Vault-13

INVESCO EXCH TRADED FD TR II KBWB

KBW BK ETF · ETP · CUSIP 46138E628

260 institutional holders +27 vs Q2 2025
63,473,44263.5m shares reported held*
$5.0bnreported value*
52 new 83 added 70 reduced 26 sold out net bought ≈ $400.9m (+5.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $78.21. Options: 4 managers hold calls ($39.8m notional), 4 hold puts ($26.4m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 139Q4 22: 160Q1 23: 157Q2 23: 148Q3 23: 142Q4 23: 159Q1 24: 150Q2 24: 157Q3 24: 166Q4 24: 204Q1 25: 232Q2 25: 233Q3 25: 260260Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022139
Q4 2022160
Q1 2023157
Q2 2023148
Q3 2023142
Q4 2023159
Q1 2024150
Q2 2024157
Q3 2024166
Q4 2024204
Q1 2025232
Q2 2025233
Q3 2025260

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 23: 66 bought or addedQ4 23: 81 cut or sold outQ1 24: 49 bought or addedQ1 24: 92 cut or sold outQ1 24Q2 24: 60 bought or addedQ2 24: 70 cut or sold outQ3 24: 73 bought or addedQ3 24: 75 cut or sold outQ3 24Q4 24: 111 bought or addedQ4 24: 65 cut or sold outQ1 25: 130 bought or addedQ1 25: 82 cut or sold outQ1 25Q2 25: 110 bought or addedQ2 25: 112 cut or sold outQ3 25: 135 bought or addedQ3 25: 96 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20236681
Q1 20244992
Q2 20246070
Q3 20247375
Q4 202411165
Q1 202513082
Q2 2025110112
Q3 202513596

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$25m$50m$75m$100mQ4 24 calls: $2.6mQ4 24 puts: $248.3kQ4 24P/C 0.10Q1 25 calls: $16.6mQ1 25 puts: $12.9mQ1 25P/C 0.77Q2 25 calls: $95.5mQ2 25 puts: $10.4mQ2 25P/C 0.11Q3 25 calls: $39.8mQ3 25 puts: $26.4mQ3 25P/C 0.66
Numbers
QuarterCallsPutsP/C
Q4 2024$2.6m$248.3k0.10
Q1 2025$16.6m$12.9m0.77
Q2 2025$95.5m$10.4m0.11
Q3 2025$39.8m$26.4m0.66

Biggest buyers

JPMORGAN CHASE & CO Added +8,927,935+8.9m
Harel Insurance Investments & Financial Services Ltd. Added +1,905,000+1.9m
TWO SIGMA INVESTMENTS, LP Added +1,168,848+1.2m
Temasek Holdings (Private) Ltd New +1,069,000+1.1m
OSAIC HOLDINGS, INC. Added +696,676+696.7k
MEITAV INVESTMENT HOUSE LTD Added +570,000+570.0k
MORGAN STANLEY Added +521,210+521.2k
Fisher Asset Management, LLC Added +273,692+273.7k
Marks Wealth, LLC New +217,459+217.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +207,079+207.1k

Biggest sellers

Migdal Insurance & Financial Holdings Ltd. Reduced -7,497,000-7.5m
ROYAL BANK OF CANADA Reduced -826,200-826.2k
CITIGROUP INC Reduced -534,513-534.5k
Clal Insurance Enterprises Holdings Ltd Reduced -514,000-514.0k
BANK OF AMERICA CORP /DE/ Reduced -465,588-465.6k
SCHRODER INVESTMENT MANAGEMENT GROUP Sold out -322,906-322.9k
BNP PARIBAS FINANCIAL MARKETS Sold out -319,770-319.8k
GOLDMAN SACHS GROUP INC Reduced -224,959-225.0k
CITADEL ADVISORS LLC Reduced -202,276-202.3k
ALTFEST L J & CO INC Sold out -169,626-169.6k

Biggest calls

CITADEL ADVISORS LLC Added $18.3m234.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $17.9m229.4k shares
JANE STREET GROUP, LLC Reduced $3.2m40.3k shares
WOLVERINE TRADING, LLC New $402.8k5.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $17.8m227.6k shares
CITADEL ADVISORS LLC Added $8.2m104.9k shares
JANE STREET GROUP, LLC Reduced $359.8k4.6k shares
HighTower Advisors, LLC New $4.5k1.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 12,431,64612.4m $972.3m $972.3m 0.03% Added +8.9m +8,927,935
2 BANK OF AMERICA CORP /DE/ 0.07% of their portfolio CHARLOTTE, NC 12,365,06412.4m $967.1m $967.1m 0.07% Reduced -465.6k -465,588
3 Harel Insurance Investments & Financial Services Ltd. 2.94% of their portfolio Ramat Gan, L3 4,177,6204.2m $326.7m $326.7m 2.94% Added +1.9m +1,905,000
4 Clal Insurance Enterprises Holdings Ltd 2.31% of their portfolio Tel-aviv, L3 3,856,0003.9m $301.6m $301.6m 2.31% Reduced -514.0k -514,000
5 Migdal Insurance & Financial Holdings Ltd. 3.11% of their portfolio Petach Tikva, L3 3,693,0003.7m $288.8m $288.8m 3.11% Reduced -7.5m -7,497,000
6 Fisher Asset Management, LLC 0.09% of their portfolio PLANO, TX 3,265,1623.3m $255.4m $255.4m 0.09% Added +273.7k +273,692
7 MENORA MIVTACHIM HOLDINGS LTD. 1.23% of their portfolio Ramat Gan, L3 3,089,0503.1m $241.6m $241.6m 1.23% Added +3.6k +3,600
8 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 2,715,7032.7m $212.4m $212.4m 0.03% Reduced -225.0k -224,959
9 Wharton Business Group, LLC 6.27% of their portfolio MALVERN, PA 1,834,1071.8m $143.4m $143.4m 6.27% Reduced -79.9k -79,912
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,630,3261.6m $127.5m $127.5m 0.01% Added +521.2k +521,210
11 TWO SIGMA INVESTMENTS, LP 0.15% of their portfolio NEW YORK, NY 1,213,4481.2m $94.9m $94.9m 0.15% Added +1.2m +1,168,848
12 Temasek Holdings (Private) Ltd 0.29% of their portfolio SINGAPORE, U0 1,069,0001.1m $83.6m $83.6m 0.29% New
13 Fiduciary Trust Co 0.69% of their portfolio Boston, MA 777,173777.2k $60.8m $60.8m 0.69% Reduced -148.9k -148,920
14 OSAIC HOLDINGS, INC. 0.08% of their portfolio SCOTTSDALE, AZ 736,385736.4k $57.6m $57.6m 0.08% Added +696.7k +696,676
15 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 680,808680.8k $53.2m $53.2m 0.01% Reduced -826.2k -826,200
16 Summit Trail Advisors, LLC 0.69% of their portfolio NEW YORK, NY 638,955639.0k $50.0m $50.0m 0.69% Added +165.8k +165,793
17 MEITAV INVESTMENT HOUSE LTD 0.66% of their portfolio BENE-BERAQ, L3 610,455610.5k $47.6m $47.6m 0.66% Added +570.0k +570,000
18 Guardian Partners Inc. 3.79% of their portfolio TORONTO, Z4 581,319581.3k $44.8m $44.8m 3.79% Reduced -27.3k -27,267
19 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 457,144457.1k $35.8m $35.8m 0.01% Added +46.0k +46,024
20 Horizon Investments, LLC 0.45% of their portfolio Charlotte, NC 434,534434.5k $34.0m $34.0m 0.45% Reduced -22.9k -22,917
21 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 428,808428.8k $33.5m $33.5m 0.01% Added +11.0k +11,004
22 FIL Ltd 0.02% of their portfolio HAMILTON, D0 343,382343.4k $26.9m $26.9m 0.02% Added +147.4k +147,361
23 VALLEY WEALTH MANAGERS, INC. 1.56% of their portfolio PARAMUS, NJ 301,822301.8k $23.6m $23.6m 1.56% Added +48.2k +48,180
24 SOL Capital Management CO 1.86% of their portfolio ROCKVILLE, MD 265,518265.5k $20.8m $20.8m 1.86% Reduced -17.6k -17,616
25 Ledyard National Bank 1.82% of their portfolio HANOVER, NH 260,198260.2k $20.4m $20.4m 1.82% Reduced -9.0k -9,017
26 UBS Group AG 0.00% of their portfolio ZURICH, V8 258,237258.2k $20.2m $20.2m 0.00% Reduced -85.6k -85,613
27 Foundations Investment Advisors, LLC 0.27% of their portfolio PHOENIX, AZ 240,635240.6k $18.8m $18.8m 0.27% Added +36.0k +35,966
28 Marks Wealth, LLC 5.25% of their portfolio ELLICOTT CITY, MD 217,459217.5k $17.0m $17.0m 5.25% New
29 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 212,134212.1k $16.6m $16.6m 0.02% Added +207.1k +207,079
30 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 210,443210.4k $16.5m $16.5m 0.01% Reduced -534.5k -534,513
31 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 202,886202.9k $15.9m $15.9m 0.01% Added +68.0k +68,048
32 RFG Holdings, Inc. 4.03% of their portfolio Argyle, TX 199,852199.9k $15.6m $15.6m 4.03% Added +2.5k +2,474
33 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 172,811172.8k $13.5m $13.5m 0.00% Reduced -67.6k -67,600
34 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 154,715154.7k $12.1m $12.1m 0.01% Added +11.7k +11,706
35 EDMOND DE ROTHSCHILD HOLDING S.A. 0.19% of their portfolio CHAMBESY, V8 154,411154.4k $12.1m $12.1m 0.19% Added +611 +611
36 Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) 1.45% of their portfolio Tel Aviv, L3 127,000127.0k $9.9m $9.9m 1.45% New
37 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 116,083116.1k $9.1m $9.1m 0.01% New
38 LOWE BROCKENBROUGH & CO INC 0.44% of their portfolio RICHMOND, VA 110,073110.1k $8.6m $8.6m 0.44% Added +1.7k +1,660
39 Csenge Advisory Group 0.40% of their portfolio CLEARWATER, FL 108,050108.0k $8.5m $8.5m 0.40% Added +1.0k +1,036
40 WP Advisors, LLC 1.84% of their portfolio San Francisco, CA 92,50092.5k $7.2m $7.2m 1.84% Reduced -852 -852
41 Banco BTG Pactual S.A. 1.03% of their portfolio RIO DE JANEIRO, D5 90,00090.0k $7.0m $7.0m 1.03% Reduced -30.0k -30,000
42 Wealthcare Advisory Partners LLC 0.13% of their portfolio WEST CHESTER, PA 82,53582.5k $6.5m $6.5m 0.13% Added +5.1k +5,070
43 STEPHENS INC /AR/ 0.08% of their portfolio LITTLE ROCK, AR 81,81381.8k $6.4m $6.4m 0.08% Reduced -237 -237
44 Krilogy Financial LLC 0.23% of their portfolio ST. LOUIS, MO 79,57379.6k $6.1m $6.1m 0.23% New
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 79,24179.2k $6.2m $6.2m 0.00% Reduced -31.6k -31,554
46 Cubist Systematic Strategies, LLC 0.09% of their portfolio STAMFORD, CT 77,45277.5k $6.1m $6.1m 0.09% Added +44.6k +44,576
47 Anfield Capital Management, LLC 1.76% of their portfolio IRVINE, CA 76,67676.7k $6.0m $6.0m 1.76% Added +17.2k +17,181
48 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 74,78874.8k $5.8m $5.8m 0.00% Added +6.6k +6,561
49 Tower Research Capital LLC (TRC) 0.15% of their portfolio NEW YORK, NY 67,63967.6k $5.3m $5.3m 0.15% Added +65.4k +65,406
50 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 67,30067.3k $5.3m $5.3m 0.01% Added +12.7k +12,700
51 SSI INVESTMENT MANAGEMENT LLC 0.35% of their portfolio Los Angeles, CA 65,54365.5k $5.1m $5.1m 0.35% Reduced -59.2k -59,203
52 Quadrature Capital Ltd 0.06% of their portfolio LONDON, X0 62,94262.9k $4.9m $4.9m 0.06% New
53 First International Bank of Israel Ltd. 2.75% of their portfolio TEL AVIV, L3 62,00062.0k $4.8m $4.8m 2.75% Unchanged
54 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 59,94659.9k $4.7m $4.7m 0.01% New
55 Quadcap Wealth Management, LLC 0.51% of their portfolio Frisco, TX 55,01755.0k $4.3m $4.3m 0.51% Added +235 +235
56 SYNOVUS FINANCIAL CORP 0.05% of their portfolio Columbus, GA 54,11054.1k $4.2m $4.2m 0.05% Added +424 +424
57 HRT FINANCIAL LP 0.02% of their portfolio NEW YORK, NY 53,19453.2k $4.2m $4.2m 0.02% Added +31.0k +31,032
58 Silphium Asset Management Ltd 1.19% of their portfolio London, X0 51,50051.5k $4.0m $4.0m 1.19% New
59 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 50,80050.8k $4.0m $4.0m 0.00% Reduced -202.3k -202,276
60 Vermillion & White Wealth Management Group, LLC 2.23% of their portfolio PHOENIXVILLE, PA 50,02450.0k $3.9m $3.9m 2.23% New
61 &PARTNERS 0.02% of their portfolio NASHVILLE, TN 48,36548.4k $3.8m $3.8m 0.02% New
62 PGIM Custom Harvest LLC 0.05% of their portfolio NEWARK, NJ 45,94545.9k $3.6m $3.6m 0.05% Reduced -3.2k -3,187
63 Envestnet Portfolio Solutions, Inc. 0.01% of their portfolio BERWYN, PA 43,51643.5k $3.4m $3.4m 0.01% Reduced -11.7k -11,650
64 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 43,17243.2k $3.4m $3.4m 0.01% Added +1.2k +1,196
65 QUATTRO FINANCIAL ADVISORS LLC 1.04% of their portfolio The Woodlands, TX 41,93541.9k $3.3m $3.3m 1.04% Reduced -372 -372
66 ProVise Management Group, LLC 0.24% of their portfolio CLEARWATER, FL 41,55641.6k $3.3m $3.3m 0.24% Reduced -1.5k -1,477
67 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 40,44040.4k $3.2m $3.2m 0.00% Added +12.4k +12,439
68 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 40,29040.3k $3.2m $3.2m 0.02% Added +13.7k +13,705
69 IPG Investment Advisors LLC 0.56% of their portfolio SAN DIEGO, CA 40,18040.2k $3.1m $3.1m 0.56% New
70 Astoria Portfolio Advisors LLC. 0.77% of their portfolio NEW YORK, NY 38,66938.7k $2.9m $2.9m 0.77% Added +33.3k +33,318
71 Transamerica Financial Advisors, LLC 0.24% of their portfolio CEDAR RAPIDS, IA 37,09137.1k $2.9m $2.9m 0.24% Added +768 +768
72 Pinnacle Wealth Management Group, Inc. 1.46% of their portfolio PLYMOUTH, MI 36,41236.4k $2.8m $2.8m 1.46% Added +1.4k +1,434
73 Advocacy Wealth Management, LLC 0.12% of their portfolio ATLANTA, GA 35,98136.0k $2.8m $2.8m 0.12% Reduced -2.6k -2,562
74 Delos Wealth Advisors, LLC 1.87% of their portfolio DALLAS, TX 35,51935.5k $2.8m $2.8m 1.87% Added +4.2k +4,228
75 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 34,84834.8k $2.7m $2.7m 0.01% Added +67 +67
76 GTS SECURITIES LLC 0.10% of their portfolio NEW YORK, NY 34,32834.3k $2.7m $2.7m 0.10% Reduced -62.8k -62,828
77 FOUNDERS FINANCIAL SECURITIES LLC 0.16% of their portfolio TOWSON, MD 30,91530.9k $2.4m $2.4m 0.16% Added +329 +329
78 HAZLETT, BURT & WATSON, INC. 0.84% of their portfolio WHEELING, WV 30,51430.5k $2.4m $2.4m 0.84% Added +3.6k +3,555
79 JUNCTURE WEALTH STRATEGIES, LLC 0.79% of their portfolio SCOTTSDALE, AZ 30,13830.1k $2.4m $2.4m 0.79% Added +1.6k +1,566
80 Central Pacific Bank - Trust Division 0.27% of their portfolio HONOLULU, HI 28,44028.4k $2.2m $2.2m 0.27% Reduced -24.4k -24,450
81 Masso Torrence Wealth Management Inc. 0.90% of their portfolio MARLTON, NJ 27,50427.5k $2.2m $2.2m 0.90% Added +401 +401
82 WESPAC Advisors SoCal, LLC 0.41% of their portfolio Pasadena, CA 25,90325.9k $2.0m $2.0m 0.41% Added +7.2k +7,187
83 Keel Point, LLC 0.12% of their portfolio HUNTSVILLE, AL 25,79925.8k $2.0m $2.0m 0.12% New
84 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 23,57423.6k $1.8m $1.8m 0.00% Reduced -18.1k -18,088
85 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 23,14423.1k $1.8m $1.8m 0.00% Reduced -569 -569
86 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 22,61222.6k $1.8m $1.8m 0.01% Added +10.2k +10,224
87 Prospera Financial Services Inc 0.03% of their portfolio Dallas, TX 22,45622.5k $1.8m $1.8m 0.03% New
88 Magnus Financial Group LLC 0.13% of their portfolio NEW YORK, NY 21,49521.5k $1.7m $1.7m 0.13% Added +1.1k +1,067
89 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 20,80120.8k $1.6m $1.6m 0.00% Reduced -19.4k -19,414
90 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 18,68918.7k $1.5m $1.5m 0.00% New
91 Itau Unibanco Holding S.A. 0.05% of their portfolio SAO PAULO, D5 18,40018.4k $1.4m $1.4m 0.05% Added +9.4k +9,400
92 COMERICA BANK 0.00% of their portfolio DALLAS, TX 16,68016.7k $1.3m $1.3m 0.00% Added +14.9k +14,925
93 U.S. Capital Wealth Advisors, LLC 0.03% of their portfolio AUSTIN, TX 16,54116.5k $1.3m $1.3m 0.03% Added +1 +1
94 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 15,67615.7k $1.2m $1.2m 0.00% Reduced -411 -411
95 AdvisorNet Financial, Inc 0.07% of their portfolio MINNETONKA, MN 15,03515.0k $1.2m $1.2m 0.07% Added +1.7k +1,696
96 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 14,97015.0k $1.2m $1.2m 0.00% Reduced -1.7k -1,711
97 PARSONS CAPITAL MANAGEMENT INC/RI 0.06% of their portfolio PROVIDENCE, RI 14,29114.3k $1.1m $1.1m 0.06% Unchanged
98 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 13,94913.9k $1.1m $1.1m 0.00% Reduced -137 -137
99 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 13,31913.3k $1.0m $1.0m 0.00% Added +6.4k +6,392
100 INVESTMENT MANAGEMENT CORP /VA/ /ADV 0.89% of their portfolio ROANOKE, VA 13,18313.2k $1.0m $1.0m 0.89% Added +256 +256