% of shares outstanding is not shown for DEFR: 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 DEFR 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 |
|---|---|---|---|---|---|---|---|
| Aptus Capital Advisors, LLC | — | — | 1.4M | 1.2M | 1.7M | 1.8M | $48M |
| 6th Street Advisors, LLC | — | — | — | — | — | 317K | $8M |
| ENVESTNET ASSET MANAGEMENT INC | — | — | 236K | 259K | — | 269K | $7M |
| Park Place Capital Corp | — | — | 198K | 218K | 245K | 261K | $7M |
| Waterloo Capital, L.P. | — | — | 154K | 158K | 160K | 161K | $4M |
| Compass Ion Advisors, LLC | — | — | — | 32K | 52K | 149K | $4M |
| Integrated Wealth Concepts LLC | — | — | 11K | 96K | 109K | 141K | $4M |
| SILVER OAK SECURITIES, INCORPORATED | — | — | 118K | 124K | 128K | 135K | $4M |
| Prime Capital Investment Advisors, LLC | — | — | — | 55K | 93K | 116K | $3M |
| ONE PLUS ONE WEALTH MANAGEMENT, LLC | — | — | 76K | 80K | 82K | 87K | $2M |
| Regal Investment Advisors LLC | — | — | — | 21K | 58K | 60K | $2M |
| Second Line Capital, LLC | — | — | 31K | 32K | 40K | 53K | $1M |
| Second Half Financial Partners, LLC | — | — | 44K | 42K | 43K | 48K | $1M |
| MBE Wealth Management, LLC | — | — | — | 18K | 33K | 48K | $1M |
| Atria Investments, Inc | — | — | — | 31K | 39K | 39K | $1M |
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 | 26 | 3,872,026 | — | $103M |
| 2025-Q4 | 23 | 2,943,946 | — | $79M |
| 2025-Q3 | 20 | 2,444,523 | — | $64M |
| 2025-Q2 | 13 | 2,324,061 | — | $60M |
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 | |
|---|---|---|---|
| 6th Street Advisors, LLC | +317,186 | $8M | OPEN |
| ENVESTNET ASSET MANAGEMENT INC | +268,627 | $7M | OPEN |
| Aptus Capital Advisors, LLC | +114,641 | $3M | ADD |
| Compass Ion Advisors, LLC | +96,473 | $3M | ADD |
| Integrated Wealth Concepts LLC | +31,905 | $848,632 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| True Vision MN LLC | −33,164 | $882,119 | CLOSE |
| OSAIC HOLDINGS, INC. | −2,313 | $61,523 | TRIM |
| UBS Group AG | −328 | $8,724 | CLOSE |
| Rockefeller Capital Management L.P. | −163 | $4,336 | CLOSE |
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).
