Vault-13

INVESCO EXCH TRADED FD TR II KBWB

KBW BK ETF · ETP · CUSIP 46138E628

310 institutional holders +50 vs Q3 2025
54,347,92754.3m shares reported held*
$4.6bnreported value*
74 new 95 added 78 reduced 30 sold out net sold ≈ $757.2m (-9.0m 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 ($7.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $84.29. Options: 4 managers hold calls ($94.5m notional), 4 hold puts ($28.2m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 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: 260Q4 25: 310310Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025310

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 49 bought or addedQ1 24: 92 cut or sold outQ2 24: 60 bought or addedQ2 24: 70 cut or sold outQ2 24Q3 24: 73 bought or addedQ3 24: 75 cut or sold outQ4 24: 111 bought or addedQ4 24: 65 cut or sold outQ4 24Q1 25: 130 bought or addedQ1 25: 82 cut or sold outQ2 25: 110 bought or addedQ2 25: 112 cut or sold outQ2 25Q3 25: 135 bought or addedQ3 25: 96 cut or sold outQ4 25: 169 bought or addedQ4 25: 108 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20244992
Q2 20246070
Q3 20247375
Q4 202411165
Q1 202513082
Q2 2025110112
Q3 202513596
Q4 2025169108

Calls vs puts

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

CallsPuts
$0$25m$50m$75m$100mQ1 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 0.66Q4 25 calls: $94.5mQ4 25 puts: $28.2mQ4 25P/C 0.30
Numbers
QuarterCallsPutsP/C
Q1 2025$16.6m$12.9m0.77
Q2 2025$95.5m$10.4m0.11
Q3 2025$39.8m$26.4m0.66
Q4 2025$94.5m$28.2m0.30

Biggest buyers

Temasek Holdings (Private) Ltd Added +920,001+920.0k
BNP PARIBAS FINANCIAL MARKETS New +855,044+855.0k
EDMOND DE ROTHSCHILD HOLDING S.A. Added +468,675+468.7k
MENORA MIVTACHIM HOLDINGS LTD. Added +459,850+459.9k
Cornerstone Advisors, LLC New +360,669+360.7k
Fisher Asset Management, LLC Added +303,052+303.1k
CITADEL ADVISORS LLC Added +168,566+168.6k
Polymer Capital Management (HK) LTD New +153,000+153.0k
Point72 Asset Management, L.P. New +144,493+144.5k
GOLDMAN SACHS GROUP INC Added +121,744+121.7k

Biggest sellers

Harel Insurance Investments & Financial Services Ltd. Reduced -4,177,000-4.2m
JPMORGAN CHASE & CO Reduced -3,265,642-3.3m
Clal Insurance Enterprises Holdings Ltd Reduced -1,594,000-1.6m
Migdal Insurance & Financial Holdings Ltd. Reduced -1,529,250-1.5m
TWO SIGMA INVESTMENTS, LP Sold out -1,213,448-1.2m
MEITAV INVESTMENT HOUSE LTD Reduced -528,995-529.0k
Guardian Partners Inc. Reduced -442,919-442.9k
Marks Wealth, LLC Sold out -217,459-217.5k
MORGAN STANLEY Reduced -173,680-173.7k
CITIGROUP INC Reduced -156,829-156.8k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $53.4m633.1k shares
JANE STREET GROUP, LLC Added $32.6m386.5k shares
CITADEL ADVISORS LLC Reduced $4.6m54.9k shares
Point72 Asset Management, L.P. New $3.9m46.1k shares

Biggest puts

JANE STREET GROUP, LLC Added $10.7m126.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $10.4m123.1k shares
CITADEL ADVISORS LLC Reduced $5.3m63.2k shares
Point72 Asset Management, L.P. New $1.8m21.9k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 12,334,96912.3m $1.0bn $1.0bn 0.08% Reduced -30.1k -30,095
2 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 9,166,0049.2m $772.6m $772.6m 0.05% Reduced -3.3m -3,265,642
3 Fisher Asset Management, LLC 0.10% of their portfolio PLANO, TX 3,568,2143.6m $300.8m $300.8m 0.10% Added +303.1k +303,052
4 MENORA MIVTACHIM HOLDINGS LTD. 1.41% of their portfolio Ramat Gan, L3 3,548,9003.5m $299.1m $299.1m 1.41% Added +459.9k +459,850
5 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 2,837,4472.8m $239.2m $239.2m 0.03% Added +121.7k +121,744
6 Clal Insurance Enterprises Holdings Ltd 1.23% of their portfolio Tel-aviv, L3 2,262,0002.3m $190.7m $190.7m 1.23% Reduced -1.6m -1,594,000
7 Migdal Insurance & Financial Holdings Ltd. 1.57% of their portfolio Petach Tikva, L3 2,163,7502.2m $182.4m $182.4m 1.57% Reduced -1.5m -1,529,250
8 Temasek Holdings (Private) Ltd 0.54% of their portfolio SINGAPORE, U0 1,989,0012.0m $167.7m $167.7m 0.54% Added +920.0k +920,001
9 Wharton Business Group, LLC 5.85% of their portfolio MALVERN, PA 1,825,4631.8m $153.9m $153.9m 5.85% Reduced -8.6k -8,644
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,456,6461.5m $122.8m $122.8m 0.01% Reduced -173.7k -173,680
11 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 855,044855.0k $72.1m $72.1m 0.05% New
12 OSAIC HOLDINGS, INC. 0.09% of their portfolio SCOTTSDALE, AZ 722,840722.8k $60.9m $60.9m 0.09% Reduced -13.5k -13,545
13 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 707,460707.5k $59.6m $59.6m 0.01% Added +26.7k +26,652
14 Fiduciary Trust Co 0.61% of their portfolio Boston, MA 634,572634.6k $53.5m $53.5m 0.61% Reduced -142.6k -142,601
15 EDMOND DE ROTHSCHILD HOLDING S.A. 0.75% of their portfolio CHAMBESY, V8 623,086623.1k $52.5m $52.5m 0.75% Added +468.7k +468,675
16 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 565,054565.1k $47.6m $47.6m 0.01% Added +107.9k +107,910
17 Summit Trail Advisors, LLC 0.78% of their portfolio NEW YORK, NY 538,212538.2k $45.4m $45.4m 0.78% Reduced -100.7k -100,743
18 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 497,099497.1k $41.9m $41.9m 0.01% Added +68.3k +68,291
19 FIL Ltd 0.03% of their portfolio HAMILTON, D0 456,577456.6k $38.7m $38.7m 0.03% Added +113.2k +113,195
20 Horizon Investments, LLC 0.42% of their portfolio Charlotte, NC 397,216397.2k $33.5m $33.5m 0.42% Reduced -37.3k -37,318
21 Cornerstone Advisors, LLC 1.01% of their portfolio ASHEVILLE, NC 360,669360.7k $30.4m $30.4m 1.01% New
22 UBS Group AG 0.01% of their portfolio ZURICH, V8 304,697304.7k $25.7m $25.7m 0.01% Added +46.5k +46,460
23 Ledyard National Bank 1.81% of their portfolio HANOVER, NH 248,828248.8k $21.0m $21.0m 1.81% Reduced -11.4k -11,370
24 SOL Capital Management CO 1.85% of their portfolio ROCKVILLE, MD 244,343244.3k $20.6m $20.6m 1.85% Reduced -21.2k -21,175
25 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 219,366219.4k $18.5m $18.5m 0.01% Added +168.6k +168,566
26 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 214,194214.2k $18.1m $18.1m 0.03% Added +98.1k +98,111
27 RFG Holdings, Inc. 4.24% of their portfolio Argyle, TX 200,810200.8k $16.9m $16.9m 4.24% Added +958 +958
28 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 176,423176.4k $14.9m $14.9m 0.00% Added +3.6k +3,612
29 VALLEY WEALTH MANAGERS, INC. 0.90% of their portfolio PARAMUS, NJ 167,467167.5k $14.1m $14.1m 0.90% Reduced -134.4k -134,355
30 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 155,860155.9k $13.1m $13.1m 0.01% Added +1.1k +1,145
31 Polymer Capital Management (HK) LTD 2.01% of their portfolio HONG KONG, K3 153,000153.0k $12.9m $12.9m 2.01% New
32 Foundations Investment Advisors, LLC 0.17% of their portfolio PHOENIX, AZ 151,266151.3k $12.8m $12.8m 0.17% Reduced -89.4k -89,369
33 Point72 Asset Management, L.P. 0.02% of their portfolio STAMFORD, CT 144,493144.5k $12.2m $12.2m 0.02% New
34 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 141,369141.4k $11.9m $11.9m 0.00% Reduced -61.5k -61,517
35 Guardian Partners Inc. 0.93% of their portfolio TORONTO, Z4 138,400138.4k $11.7m $11.7m 0.93% Reduced -442.9k -442,919
36 Csenge Advisory Group 0.51% of their portfolio CLEARWATER, FL 134,948134.9k $11.4m $11.4m 0.51% Added +26.9k +26,898
37 Quantitative Investment Management, LLC 0.90% of their portfolio CHARLOTTESVILLE, VA 110,410110.4k $9.3m $9.3m 0.90% New
38 LOWE BROCKENBROUGH & CO INC 0.45% of their portfolio RICHMOND, VA 109,057109.1k $9.2m $9.2m 0.45% Reduced -1.0k -1,016
39 MKP Capital Management, L.L.C. 0.30% of their portfolio New York, NY 100,000100.0k $8.4m $8.4m 0.30% New
40 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 96,84796.8k $8.2m $8.2m 0.01% New
41 WP Advisors, LLC 1.94% of their portfolio San Francisco, CA 92,17692.2k $7.8m $7.8m 1.94% Reduced -324 -324
42 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 90,10790.1k $7.6m $7.6m 0.00% Added +15.3k +15,319
43 STEPHENS INC /AR/ 0.09% of their portfolio LITTLE ROCK, AR 86,78086.8k $7.3m $7.3m 0.09% Added +5.0k +4,967
44 ALTFEST L J & CO INC 0.77% of their portfolio NEW YORK, NY 83,81583.8k $7.1m $7.1m 0.77% New
45 Wealthcare Advisory Partners LLC 0.14% of their portfolio WEST CHESTER, PA 83,50983.5k $7.0m $7.0m 0.14% Added +974 +974
46 MEITAV INVESTMENT HOUSE LTD 0.08% of their portfolio BENE-BERAQ, L3 81,46081.5k $6.9m $6.9m 0.08% Reduced -529.0k -528,995
47 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 74,84974.8k $6.3m $6.3m 0.00% Reduced -4.4k -4,392
48 Astoria Portfolio Advisors LLC. 1.37% of their portfolio NEW YORK, NY 72,61172.6k $6.0m $6.0m 1.37% Added +33.9k +33,942
49 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 69,76669.8k $5.9m $5.9m 0.01% Reduced -142.4k -142,368
50 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 68,56568.6k $5.8m $5.8m 0.01% Added +8.6k +8,619
51 Crown Wealth Group, LLC 1.61% of their portfolio Charlotte, NC 68,21568.2k $5.7m $5.7m 1.61% New
52 SSI INVESTMENT MANAGEMENT LLC 0.37% of their portfolio Los Angeles, CA 65,59665.6k $5.5m $5.5m 0.37% Added +53 +53
53 Banco BTG Pactual S.A. 0.97% of their portfolio RIO DE JANEIRO, D5 65,00065.0k $5.5m $5.5m 0.97% Reduced -25.0k -25,000
54 TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio STAMFORD, CT 62,51462.5k $5.3m $5.3m 0.03% New
55 First International Bank of Israel Ltd. 2.50% of their portfolio TEL AVIV, L3 62,00062.0k $5.2m $5.2m 2.50% Unchanged
56 Massar Capital Management, LP 1.01% of their portfolio STAMFORD, CT 61,06261.1k $5.1m $5.1m 1.01% New
57 Silphium Asset Management Ltd 2.14% of their portfolio London, X0 59,80659.8k $5.0m $5.0m 2.14% Added +8.3k +8,306
58 Quadcap Wealth Management, LLC 0.55% of their portfolio Frisco, TX 56,56756.6k $4.8m $4.8m 0.55% Added +1.6k +1,550
59 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 54,15354.2k $4.6m $4.6m 0.00% Added +40.8k +40,834
60 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 53,88753.9k $4.5m $4.5m 0.00% New
61 Pinnacle Financial Partners, Inc. 0.03% of their portfolio ATLANTA, GA 53,82253.8k $4.5m $4.5m 0.03% First filing
62 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 53,61453.6k $4.5m $4.5m 0.00% Reduced -156.8k -156,829
63 Vermillion & White Wealth Management Group, LLC 2.40% of their portfolio PHOENIXVILLE, PA 52,18752.2k $4.4m $4.4m 2.40% Added +2.2k +2,163
64 Envestnet Portfolio Solutions, Inc. 0.02% of their portfolio BERWYN, PA 51,45351.5k $4.3m $4.3m 0.02% Added +7.9k +7,937
65 &PARTNERS 0.02% of their portfolio NASHVILLE, TN 49,80849.8k $4.2m $4.2m 0.02% Added +1.4k +1,443
66 Y-Intercept (Hong Kong) Ltd 0.09% of their portfolio HONG KONG, K3 49,23349.2k $4.1m $4.1m 0.09% New
67 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 47,80047.8k $4.0m $4.0m 0.01% Reduced -19.5k -19,500
68 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 46,82246.8k $3.9m $3.9m 0.01% Added +26.0k +26,021
69 PGIM Custom Harvest LLC 0.06% of their portfolio NEWARK, NJ 44,36744.4k $3.7m $3.7m 0.06% Reduced -1.6k -1,578
70 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 43,22343.2k $3.6m $3.6m 0.00% New
71 QUATTRO FINANCIAL ADVISORS LLC 1.06% of their portfolio The Woodlands, TX 42,23542.2k $3.6m $3.6m 1.06% Added +300 +300
72 Quantinno Capital Management LP 0.01% of their portfolio NEW YORK, NY 42,23442.2k $3.6m $3.6m 0.01% Reduced -938 -938
73 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 40,65240.7k $3.4m $3.4m 0.01% Added +17.1k +17,078
74 ProVise Management Group, LLC 0.24% of their portfolio CLEARWATER, FL 40,42240.4k $3.4m $3.4m 0.24% Reduced -1.1k -1,134
75 Advocacy Wealth Management, LLC 0.13% of their portfolio ATLANTA, GA 37,97238.0k $3.2m $3.2m 0.13% Added +2.0k +1,991
76 Hobbs Group Advisors, LLC 0.96% of their portfolio COLUMBIA, SC 37,90837.9k $3.2m $3.2m 0.96% Added +34.3k +34,259
77 Transamerica Financial Advisors, LLC 0.26% of their portfolio CEDAR RAPIDS, IA 37,42737.4k $3.2m $3.2m 0.26% Added +336 +336
78 Pinnacle Wealth Management Group, Inc. 1.56% of their portfolio PLYMOUTH, MI 37,00737.0k $3.1m $3.1m 1.56% Added +595 +595
79 Delos Wealth Advisors, LLC 2.03% of their portfolio DALLAS, TX 36,41536.4k $3.1m $3.1m 2.03% Added +896 +896
80 HAZLETT, BURT & WATSON, INC. 0.96% of their portfolio WHEELING, WV 35,66535.7k $3.0m $3.0m 0.96% Added +5.2k +5,151
81 CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio RALEIGH, NC 34,80434.8k $2.9m $2.9m 0.01% Reduced -44 -44
82 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 34,69934.7k $2.9m $2.9m 0.00% Reduced -5.7k -5,741
83 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 34,07534.1k $2.9m $2.9m 0.01% Reduced -6.2k -6,215
84 Anfield Capital Management, LLC 0.87% of their portfolio IRVINE, CA 32,70532.7k $2.8m $2.8m 0.87% Reduced -44.0k -43,971
85 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 32,18632.2k $2.7m $2.7m 0.01% Reduced -21.0k -21,008
86 FOUNDERS FINANCIAL SECURITIES LLC 0.16% of their portfolio TOWSON, MD 31,60331.6k $2.7m $2.7m 0.16% Added +688 +688
87 JUNCTURE WEALTH STRATEGIES, LLC 0.87% of their portfolio SCOTTSDALE, AZ 31,30231.3k $2.6m $2.6m 0.87% Added +1.2k +1,164
88 NewEdge Wealth, LLC 0.03% of their portfolio STAMFORD, CT 29,79029.8k $2.5m $2.5m 0.03% New
89 Farther Finance Advisors, LLC 0.03% of their portfolio SAN FRANCISCO, CA 28,69428.7k $2.4m $2.4m 0.03% Added +27.6k +27,573
90 Central Pacific Bank - Trust Division 0.29% of their portfolio HONOLULU, HI 28,44028.4k $2.4m $2.4m 0.29% Unchanged
91 Keel Point, LLC 0.14% of their portfolio HUNTSVILLE, AL 28,42428.4k $2.4m $2.4m 0.14% Added +2.6k +2,625
92 WESPAC Advisors SoCal, LLC 0.47% of their portfolio Pasadena, CA 27,62427.6k $2.3m $2.3m 0.47% Added +1.7k +1,721
93 Arete Wealth Advisors, LLC 0.16% of their portfolio CHICAGO, IL 26,83826.8k $2.3m $2.3m 0.16% New
94 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 25,66625.7k $2.2m $2.2m 0.01% Added +2.5k +2,522
95 Itau Unibanco Holding S.A. 0.05% of their portfolio SAO PAULO, D5 25,58425.6k $2.2m $2.2m 0.05% Added +7.2k +7,184
96 Synergy Asset Management, LLC 0.22% of their portfolio VANCOUVER, WA 24,75724.8k $2.1m $2.1m 0.22% New
97 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 22,61222.6k $1.9m $1.9m 0.01% Unchanged
98 Magnus Financial Group LLC 0.14% of their portfolio NEW YORK, NY 22,06322.1k $1.9m $1.9m 0.14% Added +568 +568
99 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 20,00020.0k $1.7m $1.7m 0.00% Added +13.5k +13,482
100 Ulysses Management LLC 0.42% of their portfolio New York, NY 19,00019.0k $1.6m $1.6m 0.42% Added +9.0k +9,000