Overview
The KBW Bank Index — America's 24 biggest banks and nothing else, the pure banking bet inside the broader financials sector.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| JPM | JPMorgan Chase | 8.4% |
| BAC | Bank of America | 7.9% |
| WFC | Wells Fargo | 7.6% |
| C | Citigroup Inc. | 7.2% |
| GS | Goldman Sachs | 6.8% |
| MS | Morgan Stanley | 6.4% |
| USB | U.S. Bancorp | 4.1% |
| PNC | PNC Financial | 3.9% |
| TFC | Truist Financial | 3.4% |
| SCHW | Charles Schwab | 3.2% |
Fund Details
Investment Thesis
Banks are the rate cycle's tug-of-war made flesh: higher yields fatten lending margins while threatening credit — and KBWB's +20% year says the margin story is winning, with capital-markets revenues surging at the Wall Street names. This is the concentrated banking bet (XLF dilutes banks with insurers and Berkshire); deregulation hopes and deposit costs set the next leg.
Who It's For
Financials investors who mean BANKS specifically — margin cycles, capital returns, deregulation — not the diluted sector fund. Cyclical, concentrated, and honest about it.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $42.01 | -- |
| 2017 | $48.73 | +16.0% |
| 2018 | $38.98 | -20.0% |
| 2019 | $51.85 | +33.0% |
| 2020 | $46.14 | -11.0% |
| 2021 | $63.68 | +38.0% |
| 2022 | $48.40 | -24.0% |
| 2023 | $45.98 | -5.0% |
| 2024 | $62.07 | +35.0% |
| 2025 | $72.00 | +16.0% |
| Year | Yield |
|---|---|
| 2016 | 1.90% |
| 2017 | 1.70% |
| 2018 | 2.20% |
| 2019 | 2.40% |
| 2020 | 2.90% |
| 2021 | 1.90% |
| 2022 | 2.60% |
| 2023 | 3.20% |
| 2024 | 2.30% |
| 2025 | 2.10% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.6B | -- |
| 2017 | $0.9B | +50.0% |
| 2018 | $0.7B | -22.2% |
| 2019 | $0.8B | +14.3% |
| 2020 | $0.6B | -25.0% |
| 2021 | $2.5B | +316.7% |
| 2022 | $1.8B | -28.0% |
| 2023 | $1.4B | -22.2% |
| 2024 | $3.5B | +150.0% |
| 2025 | $5.5B | +57.1% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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