Based on 13 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added SPYU 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.
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High ownership — 93% of 2.5Y peak
93% of all-time peak
13 funds currently hold this stock — 93% of the 2.5-year high of 14 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 7% fewer funds vs a year ago
fund count last 6Q
1 fewer hedge funds hold SPYU compared to a year ago (-7% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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More buyers than sellers — 76% buying
13 buying4 selling
Last quarter: 13 funds were net buyers (5 opened a brand new position + 8 added to an existing one). Only 4 were sellers (0 trimmed + 4 sold completely). A clear majority buying is a strong confirmation signal.
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Steady new buyers — ~5 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 5 → 4 → 2 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 31% entered in last year
■ 15% conviction (2yr+)
■ 54% medium
■ 31% new
Only 2 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.
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Buying through price weakness — shares +213%, value +35%
Last quarter: funds added +213% more shares while total portfolio value only changed +35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
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Peak discovery — momentum slowing
8 → 5 → 4 → 2 → 5 new funds/Q
New funds entering each quarter: 5 → 4 → 2 → 5. SPYU is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 31% veterans, 38% new entrants
■ 31% veterans
■ 31% 1-2yr
■ 38% new
Of 13 current holders: 4 (31%) held 2+ years, 4 held 1–2 years, 5 (38%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
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Elite ownership — 45% AUM from top-100 funds
45% from top-100 AUM funds
4 of 13 holders are among the 100 largest funds by AUM, controlling 45% of total institutional value in SPYU. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.