SPDR S&P Biotech

XBI • ARCA

SPDR S&P Biotech is an exchange-traded fund on ARCA. As of Q3 2025, 639 institutional investors hold shares in this ETF, with total holdings valued at $12.4B. GOLDMAN SACHS GROUP INC is the largest holder with a position valued at $2.3B.

Overview

Overview of institutional ownership in XBI as of Q3 2025

All Institutions

Institutions: 639
Value Held: $12.4B
Shares Held: 124.0M
Avg Position: $19.4M
Median Position: $551.6K

Hedge Funds

Hedge Funds: 38
Value Held: $375.5M
Shares Held: 3.7M
Avg Position: $9.9M
Median Position: $2.6M

Biggest Investors

Institutions with the largest positions in XBI as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$2.3B 0.33% of portfolio	22.7M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	-	$1.4B 2.60% of portfolio	13.8M shares	Q4 2019 Held for 5y 11m	$53.3B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.4B 0.09% of portfolio	13.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
CITIGROUP INC Institution	Jane Fraser CEO	$1.1B 0.76% of portfolio	10.9M shares	≤ Q2 2013 Held for 12y 5m+	$144.32B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$1.1B 0.06% of portfolio	10.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$942.2M 0.07% of portfolio	9.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
B BNP PARIBAS ARBITRAGE, SA Institution	-	$597.7M 0.47% of portfolio	6.0M shares	Q2 2014 Held for 11y 5m	$126.06B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$278.6M 0.06% of portfolio	2.8M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B
UBS Group AG Institution	Sergio P. Ermotti CEO	$241.2M 0.05% of portfolio	2.4M shares	Q4 2014 Held for 10y 11m	$511.54B
BARCLAYS PLC Institution	-	$200.8M 0.07% of portfolio	2.0M shares	≤ Q2 2013 Held for 12y 5m+	$271.65B

Net Capital Flow

Institutional buying and selling activity for XBI in Q3 2025

Net Flow: +$559.3M
Buyers: 165
Sellers: 300
Total Bought: +$1.7B
Total Sold: −$1.2B
Avg Position: $19.8M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$464.5M +4.6M shares	$2.3B 22.7M shares
JPMORGAN CHASE & CO Institution	+$290.6M +2.9M shares	$1.4B 13.5M shares
BANK OF AMERICA CORP /DE/ Institution	+$275.6M +2.8M shares	$942.2M 9.4M shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	+$169.2M +1.7M shares	$1.4B 13.8M shares
BARCLAYS PLC Institution	+$149.0M +1.5M shares	$200.8M 2.0M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$97.4M +971.8K shares	$115.6M 1.2M shares
AMERIPRISE FINANCIAL INC Institution	+$35.4M +353.4K shares	$122.9M 1.2M shares
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	+$29.9M +298.5K shares	$66.8M 666.2K shares
MEITAV DASH INVESTMENTS LTD RIA/Wealth	+$28.1M +281.6K shares	$68.2M 682.1K shares
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	+$19.3M +193.0K shares	$19.5M 194.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITIGROUP INC Institution	−$186.7M −1.9M shares	$1.1B 10.9M shares
UBS Group AG Institution	−$171.4M −1.7M shares	$241.2M 2.4M shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$164.9M −1.6M shares	$597.7M 6.0M shares
J JANE STREET GROUP, LLC Institution	−$126.8M −1.3M shares	$1.1M 10.6K shares
MORGAN STANLEY RIA/Wealth	−$80.9M −807.7K shares	$1.1B 10.6M shares
M Migdal Insurance & Financial Holdings Ltd. Institution	−$62.2M −750.0K shares	Sold Off 0 shares
Clearbridge Investments, LLC Long Only Manager	−$37.7M −375.8K shares	$36.1M 360.5K shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$37.5M −374.2K shares	$9.8M 97.9K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$24.5M −244.9K shares	$7.5M 74.7K shares
Investure, LLC Fund of Funds	−$15.0M −149.4K shares	$41.3M 412.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited XBI in Q3 2025

New Positions: 26
New Value: $36.8M
Exited Positions: 62
Exited Value: $143.3M

New Positions

Institution	Position Value
D DARK FOREST CAPITAL MANAGEMENT LP Pension/Endowment	$10.6M 106.0K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$9.4M 94.0K shares
Oversea-Chinese Banking CORP Ltd Real Assets	$4.8M 48.0K shares
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$2.7M 27.1K shares
Kassira Wealth Management LLC RIA/Wealth	$2.3M 23.2K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$1.8M 15.8K shares
Harpswell Capital Advisors, LLC Fund of Funds	$1.7M 16.8K shares
Engineers Gate Manager LP Hedge Fund•Quant	$878.3K 8.8K shares
BRIAN LOW FINANCIAL GROUP, LLC RIA/Wealth	$667.7K 6.7K shares
Fort Sheridan Advisors LLC RIA/Wealth	$493.4K 4.9K shares

Exited Positions

Institution	Previous Position
M Migdal Insurance & Financial Holdings Ltd. Institution	$62.2M 750.0K shares
P PEAK6 LLC Institution	$9.9M 119.0K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$6.0M 72.7K shares
Royal Fund Management, LLC RIA/Wealth	$5.6M 67.5K shares
M MIZUHO MARKETS AMERICAS LLC Institution	$5.3M 64.5K shares
D D. E. Shaw & Co., Inc. Institution	$5.1M 62.1K shares
S SIG BROKERAGE, LP Institution	$5.0M 60.1K shares
Boyer & Corporon Wealth Management, LLC RIA/Wealth	$4.8M 57.7K shares
Lumbard Investment Counseling, LLC RIA/Wealth	$4.6M 55.1K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$4.0M 48.8K shares

Options Activity

Institutions with the largest Call and Put options positions in XBI as of Q3 2025

Call Positions: 46
Call Value: $2.4B
Put Positions: 56
Put Value: $3.1B

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$392.3M 39.2K contracts
P PEAK6 LLC Institution	$333.6M 33.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$310.1M 31.0K contracts
J JANE STREET GROUP, LLC Institution	$257.7M 25.7K contracts
R Rokos Capital Management LLP Hedge Fund•Global Macro	$150.3M 15.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$127.9M 12.8K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$120.2M 12.0K contracts
Partner Fund Management, L.P. Hedge Fund•Sector	$71.9M 7.2K contracts
N NOMURA HOLDINGS INC Institution	$56.3M 5.6K contracts
UBS Group AG Institution	$56.2M 5.6K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$562.4M 56.1K contracts
J JANE STREET GROUP, LLC Institution	$378.6M 37.8K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$332.1M 33.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$281.7M 28.1K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$209.7M 20.9K contracts
GOLDMAN SACHS GROUP INC Institution	$159.5M 15.9K contracts
Soleus Capital Management, L.P. Hedge Fund•Long/Short	$115.2M 11.5K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$110.4M 11.0K contracts
Paradigm Biocapital Advisors LP Hedge Fund•Long/Short	$100.2M 10.0K contracts
WELLS FARGO & COMPANY/MN Institution	$75.2M 7.5K contracts

Most Committed Institutions

Institutions with XBI as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Sivik Global Healthcare LLC Hedge Fund•Long/Short	Krishen Kumar Sud Managing Partner	13.56% $25.1M	250.0K shares	Q2 2021 Held for 4y 5m	$184.7M
D DAFNA Capital Management LLC Hedge Fund•Event Driven	Nathan Fischel CEO	10.12% $40.2M	401.5K shares	Q1 2022 Held for 3y 8m	$397.7M
M MIRAE ASSET SECURITIES INC. Institution	-	6.65% $150.3M	1.5M shares	Q2 2024 Held for 1y 5m	$2.3B
CHIRON CAPITAL MANAGEMENT, LLC RIA/Wealth	Jason Phillip Brienen Owner	6.10% $7.1M	71.1K shares	Q3 2020 Held for 5y 2m	$116.8M
O OXFORD ASSET MANAGEMENT Institution	Katherine Gibson Beck President	4.58% $12.5M	124.6K shares	Q2 2024 Held for 1y 5m	$272.4M
L LHM, INC. Institution	-	3.96% $12.0M	119.5K shares	Q4 2023 Held for 1y 11m	$302.3M
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	Michael Edward Presley Managing Partner	3.12% $66.8M	666.2K shares	Q1 2017 Held for 8y 8m	$2.1B
Madrona Financial Services, LLC Private Equity	Jared Corey Kushner CEO	2.85% $12.9M	128.5K shares	Q2 2025 Held for 5 months	$452.1M
V Vanderbilt University Institution	-	2.64% $15.9M	158.8K shares	Q2 2025 Held for 5 months	$602.3M
G Greenhouse Funds LLLP Hedge Fund•Long/Short	Scott Alexander Mafale Partner	2.63% $67.7M	676.0K shares	Q4 2024 Held for 11 months	$2.6B

Hedge Fund Spotlight

Discover hedge funds investing in XBI

CONTINENTAL ADVISORS LLC

Hedge Fund • Long/Short

Portfolio ManagerDavid Philip Purcell

Portfolio Value: $148.0M
Positions: 35
Last Reported: Q3 2025

Sector Allocation

Position in SPDR S&P Biotech

Market Value: $3.6M
Shares Held: 36.2K
Portfolio Weight: 2.45%
Owned Since: 2022-Q1

Top Holding	Sector	Market Value	Weight
1 Pfizer PFE	Drug Manufacturers - General Healthcare	$10.4M	7.04%
2 Viatris VTRS	Drug Manufacturers - Specialty & Generic Healthcare	$9.4M	6.37%
3 Uber Technologies UBER	Software - Application Technology	$8.2M	5.53%