2023 ETF Series Trust (BUSA): Hedge Fund Ownership & Smart Money Signals (Q1 2026)

Q: Is it too late to buy 2023 ETF Series Trust (BUSA) following the 2026 Q1 hedge fund 13F filings?

As of today, BUSA has moved +2.6% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.1% for the SPY sector ETF — an outperformance of +1.5%. Since the quarter end (March 31, 2026), BUSA gained +5.5% vs +14.9% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

2023 ETF Series Trust (BUSA)

25 + Investors. Track Smart Money conviction in BUSA. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — BUSA

Based on 25 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 3 quarters in a row

last 6Q

For 3 consecutive quarters, more hedge funds added BUSA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

🏔️

At the ownership peak (100% of max)

100% of all-time peak

25 hedge funds hold BUSA right now — the highest count in 2.5 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.

🚀

Fast accumulation — +127% more funds vs a year ago

fund count last 6Q

+14 new funds entered over the past year (+127% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.

🟢

More buyers than sellers — 78% buying

18 buying5 selling

Last quarter: 18 funds were net buyers (9 opened a brand new position + 9 added to an existing one). Only 5 were sellers (3 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.

➡️

Steady new buyers — ~9 new funds per quarter

new funds entering per quarter

Funds opening this position for the first time: 3 → 7 → 6 → 9. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.

🔄

Mostly new holders — 60% entered in last year

■ 0% conviction (2yr+) ■ 40% medium ■ 60% new

Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

💎

Buying through price weakness — shares -7%, value -86%

Value

-85%

-7%

Last quarter: funds added -7% more shares while total portfolio value only changed -86%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.

➡️

Steady discovery — ~9 new funds/quarter

5 → 3 → 7 → 6 → 9 new funds/Q

New funds entering each quarter: 3 → 7 → 6 → 9. Consistent flow of new institutional buyers without clear acceleration or slowdown.

🌱

Early stage — 68% of holders entered in last year

■ 4% veterans ■ 28% 1-2yr ■ 68% new

Of 25 current holders: 17 (68%) entered in the past year, only 1 (4%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.

📋

Smaller funds dominant — 12% AUM from top-100

12% from top-100 AUM funds

6 of 25 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

5.9

out of 10

Moderate Exit Risk

Exit risk score 5.9/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2026 Q1)	Prior (2025 Q4)	Change
Funds Holding	25	18	38.89%
13F Shares	7M	7M	-6.97%
Total Value	$38M	$263M	-85.68%
New Positions	9	6	+3
Increased Positions	9	7	+2
Closed Positions	2	4	-2
Reduced Positions	3	4	-1
Total Calls	0	0	-
Total Puts	0	0	-
PUT/CALL Ratio	0.0	0.0	Bullish

Metric

All 13F Filers (2026 Q1)

Prior (2025 Q4)

Change

Funds Holding

38.89%

13F Shares

-6.97%

Total Value

$38M

$263M

-85.68%

New Positions

Increased Positions

Closed Positions

-2

Reduced Positions

-1

Total Calls

Total Puts

PUT/CALL Ratio

0.0

Bullish

Institutional Holders (2026 Q1)

25 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BUSA. Verified SEC 13F-HR filings.

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 23 BUSA holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	A&I Financial Services, LLC	7.79%	444,162	$16.4M
2	Brooklyn Investment Group	0.24%	206,088	$7.6M
3	Live Oak Private Wealth LLC	0.15%	29,801	$1.1M
4	Harbor Investment Advisory, LLC	0.10%	33,045	$1.2M
5	B. Riley Wealth Advisors, Inc.	0.02%	6,619	$241K
6	Dana Investment Advisors, Inc.	0.01%	5,945	$220K
7	Waverly Advisors, LLC	0.01%	21,651	$802K
8	Stifel Financial Corp	0.00%	97,017	$3.6M
9	Kestra Advisory Services, LLC	0.00%	14,320	$530K
10	Sanctuary Advisors, LLC	0.00%	6,577	$243K
11	Commonwealth Equity Services, LLC	0.00%	23,534	$871K
12	Royal Bank of Canada	0.00%	91,397	$3.4M
13	Signaturefd, LLC	0.00%	526	$19K
14	Nbc Securities, INC.	0.00%	62	$2K
15	Huntington National Bank	0.00%	504	$19K
16	Steward Partners Investment Advisory, LLC	0.00%	445	$16K
17	Jane Street Group, LLC	0.00%	15,866	$587K
18	US Bancorp \de\	0.00%	1,274	$47K
19	Osaic Holdings, INC.	0.00%	676	$25K
20	Susquehanna International Group, LLP	0.00%	6,999	$259K
21	UBS Group AG	0.00%	1,643	$61K
22	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	0.00%	625	$23K
23	Morgan Stanley	0.00%	1,588	$59K

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — 2023 ETF Series Trust (BUSA)

What does the Smart Money Trend signal show for BUSA?

Buying streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds added BUSA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for BUSA?

More buyers than sellers — 78% buying: Last quarter: 18 funds were net buyers (9 opened a brand new position + 9 added to an existing one). Only 5 were sellers (3 trimmed + 2 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for BUSA holders?

Smaller funds dominant — 12% AUM from top-100: 6 of 25 holders rank in the top 100 by AUM, but together hold only 12% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held BUSA?

Mostly new holders — 60% entered in last year: Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.

Is it too late to buy 2023 ETF Series Trust (BUSA) following the 2026 Q1 hedge fund 13F filings?

As of today, BUSA has moved +2.6% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.1% for the SPY sector ETF — an outperformance of +1.5%. Since the quarter end (March 31, 2026), BUSA has gained +5.5% vs +14.9% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

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2023 ETF Series Trust (BUSA)

Smart Money Signals — BUSA

Buying streak — 3 quarters in a row

At the ownership peak (100% of max)

Fast accumulation — +127% more funds vs a year ago

More buyers than sellers — 78% buying

Steady new buyers — ~9 new funds per quarter

Mostly new holders — 60% entered in last year

Buying through price weakness — shares -7%, value -86%

Steady discovery — ~9 new funds/quarter

Early stage — 68% of holders entered in last year

Smaller funds dominant — 12% AUM from top-100

Institutional Sentiment Summary — BUSA

Hedge Fund Ownership: BUSA

Market Analysis: BUSA

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: BUSA

Is It Too Late to Buy 2023 ETF Series Trust (BUSA) Based on Hedge Fund 13F Filings?

Hedge Fund Positioning: BUSA

Statistics: BUSA

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q1)

Frequently Asked Questions — 2023 ETF Series Trust (BUSA)

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