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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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