Vault-13

VANECK ETF TRUST BIZD

BDC INCOME ETF · ETP · CUSIP 92189F411

229 institutional holders -7 vs Q2 2025
45,197,64545.2m shares reported held*
$675.6mreported value*
27 new 105 added 56 reduced 25 sold out net bought ≈ $127.7m (+8.5m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($157.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.95. Options: 1 managers hold calls ($185.3k notional), 1 hold puts ($1.3m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 127Q4 22: 133Q1 23: 132Q2 23: 146Q3 23: 153Q4 23: 162Q1 24: 178Q2 24: 196Q3 24: 188Q4 24: 224Q1 25: 217Q2 25: 236Q3 25: 229229Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022127
Q4 2022133
Q1 2023132
Q2 2023146
Q3 2023153
Q4 2023162
Q1 2024178
Q2 2024196
Q3 2024188
Q4 2024224
Q1 2025217
Q2 2025236
Q3 2025229

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 23: 83 bought or addedQ4 23: 67 cut or sold outQ1 24: 100 bought or addedQ1 24: 59 cut or sold outQ1 24Q2 24: 120 bought or addedQ2 24: 56 cut or sold outQ3 24: 105 bought or addedQ3 24: 76 cut or sold outQ3 24Q4 24: 129 bought or addedQ4 24: 57 cut or sold outQ1 25: 122 bought or addedQ1 25: 86 cut or sold outQ1 25Q2 25: 137 bought or addedQ2 25: 76 cut or sold outQ3 25: 132 bought or addedQ3 25: 81 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20238367
Q1 202410059
Q2 202412056
Q3 202410576
Q4 202412957
Q1 202512286
Q2 202513776
Q3 202513281

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5mQ4 24 calls: $325.9kQ4 24 puts: $490.6kQ4 24P/C 1.51Q1 25 calls: $724.0kQ1 25 puts: $631.9kQ1 25P/C 0.87Q2 25 calls: $434.7kQ2 25 puts: $1.2mQ2 25P/C 2.80Q3 25 calls: $185.3kQ3 25 puts: $1.3mQ3 25P/C 6.94
Numbers
QuarterCallsPutsP/C
Q4 2024$325.9k$490.6k1.51
Q1 2025$724.0k$631.9k0.87
Q2 2025$434.7k$1.2m2.80
Q3 2025$185.3k$1.3m6.94

Biggest buyers

Generali Asset Management SPA SGR New +2,200,000+2.2m
Bank Julius Baer & Co. Ltd, Zurich New +1,576,354+1.6m
MORGAN STANLEY Added +1,208,929+1.2m
Quadrature Capital Ltd New +1,061,303+1.1m
BANK OF AMERICA CORP /DE/ Added +885,913+885.9k
CAMBRIDGE ASSOCIATES LLC /MA/ /ADV New +461,182+461.2k
MARSHALL WACE, LLP New +344,917+344.9k
BESSEMER GROUP INC New +230,555+230.6k
Cynosure Group, LLC Added +189,879+189.9k
Cetera Investment Advisers Added +175,742+175.7k

Biggest sellers

ROYAL BANK OF CANADA Reduced -521,450-521.5k
Clark Capital Management Group, Inc. Reduced -321,085-321.1k
WELLS FARGO & COMPANY/MN Reduced -191,814-191.8k
BARINGS LLC Reduced -140,661-140.7k
AdvisorNet Financial, Inc Reduced -125,837-125.8k
Ameritas Advisory Services, LLC Sold out -119,592-119.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -94,233-94.2k
CENTAURUS FINANCIAL, INC. Reduced -88,770-88.8k
Black Swift Group, LLC Sold out -72,000-72.0k
WHITTIER TRUST CO OF NEVADA INC Sold out -65,724-65.7k

Biggest calls

CITADEL ADVISORS LLC Reduced $185.3k12.4k shares

Biggest puts

CITADEL ADVISORS LLC Added $1.3m86.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 6,181,1786.2m $92.3m $92.3m 0.01% Added +885.9k +885,913
2 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 5,907,6395.9m $88.3m $88.3m 0.01% Added +1.2m +1,208,929
3 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 2,754,1652.8m $41.1m $41.1m 0.01% Added +83.6k +83,632
4 Generali Asset Management SPA SGR 0.70% of their portfolio TRIESTE, L6 2,200,0002.2m $32.9m $32.9m 0.70% New
5 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 1,952,1222.0m $29.2m $29.2m 0.01% Reduced -191.8k -191,814
6 Bank Julius Baer & Co. Ltd, Zurich 0.07% of their portfolio ZURICH, V8 1,576,3541.6m $23.6m $23.6m 0.07% New
7 INDEPENDENT FINANCIAL GROUP, LLC 0.41% of their portfolio SAN DIEGO, CA 1,141,0261.1m $17.0m $17.0m 0.41% Added +97.6k +97,582
8 Mission Hills Financial Advisory, LLC 8.91% of their portfolio SAN DIEGO, CA 1,122,1641.1m $16.8m $16.8m 8.91% Added +122.9k +122,931
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,102,0591.1m $16.5m $16.5m 0.00% Added +72.4k +72,393
10 Quadrature Capital Ltd 0.19% of their portfolio LONDON, X0 1,061,3031.1m $15.8m $15.8m 0.19% New
11 Touchstone Capital, Inc. 7.94% of their portfolio PITTSBURGH, PA 1,037,1431.0m $15.5m $15.5m 7.94% First filing
12 CONDOR CAPITAL MANAGEMENT 1.04% of their portfolio MARTINSVILLE, NJ 851,982852.0k $12.7m $12.7m 1.04% Added +21.0k +21,038
13 Kestra Advisory Services, LLC 0.05% of their portfolio AUSTIN, TX 728,006728.0k $10.9m $10.9m 0.05% Added +159.9k +159,888
14 BARD ASSOCIATES INC 2.65% of their portfolio CHICAGO, IL 668,781668.8k $10.0m $10.0m 2.65% Added +166.8k +166,826
15 Haven Private, LLC 4.05% of their portfolio ORLANDO, FL 613,651613.7k $9.2m $9.2m 4.05% Reduced -4.4k -4,448
16 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 584,817584.8k $9.2m $9.2m 0.01% Added +46.1k +46,071
17 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 516,400516.4k $7.7m $7.7m 0.00% Reduced -521.5k -521,450
18 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 0.13% of their portfolio BOSTON, MA 461,182461.2k $6.9m $6.9m 0.13% New
19 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 459,691459.7k $6.9m $6.9m 0.00% Added +37.0k +37,009
20 Hilltop Holdings Inc. 0.34% of their portfolio DALLAS, TX 426,244426.2k $6.4m $6.4m 0.34% Added +84.1k +84,066
21 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 409,033409.0k $6.1m $6.1m 0.00% Added +1.2k +1,230
22 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 397,566397.6k $5.9m $5.9m 0.01% Reduced -65.7k -65,693
23 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 358,050358.1k $5.3m $5.3m 0.01% Reduced -17.8k -17,824
24 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 357,115357.1k $5.3m $5.3m 0.00% Added +22.9k +22,861
25 NewEdge Advisors, LLC 0.02% of their portfolio NEW ORLEANS, LA 353,211353.2k $5.3m $5.3m 0.02% Reduced -26.9k -26,949
26 Cynosure Group, LLC 0.28% of their portfolio Salt Lake City, UT 346,318346.3k $5.2m $5.2m 0.28% Added +189.9k +189,879
27 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 344,917344.9k $5.2m $5.2m 0.01% New
28 Steward Partners Investment Advisory, LLC 0.03% of their portfolio STAMFORD, CT 337,674337.7k $5.0m $5.0m 0.03% Reduced -13.9k -13,921
29 Naviter Wealth, LLC 0.59% of their portfolio LITTLE ROCK, AR 336,900336.9k $5.0m $5.0m 0.59% Reduced -501 -501
30 Foundations Investment Advisors, LLC 0.07% of their portfolio PHOENIX, AZ 325,824325.8k $4.9m $4.9m 0.07% Added +20.4k +20,370
31 Mariner, LLC 0.01% of their portfolio Overland Park, KS 304,952305.0k $4.6m $4.6m 0.01% Added +4.7k +4,687
32 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 296,171296.2k $4.4m $4.4m 0.01% Added +175.7k +175,742
33 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 286,953287.0k $4.3m $4.3m 0.03% Added +42.2k +42,236
34 BESSEMER GROUP INC 0.01% of their portfolio WOODBRIDGE, NJ 230,555230.6k $3.4m $3.4m 0.01% New
35 Arkadios Wealth Advisors 0.08% of their portfolio ATLANTA, GA 227,785227.8k $3.4m $3.4m 0.08% Added +7.6k +7,637
36 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 225,722225.7k $3.4m $3.4m 0.01% Added +151.8k +151,816
37 Clark Capital Management Group, Inc. 0.02% of their portfolio PHILADELPHIA, PA 220,371220.4k $3.3m $3.3m 0.02% Reduced -321.1k -321,085
38 Shilanski & Associates, Inc. 0.83% of their portfolio ANCHORAGE, AK 207,821207.8k $3.1m $3.1m 0.83% Added +4.8k +4,771
39 FLPUTNAM INVESTMENT MANAGEMENT CO 0.05% of their portfolio PORTLAND, ME 207,029207.0k $3.1m $3.1m 0.05% Reduced -52.4k -52,400
40 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.04% of their portfolio New York, NY 194,073194.1k $2.9m $2.9m 0.04% Reduced -2.8k -2,754
41 FINANCIAL MANAGEMENT NETWORK INC 0.44% of their portfolio MISSION VIEJO, CA 186,509186.5k $2.7m $2.7m 0.44% Added +2.3k +2,283
42 J.Safra Asset Management Corp 0.17% of their portfolio NEW YORK, NY 183,859183.9k $2.7m $2.7m 0.17% Added +91.8k +91,782
43 BRIDGES INVESTMENT MANAGEMENT INC 0.03% of their portfolio OMAHA, NE 179,365179.4k $2.7m $2.7m 0.03% Added +73.6k +73,598
44 MGO ONE SEVEN LLC 0.06% of their portfolio Beachwood, OH 177,189177.2k $2.6m $2.6m 0.06% Added +10.1k +10,096
45 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.20% of their portfolio ORLANDO, FL 164,796164.8k $2.5m $2.5m 0.20% Added +75.7k +75,650
46 J.W. COLE ADVISORS, INC. 0.05% of their portfolio TAMPA, FL 159,132159.1k $2.4m $2.4m 0.05% Reduced -548 -548
47 Beacon Pointe Advisors, LLC 0.02% of their portfolio NEWPORT BEACH, CA 158,161158.2k $2.4m $2.4m 0.02% Added +20.1k +20,143
48 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 157,674157.7k $2.4m $2.4m 0.00% New
49 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 156,751156.8k $2.3m $2.3m 0.01% Reduced -30.9k -30,862
50 Samalin Investment Counsel, LLC 0.75% of their portfolio CHAPPAQUA, NY 146,045146.0k $2.2m $2.2m 0.75% Added +7.4k +7,448
51 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 144,374144.4k $2.2m $2.2m 0.01% Added +53.9k +53,921
52 KINGSWOOD WEALTH ADVISORS, LLC 0.13% of their portfolio SAN DIEGO, CA 143,566143.6k $2.1m $2.1m 0.13% Added +31.8k +31,839
53 Measured Risk Portfolios, Inc. 2.30% of their portfolio SAN DIEGO, CA 142,179142.2k $2.1m $2.1m 2.30% Added +856 +856
54 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 135,068135.1k $2.0m $2.0m 0.02% Reduced -43.5k -43,458
55 Stonebridge Financial Planning Group, LLC 0.76% of their portfolio ORLANDO, FL 134,628134.6k $2.0m $2.0m 0.76% Added +14.3k +14,272
56 Farther Finance Advisors, LLC 0.03% of their portfolio SAN FRANCISCO, CA 134,612134.6k $2.0m $2.0m 0.03% Added +133.2k +133,243
57 WEDBUSH SECURITIES INC 0.07% of their portfolio PASADENA, CA 134,514134.5k $2.0m $2.0m 0.07% Added +5.2k +5,231
58 MAGNOLIA CAPITAL ADVISORS LLC 0.49% of their portfolio RIDGELAND, MS 126,202126.2k $1.9m $1.9m 0.49% Added +81.3k +81,331
59 CENTAURUS FINANCIAL, INC. 0.09% of their portfolio ANAHEIM, CA 123,552123.6k $1.8m $1.8m 0.09% Reduced -88.8k -88,770
60 SAX WEALTH ADVISORS, LLC 0.10% of their portfolio PARSIPPANY, NJ 122,253122.3k $1.8m $1.8m 0.10% Added +9.8k +9,778
61 Delta Investment Management, LLC 0.32% of their portfolio SAN FRANCISCO, CA 118,462118.5k $1.8m $1.8m 0.32% Reduced -59.9k -59,866
62 HOWARD WEALTH MANAGEMENT, LLC 0.79% of their portfolio Madison, CT 114,383114.4k $1.7m $1.7m 0.79% Added +13.5k +13,510
63 GFS Advisors, LLC 0.22% of their portfolio HOUSTON, TX 113,300113.3k $1.7m $1.7m 0.22% Added +35.5k +35,500
64 Waverly Advisors, LLC 0.02% of their portfolio BIRMINGHAM, AL 111,351111.4k $1.7m $1.7m 0.02% Added +13.0k +12,967
65 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 109,771109.8k $1.6m $1.6m 0.00% Added +10.1k +10,138
66 Investment Partners Asset Management, Inc. 1.05% of their portfolio METUCHEN, NJ 106,636106.6k $1.6m $1.6m 1.05% Added +283 +283
67 Future Financial Wealth Managment LLC 0.97% of their portfolio CINCINNATI, OH 103,372103.4k $1.5m $1.5m 0.97% Added +17.6k +17,598
68 FIL Ltd 0.00% of their portfolio HAMILTON, D0 101,334101.3k $1.5m $1.5m 0.00% New
69 PARK AVENUE SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 99,12799.1k $1.5m $1.5m 0.01% Reduced -24.0k -24,037
70 CreativeOne Wealth, LLC 0.04% of their portfolio OVERLAND PARK, KS 97,84897.8k $1.5m $1.5m 0.04% Reduced -29.7k -29,747
71 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 97,72997.7k $1.5m $1.5m 0.01% Added +23.9k +23,859
72 WEALTH ALLIANCE, LLC 0.15% of their portfolio MELLVILLE, NY 97,05197.1k $1.4m $1.4m 0.15% Added +55.4k +55,360
73 BARINGS LLC 0.03% of their portfolio CHARLOTTE, NC 95,62295.6k $1.4m $1.4m 0.03% Reduced -140.7k -140,661
74 Spire Wealth Management 0.05% of their portfolio MCLEAN, VA 95,38995.4k $1.4m $1.4m 0.05% Reduced -56 -56
75 Perennial Investment Advisors, LLC 0.11% of their portfolio Los Angeles, CA 93,05893.1k $1.4m $1.4m 0.11% Added +18.6k +18,638
76 GUIDANCE CAPITAL, INC 0.34% of their portfolio LOUSVILLE, KY 91,65291.7k $1.3m $1.3m 0.34% Added +22.3k +22,262
77 KESTRA PRIVATE WEALTH SERVICES, LLC 0.02% of their portfolio AUSTIN, TX 85,07185.1k $1.3m $1.3m 0.02% Added +13.3k +13,299
78 WMG Financial Advisors, LLC 0.40% of their portfolio Knoxville, TN 79,95080.0k $1.2m $1.2m 0.40% Added +52.6k +52,600
79 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 76,73176.7k $1.1m $1.1m 0.00% New
80 Adams Asset Advisors, LLC 0.15% of their portfolio DALLAS, TX 76,46576.5k $1.1m $1.1m 0.15% Added +46 +46
81 Gibbs Wealth Management 0.26% of their portfolio Alpharetta, GA 75,74675.7k $1.1m $1.1m 0.26% Reduced -15.6k -15,555
82 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 74,17074.2k $1.1m $1.1m 0.00% Reduced -23.5k -23,536
83 Global Retirement Partners, LLC 0.02% of their portfolio San Rafael, CA 73,22873.2k $1.1m $1.1m 0.02% Added +7.7k +7,748
84 Alpha Wealth Funds, LLC 0.85% of their portfolio PARK CITY, UT 69,43269.4k $1.0m $1.0m 0.85% Reduced -4.7k -4,664
85 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 68,53168.5k $1.0m $1.0m 0.01% Added +3.8k +3,772
86 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 68,23068.2k $1.0m $1.0m 0.00% Added +41.4k +41,414
87 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 62,52462.5k $934.1k $934.1k 0.00% Added +3.9k +3,879
88 Ranch Capital Advisors Inc. 0.35% of their portfolio SARASOTA, FL 60,57560.6k $905.0k $905.0k 0.35% Added +2.0k +1,988
89 COMERICA BANK 0.00% of their portfolio DALLAS, TX 59,67059.7k $891.5k $891.5k 0.00% Added +33.5k +33,451
90 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 52,54152.5k $785.0k $785.0k 0.00% Added +2.7k +2,734
91 Wealthcare Advisory Partners LLC 0.02% of their portfolio WEST CHESTER, PA 52,40252.4k $782.9k $782.9k 0.02% Reduced -3.2k -3,157
92 MILESTONE ASSET MANAGEMENT, LLC 0.14% of their portfolio PITTSBURGH, PA 51,24451.2k $765.6k $765.6k 0.14% Added +8.3k +8,299
93 U.S. Capital Wealth Advisors, LLC 0.02% of their portfolio AUSTIN, TX 50,22350.2k $750.3k $750.3k 0.02% Added +9.9k +9,862
94 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 49,33049.3k $737.0k $737.0k 0.00% Reduced -94.2k -94,233
95 ALBION FINANCIAL GROUP /UT 0.04% of their portfolio SALT LAKE CITY, UT 46,89146.9k $700.6k $700.6k 0.04% Added +1.8k +1,826
96 HARBOUR INVESTMENTS, INC. 0.02% of their portfolio MADISON, WI 45,97646.0k $686.9k $686.9k 0.02% Added +164 +164
97 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 45,80045.8k $684.3k $684.3k 0.01% Added +17.1k +17,101
98 Valtrion Capital Management, LLC 0.69% of their portfolio FRANKLIN, TN 42,68642.7k $637.7k $637.7k 0.69% Added +6.2k +6,153
99 Johnson Financial Group, Inc. 0.02% of their portfolio RACINE, WI 42,50042.5k $635.0k $635.0k 0.02% Unchanged
100 NAPA WEALTH MANAGEMENT 0.30% of their portfolio Napa, CA 42,31342.3k $632.2k $632.2k 0.30% Reduced -326 -326