XBI ETF — Holdings & Analysis

The State Street SPDR S&P Biotech ETF (XBI) is a $7.79 billion fund seeking to replicate the performance of the S&P Biotechnology Select Industry Index.

With an expense ratio of 0.35%, XBI offers targeted exposure to the biotechnology segment of the S&P Total Market Index (TMI). XBI differentiates itself by tracking a modified equal-weighted index, potentially providing less concentrated industry exposure across large, mid, and small-cap biotech stocks compared to capitalization-weighted ETFs.

State Street SPDR S&P Biotech ETF (XBI) ETF — Price, Holdings & Analysis

The State Street SPDR S&P Biotech ETF (XBI) is a $7.79 billion fund seeking to replicate the performance of the S&P Biotechnology Select Industry Index. With an expense ratio of 0.35%, XBI offers targeted exposure to the biotechnology segment of the S&P Total Market Index (TMI). XBI differentiates itself by tracking a modified equal-weighted index, potentially providing less concentrated industry exposure across large, mid, and small-cap biotech stocks compared to capitalization-weighted ETFs.

ETF Overview

The State Street SPDR S&P Biotech ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Biotechnology Select Industry Index (the "Index")Seeks to provide exposure to the Biotechnology segment of the S&P TMI, which comprises the following sub-industries: BiotechnologySeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing

XBI aims to capture the performance of the biotechnology sector within the broader equity market. It tracks the S&P Biotechnology Select Industry Index, utilizing a modified equal-weighting scheme. This approach distinguishes XBI from many other sector ETFs that are capitalization-weighted, meaning XBI gives a larger allocation to smaller companies. By equally weighting its holdings, XBI seeks to reduce concentration risk and provide exposure across the market capitalization spectrum. The fund's top holdings include Moderna Inc (2.25%), Roivant Sciences Ltd Ordinary Shares (1.74%), and Vaxcyte Inc Ordinary Shares (1.73%). XBI is designed for investors seeking targeted exposure to the biotechnology industry, allowing them to take strategic or tactical positions within this specific segment. The fund invests almost exclusively in healthcare companies, with a 100% allocation to the sector. XBI may appeal to investors who believe in the growth potential of the biotechnology industry and seek a diversified approach within that sector.

Risk Metrics

XBI presents several risks inherent to its investment strategy. As a sector-specific ETF with 100% allocation to healthcare, it lacks diversification across different sectors, making it vulnerable to sector-specific downturns or regulatory changes affecting the biotechnology industry. The fund's beta of 1.47 indicates higher volatility compared to the overall market. While the modified equal-weighted index aims to reduce concentration risk, the top 10 holdings still account for a significant portion of the fund's assets. The expense ratio of 0.35% will create a slight drag on performance over time. Country exposure is heavily concentrated in the United States (94.9%), exposing the fund to primarily US-based economic and regulatory risks.

Expense Ratio

0.35%

What does XBI hold?

Holding	Weight
Moderna Inc (MRNA)	2.25%
Roivant Sciences Ltd Ordinary Shares (ROIV)	1.74%
Vaxcyte Inc Ordinary Shares (PCVX)	1.73%
Arcellx Inc (ACLX)	1.66%
Revolution Medicines Inc Ordinary Shares (RVMD)	1.59%
Praxis Precision Medicines Inc Ordinary Shares (PRAX)	1.57%
Amgen Inc (AMGN)	1.50%
Gilead Sciences Inc (GILD)	1.49%
Amicus Therapeutics Inc (FOLD)	1.48%
Mirum Pharmaceuticals Inc (MIRM)	1.41%

How Is the Fund Allocated?

Sector	Weight
Healthcare	100.0%

Country	Weight
United States	94.9%
United Kingdom	1.8%
Ireland	1.4%
Switzerland	1.1%
Netherlands	0.6%
Other	0.2%

Dividend Yield

0.35%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

State Street Technology Select Sector SPDR ETF (XLK) (Equity) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) (Equity) — 0.16% expense ratio
State Street SPDR S&P 500 ETF (SPY) (Equity) — 0.09% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) (Equity) — 0.08% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) (Equity) — 0.08% expense ratio
State Street SPDR S&P Kensho Future Security ETF (FITE) (Equity) — 0.45% expense ratio

Risk Metrics

Beta: 1.47

Questions & Answers

What is XBI and what does it track?

XBI, the State Street SPDR S&P Biotech ETF, is an exchange-traded fund that aims to mirror the performance of the S&P Biotechnology Select Industry Index. This index represents the biotechnology sub-industry within the S&P Total Market Index (TMI).

The fund utilizes a modified equal-weighted approach, which differentiates it from capitalization-weighted ETFs.

What is the expense ratio for XBI?

The expense ratio for XBI is 0.35%. This means that for every $10,000 invested in the fund, $35 is used to cover annual operating expenses.

While 0.35% is not the lowest expense ratio available in the equity ETF universe, it is important to consider the specialized exposure XBI offers to the biotechnology sector.

What are the top holdings in XBI?

As of 2026-03-15, the top holdings in XBI are: Moderna Inc (2.25%), Roivant Sciences Ltd Ordinary Shares (1.74%), and Vaxcyte Inc Ordinary Shares (1.73%).

Arcellx Inc (1.66%) and Revolution Medicines Inc Ordinary Shares (1.59%) also rank among the fund's largest positions. These holdings represent a concentrated portion of the fund's overall portfolio, reflecting the specialized nature of the biotechnology sector.

Is XBI a good long-term investment?

Whether XBI is a suitable long-term investment depends on an individual's investment goals, risk tolerance, and outlook on the biotechnology sector. XBI offers targeted exposure to the biotechnology industry, which can be subject to significant volatility.

The fund's beta of 1.47 suggests it is more volatile than the broader market. Past performance does not guarantee future results.

How does XBI compare to similar ETFs?

XBI competes with other biotechnology ETFs, differing primarily in their underlying indexes, weighting methodologies, and expense ratios. XBI's expense ratio is 0.35%.

Some competing ETFs may track different biotechnology indexes or employ market-cap weighting strategies, which could result in different portfolio compositions and performance characteristics. XBI's AUM of $7.79 billion makes it one of the larger biotechnology ETFs available.

Does XBI pay dividends?

Yes, XBI does pay dividends. The current dividend yield for XBI is 0.35%. While this yield is relatively modest compared to some other equity ETFs, it provides a small income component for investors.

The dividend payments are typically distributed quarterly, but this can vary. Investors should note that dividend yields can fluctuate based on market conditions and the dividend policies of the underlying companies held in the ETF.