State Street SPDR S&P Biotech ETF
814 hedge funds and large institutions have $16.5B invested in State Street SPDR S&P Biotech ETF in 2025 Q4 according to their latest regulatory filings, with 231 funds opening new positions, 232 increasing their positions, 204 reducing their positions, and 53 closing their positions.
336% more first-time investments, than exits
New positions opened: 231 | Existing positions closed: 53
32% more capital invested
Capital invested by funds: $12.4B → $16.5B (+$4.03B)
24% more funds holding
Funds holding: 656 → 814 (+158)
14% more repeat investments, than reductions
Existing positions increased: 232 | Existing positions reduced: 204
6% more funds holding in top 10
Funds holding in top 10: 18 → 19 (+1)
15.49% less ownership
Funds ownership: 214.61% → 199.12% (-15%)
51% less call options, than puts
Call options by funds: $3.12B | Put options by funds: $6.42B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BNP Paribas Financial Markets
Paris,
France
|
+$1.22B |
| 2 |
Bank of America
Charlotte,
North Carolina
|
+$391M |
| 3 |
ACA
Avoro Capital Advisors
New York
|
+$241M |
| 4 |
Two Sigma Investments
New York
|
+$201M |
| 5 |
Citigroup
New York
|
+$188M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
-$1.18B |
| 2 |
Goldman Sachs
New York
|
-$325M |
| 3 |
MASUI
MIRAE ASSET SECURITIES (USA) INC.
New York
|
-$161M |
| 4 |
Healthcare of Ontario Pension Plan (HOOPP) Trust Fund
Toronto,
Ontario, Canada
|
-$141M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$90.1M |
XBI Hedge Fund Activity: Q4 2025 in Review
814 institutional investors reported a position in State Street SPDR S&P Biotech ETF (XBI) for Q4 2025, worth a combined $16.5B — up 32% from $12.4B a quarter earlier.
Buyers outnumbered sellers: 231 funds opened new XBI positions and 53 closed out — a net gain of 178 holders — while 232 added to existing stakes and 204 trimmed.
The largest buyer was BNP Paribas Financial Markets, adding an estimated $1.22B. The largest seller was JP Morgan Chase, cutting an estimated $1.18B.
- 814 institutional investors held State Street SPDR S&P Biotech ETF (XBI) as of Q4 2025, up from 656 in Q3 2025.
- Funds reported $16.5B of State Street SPDR S&P Biotech ETF stock for Q4 2025, up 32% quarter-over-quarter.
- 231 funds opened new State Street SPDR S&P Biotech ETF positions in Q4 2025 and 53 closed out, a net change of +178 holders.
- The largest State Street SPDR S&P Biotech ETF buyer in Q4 2025 was BNP Paribas Financial Markets, an estimated $1.22B added.
- The largest State Street SPDR S&P Biotech ETF seller in Q4 2025 was JP Morgan Chase, an estimated $1.18B sold.
Based on aggregated 13F filings for Q4 2025.