Vault-13

ISHARES TR IBB

ISHARES BIOTECH · ETP · CUSIP 464287556 · ISIN US4642875565

960 institutional holders +156 vs Q3 2025
41,629,58741.6m shares reported held*
$6.9bnreported value*
170 new 273 added 222 reduced 44 sold out net bought ≈ $1.3bn (+8.4m 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 ($2.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $166.72. Options: 14 managers hold calls ($291.1m notional), 15 hold puts ($260.0m).

Trends to Q4 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: 804Q4 25: 960960Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025960

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 24: 341 bought or addedQ1 24: 378 cut or sold outQ2 24: 264 bought or addedQ2 24: 398 cut or sold outQ2 24Q3 24: 310 bought or addedQ3 24: 396 cut or sold outQ4 24: 280 bought or addedQ4 24: 437 cut or sold outQ4 24Q1 25: 239 bought or addedQ1 25: 440 cut or sold outQ2 25: 185 bought or addedQ2 25: 433 cut or sold outQ2 25Q3 25: 236 bought or addedQ3 25: 391 cut or sold outQ4 25: 443 bought or addedQ4 25: 266 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024341378
Q2 2024264398
Q3 2024310396
Q4 2024280437
Q1 2025239440
Q2 2025185433
Q3 2025236391
Q4 2025443266

Calls vs puts

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

CallsPuts
$0$200m$400m$600m$800mQ1 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 1.25Q4 25 calls: $291.1mQ4 25 puts: $260.0mQ4 25P/C 0.89
Numbers
QuarterCallsPutsP/C
Q1 2025$292.6m$630.3m2.15
Q2 2025$221.1m$183.9m0.83
Q3 2025$205.4m$257.0m1.25
Q4 2025$291.1m$260.0m0.89

Biggest buyers

CITIGROUP INC Added +1,521,992+1.5m
TWO SIGMA INVESTMENTS, LP Added +1,409,300+1.4m
ENVESTNET ASSET MANAGEMENT INC Added +1,172,666+1.2m
RAYMOND JAMES FINANCIAL INC Added +736,881+736.9k
BANK OF AMERICA CORP /DE/ Added +658,317+658.3k
WestEnd Advisors, LLC New +629,667+629.7k
TRUIST FINANCIAL CORP Added +614,582+614.6k
Corient Private Wealth LP Added +598,566+598.6k
LPL Financial LLC Added +589,033+589.0k
Janney Montgomery Scott LLC Added +588,124+588.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,772,039-1.8m
GOLDMAN SACHS GROUP INC Reduced -1,343,824-1.3m
Bronte Capital Management Pty Ltd. Reduced -209,072-209.1k
Employees Retirement System of Texas Sold out -196,200-196.2k
UBS Group AG Reduced -178,014-178.0k
JANE STREET GROUP, LLC Reduced -171,911-171.9k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -154,000-154.0k
Jefferies Financial Group Inc. Reduced -150,349-150.3k
Avalon Trust Co Reduced -103,022-103.0k
TIFF ADVISORY SERVICES, LLC Sold out -55,000-55.0k

Biggest calls

PEAK6 LLC Added $68.5m405.8k shares
Affinity Asset Advisors, LLC New $67.5m400.0k shares
Calamos Advisors LLC Added $57.5m398.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $38.0m225.2k shares
CITADEL ADVISORS LLC Reduced $26.9m159.5k shares
JANE STREET GROUP, LLC Added $10.2m60.2k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $9.9m58.4k shares
Point72 Asset Management, L.P. New $4.6m27.1k shares
MARSHALL WACE, LLP Reduced $3.2m18.9k shares
Volterra Technologies LP New $2.6m15.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $96.1m569.7k shares
CITADEL ADVISORS LLC Added $45.0m266.4k shares
JANE STREET GROUP, LLC Added $44.5m263.6k shares
Caption Management, LLC New $21.1m125.0k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $17.3m102.7k shares
NOMURA HOLDINGS INC New $12.7m75.0k shares
J. Goldman & Co LP Added $6.8m40.0k shares
Walleye Trading LLC Added $6.3m37.1k shares
Balyasny Asset Management L.P. New $5.1m30.0k shares
SIG BROKERAGE, LP New $2.1m12.5k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.08% of their portfolio CHARLOTTE, NC 6,552,1586.6m $1.1bn $1.1bn 0.08% Added +658.3k +658,317
2 CITIGROUP INC 0.60% of their portfolio NEW YORK, NY 5,242,6885.2m $884.8m $884.8m 0.60% Added +1.5m +1,521,992
3 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 3,204,1263.2m $540.8m $540.8m 0.03% Added +77.0k +76,978
4 BNP PARIBAS FINANCIAL MARKETS 0.23% of their portfolio PARIS, I0 2,133,4612.1m $360.1m $360.1m 0.23% Added +218.1k +218,066
5 TWO SIGMA INVESTMENTS, LP 0.37% of their portfolio NEW YORK, NY 1,475,0071.5m $248.9m $248.9m 0.37% Added +1.4m +1,409,300
6 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 1,223,0501.2m $206.4m $206.4m 0.06% Added +1.2m +1,172,666
7 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 1,204,0461.2m $203.2m $203.2m 0.03% Reduced -1.3m -1,343,824
8 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 994,311994.3k $167.8m $167.8m 0.05% Added +736.9k +736,881
9 LPL Financial LLC 0.05% of their portfolio FORT MILL, SC 992,799992.8k $167.6m $167.6m 0.05% Added +589.0k +589,033
10 UBS Group AG 0.03% of their portfolio ZURICH, V8 913,035913.0k $154.1m $154.1m 0.03% Reduced -178.0k -178,014
11 COMMERCE BANK 0.77% of their portfolio KANSAS CITY, MO 825,694825.7k $139.4m $139.4m 0.77% Added +238.8k +238,768
12 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 756,426756.4k $127.7m $127.7m 0.02% Added +181.3k +181,345
13 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 729,694729.7k $123.2m $123.2m 0.02% Added +165.0k +165,012
14 BARCLAYS PLC 0.05% of their portfolio LONDON, X0 671,941671.9k $113.4m $113.4m 0.05% Added +255.8k +255,750
15 TRUIST FINANCIAL CORP 0.14% of their portfolio CHARLOTTE, NC 642,023642.0k $108.4m $108.4m 0.14% Added +614.6k +614,582
16 WestEnd Advisors, LLC 2.47% of their portfolio CHARLOTTE, NC 629,667629.7k $106.3m $106.3m 2.47% New
17 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 627,694627.7k $21.0m $21.0m 0.01% Added +598.6k +598,566
18 Janney Montgomery Scott LLC 0.24% of their portfolio PHILADELPHIA, PA 619,550619.5k $104.6m $104.6m 0.24% Added +588.1k +588,124
19 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.17% of their portfolio TORONTO, A6 596,000596.0k $100.6m $100.6m 0.17% Reduced -154.0k -154,000
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 348,057348.1k $58.7m $58.7m 0.00% Reduced -1.8m -1,772,039
21 PNC Financial Services Group, Inc. 0.03% of their portfolio Pittsburgh, PA 324,982325.0k $54.8m $54.8m 0.03% Added +18.5k +18,514
22 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.07% of their portfolio BALA CYNWYD, PA 304,146304.1k $51.3m $51.3m 0.07% Added +218.9k +218,884
23 Jefferies Financial Group Inc. 0.42% of their portfolio NEW YORK, NY 300,458300.5k $50.7m $50.7m 0.42% Reduced -150.3k -150,349
24 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 223,310223.3k $37.7m $37.7m 0.02% New
25 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 223,032223.0k $37.6m $37.6m 0.07% Added +111.2k +111,169
26 Aptus Capital Advisors, LLC 0.29% of their portfolio FAIRHOPE, AL 204,362204.4k $34.5m $34.5m 0.29% Added +202.3k +202,269
27 Mirae Asset Global Investments Co., Ltd. 0.09% of their portfolio SEOUL, M5 195,308195.3k $33.0m $33.0m 0.09% New
28 Calamos Advisors LLC 0.12% of their portfolio NAPERVILLE, IL 168,310168.3k $28.4m $28.4m 0.12% Added +29.2k +29,190
29 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 155,420155.4k $26.2m $26.2m 0.02% Added +52.5k +52,530
30 McElhenny Sheffield Capital Management, LLC 6.18% of their portfolio DALLAS, TX 150,503150.5k $25.4m $25.4m 6.18% New
31 Rockefeller Capital Management L.P. 0.04% of their portfolio NEW YORK, NY 147,707147.7k $24.9m $24.9m 0.04% Added +21.1k +21,052
32 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 147,647147.6k $24.9m $24.9m 0.03% Added +8.0k +7,963
33 CAPITAL FUND MANAGEMENT S.A. 0.21% of their portfolio PARIS, I0 133,901133.9k $22.6m $22.6m 0.21% New
34 Focus Partners Wealth 0.02% of their portfolio ST LOUIS, MO 123,572123.6k $20.9m $20.9m 0.02% Added +6.7k +6,728
35 ALBION FINANCIAL GROUP /UT 1.26% of their portfolio SALT LAKE CITY, UT 119,737119.7k $20.2m $20.2m 1.26% Reduced -3.6k -3,615
36 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 117,536117.5k $19.8m $19.8m 0.02% Added +56.9k +56,888
37 Generali Investments CEE, investicni spolecnost, a.s. 1.38% of their portfolio PRAGUE, 2N 116,115116.1k $19.6m $19.6m 1.38% Unchanged
38 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 115,576115.6k $19.5m $19.5m 0.00% Added +9.3k +9,320
39 JANE STREET GROUP, LLC 0.02% of their portfolio NEW YORK, NY 114,751114.8k $19.4m $19.4m 0.02% Reduced -171.9k -171,911
40 MML INVESTORS SERVICES, LLC 0.05% of their portfolio SPRINGFIELD, MA 114,683114.7k $19.4m $19.4m 0.05% Added +48.3k +48,289
41 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 111,994112.0k $18.9m $18.9m 0.01% Added +64.2k +64,221
42 Erste Asset Management GmbH 0.15% of their portfolio VIENNA, C4 102,330102.3k $17.3m $17.3m 0.15% Added +37.9k +37,860
43 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 99,14899.1k $16.7m $16.7m 0.01% Added +32.5k +32,540
44 INVESTMENT HOUSE LLC 0.79% of their portfolio REDONDO BEACH, CA 97,91797.9k $16.5m $16.5m 0.79% Reduced -904 -904
45 CANADA LIFE ASSURANCE Co 0.03% of their portfolio WINNIPEG, A2 97,07397.1k $16.4m $16.4m 0.03% Added +1.2k +1,249
46 OSAIC HOLDINGS, INC. 0.02% of their portfolio SCOTTSDALE, AZ 92,90192.9k $15.7m $15.7m 0.02% Reduced -3.2k -3,162
47 Cornerstone Advisors, LLC 0.50% of their portfolio ASHEVILLE, NC 89,02089.0k $15.0m $15.0m 0.50% New
48 POTOMAC FUND MANAGEMENT INC /ADV 0.51% of their portfolio BETHESDA, MD 81,76081.8k $13.8m $13.8m 0.51% New
49 MAI Capital Management 0.08% of their portfolio INDEPENDENCE, OH 80,46180.5k $13.6m $13.6m 0.08% Added +4.1k +4,080
50 ASSETMARK, INC 0.03% of their portfolio CONCORD, CA 74,02974.0k $12.5m $12.5m 0.03% Added +74.0k +73,980
51 Caption Management, LLC 0.55% of their portfolio OKLAHOMA CITY, OK 74,00074.0k $12.5m $12.5m 0.55% Reduced -4.5k -4,500
52 APPLETON PARTNERS INC/MA 0.82% of their portfolio BOSTON, MA 73,90073.9k $12.5m $12.5m 0.82% Reduced -13 -13
53 Bronte Capital Management Pty Ltd. 1.28% of their portfolio Bondi Junction, C3 72,35072.3k $12.2m $12.2m 1.28% Reduced -209.1k -209,072
54 Gladstone Institutional Advisory LLC 0.45% of their portfolio Bedminster, NJ 71,02871.0k $12.0m $12.0m 0.45% Added +67.0k +67,012
55 FACTORY MUTUAL INSURANCE CO 0.12% of their portfolio WALTHAM, MA 71,00071.0k $12.0m $12.0m 0.12% Unchanged
56 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 70,51970.5k $11.9m $11.9m 0.01% Added +18.5k +18,479
57 Cambridge Investment Research Advisors, Inc. 0.03% of their portfolio FAIRFIELD, IA 68,71568.7k $11.6m $11.6m 0.03% Added +11.1k +11,065
58 DAFNA Capital Management LLC 2.67% of their portfolio LOS ANGELES, CA 68,09568.1k $11.5m $11.5m 2.67% Reduced -34.4k -34,405
59 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 67,61867.6k $11.4m $11.4m 0.01% Added +245 +245
60 CUMBERLAND ADVISORS INC 4.11% of their portfolio SARASOTA, FL 64,23364.2k $10.8m $10.8m 4.11% Reduced -1.2k -1,165
61 Hamilton Wealth, LLC 2.04% of their portfolio LOS ANGELES, CA 63,63863.6k $10.7m $10.7m 2.04% Added +30.1k +30,051
62 FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 1.07% of their portfolio WASHINGTON, DC 61,74561.7k $10.4m $10.4m 1.07% Reduced -595 -595
63 Apella Capital, LLC 0.19% of their portfolio WEST HARTFORD, CT 57,59457.6k $9.7m $9.7m 0.19% New
64 Tradition Wealth Management, LLC 0.70% of their portfolio EDINA, MN 57,58457.6k $9.7m $9.7m 0.70% Added +178 +178
65 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 57,54557.5k $9.7m $9.7m 0.01% New
66 PEAPACK GLADSTONE FINANCIAL CORP 0.12% of their portfolio BEDMINSTER, NJ 55,90955.9k $9.4m $9.4m 0.12% Reduced -1.2k -1,249
67 Horizon Wealth Management, LLC 1.43% of their portfolio LA GRANGE, IL 54,65754.7k $9.2m $9.2m 1.43% New
68 Humankind Investments LLC 4.13% of their portfolio NEW YORK, NY 54,50054.5k $9.2m $9.2m 4.13% Added +50.0k +50,000
69 NTV Asset Management LLC 0.97% of their portfolio Charleston, WV 54,23354.2k $9.2m $9.2m 0.97% Added +825 +825
70 BROWN ADVISORY INC 0.01% of their portfolio BALTIMORE, MD 54,01254.0k $9.1m $9.1m 0.01% Reduced -2.9k -2,865
71 Virtue Capital Management, LLC 1.39% of their portfolio BRENTWOOD, TN 53,41453.4k $9.0m $9.0m 1.39% New
72 Accurate Wealth Management, LLC 1.16% of their portfolio WESLEY CHAPEL, FL 53,01653.0k $9.1m $9.1m 1.16% Added +183 +183
73 Beacon Pointe Advisors, LLC 0.06% of their portfolio NEWPORT BEACH, CA 51,74451.7k $8.7m $8.7m 0.06% Added +10.5k +10,545
74 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 47,88247.9k $8.1m $8.1m 0.01% Added +1.7k +1,681
75 Allspring Global Investments Holdings, LLC 0.01% of their portfolio CHARLOTTE, NC 46,90646.9k $7.9m $7.9m 0.01% Added +46.8k +46,806
76 Pictet Asset Management Holding SA 0.01% of their portfolio CAROUGE, V8 44,45044.5k $7.6m $7.6m 0.01% New
77 Ocean Park Asset Management, LLC 0.35% of their portfolio SANTA MONICA, CA 43,82343.8k $7.4m $7.4m 0.35% New
78 FORBES J M & CO LLP 0.60% of their portfolio Boston, MA 43,70043.7k $7.4m $7.4m 0.60% Added +483 +483
79 NORDEN GROUP LLC 0.70% of their portfolio PROVO, UT 42,45942.5k $7.2m $7.2m 0.70% New
80 DAVENPORT & Co LLC 0.04% of their portfolio RICHMOND, VA 42,42842.4k $7.2m $7.2m 0.04% Added +27.6k +27,589
81 SP Asset Management LLC 0.56% of their portfolio CUPERTINO, CA 42,33542.3k $7.1m $7.1m 0.56% Reduced -212 -212
82 Kestra Advisory Services, LLC 0.03% of their portfolio AUSTIN, TX 42,30642.3k $7.1m $7.1m 0.03% Added +3.1k +3,054
83 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 42,24442.2k $7.1m $7.1m 0.01% Added +13.7k +13,675
84 MARVIN & PALMER ASSOCIATES INC 5.03% of their portfolio WILMINGTON, DE 42,21942.2k $7.1m $7.1m 5.03% New
85 NEVILLE RODIE & SHAW INC 0.50% of their portfolio NEW YORK, NY 42,15942.2k $7.1m $7.1m 0.50% Reduced -170 -170
86 Summit Financial, LLC 0.10% of their portfolio PARSIPPANY, NJ 40,66240.7k $6.9m $6.9m 0.10% Added +22.5k +22,507
87 Sanctuary Advisors, LLC 0.04% of their portfolio INDIANAPOLIS, IN 39,76939.8k $6.7m $6.7m 0.04% Reduced -19.0k -18,970
88 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 39,24439.2k $6.6m $6.6m 0.01% New
89 Mariner, LLC 0.01% of their portfolio Overland Park, KS 38,90038.9k $6.6m $6.6m 0.01% Added +6.7k +6,719
90 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 38,72438.7k $6.6m $6.6m 0.01% Added +3.4k +3,410
91 MMBG INVESTMENT ADVISORS CO. 0.54% of their portfolio MIAMI, FL 38,10738.1k $6.4m $6.4m 0.54% Reduced -1.1k -1,092
92 Miller Investment Management, LP 0.62% of their portfolio WEST CONSHOHOCKEN, PA 37,44637.4k $6.3m $6.3m 0.62% Reduced -39.2k -39,221
93 Steward Partners Investment Advisory, LLC 0.03% of their portfolio STAMFORD, CT 36,38236.4k $6.1m $6.1m 0.03% Added +2.4k +2,435
94 SSI INVESTMENT MANAGEMENT LLC 0.41% of their portfolio Los Angeles, CA 36,10436.1k $6.1m $6.1m 0.41% New
95 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 35,96136.0k $6.1m $6.1m 0.00% Added +1.8k +1,814
96 Ashton Thomas Private Wealth, LLC 0.15% of their portfolio SCOTTSDALE, AZ 35,76735.8k $6.0m $6.0m 0.15% Added +4.1k +4,054
97 Concurrent Investment Advisors, LLC 0.07% of their portfolio Tampa, FL 35,68935.7k $6.0m $6.0m 0.07% Added +31.8k +31,766
98 Williams Jones Wealth Management, LLC. 0.07% of their portfolio NEW YORK, NY 35,51735.5k $6.0m $6.0m 0.07% Reduced -468 -468
99 BEARING POINT CAPITAL, LLC 0.94% of their portfolio BLOOMINGTON, MN 35,45435.5k $6.0m $6.0m 0.94% Added +1.9k +1,885
100 Michelson Medical Research Foundation, Inc. 5.94% of their portfolio Los Angeles, CA 35,09535.1k $5.9m $5.9m 5.94% Unchanged