US Biotechnology: Weekly Fund Flows Update

Research evidence excerpt

J P M O R G A N

North America Equity Research

10 August 2026

US Biotechnology

Weekly Fund Flows Update

We are monitoring fund flows in an attempt to better understand the breadth of

interest in the biotech sector. Our analysis includes an evaluation of both short- and

long-term trends as well as overall fund flows in healthcare and other sectors. Data

below are as of Friday, August 07, 2026.

Biotechnology - Large Cap

Jessica Fye AC

(1-212) 622-4165

Adam Ferrari, Ph.D.

In the latest week of 3Q26, the IBB saw net inflows of $425.7mm, and year to

date, IBB’s net inflows stood at $1,280.0mm (see Table 1).

slo

w

F

d

n

u

IB

(1-212) 622-1717

slo

w

F

d

n

u

IB

As a whole, the Biotech Sector (XBI) ranked 7th and the Healthcare Sector

(XLV) ranked 5th in 2026 YTD in terms of ETF inflows among other major

sectors.

Silvia Luo

As defined by the IBB, XBI, and NBI, this week’s sector performance was

positive as a whole, howeer, XBI, IBB, and NBI still underperformed the

overall markets (as defined by the SPX) (see Figure 2).

(1-212) 270-4831

(1-212) 622-0000

Jose Lora, Ph.D.

Abdul Tahlil

X

P

I,S

B

sN

v

(1-212) 270-9644

J.P. Morgan Securities LLC

Figure 1: IBB Fund Flows

10.0

2H25

1H25

1H26

600.0

2H26

9.0

Market Cap ($ bn)

7.0

200.0

6.0

5.0

0.0

4.0

-200.0

3.0

2.0

-400.0

1.0

IBB Fund Flows (4 week Movg Avg In/(Out) Flow)

IBB Market Cap

Source: Bloomberg Finance L.P.

Figure 2: NBI vs XBI, IBB, SPX (Weekly Returns through August 7, 2026)

5.0%

4.5%

3.9%

Weekly Change (%)

4.0%

3.5%

4.1%

4.3%

3.2%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

NBI

XBI

IBB

SPX

Source: Bloomberg Finance L.P.