% of shares outstanding is not shown for UDN: 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 UDN 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 | HighTower Advisors, LLC | 591,440591,440 | $11M | — | — |
| 2 | GFS Advisors, LLC | 242,200242,200 | $4M | — | ADD 51% |
| 3 | JANE STREET GROUP, LLC | 176,023176,023 | $3M | — | ADD 10% |
| 4 | BANK OF AMERICA CORP /DE/ | 150,643150,643 | $3M | — | TRIM -73% |
| 5 | Alliance Wealth Advisors, LLC /UT | 144,143144,143 | $3M | — | ADD 76% |
| 6 | UBS Group AG | 142,266142,266 | $3M | — | — |
| 7 | L1 Global Manager Pty Ltd | 110,000110,000 | $2M | — | — |
| 8 | Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors | 67,00567,005 | $1M | — | ADD 29% |
| 9 | RAYMOND JAMES FINANCIAL INC | 57,40757,407 | $1M | — | ADD 5% |
| 10 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 46,72946,729 | $841,122 | — | ADD 49% |
| 11 | FLOW TRADERS U.S. LLC | 38,86038,860 | $699,000 | — | ADD 105% |
| 12 | LPL Financial LLC | 32,88532,885 | $591,930 | — | ADD 219% |
| 13 | SIMPLEX TRADING, LLC | 30,48130,481 | $548,658 | — | NEW |
| 14 | HRT FINANCIAL LP | 30,24530,245 | $544,000 | — | ADD 198% |
| 15 | Csenge Advisory Group | 27,24527,245 | $490,410 | — | NEW |
| 16 | Advisory Services Network, LLC | 25,39025,390 | $457,020 | — | — |
| 17 | Lido Advisors, LLC | 21,81821,818 | $392,726 | — | ADD 105% |
| 18 | MORGAN STANLEY | 19,94819,948 | $359,068 | — | TRIM -70% |
| 19 | Bull Harbor Capital LLC | 19,94419,944 | $358,992 | — | NEW |
| 20 | Prospera Financial Services Inc | 18,10018,100 | $325,800 | — | TRIM -13% |
| 21 | Maltin Wealth Management, Inc. | 14,95014,950 | $269,100 | — | NEW |
| 22 | Capstone Wealth Management Group LLC | 13,93613,936 | $250,848 | — | — |
| 23 | ROYAL BANK OF CANADA | 6,0686,068 | $109,000 | — | TRIM -28% |
| 24 | MAI Capital Management | 5,4515,451 | $98,118 | — | NEW |
| 25 | BNP PARIBAS FINANCIAL MARKETS | 5,3675,367 | $96,606 | — | NEW |
| 26 | OSAIC HOLDINGS, INC. | 5,2695,269 | $94,842 | — | TRIM -44% |
| 27 | Legacy Bridge, LLC | 4,2504,250 | $76,500 | — | — |
| 28 | Delos Wealth Advisors, LLC | 3,1403,140 | $56,520 | — | — |
| 29 | Strategic Investment Solutions, Inc. /IL | 2,4502,450 | $49,500 | — | NEW |
| 30 | WELLS FARGO & COMPANY/MN | 1,5001,500 | $27,000 | — | NEW |
| 31 | Farther Finance Advisors, LLC | 1,1291,129 | $20,378 | — | NEW |
| 32 | NewEdge Advisors, LLC | 11,71811,718 | $11,718 | — | NEW |
| 33 | Steward Partners Investment Advisory, LLC | 241241 | $4,338 | — | TRIM -99% |
| 34 | Signature Resources Capital Management, LLC | 100100 | $1,800 | — | NEW |
| 35 | Blue Trust, Inc. | 7575 | $1,350 | — | — |
| 36 | CWM, LLC | 5050 | $900 | — | — |
| 37 | HARBOUR INVESTMENTS, INC. | 22 | $36 | — | NEW |
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 |
|---|---|---|---|---|---|---|---|
| HighTower Advisors, LLC | — | 177K | 426K | 571K | 582K | 591K | $11M |
| GFS Advisors, LLC | — | — | — | — | 160K | 242K | $4M |
| JANE STREET GROUP, LLC | 224K | 205K | 255K | 328K | 160K | 176K | $3M |
| BANK OF AMERICA CORP /DE/ | 29K | 106K | 396K | 522K | 558K | 151K | $3M |
| Alliance Wealth Advisors, LLC /UT | — | — | — | — | 82K | 144K | $3M |
| UBS Group AG | 3K | 13K | 61K | 108K | 141K | 142K | $3M |
| L1 Global Manager Pty Ltd | — | — | — | — | 110K | 110K | $2M |
| Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors | — | — | — | 29K | 52K | 67K | $1M |
| RAYMOND JAMES FINANCIAL INC | — | — | 11K | 39K | 54K | 57K | $1M |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 47K | 119K | — | 53K | 31K | 47K | $841,122 |
| FLOW TRADERS U.S. LLC | 110K | — | — | — | 19K | 39K | $699,000 |
| LPL Financial LLC | — | — | — | 55K | 10K | 33K | $591,930 |
| SIMPLEX TRADING, LLC | 5K | 12K | — | — | — | 30K | $548,658 |
| HRT FINANCIAL LP | 13K | — | — | 20K | 10K | 30K | $544,000 |
| Csenge Advisory Group | — | — | — | — | — | 27K | $490,410 |
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.
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 | |
|---|---|---|---|
| GFS Advisors, LLC | +82,200 | $1M | ADD |
| Alliance Wealth Advisors, LLC /UT | +62,197 | $1M | ADD |
| SIMPLEX TRADING, LLC | +30,481 | $548,658 | OPEN |
| Csenge Advisory Group | +27,245 | $490,410 | OPEN |
| LPL Financial LLC | +22,580 | $406,440 | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| BANK OF AMERICA CORP /DE/ | −407,751 | $7M | TRIM |
| Jefferies Financial Group Inc. | −255,811 | $5M | CLOSE |
| BROWN BROTHERS HARRIMAN & CO | −54,495 | $980,910 | CLOSE |
| MORGAN STANLEY | −46,048 | $828,864 | TRIM |
| Steward Partners Investment Advisory, LLC | −20,090 | $361,620 | 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).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 37 | 2,068,468 | — | $37M |
| 2025-Q4 | 33 | 2,492,059 | — | $45M |
| 2025-Q3 | 30 | 2,727,832 | — | $51M |
| 2025-Q2 | 28 | 2,353,862 | — | $44M |
| 2025-Q1 | 25 | 1,210,198 | — | $21M |
| 2024-Q4 | 22 | 606,744 | — | $10M |
| 2024-Q3 | 24 | 1,002,146 | — | $19M |
| 2024-Q2 | 24 | 654,079 | — | $12M |
| 2024-Q1 | 22 | 812,350 | — | $15M |
| 2023-Q4 | 29 | 858,347 | — | $16M |
| 2023-Q3 | 23 | 731,296 | — | $13M |
| 2023-Q2 | 25 | 673,560 | — | $13M |
| 2023-Q1 | 28 | 1,012,934 | — | $19M |
| 2022-Q4 | 25 | 895,838 | — | $17M |
| 2022-Q3 | 19 | 464,599 | — | $8M |
| 2022-Q2 | 17 | 631,166 | — | $12M |
| 2022-Q1 | 15 | 436,070 | — | $9M |
| 2021-Q4 | 19 | 610,029 | — | $12M |
| 2021-Q3 | 20 | 562,495 | — | $12M |
| 2021-Q2 | 20 | 753,931 | — | $16M |
| 2021-Q1 | 23 | 945,570 | — | $20M |
| 2020-Q4 | 28 | 1,076,794 | — | $23M |
| 2020-Q3 | 28 | 841,926 | — | $18M |
| 2020-Q2 | 23 | 497,762 | — | $10M |
| 2020-Q1 | 15 | 343,194 | — | $7M |
| 2019-Q4 | 16 | 521,172 | — | $11M |
| 2019-Q3 | 14 | 509,930 | — | $10M |
| 2019-Q2 | 14 | 330,896 | — | $7M |
| 2019-Q1 | 12 | 277,279 | — | $6M |
| 2018-Q4 | 13 | 158,082 | — | $3M |
| 2018-Q3 | 12 | 70,776 | — | $2M |
| 2018-Q2 | 15 | 353,192 | — | $8M |
