% of shares outstanding is not shown for MARO: 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 MARO in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | Tidal Investments LLC | 3,308,7933.3M | $18M | — | ADD 59% |
| 2 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 43,91043,910 | $234,479 | — | ADD 84% |
| 3 | WINEBRENNER CAPITAL MANAGEMENT LLC | 10,00010,000 | $53,400 | — | NEW |
| 4 | Benchmark Financial, LLC | 10,00010,000 | $53,400 | — | — |
| 5 | GROUP ONE TRADING LLC | 591591 | $3,156 | — | TRIM -25% |
| 6 | HOLLENCREST CAPITAL MANAGEMENT | 55 | $27 | — | — |
| 7 | WELLS FARGO & COMPANY/MN | 22 | $8 | — | ADD 100% |
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 |
|---|---|---|---|---|---|---|---|
| Tidal Investments LLC | — | 1.0M | 1.5M | 1.6M | 2.1M | 3.3M | $18M |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 34K | — | 62K | 65K | 24K | 44K | $234,479 |
| WINEBRENNER CAPITAL MANAGEMENT LLC | — | — | — | — | — | 10K | $53,400 |
| Benchmark Financial, LLC | — | — | — | — | 10K | 10K | $53,400 |
| GROUP ONE TRADING LLC | — | — | — | 1K | 791 | 591 | $3,156 |
| HOLLENCREST CAPITAL MANAGEMENT | — | — | — | — | 5 | 5 | $27 |
| WELLS FARGO & COMPANY/MN | — | — | 0 | 0 | 1 | 2 | $8 |
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 | 7 | 3,373,301 | — | $18M |
| 2025-Q4 | 12 | 2,146,461 | — | $16M |
| 2025-Q3 | 8 | 1,807,193 | — | $34M |
| 2025-Q2 | 8 | 1,735,814 | — | $38M |
| 2025-Q1 | 4 | 1,086,038 | — | $22M |
| 2024-Q4 | 3 | 58,706 | — | $2M |
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 | |
|---|---|---|---|
| Tidal Investments LLC | +1,226,684 | $7M | ADD |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | +20,057 | $107,104 | ADD |
| WINEBRENNER CAPITAL MANAGEMENT LLC | +10,000 | $53,400 | OPEN |
| WELLS FARGO & COMPANY/MN | +1 | $5 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| TWO SIGMA SECURITIES, LLC | −13,056 | $69,719 | CLOSE |
| BANK OF AMERICA CORP /DE/ | −11,003 | $58,756 | CLOSE |
| FNY Investment Advisers, LLC | −5,000 | $26,700 | CLOSE |
| UBS Group AG | −352 | $1,880 | CLOSE |
| GROUP ONE TRADING LLC | −200 | $1,068 | 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).
