State Street SPDR S&P Bank ETF
KBE
264 hedge funds and large institutions have $918M invested in State Street SPDR S&P Bank ETF in 2025 Q4 according to their latest regulatory filings, with 48 funds opening new positions, 69 increasing their positions, 74 reducing their positions, and 29 closing their positions.
66% more first-time investments, than exits
New positions opened: 48 | Existing positions closed: 29
7% more funds holding
Funds holding: 247 → 264 (+17)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
0.02% less ownership
Funds ownership: 68.24% → 68.22% (-0.02%)
7% less repeat investments, than reductions
Existing positions increased: 69 | Existing positions reduced: 74
10% less capital invested
Capital invested by funds: $1.02B → $918M (-$106M)
69% less call options, than puts
Call options by funds: $161M | Put options by funds: $518M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
+$20.9M |
| 2 |
Bank of America
Charlotte,
North Carolina
|
+$20.7M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
+$19.7M |
| 4 |
Bank of New York Mellon
New York
|
+$9.61M |
| 5 |
Point72 Asset Management
Stamford,
Connecticut
|
+$9.07M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Two Sigma Investments
New York
|
-$119M |
| 2 |
EDRH
Edmond de Rothschild Holding
Chambesy,
Switzerland
|
-$34.5M |
| 3 |
DFO
Duquesne Family Office
New York
|
-$28.6M |
| 4 |
NFT
Nan Fung Trinity
Central, Hong Kong,
Hong Kong
|
-$23.1M |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$12.2M |
KBE Hedge Fund Activity: Q4 2025 in Review
264 of the 8,265 institutional investors tracked by Wall St. Rank reported a position in State Street SPDR S&P Bank ETF (KBE) for Q4 2025, worth a combined $918M — down 10% from $1.02B a quarter earlier.
Buyers outnumbered sellers: 48 funds opened new KBE positions and 29 closed out — a net gain of 19 holders — while 69 added to existing stakes and 74 trimmed.
The largest buyer was Jane Street, adding an estimated $20.9M. The largest seller was Two Sigma Investments, cutting an estimated $119M.
- 264 institutional investors held State Street SPDR S&P Bank ETF (KBE) as of Q4 2025, up from 247 in Q3 2025.
- Funds reported $918M of State Street SPDR S&P Bank ETF stock for Q4 2025, down 10% quarter-over-quarter.
- 48 funds opened new State Street SPDR S&P Bank ETF positions in Q4 2025 and 29 closed out, a net change of +19 holders.
- The largest State Street SPDR S&P Bank ETF buyer in Q4 2025 was Jane Street, an estimated $20.9M added.
- The largest State Street SPDR S&P Bank ETF seller in Q4 2025 was Two Sigma Investments, an estimated $119M sold.
Based on aggregated 13F filings for Q4 2025.