Who owns XBB
Which tracked institutional funds hold XBB, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See XBB company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-19). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
9 tracked funds added or opened XBB while 4 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
XBB’s largest tracked holder by dollar value, Municipal Employees' Retirement System of Michigan, sizes it at 3.4% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 3.4pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in XBB divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 29 tracked filers holding XBB, 17 increased or opened the position and 9 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in XBB between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 4
- POTOMAC FUND MANAGEMENT INC /ADV$55M
- TOEWS CORP /ADV$7M
- WEALTH ENHANCEMENT ADVISORY SERVICES, LLC$4M
- Mirae Asset Global Investments Co., Ltd.$2M
Full exits 2
- Municipal Employees' Retirement System of Michigan$300M
- Stratos Investment Management, LLC$787K
Largest adds
- MML INVESTORS SERVICES, LLC$2M
- Lido Advisors, LLC$542K
- ATWOOD & PALMER INC$442K
- IFP Advisors, Inc$319K
- ENVESTNET ASSET MANAGEMENT INC$317K
Largest trims
- SAGE RHINO CAPITAL LLC$2M
- MGO ONE SEVEN LLC$406K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| POTOMAC FUND MANAGEMENT INC /ADV added | 1,342,400 | $55M | 12.9% | 2026-Q2 |
| ATWOOD & PALMER INC added | 507,082 | $21M | 4.9% | 2026-Q2 |
| Lido Advisors, LLC added | 238,106 | $10M | 2.3% | 2026-Q2 |
| MGO ONE SEVEN LLC trimmed | 207,105 | $8M | 2.0% | 2026-Q2 |
| TOEWS CORP /ADV new | 161,700 | $7M | 1.6% | 2026-Q2 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC new | 85,875 | $4M | 0.8% | 2026-Q2 |
| IFP Advisors, Inc added | 78,747 | $3M | 0.8% | 2026-Q2 |
| MML INVESTORS SERVICES, LLC added | 71,102 | $3M | 0.7% | 2026-Q2 |
| Mirae Asset Global Investments Co., Ltd. new | 42,857 | $2M | 0.4% | 2026-Q2 |
| Teucrium Investment Advisors, LLC trimmed | 28,510 | $1M | 0.3% | 2026-Q2 |
| Cetera Investment Advisers added | 22,791 | $934K | 0.2% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC added | 21,148 | $867K | 0.2% | 2026-Q2 |
| CGN Advisors LLC added | 14,534 | $596K | 0.1% | 2026-Q2 |
| SAGE RHINO CAPITAL LLC trimmed | 9,850 | $404K | 0.1% | 2026-Q2 |
| GK Wealth Management LLC added | 6,936 | $284K | 0.1% | 2026-Q2 |
| Compound Planning, Inc. new | 5,690 | $233K | 0.1% | 2026-Q2 |
| Swan Global Investments, LLC new | 5,500 | $225K | 0.1% | 2026-Q2 |
| Kestra Advisory Services, LLC trimmed | 5,479 | $225K | 0.1% | 2026-Q2 |
| Dynamic Advisor Solutions LLC | 5,000 | $205K | 0.0% | 2026-Q2 |
| Global Retirement Partners, LLC added | 1,565 | $64K | 0.0% | 2026-Q2 |
| Crews Bank & Trust | 1,250 | $51K | 0.0% | 2026-Q2 |
| Archer Investment Corp added | 1,192 | $49K | 0.0% | 2026-Q2 |
| Nemes Rush Group LLC | 703 | $29K | 0.0% | 2026-Q2 |
| ROYAL BANK OF CANADA new | 391 | $16K | 0.0% | 2026-Q2 |
| Truvestments Capital LLC | 370 | $15K | 0.0% | 2026-Q2 |
| OSAIC HOLDINGS, INC. | 331 | $14K | 0.0% | 2026-Q2 |
| NATIONAL BANK OF CANADA /FI/ trimmed | 89 | $4K | 0.0% | 2026-Q2 |
| AE Wealth Management LLC trimmed | 49 | $2K | 0.0% | 2026-Q2 |
| MORGAN STANLEY | 5 | $205 | 0.0% | 2026-Q2 |
| Municipal Employees' Retirement System of Michigan | 7,372,511 | $300M | 70.6% | 2026-Q1 stale (1 quarter behind) |
| Stratos Investment Management, LLC new | 19,350 | $787K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| JANE STREET GROUP, LLC trimmed | 6,539 | $266K | 0.1% | 2026-Q1 stale (1 quarter behind) |
| CITADEL ADVISORS LLC new | 6,194 | $255K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| UBS Group AG new | 227 | $9K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| BANK OF AMERICA CORP /DE/ new | 155 | $6K | 0.0% | 2025-Q4 stale (2 quarters behind) |
| Stadion Money Management, LLC trimmed | 106,523 | $4M | 1.0% | 2025-Q3 stale (3 quarters behind) |
| FULLCIRCLE WEALTH LLC added | 46,240 | $2M | 0.4% | 2025-Q3 stale (3 quarters behind) |
| Game Plan Financial Advisors, LLC new | 2,500 | $103K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.