Flow Traders discloses 8.45% Azul SA stake in 13G filing (AZLUQ)

Rhea-AI Filing Summary

Flow Traders U.S. LLC has disclosed a significant passive stake in Azul SA. The firm reports beneficial ownership of 7,572 shares of Azul common stock, representing 8.45% of the class as of December 31, 2025. Flow Traders holds sole power to vote and to dispose of all these shares, with no shared voting or dispositive power.

The investor certifies that the position was acquired and is held in the ordinary course of business, and not for the purpose of changing or influencing control of Azul. The filing is signed by the firm’s Chief Compliance Officer, Kyle Jose.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

AZUL SA

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05501U106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 05501U106

1

Names of Reporting Persons

FLOW TRADERS U.S. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,572.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,572.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,572.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.45 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AZUL SA
(b)	Address of issuer's principal executive offices: AV. MARCOS PENTEADO ULHOA RODRIGUES, NO. 939, 9 FLOOR, ED. JATOBA, BARUERI, D5, 06460-040
Item 2.
(a)	Name of person filing: FLOW TRADERS U.S. LLC
(b)	Address or principal business office or, if none, residence: 1114 AVENUE OF THE AMERICAS, 4TH FLOOR, NEW YORK, NY, 10036
(c)	Citizenship: NY
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 05501U106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7572.0
(b)	Percent of class: 8.45 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7572.0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7572.0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FLOW TRADERS U.S. LLC

Signature:	Kyle Jose
Name/Title:	Chief Compliance Officer
Date:	01/02/2026

FAQ

What stake in Azul SA does Flow Traders U.S. LLC report in this 13G for AZLUQ?

Flow Traders U.S. LLC reports beneficial ownership of 7,572 shares of Azul SA common stock, representing 8.45% of the class as of December 31, 2025. This crosses the 5% threshold that requires public disclosure on Schedule 13G.

Is Flow Traders’ position in Azul SA (AZLUQ) a passive investment?

Yes. Flow Traders certifies the Azul SA shares were acquired and are held in the ordinary course of business, not to change or influence control of the company. This representation is consistent with filing on Schedule 13G rather than the more activist-focused Schedule 13D.

How much voting power over Azul SA shares does Flow Traders U.S. LLC have?

Flow Traders U.S. LLC reports sole voting power over all 7,572 Azul SA common shares it beneficially owns and reports zero shared voting power. It also has sole dispositive power over the same shares, meaning it alone decides how to vote and whether to sell them.

Why did Flow Traders U.S. LLC have to file this Schedule 13G for AZLUQ?

Schedule 13G is required when an investor’s beneficial ownership exceeds 5% of a registered equity class. Flow Traders U.S. LLC reports owning 8.45% of Azul SA’s common stock, triggering this disclosure requirement as of the event date of December 31, 2025.

Who signed the Azul SA (AZLUQ) Schedule 13G on behalf of Flow Traders U.S. LLC?

The Schedule 13G is signed by Kyle Jose, Chief Compliance Officer of Flow Traders U.S. LLC. The signature certifies that, after reasonable inquiry, the information in the statement is true, complete, and correct based on the firm’s knowledge and belief.