Based on 33 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SPXU positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 70% of 2.0Y peak
70% of all-time peak
33 funds currently hold this stock — 70% of the 2.0-year high of 47 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 13% fewer funds vs a year ago
fund count last 6Q
5 fewer hedge funds hold SPXU compared to a year ago (-13% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🔴
Heavy selling pressure — only 26% buying
16 buying46 selling
Last quarter: 46 funds sold vs only 16 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
⚠️
Fewer new buyers each quarter (-11 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 18 → 9 → 22 → 11. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 39% entered in last year
■ 15% conviction (2yr+)
■ 45% medium
■ 39% new
Only 5 funds (15%) 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.
💰
Price up while funds trimmed (+39% value, -63% shares)
Last quarter: total value of institutional SPXU holdings rose +39% even though funds reduced share count by 63%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.
📈
Growing discovery — still being found
11 → 18 → 9 → 22 → 11 new funds/Q
New funds entering each quarter: 18 → 9 → 22 → 11. A growing number of institutions are discovering SPXU each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
📊
Mixed cohorts — 0% veterans, 36% new entrants
■ 0% veterans
■ 64% 1-2yr
■ 36% new
Of 39 current holders: 0 (0%) held 2+ years, 25 held 1–2 years, 14 (36%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
📋
Smaller funds dominant — 4% AUM from top-100
4% from top-100 AUM funds
6 of 33 holders rank in the top 100 by AUM, but together hold only 4% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.