Vault-13

KRANESHARES TRUST KWEB

CSI CHI INTERNET · ETP · CUSIP 500767306

300 institutional holders -50 vs Q1 2025
103,476,333103.5m shares reported held*
$3.6bnreported value*
35 new 92 added 114 reduced 86 sold out net sold ≈ $525.3m (-15.3m 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 ($677.5k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $34.33. Options: 56 managers hold calls ($2.2bn notional), 38 hold puts ($1.7bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 263Q4 22: 271Q1 23: 288Q2 23: 258Q3 23: 283Q4 23: 290Q1 24: 263Q2 24: 272Q3 24: 297Q4 24: 269Q1 25: 350Q2 25: 300300Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022263
Q4 2022271
Q1 2023288
Q2 2023258
Q3 2023283
Q4 2023290
Q1 2024263
Q2 2024272
Q3 2024297
Q4 2024269
Q1 2025350
Q2 2025300

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 139 bought or addedQ3 23: 123 cut or sold outQ4 23: 126 bought or addedQ4 23: 148 cut or sold outQ4 23Q1 24: 134 bought or addedQ1 24: 159 cut or sold outQ2 24: 130 bought or addedQ2 24: 134 cut or sold outQ2 24Q3 24: 154 bought or addedQ3 24: 154 cut or sold outQ4 24: 129 bought or addedQ4 24: 172 cut or sold outQ4 24Q1 25: 223 bought or addedQ1 25: 119 cut or sold outQ2 25: 127 bought or addedQ2 25: 200 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023139123
Q4 2023126148
Q1 2024134159
Q2 2024130134
Q3 2024154154
Q4 2024129172
Q1 2025223119
Q2 2025127200

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ3 24 calls: $4.6bnQ3 24 puts: $2.2bnQ3 24P/C 0.48Q4 24 calls: $3.0bnQ4 24 puts: $1.6bnQ4 24P/C 0.54Q1 25 calls: $3.6bnQ1 25 puts: $1.6bnQ1 25P/C 0.45Q2 25 calls: $2.2bnQ2 25 puts: $1.7bnQ2 25P/C 0.76
Numbers
QuarterCallsPutsP/C
Q3 2024$4.6bn$2.2bn0.48
Q4 2024$3.0bn$1.6bn0.54
Q1 2025$3.6bn$1.6bn0.45
Q2 2025$2.2bn$1.7bn0.76

Biggest buyers

TORNO CAPITAL, LLC New +4,894,750+4.9m
Migdal Insurance & Financial Holdings Ltd. Added +3,611,134+3.6m
ROYAL BANK OF CANADA Added +1,550,280+1.6m
D. E. Shaw & Co., Inc. Added +1,473,602+1.5m
Temasek Holdings (Private) Ltd Added +1,459,884+1.5m
BNP PARIBAS FINANCIAL MARKETS Added +802,214+802.2k
PEAK6 LLC Added +738,609+738.6k
MIRAE ASSET SECURITIES (USA) INC. Added +651,608+651.6k
Quadrature Capital Ltd New +528,311+528.3k
Ursa Fund Management, LLC New +450,000+450.0k

Biggest sellers

Alaska Permanent Fund Corp Sold out -3,181,007-3.2m
OLD MISSION CAPITAL LLC Sold out -2,902,531-2.9m
UBS Group AG Reduced -2,847,543-2.8m
Slate Path Capital LP Sold out -2,696,393-2.7m
VOYA INVESTMENT MANAGEMENT LLC Reduced -2,050,027-2.1m
MORGAN STANLEY Reduced -1,911,191-1.9m
CITIGROUP INC Reduced -1,647,763-1.6m
NATIONAL BANK OF CANADA /FI/ Reduced -1,560,643-1.6m
Angeles Investment Advisors, LLC Sold out -1,514,000-1.5m
Blackstone Inc. Sold out -1,500,000-1.5m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $504.0m14.7m shares
CITADEL ADVISORS LLC Reduced $234.0m6.8m shares
BANK OF AMERICA CORP /DE/ Reduced $210.1m6.1m shares
JANE STREET GROUP, LLC Reduced $158.4m4.6m shares
UBS Group AG Reduced $121.9m3.6m shares
SIMPLEX TRADING, LLC Reduced $98.7m3.2m shares
IMC-Chicago, LLC Reduced $81.5m2.4m shares
Qube Research & Technologies Ltd New $62.1m1.8m shares
WELLS FARGO & COMPANY/MN Added $58.4m1.7m shares
MILLENNIUM MANAGEMENT LLC Reduced $52.2m1.5m shares

Biggest puts

TORNO CAPITAL, LLC New $213.7m6.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $196.8m5.7m shares
JANE STREET GROUP, LLC Reduced $195.2m5.7m shares
PEAK6 LLC Added $145.0m4.2m shares
CITADEL ADVISORS LLC Added $143.9m4.2m shares
UBS Group AG Reduced $108.9m3.2m shares
FIL Ltd New $90.5m2.6m shares
GOLDMAN SACHS GROUP INC Added $87.6m2.6m shares
Qube Research & Technologies Ltd Reduced $84.7m2.5m shares
CAPITAL FUND MANAGEMENT S.A. Added $53.7m1.6m 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 UBS Group AG 0.06% of their portfolio ZURICH, V8 7,785,1167.8m $267.3m $267.3m 0.06% Reduced -2.8m -2,847,543
2 Migdal Insurance & Financial Holdings Ltd. 1.47% of their portfolio Petach Tikva, L3 7,222,2687.2m $247.9m $247.9m 1.47% Added +3.6m +3,611,134
3 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 7,128,8027.1m $244.7m $244.7m 0.02% Reduced -1.9m -1,911,191
4 BESSEMER GROUP INC 0.35% of their portfolio WOODBRIDGE, NJ 6,339,6216.3m $217.6m $217.6m 0.35% Added +57.0k +56,956
5 TORNO CAPITAL, LLC 46.43% of their portfolio COHASSET, MA 4,894,7504.9m $168.0m $168.0m 46.43% New
6 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 4,890,2164.9m $167.9m $167.9m 0.03% Reduced -581.1k -581,062
7 Rafferty Asset Management, LLC 0.46% of their portfolio New York, NY 4,074,8094.1m $139.9m $139.9m 0.46% Reduced -984.8k -984,758
8 APPALOOSA LP 2.13% of their portfolio Short Hills, NJ 4,000,0004.0m $137.3m $137.3m 2.13% Unchanged
9 Clal Insurance Enterprises Holdings Ltd 1.24% of their portfolio Tel-aviv, L3 3,677,0003.7m $126.2m $126.2m 1.24% Reduced -500.0k -500,000
10 JANE STREET GROUP, LLC 0.20% of their portfolio NEW YORK, NY 3,571,8463.6m $122.6m $122.6m 0.20% Reduced -1.0m -1,046,149
11 Temasek Holdings (Private) Ltd 0.44% of their portfolio SINGAPORE, U0 3,273,5923.3m $112.4m $112.4m 0.44% Added +1.5m +1,459,884
12 Krane Funds Advisors LLC 4.15% of their portfolio NEW YORK, NY 3,073,6013.1m $105.5m $105.5m 4.15% Reduced -195.1k -195,112
13 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 2,692,5562.7m $92.4m $92.4m 0.01% Added +1.6m +1,550,280
14 D. E. Shaw & Co., Inc. 0.08% of their portfolio New York, NY 2,336,4312.3m $80.2m $80.2m 0.08% Added +1.5m +1,473,602
15 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,100,4192.1m $72.1m $72.1m 0.01% Reduced -831.9k -831,943
16 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 2,016,6532.0m $69.2m $69.2m 0.05% Added +802.2k +802,214
17 TWO SIGMA INVESTMENTS, LP 0.11% of their portfolio NEW YORK, NY 1,802,3561.8m $61.9m $61.9m 0.11% Reduced -47.6k -47,644
18 Qube Research & Technologies Ltd 0.08% of their portfolio LONDON, X0 1,636,3401.6m $56.2m $56.2m 0.08% Added +160.9k +160,876
19 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 1,607,2771.6m $55.2m $55.2m 0.05% Reduced -2.1m -2,050,027
20 Kapitalo Investimentos Ltda 9.39% of their portfolio SAO PAULO, D5 1,254,0001.3m $43.0m $43.0m 9.39% Added +338.0k +338,000
21 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 1,028,4581.0m $35.3m $35.3m 0.01% Reduced -273.2k -273,240
22 University of Illinois Foundation 14.05% of their portfolio CHAMPAIGN, IL 1,025,6241.0m $35.2m $35.2m 14.05% Unchanged
23 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio BALA CYNWYD, PA 955,669955.7k $32.8m $32.8m 0.05% Added +95.0k +95,032
24 BlackRock, Inc. 0.00% of their portfolio New York, NY 892,133892.1k $30.6m $30.6m 0.00% Unchanged
25 Trium Capital LLP 7.52% of their portfolio LONDON, X0 879,504879.5k $30.2m $30.2m 7.52% Added +58.5k +58,453
26 PEAK6 LLC 0.53% of their portfolio AUSTIN, TX 851,036851.0k $29.2m $29.2m 0.53% Added +738.6k +738,609
27 MIRAE ASSET SECURITIES (USA) INC. 1.22% of their portfolio NEW YORK, NY 801,994802.0k $27.5m $27.5m 1.22% Added +651.6k +651,608
28 NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio MONTREAL, A8 755,393755.4k $25.9m $25.9m 0.03% Reduced -1.6m -1,560,643
29 TUDOR INVESTMENT CORP ET AL 0.18% of their portfolio STAMFORD, CT 683,264683.3k $23.5m $23.5m 0.18% Reduced -53.0k -53,001
30 SIMPLEX TRADING, LLC 0.60% of their portfolio CHICAGO, IL 645,901645.9k $22.2m $22.2m 0.60% Reduced -4.3k -4,332
31 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 621,602621.6k $21.3m $21.3m 0.01% Reduced -84.7k -84,699
32 CAPITAL FUND MANAGEMENT S.A. 0.23% of their portfolio PARIS, I0 602,693602.7k $20.7m $20.7m 0.23% Reduced -28.4k -28,359
33 BW Gestao de Investimentos Ltda. 1.91% of their portfolio SAO PAULO, D5 586,800586.8k $20.1m $20.1m 1.91% Added +247.8k +247,800
34 Capitolis Liquid Global Markets LLC 0.15% of their portfolio NEW YORK, NY 577,900577.9k $19.8m $19.8m 0.15% Added +382.2k +382,200
35 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 548,009548.0k $18.8m $18.8m 0.01% Reduced -147.4k -147,387
36 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 538,733538.7k $18.5m $18.5m 0.01% Added +203.0k +203,024
37 Breakout Capital Partners, LP 17.88% of their portfolio NEW YORK, NY 531,900531.9k $18.3m $18.3m 17.88% Unchanged
38 Quadrature Capital Ltd 0.31% of their portfolio LONDON, X0 528,311528.3k $18.1m $18.1m 0.31% New
39 Ursa Fund Management, LLC 38.61% of their portfolio Danville, CA 450,000450.0k $15.4m $15.4m 38.61% New
40 Trek Financial, LLC 1.03% of their portfolio Scottsdale, AZ 445,927445.9k $15.3m $15.3m 1.03% Added +229.9k +229,909
41 PING CAPITAL MANAGEMENT, INC. 8.55% of their portfolio NEW YORK, NY 440,000440.0k $15.1m $15.1m 8.55% Reduced -21.8k -21,800
42 Banco BTG Pactual S.A. 2.98% of their portfolio RIO DE JANEIRO, D5 426,700426.7k $14.6m $14.6m 2.98% Added +321.2k +321,250
43 Aurora Investment Managers, LLC. 8.12% of their portfolio NAPLES, FL 390,746390.7k $13.4m $13.4m 8.12% New
44 Main Management ETF Advisors, LLC 0.49% of their portfolio SAN FRANCISCO, CA 345,720345.7k $11.9m $11.9m 0.49% Reduced -2.0k -2,010
45 GROUP ONE TRADING LLC 0.37% of their portfolio CHICAGO, IL 324,500324.5k $11.1m $11.1m 0.37% Added +81.0k +80,996
46 Bleakley Financial Group, LLC 0.28% of their portfolio PARSIPPANY, NJ 324,423324.4k $11.1m $11.1m 0.28% Reduced -5.9k -5,855
47 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 315,899315.9k $10.8m $10.8m 0.01% Added +62.1k +62,088
48 AGUR PROVIDENT & TRAINING FUNDS MANAGEMENT LTD 4.05% of their portfolio TEL AVIV, L3 312,000312.0k $10.7m $10.7m 4.05% New
49 SOROS FUND MANAGEMENT LLC 0.17% of their portfolio NEW YORK, NY 293,404293.4k $10.1m $10.1m 0.17% Added +68.0k +68,000
50 STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio MADISON, WI 288,000288.0k $9.9m $9.9m 0.02% Added +168.0k +168,000
51 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 284,786284.8k $9.8m $9.8m 0.01% Added +102.0k +102,028
52 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 284,488284.5k $9.8m $9.8m 0.01% Reduced -27.4k -27,371
53 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 233,644233.6k $8.0m $8.0m 0.00% Added +35.1k +35,051
54 Glenorchy Capital Ltd 5.88% of their portfolio BOOROLITE, C3 232,688232.7k $8.0m $8.0m 5.88% Reduced -242.9k -242,920
55 Walleye Trading LLC 0.19% of their portfolio NEW YORK, NY 228,705228.7k $7.9m $7.9m 0.19% Reduced -186.5k -186,485
56 LHM, INC. 2.58% of their portfolio Sandy, UT 226,630226.6k $7.8m $7.8m 2.58% Added +897 +897
57 HELIOS CAPITAL MANAGEMENT PTE. LTD 5.89% of their portfolio SINGAPORE, U0 223,000223.0k $7.7m $7.7m 5.89% Added +212.0k +212,000
58 Phoenix Financial Ltd. 0.10% of their portfolio Givatayim, L3 210,211210.2k $7.2m $7.2m 0.10% Reduced -46.1k -46,115
59 IEQ CAPITAL, LLC 0.04% of their portfolio Foster City, CA 208,265208.3k $7.1m $7.1m 0.04% Added +191.9k +191,873
60 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 208,193208.2k $7.1m $7.1m 0.00% Reduced -1.6m -1,647,763
61 BlueCrest Capital Management Ltd 0.79% of their portfolio ST HELIER, Y9 208,000208.0k $7.1m $7.1m 0.79% Reduced -233.0k -233,000
62 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 204,078204.1k $7.0m $7.0m 0.01% Unchanged
63 SIH Partners, LLLP 0.66% of their portfolio Wilmington, DE 204,012204.0k $7.0m $7.0m 0.66% Reduced -750.6k -750,610
64 U.S. Capital Wealth Advisors, LLC 0.19% of their portfolio AUSTIN, TX 186,621186.6k $6.4m $6.4m 0.19% Added +11.4k +11,375
65 Parkwood LLC 0.56% of their portfolio CLEVELAND, OH 179,000179.0k $6.1m $6.1m 0.56% Unchanged
66 Centiva Capital, LP 0.37% of their portfolio New York, NY 162,500162.5k $5.6m $5.6m 0.37% New
67 Rovida Investment Management Ltd 0.95% of their portfolio Grand Cayman, E9 150,000150.0k $5.1m $5.1m 0.95% Unchanged
68 SIG BROKERAGE, LP 1.40% of their portfolio BALA CYNWYD, PA 148,285148.3k $5.1m $5.1m 1.40% Added +16.4k +16,425
69 OPTIMAS CAPITAL Ltd 5.32% of their portfolio CENTRAL, K3 147,000147.0k $5.0m $5.0m 5.32% New
70 RPg Family Wealth Advisory, LLC 1.34% of their portfolio BURLINGTON, MA 146,533146.5k $5.0m $5.0m 1.34% Reduced -349 -349
71 Krilogy Financial LLC 0.28% of their portfolio ST. LOUIS, MO 143,284143.3k $4.9m $4.9m 0.28% Added +4.2k +4,169
72 Schonfeld Strategic Advisors LLC 0.04% of their portfolio NEW YORK, NY 140,000140.0k $4.8m $4.8m 0.04% Added +90.0k +90,000
73 FIL Ltd 0.00% of their portfolio HAMILTON, D0 136,576136.6k $4.7m $4.7m 0.00% New
74 Tamar Securities, LLC 0.56% of their portfolio Woodland Hills, CA 134,431134.4k $4.6m $4.6m 0.56% Added +4.3k +4,256
75 NewEdge Wealth, LLC 0.07% of their portfolio STAMFORD, CT 131,760131.8k $4.7m $4.7m 0.07% Added +5.9k +5,853
76 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 130,000130.0k $4.5m $4.5m 0.01% Added +110.0k +110,000
77 EVERGREEN CAPITAL MANAGEMENT LLC 0.12% of their portfolio Bellevue, WA 118,835118.8k $4.1m $4.1m 0.12% Added +1.2k +1,245
78 WOLVERINE TRADING, LLC 0.10% of their portfolio CHICAGO, IL 117,379117.4k $4.0m $4.0m 0.10% New
79 Csenge Advisory Group 0.20% of their portfolio CLEARWATER, FL 115,709115.7k $3.8m $3.8m 0.20% Reduced -323 -323
80 Momentum Wealth Planning, LLC 3.21% of their portfolio ESTERO, FL 109,971110.0k $3.8m $3.8m 3.21% First filing
81 Viewpoint Capital Management LLC 1.83% of their portfolio SEATTLE, WA 108,476108.5k $3.7m $3.7m 1.83% Added +320 +320
82 Fosun International Ltd 1.01% of their portfolio HONG KONG, F4 105,451105.5k $3.6m $3.6m 1.01% Reduced -141.6k -141,577
83 Capital Investment Counsel, Inc 0.48% of their portfolio RALEIGH, NC 104,317104.3k $3.6m $3.6m 0.48% Added +3.7k +3,690
84 Stelac Advisory Services LLC 1.33% of their portfolio NEW YORK, NY 102,755102.8k $3.5m $3.5m 1.33% Added +14.8k +14,819
85 ArchPoint Investors 1.03% of their portfolio CORAL GABLES, FL 102,375102.4k $3.5m $3.5m 1.03% New
86 Snowden Capital Advisors LLC 0.10% of their portfolio New York, NY 99,75699.8k $3.4m $3.4m 0.10% Reduced -585 -585
87 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 99,17399.2k $3.4m $3.4m 0.00% Reduced -45.7k -45,746
88 Marathon Trading Investment Management LLC 2.04% of their portfolio RADNOR, PA 99,11899.1k $3.4m $3.4m 2.04% Added +64.3k +64,267
89 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 97,64697.6k $3.4m $3.4m 0.00% Added +91.2k +91,184
90 Activest Wealth Management 0.76% of their portfolio AVENTURA, FL 91,97392.0k $3.2m $3.2m 0.76% Added +18.4k +18,437
91 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 87,90487.9k $3.0m $3.0m 0.00% Added +39.9k +39,944
92 Summit Trail Advisors, LLC 0.05% of their portfolio NEW YORK, NY 84,82484.8k $2.9m $2.9m 0.05% New
93 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 84,22084.2k $2.8m $2.8m 0.00% Reduced -12.0k -12,048
94 MATAURO, LLC 0.54% of their portfolio NEW YORK, NY 83,76383.8k $2.9m $2.9m 0.54% Added +19.6k +19,612
95 Gainplan LLC 1.30% of their portfolio BLOOMFIELD HILLS, MI 83,61783.6k $2.9m $2.9m 1.30% Reduced -56.2k -56,247
96 Vontobel Holding Ltd. 0.01% of their portfolio ZURICH, V8 82,71782.7k $2.8m $2.8m 0.01% Reduced -5.7k -5,651
97 SeaBridge Investment Advisors LLC 0.48% of their portfolio SUMMIT, NJ 75,80075.8k $2.6m $2.6m 0.48% Added +19.6k +19,581
98 Anthracite Investment Company, Inc. 1.33% of their portfolio FORT WORTH, TX 74,50074.5k $2.6m $2.6m 1.33% New
99 Integrated Wealth Concepts LLC 0.02% of their portfolio WALTHAM, MA 72,22372.2k $2.5m $2.5m 0.02% Reduced -6.7k -6,681
100 Fore Capital, LLC 4.78% of their portfolio New York, NY 70,00070.0k $2.4m $2.4m 4.78% Added +14.0k +14,000