Vault-13

ISHARES TR IBB

ISHARES BIOTECH · ETP · CUSIP 464287556 · ISIN US4642875565

804 institutional holders +3 vs Q2 2025
33,164,25733.2m shares reported held*
$4.8bnreported value*
77 new 159 added 326 reduced 65 sold out net bought ≈ $184.7m (+1.3m 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 ($568.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $144.51. Options: 15 managers hold calls ($205.4m notional), 13 hold puts ($257.0m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 830Q4 22: 905Q1 23: 867Q2 23: 845Q3 23: 837Q4 23: 878Q1 24: 903Q2 24: 902Q3 24: 898Q4 24: 880Q1 25: 839Q2 25: 801Q3 25: 804804Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022830
Q4 2022905
Q1 2023867
Q2 2023845
Q3 2023837
Q4 2023878
Q1 2024903
Q2 2024902
Q3 2024898
Q4 2024880
Q1 2025839
Q2 2025801
Q3 2025804

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 23: 260 bought or addedQ4 23: 451 cut or sold outQ1 24: 341 bought or addedQ1 24: 378 cut or sold outQ1 24Q2 24: 264 bought or addedQ2 24: 398 cut or sold outQ3 24: 310 bought or addedQ3 24: 396 cut or sold outQ3 24Q4 24: 280 bought or addedQ4 24: 437 cut or sold outQ1 25: 239 bought or addedQ1 25: 440 cut or sold outQ1 25Q2 25: 185 bought or addedQ2 25: 433 cut or sold outQ3 25: 236 bought or addedQ3 25: 391 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023260451
Q1 2024341378
Q2 2024264398
Q3 2024310396
Q4 2024280437
Q1 2025239440
Q2 2025185433
Q3 2025236391

Calls vs puts

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

CallsPuts
$0$250m$500m$750m$1bnQ4 24 calls: $424.4mQ4 24 puts: $828.6mQ4 24P/C 1.95Q1 25 calls: $292.6mQ1 25 puts: $630.3mQ1 25P/C 2.15Q2 25 calls: $221.1mQ2 25 puts: $183.9mQ2 25P/C 0.83Q3 25 calls: $205.4mQ3 25 puts: $257.0mQ3 25P/C 1.25
Numbers
QuarterCallsPutsP/C
Q4 2024$424.4m$828.6m1.95
Q1 2025$292.6m$630.3m2.15
Q2 2025$221.1m$183.9m0.83
Q3 2025$205.4m$257.0m1.25

Biggest buyers

BNP PARIBAS FINANCIAL MARKETS Added +1,451,820+1.5m
JPMORGAN CHASE & CO Added +1,286,900+1.3m
Jefferies Financial Group Inc. New +450,807+450.8k
JANE STREET GROUP, LLC Added +280,048+280.0k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Added +150,000+150.0k
Calamos Advisors LLC New +139,120+139.1k
Caption Management, LLC New +78,500+78.5k
Florin Court Capital LLP New +77,000+77.0k
GOLDMAN SACHS GROUP INC Added +65,728+65.7k
TWO SIGMA INVESTMENTS, LP New +65,707+65.7k

Biggest sellers

ROYAL BANK OF CANADA Reduced -696,396-696.4k
MORGAN STANLEY Reduced -493,647-493.6k
UBS Group AG Reduced -376,318-376.3k
CITIGROUP INC Reduced -353,271-353.3k
BANK OF AMERICA CORP /DE/ Reduced -243,108-243.1k
Rockefeller Capital Management L.P. Reduced -136,415-136.4k
CITADEL ADVISORS LLC Reduced -110,612-110.6k
WELLS FARGO & COMPANY/MN Reduced -103,425-103.4k
CAPITAL FUND MANAGEMENT S.A. Sold out -92,567-92.6k
Gray Foundation Sold out -61,512-61.5k

Biggest calls

Calamos Advisors LLC New $48.2m381.2k shares
PEAK6 LLC Added $41.2m285.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $26.9m186.1k shares
CITADEL ADVISORS LLC Reduced $26.3m181.9k shares
CAPITAL FUND MANAGEMENT S.A. Added $18.3m126.8k shares
MARSHALL WACE, LLP Added $11.4m78.7k shares
JANE STREET GROUP, LLC Reduced $7.6m52.4k shares
MILLENNIUM MANAGEMENT LLC New $7.2m50.0k shares
WOLVERINE TRADING, LLC Reduced $6.2m43.3k shares
Cubist Systematic Strategies, LLC Added $4.9m34.2k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $67.7m469.2k shares
Sofinnova Investments, Inc. Reduced $46.9m325.0k shares
DLD Asset Management, LP New $39.7m275.0k shares
CITADEL ADVISORS LLC Added $33.8m233.9k shares
JANE STREET GROUP, LLC Added $24.0m166.2k shares
CAPITAL FUND MANAGEMENT S.A. Added $16.1m111.3k shares
WOLVERINE TRADING, LLC Added $8.3m58.2k shares
PEAK6 LLC Reduced $7.3m50.6k shares
MARSHALL WACE, LLP New $4.8m33.3k shares
J. Goldman & Co LP Added $2.9m20.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 5,893,8415.9m $850.9m $850.9m 0.06% Reduced -243.1k -243,108
2 CITIGROUP INC 0.37% of their portfolio NEW YORK, NY 3,720,6963.7m $537.2m $537.2m 0.37% Reduced -353.3k -353,271
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 3,127,1483.1m $451.5m $451.5m 0.03% Reduced -493.6k -493,647
4 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 2,547,8702.5m $367.8m $367.8m 0.05% Added +65.7k +65,728
5 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 2,120,0962.1m $306.1m $306.1m 0.01% Added +1.3m +1,286,900
6 BNP PARIBAS FINANCIAL MARKETS 0.22% of their portfolio PARIS, I0 1,915,3951.9m $276.5m $276.5m 0.22% Added +1.5m +1,451,820
7 UBS Group AG 0.03% of their portfolio ZURICH, V8 1,091,0491.1m $157.5m $157.5m 0.03% Reduced -376.3k -376,318
8 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.20% of their portfolio TORONTO, A6 750,000750.0k $108.3m $108.3m 0.20% Added +150.0k +150,000
9 COMMERCE BANK 0.47% of their portfolio KANSAS CITY, MO 586,926586.9k $84.7m $84.7m 0.47% Added +27.7k +27,686
10 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 575,081575.1k $83.0m $83.0m 0.02% Reduced -103.4k -103,425
11 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 564,682564.7k $81.5m $81.5m 0.01% Reduced -696.4k -696,396
12 Jefferies Financial Group Inc. 0.60% of their portfolio NEW YORK, NY 450,807450.8k $65.1m $65.1m 0.60% New
13 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 416,191416.2k $60.1m $60.1m 0.02% Added +26.0k +26,032
14 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 403,766403.8k $58.3m $58.3m 0.02% Added +27.0k +27,033
15 PNC Financial Services Group, Inc. 0.03% of their portfolio Pittsburgh, PA 306,468306.5k $44.2m $44.2m 0.03% Reduced -6.2k -6,244
16 JANE STREET GROUP, LLC 0.05% of their portfolio NEW YORK, NY 286,662286.7k $41.4m $41.4m 0.05% Added +280.0k +280,048
17 Bronte Capital Management Pty Ltd. 4.09% of their portfolio Bondi Junction, C3 281,422281.4k $45.4m $45.4m 4.09% Reduced -13.9k -13,924
18 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 257,430257.4k $37.2m $37.2m 0.01% Reduced -2.3k -2,311
19 Employees Retirement System of Texas 0.23% of their portfolio AUSTIN, TX 196,200196.2k $28.3m $28.3m 0.23% Reduced -1.8k -1,800
20 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 139,684139.7k $20.2m $20.2m 0.03% Reduced -40.9k -40,935
21 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 139,120139.1k $20.1m $20.1m 0.08% New
22 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 126,655126.7k $18.3m $18.3m 0.04% Reduced -136.4k -136,415
23 ALBION FINANCIAL GROUP /UT 1.08% of their portfolio SALT LAKE CITY, UT 123,352123.4k $17.8m $17.8m 1.08% Reduced -641 -641
24 Avalon Trust Co 1.12% of their portfolio SANTA FE, NM 119,247119.2k $17.2m $17.2m 1.12% Reduced -2.8k -2,768
25 Focus Partners Wealth 0.03% of their portfolio ST LOUIS, MO 116,844116.8k $16.9m $16.9m 0.03% Added +9.4k +9,404
26 Generali Investments CEE, investicni spolecnost, a.s. 1.28% of their portfolio PRAGUE, 2N 116,115116.1k $16.8m $16.8m 1.28% Unchanged
27 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 111,863111.9k $16.1m $16.1m 0.03% Added +6.2k +6,157
28 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 106,256106.3k $15.3m $15.3m 0.00% Added +2.1k +2,112
29 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 102,890102.9k $14.9m $14.9m 0.01% Reduced -10.0k -9,984
30 DAFNA Capital Management LLC 3.66% of their portfolio LOS ANGELES, CA 102,500102.5k $14.8m $14.8m 3.66% Unchanged
31 INVESTMENT HOUSE LLC 0.68% of their portfolio REDONDO BEACH, CA 98,82198.8k $14.3m $14.3m 0.68% Added +3.9k +3,873
32 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 96,06396.1k $13.5m $13.5m 0.02% Added +5.1k +5,061
33 CANADA LIFE ASSURANCE Co 0.02% of their portfolio WINNIPEG, A2 95,82495.8k $13.6m $13.6m 0.02% Reduced -5.1k -5,112
34 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 85,26285.3k $12.3m $12.3m 0.02% Added +21.4k +21,389
35 Caption Management, LLC 0.66% of their portfolio OKLAHOMA CITY, OK 78,50078.5k $11.3m $11.3m 0.66% New
36 Florin Court Capital LLP 8.71% of their portfolio London, X0 77,00077.0k $11.1m $11.1m 8.71% New
37 Miller Investment Management, LP 1.11% of their portfolio WEST CONSHOHOCKEN, PA 76,66776.7k $11.1m $11.1m 1.11% Reduced -5.3k -5,282
38 MAI Capital Management 0.07% of their portfolio INDEPENDENCE, OH 76,38176.4k $11.0m $11.0m 0.07% Added +6.0k +6,035
39 APPLETON PARTNERS INC/MA 0.72% of their portfolio BOSTON, MA 73,91373.9k $10.7m $10.7m 0.72% Added +19 +19
40 FACTORY MUTUAL INSURANCE CO 0.10% of their portfolio WALTHAM, MA 71,00071.0k $10.3m $10.3m 0.10% Unchanged
41 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 67,37367.4k $9.7m $9.7m 0.01% Added +1.9k +1,927
42 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 66,60866.6k $9.6m $9.6m 0.01% Reduced -41.8k -41,792
43 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 66,39466.4k $9.6m $9.6m 0.03% Reduced -961 -961
44 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 65,70765.7k $9.5m $9.5m 0.01% New
45 CUMBERLAND ADVISORS INC 3.62% of their portfolio SARASOTA, FL 65,39865.4k $9.4m $9.4m 3.62% Reduced -520 -520
46 Erste Asset Management GmbH 0.09% of their portfolio VIENNA, C4 64,47064.5k $9.3m $9.3m 0.09% Added +370 +370
47 FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 0.94% of their portfolio WASHINGTON, DC 62,34062.3k $9.0m $9.0m 0.94% Reduced -277 -277
48 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 60,64860.6k $8.8m $8.8m 0.01% Reduced -806 -806
49 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 58,73958.7k $7.9m $7.9m 0.02% Added +32.4k +32,407
50 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 57,65057.6k $8.3m $8.3m 0.02% Reduced -401 -401
51 Tradition Wealth Management, LLC 0.61% of their portfolio EDINA, MN 57,40657.4k $8.3m $8.3m 0.61% Reduced -656 -656
52 PEAPACK GLADSTONE FINANCIAL CORP 0.11% of their portfolio BEDMINSTER, NJ 57,15857.2k $8.3m $8.3m 0.11% Reduced -1.3k -1,271
53 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 56,87756.9k $8.2m $8.2m 0.01% Reduced -3.0k -3,043
54 TIFF ADVISORY SERVICES, LLC 1.65% of their portfolio RADNOR, PA 55,00055.0k $7.9m $7.9m 1.65% New
55 NTV Asset Management LLC 0.84% of their portfolio Charleston, WV 53,40853.4k $7.7m $7.7m 0.84% Added +440 +440
56 Accurate Wealth Management, LLC 1.06% of their portfolio WESLEY CHAPEL, FL 52,83352.8k $8.0m $8.0m 1.06% New
57 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 52,04052.0k $7.5m $7.5m 0.01% Added +333 +333
58 Blume Capital Management, Inc. 1.42% of their portfolio BERKELEY, CA 51,07551.1k $7.4m $7.4m 1.42% Reduced -110 -110
59 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 50,38450.4k $7.3m $7.3m 0.00% Reduced -5.7k -5,695
60 Militia Capital Partners, LP 1.12% of their portfolio AUSTIN, TX 49,50049.5k $7.1m $7.1m 1.12% Added +19.5k +19,500
61 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 47,77347.8k $6.9m $6.9m 0.01% Reduced -110.6k -110,612
62 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 46,20146.2k $6.7m $6.7m 0.01% Reduced -311 -311
63 FORBES J M & CO LLP 0.52% of their portfolio Boston, MA 43,21743.2k $6.2m $6.2m 0.52% Added +486 +486
64 SP Asset Management LLC 0.49% of their portfolio CUPERTINO, CA 42,54742.5k $6.1m $6.1m 0.49% Reduced -4.6k -4,593
65 NEVILLE RODIE & SHAW INC 0.44% of their portfolio NEW YORK, NY 42,32942.3k $6.1m $6.1m 0.44% Reduced -1.0k -1,025
66 Beacon Pointe Advisors, LLC 0.05% of their portfolio NEWPORT BEACH, CA 41,19941.2k $5.9m $5.9m 0.05% Reduced -142 -142
67 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 39,25239.3k $5.7m $5.7m 0.03% Reduced -2.8k -2,756
68 GTS SECURITIES LLC 0.22% of their portfolio NEW YORK, NY 39,19939.2k $5.7m $5.7m 0.22% New
69 MMBG INVESTMENT ADVISORS CO. 0.50% of their portfolio MIAMI, FL 39,19939.2k $5.7m $5.7m 0.50% Reduced -3.1k -3,150
70 HARBOUR INVESTMENT MANAGEMENT LLC 2.31% of their portfolio EDMONDS, WA 36,82936.8k $5.3m $5.3m 2.31% Reduced -3.6k -3,580
71 Williams Jones Wealth Management, LLC. 0.06% of their portfolio NEW YORK, NY 35,98536.0k $5.2m $5.2m 0.06% Reduced -4.1k -4,100
72 Associated Banc-Corp 0.14% of their portfolio Green Bay, WI 35,85235.9k $5.2m $5.2m 0.14% Reduced -1.3k -1,282
73 First Interstate Bank 0.28% of their portfolio Billings, MT 35,38335.4k $5.1m $5.1m 0.28% Reduced -971 -971
74 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 35,31435.3k $5.3m $5.3m 0.01% Reduced -1.8k -1,847
75 Michelson Medical Research Foundation, Inc. 4.41% of their portfolio Los Angeles, CA 35,09535.1k $5.1m $5.1m 4.41% Unchanged
76 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 34,65334.7k $5.0m $5.0m 0.01% Reduced -30.8k -30,789
77 Colonial Trust Advisors 0.38% of their portfolio SPARTANBURG, SC 34,17834.2k $4.9m $4.9m 0.38% Reduced -1.9k -1,852
78 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 34,14734.1k $4.9m $4.9m 0.00% Added +1.2k +1,248
79 Steward Partners Investment Advisory, LLC 0.03% of their portfolio STAMFORD, CT 33,94733.9k $4.9m $4.9m 0.03% Added +4.9k +4,949
80 Hamilton Wealth, LLC 1.01% of their portfolio LOS ANGELES, CA 33,58733.6k $4.8m $4.8m 1.01% New
81 BEARING POINT CAPITAL, LLC 0.83% of their portfolio BLOOMINGTON, MN 33,56933.6k $4.8m $4.8m 0.83% Added +452 +452
82 Atom Investors LP 0.37% of their portfolio AUSTIN, TX 33,53933.5k $4.8m $4.8m 0.37% Added +4.1k +4,113
83 Howard Capital Management Group, LLC 0.31% of their portfolio Los Angeles, CA 33,51233.5k $4.8m $4.8m 0.31% Reduced -5.3k -5,315
84 Lido Advisors, LLC 0.02% of their portfolio Los Angeles, CA 32,49932.5k $4.7m $4.7m 0.02% Reduced -1.5k -1,451
85 Mariner, LLC 0.01% of their portfolio Overland Park, KS 32,18132.2k $4.6m $4.6m 0.01% Added +4.3k +4,308
86 Ashton Thomas Private Wealth, LLC 0.12% of their portfolio SCOTTSDALE, AZ 31,71331.7k $4.6m $4.6m 0.12% Reduced -32.0k -31,978
87 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 31,42631.4k $4.5m $4.5m 0.01% Reduced -16.1k -16,108
88 Private Advisor Group, LLC 0.02% of their portfolio MORRISTOWN, NJ 30,74030.7k $4.4m $4.4m 0.02% Added +6.2k +6,160
89 Crescent Grove Advisors, LLC 0.42% of their portfolio LAKE FOREST, IL 30,54530.5k $4.4m $4.4m 0.42% Reduced -1.1k -1,127
90 FLOW TRADERS U.S. LLC 0.18% of their portfolio NEW YORK, NY 30,07630.1k $4.3m $4.3m 0.18% New
91 SOL Capital Management CO 0.38% of their portfolio ROCKVILLE, MD 29,33929.3k $4.2m $4.2m 0.38% Reduced -7.2k -7,168
92 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 29,12829.1k $4.2m $4.2m 0.01% Reduced -27.4k -27,402
93 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 28,56928.6k $4.1m $4.1m 0.02% Added +14.0k +14,016
94 Concord Investment Counsel Inc. 1.31% of their portfolio IRVINE, CA 28,53228.5k $4.1m $4.1m 1.31% First filing
95 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 27,48227.5k $4.0m $4.0m 0.01% New
96 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 27,44127.4k $4.0m $4.0m 0.01% Reduced -920 -920
97 TOTH FINANCIAL ADVISORY CORP 0.42% of their portfolio LEESBURG, VA 26,92726.9k $3.9m $3.9m 0.42% Added +5.3k +5,272
98 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 26,47826.5k $3.8m $3.8m 0.00% Reduced -2.3k -2,264
99 OPPENHEIMER & CO INC 0.05% of their portfolio NEW YORK, NY 26,26726.3k $3.8m $3.8m 0.05% Reduced -4.6k -4,552
100 EVERGREEN CAPITAL MANAGEMENT LLC 0.09% of their portfolio Bellevue, WA 25,62925.6k $3.7m $3.7m 0.09% Unchanged