At a glance
BBC charges 0.65% a year, above the 0.37% average of the 4 funds most like it (the most expensive of 5). It has $46.4M in assets, the 5th largest of that group; it paid 1.54% of its price in distributions over the past 12 months, annual. Over the past year it returned +36.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +37.8% a year. At its worst it fell 38.5% in the 2020 crash (S&P 500: 33.7%) and 55.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 43 months after the lows. Its ten largest positions make up 11.8% of the fund, out of 131 in all.
The short version
Virtus LifeSci Biotech Clinical Trials ETF (BBC), since renamed Virtus Biotech Clinical Trials ETF, tracks the LifeSci Biotechnology Clinical Trials Index. The index is an equal-weighted basket of U.S.-listed biotech companies whose main drug is still in human trials and not yet approved. Two things set it apart from broader biotech funds: it holds only these pre-approval drug developers, and it charges 0.65% a year, against a 0.37% average for similar funds.
Price history
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BBC +36.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBC official prospectus, to Dec 31, 2025 | — | +63.80% | — | -4.34% | +3.33% | — |
| BBC price data to Oct 27, 2026 | +11.2% | +36.6% | +37.8% | +0.2% | +9.1% | +4.6% |
- Over the year to Oct 27, 2026, BBC returned +36.6%, 3rd of 5 among similar funds.
- Its 5-year annualized return was +0.2% and its 10-year +9.1%.
- In the 2020 COVID crash it fell 38.5% and regained its old high 1.7 months after the low.
- Its worst full calendar year was 2016 (-36.6%); its best was 2019 (+63.8%).
- The deepest fall in its price history was 76.9% (Feb 8, 2021 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.2% | — |
| 2025 | +63.7% | +63.80% |
| 2024 | -1.1% | -0.91% |
| 2023 | -1.8% | -1.64% |
| 2022 | -35.1% | -35.38% |
| 2021 | -22.3% | -22.35% |
| 2020 | +30.3% | +30.82% |
| 2019 | +63.8% | +62.60% |
| 2018 | -18.3% | -17.50% |
| 2017 | +57.8% | +55.57% |
| 2016 | -36.6% | -36.54% |
| 2015 | +5.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.9% over that stretch · deepest drop along the way 38.5%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.1% over that stretch · deepest drop along the way 55.4%, back to its old high 42.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6600 | +175.0% |
| 2024 | $0.2400 | +200.0% |
| 2023 | $0.0800 | -86.4% |
| 2017 | $0.5900 | +293.3% |
| 2015 | $0.1500 |
What's inside
As of Jul 31, 2026, the fund held 131 securities; the ten largest made up 11.76% of assets. It also reported 3.48% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| FIRST TRACKS BIOTHERAPEUTICS INC | 1.67% | |
| MBX BIOSCIENCES INC | 1.24% | |
| ATAIBECKLEY INC | 1.23% | |
| MONOPAR THERAPEUTICS INC | 1.21% | |
| DEFINIUM THERAPEUTICS INC | 1.18% | |
| XENCOR INC | 1.10% | |
| ZENAS BIOPHARMA INC | 1.06% | |
| UNIQURE NV | 1.06% | |
| APOGEE THERAPEUTICS INC | 1.02% | |
| VOR BIOPHARMA INC | 0.99% | |
| REGENXBIO INC | 0.97% | |
| LB PHARMACEUTICALS INC | 0.94% | |
| DAMORA THERAPEUTICS INC | 0.93% | |
| AMYLYX PHARMACEUTICALS INC | 0.93% | |
| DYNE THERAPEUTICS INC | 0.93% |
By country
United States 83.19%Cayman Islands 5.32%Canada 3.4%Netherlands 3%Ireland 1.55%By asset type
Stocks 99.84%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.61%, +18.04%, -7.30%.
How it works
BBC aims to match, before fees, the LifeSci Biotechnology Clinical Trials Index, which is sponsored by LifeSci Index Partners. The fund keeps at least 80% of its assets in the index's stocks. To qualify, a company must have common stock listed in the U.S., be classed as pharmaceuticals and biotechnology, and be worth at least $250 million. Its shares must also trade at least $2 million a day on average over six months. A committee then removes companies that are not "pure" biotech, such as large drugmakers, vaccine makers, and medical-device and tools companies.
Next, the committee sorts the remaining companies by the stage of each one's lead drug, meaning its main product. Only companies whose lead drug is in a Phase 1, 2 or 3 clinical trial make the cut. These are the stages of human testing, which run from small safety trials to large trials that confirm a drug works. Companies with an FDA-approved lead drug, or one still in lab testing, are left out. A company usually leaves the index at the next rebuild if its lead drug is approved or fails.
The index is rebuilt twice a year, after June 15 and December 15, and every stock gets an equal weight. As of July 31, 2026, the fund held 131 stocks. The 10 largest made up just 11.76% of assets, led by First Tracks Biotherapeutics at about 1.7%.
What it really costs
- BBC charges 0.65% a year, versus an average of 0.37% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBC | $66 | $208 | $362 | $810 |
In a retirement portfolio
BBC is a concentrated, highly volatile bet on unproven drug developers, so it fits at most as a small add-on to a broad core.
BBC offers exposure to early-stage drug research that broad index funds hold only in small amounts. The ride has been rough. The fund launched in December 2014, so it has no record from 2008. In the 2020 COVID crash it fell 38.5% in about a month, then recovered by May 2020. The 2022 bear market hit harder: the fund dropped 55.4% by May 2022 and took about 43 months to recover. Its deepest fall, 76.9% from February 2021 to April 2025, had still not been recovered as of October 27, 2026. Someone who has to sell in a slump could lock in steep losses. The yield was 1.54% as of October 27, 2026, paid once a year, so the fund is not an income source. In the SEC's standard example, $10,000 invested costs $810 in fees over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, deliberate stake in clinical-stage biotech companies whose lead drugs have not yet been approved.
- People who prefer equal weighting across about 130 drug developers rather than a fund dominated by a few large biotech names.
- Long-horizon investors who can sit through drops like the fund's 76.9% decline from February 2021 to April 2025 without needing to sell.
Look elsewhere if
- Cost-conscious investors: BBC's 0.65% expense ratio is the highest among its four similar funds, which average 0.37%.
- Retirees who need steady income or stability, since the fund pays once a year and its one-year volatility was 37.5%.
- Anyone who may need to sell in a downturn: the fund took about 43 months to recover from its 2022 drop.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBC this fund | — | 0.65% | $46.4M | +36.6% | +37.8% |
| XBI SPDR S&P Biotech ETF | 38% | 0.35% | $10.73B | +39.3% | +34.4% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 16% | 0.19% | $96.4M | +36.3% | +26.1% |
| IBB iShares Biotechnology ETF | 15% | 0.45% | $9.09B | +35.3% | +23.9% |
| GNOM Global X Genomics & Biotechnology ETF | 5% | 0.5% | $91.9M | +56.6% | +25.8% |
Questions investors ask
Is BBC a good ETF for retirement?
BBC is a high-risk fund, so it mostly suits a small corner of a retirement portfolio. It holds only biotech companies whose main drug is still in clinical trials. It fell 55.4% in 2022 and needed about 43 months to recover. Its worst drop, 76.9% from February 2021 to April 2025, had not been recovered as of October 27, 2026. It yielded 1.54%, paid once a year, so it offers little income.
What's the difference between BBC and XBI?
The main differences are focus, cost and size. BBC's index admits only companies whose lead drug is in clinical trials, and it excludes firms with approved drugs. XBI, the SPDR S&P Biotech ETF, charges 0.35% against BBC's 0.65%. It had about $10.7 billion in assets as of June 30, 2026, against BBC's $46 million as of July 31, 2026. As of October 27, 2026, BBC returned 37.8% a year over three years and XBI 34.4%.
Does BBC pay dividends?
Yes, but only once a year, and the amount is modest. Over the 12 months to October 27, 2026, BBC paid about $0.66 per share, a yield of 1.54%. Most clinical-stage biotech companies don't earn profits, so the fund's return depends almost entirely on share prices. People who want regular income from their investments may want to compare it with funds built to pay income.
How has BBC performed over 10 years?
BBC's 10-year record is modest and very uneven. Its prospectus shows an average annual return of 3.33% over the 10 years to December 31, 2025, and -4.34% a year over five years. Calendar years ranged from a 36.54% loss in 2016 to a 63.8% gain in 2025. Its strongest quarter was a 59.35% gain at the end of 2019. Its weakest was a 34.52% loss in early 2016.
What are BBC's top holdings?
BBC has no dominant holdings because it gives every stock an equal weight. As of July 31, 2026, it held 131 stocks, and the top 10 made up just 11.76% of assets. The largest were First Tracks Biotherapeutics (about 1.7%), MBX Biosciences, AtaiBeckley and Monopar Therapeutics (each about 1.2%). About 83% of assets were in U.S. companies, with smaller stakes in companies based in the Cayman Islands, Canada and the Netherlands.