
| 2025-Q3 | 22 | 1,171,927 | — | $35M |
| 2025-Q2 | 24 | 1,263,845 | — | $35M |
| 2025-Q1 | 20 | 1,106,305 | — | $28M |
| 2024-Q4 | 17 | 825,142 | — | $22M |
| 2024-Q3 | 18 | 767,620 | — | $21M |
| 2024-Q2 | 12 | 871,555 | — | $18M |
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| Allianz SE | +385,644 | $11M | ADD |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | +50,293 | $1M | ADD |
| CITADEL ADVISORS LLC | +16,915 | $485,325 | OPEN |
| Patriot Financial Group Insurance Agency, LLC | +9,383 | $269,217 | ADD |
| ARS Wealth Advisors Group, LLC | +3,486 | $100,020 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| Allianz Investment Management LLC | −241,633 | $7M | CLOSE |
| CENTAURUS FINANCIAL, INC. | −34,197 | $981,180 | CLOSE |
| OLD MISSION CAPITAL LLC | −32,519 | $933,035 | CLOSE |
| COMMONWEALTH EQUITY SERVICES, LLC | −16,952 | $486,387 | TRIM |
| Cetera Investment Advisers | −4,162 | $119,416 | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
