Based on 156 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Buying streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds added ETW 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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At the ownership peak (99% of max)
99% of all-time peak
156 hedge funds hold ETW right now — the highest count in 3.0 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.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding ETW is almost the same as a year ago (+5 funds, +3% change). No significant rush to buy or sell — institutional backing is holding steady.
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Slight buying edge — 58% buying
75 buying54 selling
Last quarter: 75 funds bought or added vs 54 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
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Steady new buyers — ~18 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 19 → 24 → 16 → 18. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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64% of holders stayed for 2+ years
■ 64% conviction (2yr+)
■ 20% medium
■ 16% new
100 out of 156 hedge funds have held ETW for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Peak discovery — momentum slowing
27 → 19 → 24 → 16 → 18 new funds/Q
New funds entering each quarter: 19 → 24 → 16 → 18. ETW 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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Deep conviction — 67% of holders stayed 2+ years
■ 67% veterans
■ 10% 1-2yr
■ 24% new
Of 156 current holders: 104 (67%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Strong quality — 39% AUM from major funds
39% from top-100 AUM funds
13 of 156 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.