At a glance
BIB charges 0.95% a year. It has $101.4M in assets, the 4th largest of that group; it paid 0.19% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +67.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 4 funds; over three years it returned +43.2% a year. At its worst it fell 44.5% in the 2020 crash (S&P 500: 33.7%) and 52.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 41 months after the lows. Its ten largest positions make up 40.6% of the fund, out of 256 in all.
The short version
ProShares Ultra Nasdaq Biotechnology (BIB) is a leveraged ETF. It aims to return two times the daily performance of the Nasdaq Biotechnology Index, before fees, using stocks plus swap agreements. It resets its leverage every day, so returns over months or years can drift far from 2x the index. A 0.95% expense ratio and a past 67.2% drop, from July 2015 to June 2016, make it a short-term trading tool rather than a long-term biotech holding.
Price history
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BIB +67.2% 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 | |
|---|---|---|---|---|---|---|
| BIB official prospectus, to Dec 31, 2025 | — | +59.34% | — | -1.01% | +1.39% | — |
| BIB price data to Oct 27, 2026 | +44.6% | +67.2% | +43.2% | +6.1% | +11.3% | +18.1% |
- Over the year to Oct 27, 2026, BIB returned +67.2%, 2nd of 4 among similar funds.
- Its 5-year annualized return was +6.1% and its 10-year +11.3%.
- In the 2020 COVID crash it fell 44.5% and regained its old high 1.7 months after the low.
- Its worst full calendar year was 2016 (-44.2%); its best was 2013 (+159.6%).
- The deepest fall in its price history was 67.2% (Jul 20, 2015 to Jun 27, 2016), recovered by Jan 25, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +44.6% | — |
| 2025 | +59.2% | +59.34% |
| 2024 | -9.8% | -10.00% |
| 2023 | -1.1% | -1.28% |
| 2022 | -28.9% | -28.64% |
| 2021 | -6.0% | -5.91% |
| 2020 | +39.8% | +39.74% |
| 2019 | +46.7% | +45.52% |
| 2018 | -24.9% | -24.38% |
| 2017 | +40.5% | +40.76% |
| 2016 | -44.2% | -44.23% |
| 2015 | +13.9% | — |
| 2014 | +66.8% | — |
| 2013 | +159.6% | — |
| 2012 | +66.8% | — |
| 2011 | +15.6% | — |
| 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 41.3% over that stretch · deepest drop along the way 44.5%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.3% over that stretch · deepest drop along the way 52.3%, back to its old high 41.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0900 | |
| 2025 | $0.6100 | -28.2% |
| 2024 | $0.8500 | +2025.0% |
| 2023 | $0.0400 | +100.0% |
| 2022 | $0.0200 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (5.47% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 9.22% | |
| Repurchase Agreement RA | 6.13% | |
| Amgen, Inc. | 4.72% | |
| Vertex Pharmaceuticals, Inc. | 4.50% | |
| Gilead Sciences, Inc. | 4.02% | |
| Repurchase Agreement RA | 3.68% | |
| Regeneron Pharmaceuticals, Inc. | 2.90% | |
| Moderna, Inc. | 1.96% | |
| Repurchase Agreement RA | 1.96% | |
| Revolution Medicines, Inc. | 1.54% | |
| Repurchase Agreement RA | 1.23% | |
| Illumina, Inc. | 1.14% | |
| Alnylam Pharmaceuticals, Inc. | 1.13% | |
| Biogen, Inc. | 1.13% | |
| Argenx SE | 1.01% |
By country
United States 68.74%Netherlands 1.3%United Kingdom 1.26%Ireland 0.91%Bermuda 0.88%By asset type
Stocks 54.37%RA 22.21%Other 0%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +19.06%, -4.19%, +20.64%.
How it works
The fund tracks the Nasdaq Biotechnology Index, which Nasdaq Inc. builds and maintains. The index holds Nasdaq-listed biotechnology and drug companies, both US and non-US. Companies qualify based on their size and how actively their shares trade. They are weighted by market value, so bigger companies count for more. The index is rebuilt every December, and its weights are adjusted in March, June and September. As of August 31, 2026, the largest stock holdings were Amgen (4.7%), Vertex Pharmaceuticals (4.5%), Gilead Sciences (4.0%), Regeneron (2.9%) and Moderna (2.0%).
ProShare Advisors gets the 2x exposure by combining two things. The first is stocks, about 54% of assets. The second is total return swaps: contracts with large financial institutions that pay the fund the index's return. If one of those institutions fails to pay, the fund can lose money. Spare cash goes into short-term holdings such as repurchase agreements (about 22% of assets), which are short-term loans backed by government bonds, and into Treasury bills.
The fund rebalances every day. After the index rises, it adds exposure. After it falls, it cuts exposure. Because of this daily reset, swings in the index eat into returns over longer periods. The prospectus estimates that if the index fell 20% in a year with 50% volatility (how much it moves up and down), the fund would lose 50.2%, not 40%. If the index nears a 50% loss in a single day, holders could lose everything.
What it really costs
- BIB charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.22% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,401 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BIB | $97 | $350 | $622 | $1,401 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its 2x leverage resets every day, so it is designed for one-day bets, and over longer periods it has suffered deep, long-lasting losses.
BIB has fallen hard and stayed down for long stretches. It launched in 2010, so it has no record for 2008. In the 2020 COVID crash it dropped 44.5% in less than a month, then recovered by May 8, 2020. In the 2022 bear market it fell 52.3% and took 41.4 months to recover, until November 25, 2025. Its deepest drop, 67.2% from July 2015 to June 2016, took 55 months to recover. Its worst calendar year was 2016, at -44.23%. Someone who has to raise cash in a bad year could lock in steep losses. Income is tiny: the trailing yield was 0.19% as of October 27, 2026, paid twice a year. Costs add up. In the SEC's standard example, $10,000 would pay $1,401 in costs over 10 years. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want to bet on biotech stocks for a day or a few days, using 2x daily leverage on the Nasdaq Biotechnology Index.
- Experienced investors who watch positions daily and understand how compounding hurts leveraged funds when prices swing up and down.
- Traders who want leveraged exposure to large biotech names like Amgen, Vertex, Gilead and Regeneron without using margin or options themselves.
Look elsewhere if
- Retirees and long-term holders: losses reached 52.3% in 2022 and took 41.4 months to recover.
- Income seekers: the trailing yield was just 0.19% as of October 27, 2026, paid twice a year.
- Cost-conscious investors: the 0.95% expense ratio means $1,401 in costs over 10 years on $10,000, in the SEC's standard example.
Close alternatives
Matched by leveraged/inverse funds on the same index (technology), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is BIB a good long-term investment?
BIB is built for short-term trading, not long-term holding. It targets 2x the index's daily return, and compounding over time can push results far from that target. Through December 31, 2025, its official average annual return was 1.39% over 10 years and -1.01% over five years, even though it gained 59.34% in 2025 alone. It also had a 67.2% drop that took 55 months to recover.
Why doesn't BIB return 2x the Nasdaq Biotechnology Index over a year?
BIB resets its leverage every day, so it only aims for 2x over a single day. Over longer periods, daily gains and losses compound, and big swings eat into returns. The prospectus estimates that if the index fell 20% in a year with 50% volatility, BIB would lose 50.2%, not 40%. In steady rising markets the result can come out above 2x.
Does BIB pay dividends?
Yes, but very little. BIB pays distributions twice a year. Its trailing 12-month payout was $0.22 per share, a yield of 0.19% as of October 27, 2026. Much of the fund's exposure comes from swap agreements and cash-like holdings, not just dividend-paying stocks. Many large biotech companies also pay small dividends or none at all. BIB is not designed as an income fund.
What's the difference between BIB and LABU?
Both are leveraged biotech ETFs that reset daily, but they track different indexes at different multiples. BIB, from ProShares, targets 2x the daily return of the Nasdaq Biotechnology Index. LABU, from Direxion, targets 3x the daily return of an S&P biotech index. As of October 27, 2026, LABU returned 91.2% over one year and 70.6% a year over three years, versus 67.2% and 43.2% for BIB. Higher leverage also means sharper losses.
What is BIB's expense ratio and what does it hold?
BIB's expense ratio is 0.95%, according to its prospectus filed September 25, 2026. In the SEC's standard $10,000 example, costs come to $97 after one year and $1,401 after 10 years. As of August 31, 2026, the fund had about $101 million in assets. About 54% was in stocks, led by Amgen, Vertex, Gilead and Regeneron. Total return swaps and repurchase agreements made up much of the rest.