% of shares outstanding is not shown for RAYJ: 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 RAYJ 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 | Coppell Advisory Solutions LLC | 23,22723,227 | $799,241 | — | — |
| 2 | JANE STREET GROUP, LLC | 22,16522,165 | $746,628 | — | NEW |
| 3 | FLOW TRADERS U.S. LLC | 19,02619,026 | $641,000 | — | NEW |
| 4 | Sumitomo Mitsui DS Asset Management Company, Ltd | 15,00015,000 | $505,275 | — | — |
| 5 | Sowell Financial Services LLC | 7,7247,724 | $260,189 | — | ADD 18% |
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 |
|---|---|---|---|---|---|---|---|
| Coppell Advisory Solutions LLC | — | 18K | 20K | 24K | 24K | 23K | $799,241 |
| JANE STREET GROUP, LLC | 13K | — | — | — | — | 22K | $746,628 |
| FLOW TRADERS U.S. LLC | — | — | 6K | — | — | 19K | $641,000 |
| Sumitomo Mitsui DS Asset Management Company, Ltd | 750K | 750K | 15K | 15K | 15K | 15K | $505,275 |
| Sowell Financial Services LLC | — | — | — | — | 7K | 8K | $260,189 |
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 | 5 | 87,142 | — | $3M |
| 2025-Q4 | 4 | 51,695 | — | $2M |
| 2025-Q3 | 3 | 44,851 | — | $1M |
| 2025-Q2 | 5 | 58,188 | — | $2M |
| 2025-Q1 | 2 | 767,987 | — | $21M |
| 2024-Q4 | 2 | 763,377 | — | $21M |
| 2024-Q3 | 3 | 791,734 | — | $22M |
| 2024-Q2 | 4 | 820,378 | — | $20M |
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 | |
|---|---|---|---|
| JANE STREET GROUP, LLC | +22,165 | $746,628 | OPEN |
| FLOW TRADERS U.S. LLC | +19,026 | $640,891 | OPEN |
| Sowell Financial Services LLC | +1,187 | $39,984 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | −6,584 | $221,782 | CLOSE |
| Coppell Advisory Solutions LLC | −347 | $11,689 | — |
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).
