At a glance
BBH charges 0.35% a year, below the 0.52% average of the 8 funds most like it (the 2nd cheapest of 9). It has $395.6M in assets, the 3rd largest of that group; it paid 0.38% of its price in distributions over the past 12 months, annual. Over the past year it returned +41.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +20.9% a year. At its worst it fell 20.9% in the 2020 crash (S&P 500: 33.7%) and 29.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 41 months after the lows. Its ten largest positions make up 70.3% of the fund, out of 24 in all.
The short version
VanEck Biotech ETF (BBH) is an index fund that tracks the MVIS US Listed Biotech 25 Index, giving focused exposure to 25 large and midsize U.S.-listed biotechnology companies. Its 0.35% annual expense ratio is below the 0.52% average for similar funds, though Invesco Nasdaq Biotechnology ETF charges 0.19%. It is also concentrated: as of June 30, 2026, its 10 largest holdings, led by Amgen at 15.2%, made up 70.3% of the fund.
Price history
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BBH +41.0% 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 | |
|---|---|---|---|---|---|---|
| BBH official prospectus, to Dec 31, 2025 | — | +21.16% | — | +2.69% | +4.54% | — |
| MVIS US Listed Biotech 25 Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +21.23% | — | +2.80% | +4.68% | — |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| BBH price data to Oct 27, 2026 | +32.0% | +41.0% | +20.9% | +5.4% | +9.4% | +15.0% |
- Over the year to Oct 27, 2026, BBH returned +41.0%, 4th of 9 among similar funds.
- Its 5-year annualized return was +5.4% and its 10-year +9.4%.
- In the 2020 COVID crash it fell 20.9% and regained its old high 1.1 months after the low.
- Its worst full calendar year was 2022 (-15.2%); its best was 2013 (+65.5%).
- The deepest fall in its price history was 39.9% (Aug 9, 2021 to Jun 13, 2022), recovered by Aug 7, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +32.0% | — |
| 2025 | +21.2% | +21.16% |
| 2024 | -4.3% | -4.38% |
| 2023 | +3.9% | +3.87% |
| 2022 | -15.2% | -15.11% |
| 2021 | +11.8% | +11.77% |
| 2020 | +22.1% | +22.05% |
| 2019 | +26.3% | +25.76% |
| 2018 | -10.7% | -10.22% |
| 2017 | +16.5% | +16.63% |
| 2016 | -15.0% | -15.04% |
| 2015 | +10.6% | — |
| 2014 | +30.3% | — |
| 2013 | +65.5% | — |
| 2012 | +54.2% | — |
| 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 20.8% over that stretch · deepest drop along the way 20.9%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.9% over that stretch · deepest drop along the way 29%, back to its old high 41 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9600 | -23.2% |
| 2024 | $1.2500 | +76.1% |
| 2023 | $0.7100 | -5.3% |
| 2022 | $0.7500 | +87.5% |
| 2021 | $0.4000 | -34.4% |
| 2020 | $0.6100 | +29.8% |
| 2019 | $0.4700 | -14.5% |
| 2018 | $0.5500 | -19.1% |
| 2017 | $0.6800 | +106.1% |
| 2016 | $0.3300 | -51.3% |
| 2015 | $0.6770 | +22466.7% |
| 2013 | $0.0030 | -99.9% |
| 2012 | $2.4595 |
What's inside
As of Jun 30, 2026, the fund held 24 securities; the ten largest made up 70.28% of assets.
| Holding | Weight | |
|---|---|---|
| Amgen Inc | 15.25% | |
| Gilead Sciences Inc | 12.79% | |
| Vertex Pharmaceuticals Inc | 9.10% | |
| Regeneron Pharmaceuticals Inc | 6.21% | |
| Revolution Medicines Inc | 5.27% | |
| Argenx SE | 4.97% | |
| Natera Inc | 4.92% | |
| IQVIA Holdings Inc | 4.31% | |
| Alnylam Pharmaceuticals Inc | 3.83% | |
| Biogen Inc | 3.63% | |
| Moderna Inc | 3.36% | |
| Illumina Inc | 3.17% | |
| United Therapeutics Corp | 2.83% | |
| BeOne Medicines Ltd | 2.81% | |
| Insmed Inc | 2.67% |
By country
United States 87.27%Netherlands 6.04%Switzerland 2.81%Germany 1.94%Ireland 1.9%By asset type
Stocks 99.96%By sector
Sectors of the companies held, for the 42.4% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.37%, +1.64%, +7.82%.
How it works
VanEck runs BBH as a passive index fund. It aims to match the MVIS US Listed Biotech 25 Index before fees and expenses, not to beat it. It normally invests at least 80% of its assets in the index's stocks.
To be eligible, a U.S.-listed company must earn at least 50% of its revenue from biotechnology. That covers drug research, development and sales, research contractors and diagnostic equipment, but not pharmacies. From the 50 largest by total market value, the index keeps the top 25 ranked by free-float market value (counting only shares readily available to trade) and three-month average daily trading volume. Foreign companies can qualify, including through depositary receipts (U.S.-traded certificates for foreign shares). As of December 31, 2025, members ranged from about $9.16 billion to $176.26 billion in market value.
The fund is classified as non-diversified, so it can put a larger share of its money in a single company. As of June 30, 2026, Amgen was 15.2% of the fund, Gilead Sciences 12.8% and Vertex Pharmaceuticals 9.1%, and the fund held no derivatives. Holdings change when the index is rebalanced. The prospectus filed January 27, 2026, reported portfolio turnover of 19%, meaning relatively little trading.
What it really costs
- BBH charges 0.35% a year, versus an average of 0.52% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBH | $36 | $113 | $197 | $443 |
In a retirement portfolio
This is a concentrated, 25-stock bet on one industry with deep, slow-healing drops, so it fits better as a small add-on than as a portfolio's foundation.
BBH adds focused exposure to large biotech companies, which have not always moved with the broad market. Its one-year beta, a measure of sensitivity to the market, was 0.59 as of October 27, 2026. The swings are still large. It fell about 21% in the 2020 COVID crash and recovered within about a month. In the 2022 bear market it fell 29% and took about 41 months to recover. Its worst calendar year was 2022, when it lost 15.1%. Its deepest drop, 39.9% from August 2021 to June 2022, took nearly 50 months to recover. The fund launched in 2011, so it has no 2008 record.
Selling shares for spending during a slump like that would lock in losses. The yield was 0.38% as of October 27, 2026, paid once a year, so it provides little income. Its 0.35% yearly cost is modest. 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
- Cost-conscious biotech investors: the 0.35% expense ratio, or $36 the first year on $10,000 in the SEC's standard example, sits below the 0.52% peer average.
- Investors who prefer large, established biotech names such as Amgen, Gilead Sciences and Vertex Pharmaceuticals, the largest holdings as of June 30, 2026.
- Long-term investors who can hold through deep drops; the fund fell 29% in the 2022 bear market and took 41 months to recover.
Look elsewhere if
- Investors who rely on portfolio income: the yield over the prior year was 0.38% as of October 27, 2026, with distributions paid once a year.
- Those seeking an all-in-one stock fund: its 10-year average annual return of 4.54% trailed the broad MSCI ACWI Index's 11.72% through December 31, 2025.
- Investors wary of concentration: the fund is non-diversified, and its 10 largest holdings made up 70.3% of assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBH this fund | — | 0.35% | $395.6M | +41.0% | +20.9% |
| IBB iShares Biotechnology ETF | 59% | 0.45% | $9.09B | +35.3% | +23.9% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 53% | 0.19% | $96.4M | +36.3% | +26.1% |
| PBE Invesco Biotechnology & Genome ETF | 41% | 0.58% | $281.9M | +38.6% | +25.2% |
| FBT First Trust NYSE Arca Biotechnology Index F… | 41% | 0.56% | $2.81B | +43.6% | +27.7% |
| MNTL Tema Neuroscience and Mental Health ETF | 30% | 0.75% | $9.7M | 0.0% | — |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 28% | 0.6% | $36.2M | +46.9% | +23.4% |
| HELX Franklin Genomic Advancements ETF | 24% | 0.5% | $27.9M | +28.8% | +20.4% |
Questions investors ask
What does BBH invest in?
BBH holds about 25 large and mid-sized biotech companies listed in the U.S., copying the MVIS US Listed Biotech 25 Index. Each company must earn at least half its revenue from biotechnology. As of June 30, 2026, its largest holdings were Amgen (15.2%), Gilead Sciences (12.8%), Vertex Pharmaceuticals (9.1%), Regeneron (6.2%) and Revolution Medicines (5.3%). About 87% was in U.S. companies, with the rest in firms such as Netherlands-based Argenx.
What's the difference between BBH and IBB?
Both hold large biotech stocks, and about 59% of their holdings overlap. BBH is cheaper, at 0.35% a year versus 0.45% for iShares Biotechnology ETF (IBB). It is also more concentrated, with about 25 stocks. IBB is much larger: it had about $9.1 billion in net assets as of June 30, 2026, versus about $396 million for BBH. Through October 27, 2026, BBH returned 41% over one year and 20.9% a year over three years. IBB returned 35.3% and 23.9%.
Does BBH pay dividends?
Yes, but not much, and only once a year. Over the 12 months through October 27, 2026, BBH paid about $0.96 per share, a yield of 0.38%. Many biotech companies put their cash back into research instead of paying large dividends, so income from this fund is small. Investors who rely on regular payouts would get little from it.
What is BBH's expense ratio?
BBH's expense ratio is 0.35% a year, according to its January 2026 prospectus. That ranks second-lowest among nine similar biotech funds, whose average is 0.52%. Invesco Nasdaq Biotechnology ETF (IBBQ) costs less, at 0.19%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $36 after one year, $113 after three, $197 after five and $443 after ten.
How has BBH performed over 10 years?
Over the 10 years ended December 31, 2025, BBH returned 4.54% a year. That was close to its index's 4.68%, but far behind the 11.72% of the global MSCI ACWI stock index. Its five-year return to that date was 2.69% a year. Later results were stronger. Based on price, BBH returned 9.4% a year over the 10 years through October 27, 2026, helped by a 32% gain year to date through that date.