Vault-13

VANECK ETF TRUST BIZD

BDC INCOME ETF · ETP · CUSIP 92189F411

250 institutional holders +21 vs Q3 2025
51,892,96951.9m shares reported held*
$736.1mreported value*
46 new 86 added 79 reduced 31 sold out net bought ≈ $93.0m (+6.6m 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 ($78.5k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.18. Options: 2 managers hold calls ($3.7m notional), 5 hold puts ($8.2m).

Trends to Q4 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: 229Q4 25: 250250Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025250

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 100 bought or addedQ1 24: 59 cut or sold outQ2 24: 120 bought or addedQ2 24: 56 cut or sold outQ2 24Q3 24: 105 bought or addedQ3 24: 76 cut or sold outQ4 24: 129 bought or addedQ4 24: 57 cut or sold outQ4 24Q1 25: 122 bought or addedQ1 25: 86 cut or sold outQ2 25: 137 bought or addedQ2 25: 76 cut or sold outQ2 25Q3 25: 132 bought or addedQ3 25: 81 cut or sold outQ4 25: 132 bought or addedQ4 25: 110 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202410059
Q2 202412056
Q3 202410576
Q4 202412957
Q1 202512286
Q2 202513776
Q3 202513281
Q4 2025132110

Calls vs puts

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

CallsPuts
$0$2.5m$5m$7.5m$10mQ1 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 6.94Q4 25 calls: $3.7mQ4 25 puts: $8.2mQ4 25P/C 2.18
Numbers
QuarterCallsPutsP/C
Q1 2025$724.0k$631.9k0.87
Q2 2025$434.7k$1.2m2.80
Q3 2025$185.3k$1.3m6.94
Q4 2025$3.7m$8.2m2.18

Biggest buyers

WELLS FARGO & COMPANY/MN Added +2,460,983+2.5m
TWO SIGMA INVESTMENTS, LP Added +2,217,800+2.2m
CAMBRIDGE ASSOCIATES LLC /MA/ /ADV Added +1,286,774+1.3m
TRANSCEND CAPITAL ADVISORS, LLC New +1,088,009+1.1m
RAYMOND JAMES FINANCIAL INC Added +943,103+943.1k
MORGAN STANLEY Added +446,026+446.0k
Lido Advisors, LLC Added +348,981+349.0k
CWM, LLC Added +340,546+340.5k
Sterling Investment Advisors, Ltd. New +337,425+337.4k
BAYVIEW ASSET MANAGEMENT, LLC New +274,000+274.0k

Biggest sellers

Touchstone Capital, Inc. Sold out -1,037,143-1.0m
Quadrature Capital Ltd Reduced -670,206-670.2k
Kestra Advisory Services, LLC Reduced -473,668-473.7k
UBS Group AG Reduced -402,999-403.0k
OSAIC HOLDINGS, INC. Reduced -401,922-401.9k
Hilltop Holdings Inc. Reduced -391,478-391.5k
BANK OF AMERICA CORP /DE/ Reduced -351,281-351.3k
MARSHALL WACE, LLP Sold out -344,917-344.9k
Foundations Investment Advisors, LLC Sold out -325,824-325.8k
Cynosure Group, LLC Reduced -303,626-303.6k

Biggest calls

CITADEL ADVISORS LLC Added $3.1m219.2k shares
Centiva Capital, LP New $631.0k44.5k shares

Biggest puts

BAYVIEW ASSET MANAGEMENT, LLC New $5.7m400.0k shares
CITADEL ADVISORS LLC Added $1.3m94.8k shares
Point72 Asset Management, L.P. New $709.0k50.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $286.4k20.2k shares
Crawford Fund Management, LLC New $156.0k11.0k 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 6,353,6656.4m $90.1m $90.1m 0.01% Added +446.0k +446,026
2 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 5,829,8975.8m $82.7m $82.7m 0.01% Reduced -351.3k -351,281
3 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 4,413,1054.4m $62.6m $62.6m 0.01% Added +2.5m +2,460,983
4 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 2,563,6912.6m $36.4m $36.4m 0.01% Reduced -190.5k -190,474
5 TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio NEW YORK, NY 2,252,2002.3m $31.9m $31.9m 0.05% Added +2.2m +2,217,800
6 Generali Asset Management SPA SGR 0.64% of their portfolio TRIESTE, L6 2,200,0002.2m $31.2m $31.2m 0.64% Unchanged
7 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 0.41% of their portfolio BOSTON, MA 1,747,9561.7m $24.8m $24.8m 0.41% Added +1.3m +1,286,774
8 Bank Julius Baer & Co. Ltd, Zurich 0.07% of their portfolio ZURICH, V8 1,671,1971.7m $23.7m $23.7m 0.07% Added +94.8k +94,843
9 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,402,7941.4m $19.9m $19.9m 0.01% Added +943.1k +943,103
10 INDEPENDENT FINANCIAL GROUP, LLC 0.43% of their portfolio SAN DIEGO, CA 1,363,1651.4m $19.3m $19.3m 0.43% Added +222.1k +222,139
11 Mission Hills Financial Advisory, LLC 9.08% of their portfolio SAN DIEGO, CA 1,212,2521.2m $17.2m $17.2m 9.08% Added +90.1k +90,088
12 TRANSCEND CAPITAL ADVISORS, LLC 1.20% of their portfolio MADISON, NJ 1,088,0091.1m $15.4m $15.4m 1.20% New
13 CONDOR CAPITAL MANAGEMENT 0.93% of their portfolio MARTINSVILLE, NJ 812,485812.5k $11.5m $11.5m 0.93% Reduced -39.5k -39,497
14 BARD ASSOCIATES INC 2.73% of their portfolio CHICAGO, IL 749,444749.4k $10.6m $10.6m 2.73% Added +80.7k +80,663
15 UBS Group AG 0.00% of their portfolio ZURICH, V8 699,060699.1k $9.9m $9.9m 0.00% Reduced -403.0k -402,999
16 Lido Advisors, LLC 0.03% of their portfolio Los Angeles, CA 574,703574.7k $8.3m $8.3m 0.03% Added +349.0k +348,981
17 Naviter Wealth, LLC 1.02% of their portfolio LITTLE ROCK, AR 549,513549.5k $7.8m $7.8m 1.02% Added +212.6k +212,613
18 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 493,267493.3k $7.0m $7.0m 0.00% Reduced -23.1k -23,133
19 Haven Private, LLC 2.93% of their portfolio ORLANDO, FL 471,720471.7k $6.7m $6.7m 2.93% Reduced -141.9k -141,931
20 Clark Capital Management Group, Inc. 0.04% of their portfolio PHILADELPHIA, PA 427,415427.4k $6.1m $6.1m 0.04% Added +207.0k +207,044
21 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 397,534397.5k $5.6m $5.6m 0.01% Reduced -32 -32
22 Quadrature Capital Ltd 0.06% of their portfolio LONDON, X0 391,097391.1k $5.5m $5.5m 0.06% Reduced -670.2k -670,206
23 CWM, LLC 0.01% of their portfolio OMAHA, NE 367,950367.9k $5.2m $5.2m 0.01% Added +340.5k +340,546
24 FIL Ltd 0.00% of their portfolio HAMILTON, D0 357,732357.7k $5.1m $5.1m 0.00% Added +256.4k +256,398
25 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 356,061356.1k $5.0m $5.0m 0.00% Reduced -1.1k -1,054
26 MGO ONE SEVEN LLC 0.10% of their portfolio Beachwood, OH 355,603355.6k $5.0m $5.0m 0.10% Added +178.4k +178,414
27 Sterling Investment Advisors, Ltd. 0.88% of their portfolio BERWYN, PA 337,425337.4k $4.8m $4.8m 0.88% New
28 Mariner, LLC 0.01% of their portfolio Overland Park, KS 309,085309.1k $4.4m $4.4m 0.01% Added +4.1k +4,133
29 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 292,443292.4k $4.1m $4.1m 0.00% Reduced -116.6k -116,590
30 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 289,992290.0k $4.1m $4.1m 0.03% Added +3.0k +3,039
31 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 281,555281.6k $4.0m $4.0m 0.01% Reduced -76.5k -76,495
32 BAYVIEW ASSET MANAGEMENT, LLC 3.50% of their portfolio CORAL GABLES, FL 274,000274.0k $3.9m $3.9m 3.50% New
33 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 268,216268.2k $3.8m $3.8m 0.01% Added +249.1k +249,067
34 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 254,338254.3k $3.6m $3.6m 0.01% Reduced -473.7k -473,668
35 OPPENHEIMER & CO INC 0.05% of their portfolio NEW YORK, NY 242,440242.4k $3.4m $3.4m 0.05% Added +228.1k +228,093
36 Arkadios Wealth Advisors 0.07% of their portfolio ATLANTA, GA 239,947239.9k $3.4m $3.4m 0.07% Added +12.2k +12,162
37 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 239,859239.9k $3.4m $3.4m 0.00% Reduced -56.3k -56,312
38 BESSEMER GROUP INC 0.01% of their portfolio WOODBRIDGE, NJ 230,555230.6k $3.3m $3.3m 0.01% Unchanged
39 J.Safra Asset Management Corp 0.16% of their portfolio NEW YORK, NY 216,113216.1k $3.1m $3.1m 0.16% Added +32.3k +32,254
40 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 202,873202.9k $2.9m $2.9m 0.00% Added +153.5k +153,543
41 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 189,002189.0k $2.7m $2.7m 0.01% Reduced -148.7k -148,672
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 182,895182.9k $2.6m $2.6m 0.00% Reduced -401.9k -401,922
43 Alpha Wealth Funds, LLC 1.68% of their portfolio PARK CITY, UT 176,061176.1k $2.5m $2.5m 1.68% Added +106.6k +106,629
44 Black Swift Group, LLC 0.40% of their portfolio BOULDER, CO 170,507170.5k $2.4m $2.4m 0.40% New
45 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 168,152168.2k $2.4m $2.4m 0.01% Added +11.4k +11,401
46 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 167,931167.9k $2.4m $2.4m 0.01% Added +23.6k +23,557
47 FINANCIAL MANAGEMENT NETWORK INC 0.38% of their portfolio MISSION VIEJO, CA 166,362166.4k $2.4m $2.4m 0.38% Reduced -20.1k -20,147
48 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.16% of their portfolio ORLANDO, FL 159,727159.7k $2.3m $2.3m 0.16% Reduced -5.1k -5,069
49 J.W. COLE ADVISORS, INC. 0.05% of their portfolio TAMPA, FL 158,328158.3k $2.2m $2.2m 0.05% Reduced -804 -804
50 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 157,894157.9k $2.2m $2.2m 0.01% Reduced -195.3k -195,317
51 Measured Risk Portfolios, Inc. 2.58% of their portfolio SAN DIEGO, CA 157,585157.6k $2.2m $2.2m 2.58% Added +15.4k +15,406
52 KINGSWOOD WEALTH ADVISORS, LLC 0.10% of their portfolio SAN DIEGO, CA 149,751149.8k $2.1m $2.1m 0.10% Added +6.2k +6,185
53 MAGNOLIA CAPITAL ADVISORS LLC 0.43% of their portfolio RIDGELAND, MS 144,911144.9k $2.1m $2.1m 0.43% Added +18.7k +18,709
54 CENTAURUS FINANCIAL, INC. 0.09% of their portfolio ANAHEIM, CA 140,766140.8k $2.0m $2.0m 0.09% Added +17.2k +17,214
55 WEDBUSH SECURITIES INC 0.06% of their portfolio PASADENA, CA 140,306140.3k $2.0m $2.0m 0.06% Added +5.8k +5,792
56 GFS Advisors, LLC 0.23% of their portfolio HOUSTON, TX 135,100135.1k $1.9m $1.9m 0.23% Added +21.8k +21,800
57 Sound Income Strategies, LLC 0.09% of their portfolio FT LAUDERDALE, FL 134,980135.0k $2.0m $2.0m 0.09% Added +130.9k +130,938
58 Samalin Investment Counsel, LLC 0.66% of their portfolio CHAPPAQUA, NY 130,370130.4k $1.8m $1.8m 0.66% Reduced -15.7k -15,675
59 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 128,443128.4k $1.8m $1.8m 0.00% Added +18.7k +18,672
60 TOCQUEVILLE ASSET MANAGEMENT L.P. 0.03% of their portfolio New York, NY 125,698125.7k $1.8m $1.8m 0.03% Reduced -68.4k -68,375
61 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 117,228117.2k $1.7m $1.7m 0.01% Added +19.5k +19,499
62 Baker Avenue Asset Management, LP 0.04% of their portfolio SAN FRANCISCO, CA 115,140115.1k $1.6m $1.6m 0.04% Added +97.7k +97,654
63 SAX WEALTH ADVISORS, LLC 0.08% of their portfolio PARSIPPANY, NJ 113,305113.3k $1.6m $1.6m 0.08% Reduced -8.9k -8,948
64 HOWARD WEALTH MANAGEMENT, LLC 0.69% of their portfolio Madison, CT 112,031112.0k $1.6m $1.6m 0.69% Reduced -2.4k -2,352
65 Future Financial Wealth Managment LLC 1.06% of their portfolio CINCINNATI, OH 110,274110.3k $1.6m $1.6m 1.06% Added +6.9k +6,902
66 Stonebridge Financial Planning Group, LLC 0.56% of their portfolio ORLANDO, FL 108,435108.4k $1.5m $1.5m 0.56% Reduced -26.2k -26,193
67 Stratos Wealth Partners, LTD. 0.02% of their portfolio BEACHWOOD, OH 107,364107.4k $1.5m $1.5m 0.02% Reduced -27.7k -27,704
68 KESTRA PRIVATE WEALTH SERVICES, LLC 0.02% of their portfolio AUSTIN, TX 106,344106.3k $1.5m $1.5m 0.02% Added +21.3k +21,273
69 Amplius Wealth Advisors, LLC 0.12% of their portfolio BLUE BELL, PA 104,326104.3k $1.5m $1.5m 0.12% New
70 WEALTH ALLIANCE, LLC 0.14% of their portfolio MELLVILLE, NY 101,774101.8k $1.4m $1.4m 0.14% Added +4.7k +4,723
71 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 100,000100.0k $1.4m $1.4m 0.00% New
72 Graham Capital Management, L.P. 0.05% of their portfolio ROWAYTON, CT 100,000100.0k $1.4m $1.4m 0.05% New
73 Waverly Advisors, LLC 0.01% of their portfolio BIRMINGHAM, AL 99,40699.4k $1.4m $1.4m 0.01% Reduced -11.9k -11,945
74 Indivisible Partners 0.15% of their portfolio CLEARWATER, FL 97,69497.7k $1.4m $1.4m 0.15% First filing
75 Farther Finance Advisors, LLC 0.01% of their portfolio SAN FRANCISCO, CA 96,16596.2k $1.4m $1.4m 0.01% Reduced -38.4k -38,447
76 Beacon Pointe Advisors, LLC 0.01% of their portfolio NEWPORT BEACH, CA 95,71695.7k $1.4m $1.4m 0.01% Reduced -62.4k -62,445
77 WMG Financial Advisors, LLC 0.56% of their portfolio Knoxville, TN 95,15095.2k $1.3m $1.3m 0.56% Added +15.2k +15,200
78 Investment Partners Asset Management, Inc. 0.83% of their portfolio METUCHEN, NJ 94,37394.4k $1.3m $1.3m 0.83% Reduced -12.3k -12,263
79 GUIDANCE CAPITAL, INC 0.33% of their portfolio LOUSVILLE, KY 92,81092.8k $1.3m $1.3m 0.33% Added +1.2k +1,158
80 Advisors Capital Management, LLC 0.02% of their portfolio RIDGEWOOD, NJ 92,09592.1k $1.3m $1.3m 0.02% New
81 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 91,90791.9k $1.3m $1.3m 0.00% New
82 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 87,16087.2k $1.2m $1.2m 0.00% New
83 Perennial Investment Advisors, LLC 0.09% of their portfolio Los Angeles, CA 82,66582.7k $1.2m $1.2m 0.09% Reduced -10.4k -10,393
84 Advisory Advocates, LLC 1.09% of their portfolio GRAND RAPIDS, MI 77,52577.5k $1.1m $1.1m 1.09% First filing
85 Adams Asset Advisors, LLC 0.14% of their portfolio DALLAS, TX 76,17176.2k $1.1m $1.1m 0.14% Reduced -294 -294
86 Cordoba Advisory Partners LLC 0.26% of their portfolio NEW YORK, NY 73,24373.2k $1.0m $1.0m 0.26% First filing
87 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 72,13372.1k $1.0m $1.0m 0.00% Added +9.6k +9,609
88 Maia Wealth LLC 0.17% of their portfolio DENVER, CO 71,84571.8k $977.8k $977.8k 0.17% Added +47.2k +47,192
89 Global Retirement Partners, LLC 0.02% of their portfolio San Rafael, CA 69,50669.5k $985.6k $985.6k 0.02% Reduced -3.7k -3,722
90 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 69,26769.3k $982.2k $982.2k 0.00% Added +56.3k +56,323
91 Gibbs Wealth Management 0.24% of their portfolio Alpharetta, GA 68,50668.5k $982.4k $982.4k 0.24% Reduced -7.2k -7,240
92 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 67,78167.8k $972.0k $972.0k 0.00% Added +43.0k +42,970
93 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 67,60067.6k $958.6k $958.6k 0.00% Reduced -6.6k -6,570
94 Orion Porfolio Solutions, LLC 0.01% of their portfolio OMAHA, NE 66,75466.8k $946.6k $946.6k 0.01% Reduced -1.8k -1,777
95 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 65,42565.4k $927.7k $927.7k 0.00% Added +54.0k +53,961
96 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 63,21363.2k $896.4k $896.4k 0.01% Added +17.4k +17,413
97 Ranch Capital Advisors Inc. 0.33% of their portfolio SARASOTA, FL 62,79762.8k $890.5k $890.5k 0.33% Added +2.2k +2,222
98 ALBION FINANCIAL GROUP /UT 0.05% of their portfolio SALT LAKE CITY, UT 62,28962.3k $883.3k $883.3k 0.05% Added +15.4k +15,398
99 Wealthcare Advisory Partners LLC 0.02% of their portfolio WEST CHESTER, PA 59,25359.3k $840.2k $840.2k 0.02% Added +6.9k +6,851
100 CreativeOne Wealth, LLC 0.02% of their portfolio OVERLAND PARK, KS 58,42758.4k $828.5k $828.5k 0.02% Reduced -39.4k -39,421