IBB(IBB)
AI Look-Through Summary
AI GeneratedThe portfolio appears to be heavily skewed towards large-cap biotechnology and pharmaceutical companies, with the top five holdings accounting for nearly 40% of the fund's assets. The sector allocation is almost exclusively healthcare-focused, with other sectors making up a relatively small portion of the mix. The weighted P/E ratio of 25.3x suggests that the portfolio is trading at a premium to the broader market, while the weighted P/B ratio of 27.11x indicates a similarly elevated valuation posture.
The concentration risk in this portfolio is evident, with the top five holdings representing approximately 30% of total assets and several other positions exceeding 2%. The dominance of VRTX and AMGN, two established biotech leaders, suggests that the fund has a significant exposure to these names. Compared to the broader market, IBB's sector mix appears to be even more concentrated in healthcare, which could make it vulnerable to sector-specific downturns. A favorable macro environment for this portfolio would likely involve continued growth in demand for pharmaceutical and biotechnology products, while an unfavorable environment might arise from increased regulatory scrutiny or a decline in investor appetite for these sectors.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:50:06.279726+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ETF name, IBB (Innovator Bio), is not explicitly stated in the provided data; however, assuming a thematic focus on biotechnology or healthcare innovation based on the constituent list, there is a strong alignment between the fund's composition and this sector. All top ten holdings are categorized under Healthcare, with no unrelated industrial or technology sectors present to dilute the theme. While two positions (INSM and RVMD) lack specific sub-sector labels in the provided data, their classification within the broader healthcare umbrella supports thematic consistency rather than indicating a drift toward broad market exposure. The absence of mega-cap stalwarts that often dominate general sector ETFs suggests this fund maintains a distinct focus on mid-to-large cap biopharmaceutical entities rather than using well-known names merely to stabilize volatility.
Concentration risk is notable, with the top ten holdings accounting for nearly 46% of total assets and healthcare comprising just over 40% of the portfolio. This high degree of concentration indicates that performance will be heavily dependent on a small group of specific companies rather than being diversified across the entire industry or broader economy. The sector breakdown appears coherent, as every significant weight is dedicated to the same thematic area, reinforcing the fund's differentiated nature compared to broad market indices like the S&P 500 which span multiple industries. However, this lack of diversification means that idiosyncratic risks associated with any single holding could have a disproportionately large impact on overall portfolio returns. The data reflects a strategy prioritized thematic purity over sector breadth or index replication.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 07:19:21.457576+00
🏢 Sector Analysis
AI GeneratedThe IBB ETF demonstrates a highly concentrated exposure to the healthcare sector, which accounts for nearly 41% of its total portfolio. This singular focus suggests an investment thesis centered on biotechnology and pharmaceutical innovation rather than broad diversification across multiple industries. The fund's structure relies heavily on large-cap names within this specific vertical, as evidenced by the top five holdings—all classified under healthcare—comprising a significant portion of assets. Such allocation indicates that the underlying strategy seeks to capture value from companies developing advanced therapies and biologics, assuming these sectors will outperform or remain resilient during market cycles where other industries may lag.
Concentration risk is a defining characteristic of this fund's profile, with the top ten holdings representing 45.8% of total assets. This high degree of concentration amplifies volatility; performance will be disproportionately influenced by the operational successes or regulatory setbacks affecting just a handful of large biopharmaceutical firms like Amgen and Vertex Pharmaceuticals. The lack of sector diversification means that adverse events specific to drug development timelines, patent expirations, or clinical trial failures in these top positions could materially impact overall fund returns without significant hedging from other sectors.
Regarding factor tilts, the heavy weighting toward established giants alongside innovative biotech firms implies a blend of large-cap value and growth characteristics typical of the healthcare industry. The absence of exposure to technology, financials, or consumer discretionary sectors reveals that this vehicle is not designed for broad market beta but rather serves as a targeted lever on biological advancements. Investors analyzing this allocation must weigh the potential for outsized gains during periods of strong biotech sentiment against the heightened sensitivity to idiosyncratic risks inherent in holding such a narrow slice of the equity universe.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 13:43:53.706081+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share IBB's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of IBB's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VONEVONE | $10B | — | 9 | 40.9% |
| QUSQUS | $1B | — | 9 | 40.9% |
| VHTVHT | $19B | — | 9 | 40.9% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 9 | 40.9% |
| XBIXBI | $7B | — | 8 | 38.9% |
41% of IBB's portfolio by weight is also held by VONE. When VONE receives inflows, it mechanically buys these shared stocks — dragging IBB's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofIBB's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 87% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 45% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside IBB collectively pay out 43% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 20% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryIBB is up 46.6% over the last 12 months. The underlying weighted earnings growth of its constituents is +53.7%. Despite earnings growth, valuations have contracted by 7.1% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 30% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of IBB's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of IBB's analyzed weight, 94% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 6% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 39% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDIBB's top holding VRTX at 8.1% is above the 8% elevated-concentration threshold. The effective number of stocks is 40 vs. the actual count of 10.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
IBB has a Passive Crowding Score of 43/100. On average, 12.8% of the market capitalization of IBB's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 29 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | VRTX | Vertex Pharmaceuticals Inc Healthcare | 8.07% | 28.8x | 6/9 |
| 2 | AMGN | Amgen Inc Healthcare | 7.82% | 25.8x | 7/9 |
| 3 | GILD | Gilead Sciences Inc Healthcare | 6.83% | 18.5x | 8/9 |
| 4 | REGN | Regeneron Pharmaceuticals Inc Healthcare | 4.90% | 16.6x | 4/9 |
| 5 | ARGX | argenx SE ADR Healthcare | 3.75% | 38.1x | 5/9 |
| 6 | ALNY | Alnylam Pharmaceuticals Inc Healthcare | 3.12% | 70.9x | 6/9 |
| 7 | NTRA | Natera Inc Healthcare | 2.89% | — | 4/9 |
| 8 | RVMD | Revolution Medicines Inc Ordinary Shares | 2.78% | — | — |
| 9 | BIIB | Biogen Inc Healthcare | 2.46% | 21.6x | 4/9 |
| 10 | ILMN | Illumina Inc Healthcare | 2.07% | 34.6x | 7/9 |
Historical Holdings Snapshots
Browse how IBB’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
10 holdings · 44.7% tracked weight2026-07-17
10 holdings · 44.7% tracked weight2026-07-16
10 holdings · 44.7% tracked weight2026-07-15
10 holdings · 44.7% tracked weight2026-07-14
10 holdings · 44.7% tracked weightSource: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove IBB Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of $169.06 for IBB presents a specific technical context when viewed through the lens of momentum and trend analysis, though exact moving average positions are not provided in this snapshot to confirm whether the asset is trading above or below its key averages without further data points. In the absence of explicit moving average levels, any assessment regarding long-term trend direction remains incomplete based solely on this price figure. The Relative Strength Index (RSI) serves as a critical gauge for short-term momentum, yet since no RSI value accompanies this data set, it is impossible to determine if the asset is currently exhibiting overbought conditions or oversold states that might signal an impending reversal or continuation of movement. Consequently, while the price level itself establishes a baseline reference point, the full technical narrative regarding trend strength and immediate momentum shifts cannot be fully constructed without additional indicators such as specific moving average crossovers or RSI readings. This limitation prevents a definitive characterization of whether short-term forces are aggressively driving prices higher or if corrective pressure might be building beneath the surface. Investors must therefore rely on supplementary data sources to validate trend alignment with major averages and gauge the precise state of relative strength before forming conclusions about potential future price action. Ultimately, this isolated data point offers only a fragmentary view of the broader technical landscape surrounding IBB. Without knowing if $169.06 represents a breakout above resistance or a pullback below support, as well as the specific momentum readings from
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How IBB’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.