Vault-13

VANECK ETF TRUST MLN

LONG MUNI ETF · ETP · CUSIP 92189F536

116 institutional holders +7 vs Q1 2025
28,333,98928.3m shares reported held*
$479.3mreported value*
22 new 41 added 40 reduced 16 sold out net bought ≈ $30.9m (+1.8m 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 ($2.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $16.92. Options: 1 managers hold calls ($395.2k notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 53Q4 22: 69Q1 23: 77Q2 23: 82Q3 23: 85Q4 23: 101Q1 24: 94Q2 24: 104Q3 24: 112Q4 24: 112Q1 25: 109Q2 25: 116116Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202253
Q4 202269
Q1 202377
Q2 202382
Q3 202385
Q4 2023101
Q1 202494
Q2 2024104
Q3 2024112
Q4 2024112
Q1 2025109
Q2 2025116

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 23: 47 bought or addedQ3 23: 40 cut or sold outQ4 23: 57 bought or addedQ4 23: 46 cut or sold outQ4 23Q1 24: 54 bought or addedQ1 24: 42 cut or sold outQ2 24: 61 bought or addedQ2 24: 46 cut or sold outQ2 24Q3 24: 70 bought or addedQ3 24: 35 cut or sold outQ4 24: 57 bought or addedQ4 24: 47 cut or sold outQ4 24Q1 25: 61 bought or addedQ1 25: 45 cut or sold outQ2 25: 63 bought or addedQ2 25: 56 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20234740
Q4 20235746
Q1 20245442
Q2 20246146
Q3 20247035
Q4 20245747
Q1 20256145
Q2 20256356

Calls vs puts

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

CallsPuts
$0$200k$400k$600k$800kQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $636.5kQ4 24 puts: $223.5kQ4 24P/C 0.35Q1 25 calls: $667.8kQ1 25 puts: $1.7kQ1 25P/C 0.00Q2 25 calls: $395.2kQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$636.5k$223.5k0.35
Q1 2025$667.8k$1.7k0.00
Q2 2025$395.2k$00.00

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +1,782,083+1.8m
JANE STREET GROUP, LLC Added +1,386,685+1.4m
LPL Financial LLC Added +586,610+586.6k
BANK OF AMERICA CORP /DE/ Added +418,415+418.4k
JPMORGAN CHASE & CO Added +400,763+400.8k
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC Added +288,958+289.0k
MML INVESTORS SERVICES, LLC New +224,250+224.2k
Tortoise Investment Management, LLC Added +211,157+211.2k
PARK AVENUE SECURITIES LLC New +143,453+143.5k
Cetera Investment Advisers Added +140,711+140.7k

Biggest sellers

Bank of New York Mellon Corp Reduced -1,139,674-1.1m
RAYMOND JAMES FINANCIAL INC Reduced -1,114,952-1.1m
MORGAN STANLEY Reduced -867,028-867.0k
PEAPACK GLADSTONE FINANCIAL CORP Sold out -263,058-263.1k
Haven Private, LLC Sold out -183,062-183.1k
UBS Group AG Reduced -160,001-160.0k
CX Institutional Reduced -112,780-112.8k
ABLE Financial Group, LLC Reduced -103,914-103.9k
HighTower Advisors, LLC Reduced -102,691-102.7k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -77,805-77.8k

Biggest calls

CITADEL ADVISORS LLC Reduced $395.2k23.4k shares

Biggest puts

None

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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Kestra Investment Management, LLC 0.84% of their portfolio AUSTIN, TX 3,198,6093.2m $54.8m $54.8m 0.84% Reduced -25.3k -25,291
2 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 2,998,9863.0m $50.7m $50.7m 0.01% Added +1.8m +1,782,083
3 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,849,9922.8m $48.1m $48.1m 0.00% Added +418.4k +418,415
4 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 1,978,1342.0m $33.4m $33.4m 0.01% Reduced -1.1m -1,114,952
5 JANE STREET GROUP, LLC 0.05% of their portfolio NEW YORK, NY 1,863,2241.9m $31.5m $31.5m 0.05% Added +1.4m +1,386,685
6 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,540,3721.5m $26.0m $26.0m 0.00% Reduced -1.1m -1,139,674
7 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 1,497,8121.5m $25.3m $25.3m 0.03% Reduced -102.7k -102,691
8 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 846,842846.8k $14.3m $14.3m 0.00% Added +586.6k +586,610
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 840,846840.8k $14.2m $14.2m 0.00% Reduced -867.0k -867,028
10 Manhattan West Asset Management, LLC 2.77% of their portfolio Los Angeles, CA 710,167710.2k $12.0m $12.0m 2.77% Reduced -69.8k -69,823
11 Janney Montgomery Scott LLC 0.02% of their portfolio PHILADELPHIA, PA 527,867527.9k $8.9m $8.9m 0.02% Added +106.2k +106,186
12 Hennion & Walsh Asset Management, Inc. 0.35% of their portfolio Parsippany, NJ 511,844511.8k $8.6m $8.6m 0.35% Reduced -10.7k -10,732
13 Tortoise Investment Management, LLC 0.81% of their portfolio WHITE PLAINS, NY 502,283502.3k $8.5m $8.5m 0.81% Added +211.2k +211,157
14 Willis Johnson & Associates, Inc. 0.57% of their portfolio Houston, TX 499,315499.3k $8.4m $8.4m 0.57% Reduced -19.3k -19,297
15 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 428,920428.9k $7.2m $7.2m 0.01% Reduced -60.0k -60,038
16 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.12% of their portfolio MINNEAPOLIS, MN 420,049420.0k $7.1m $7.1m 0.12% Added +289.0k +288,958
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 415,844415.8k $7.0m $7.0m 0.00% Added +400.8k +400,763
18 CX Institutional 0.21% of their portfolio AUBURN, IN 359,532359.5k $6.1m $6.1m 0.21% Reduced -112.8k -112,780
19 Cyndeo Wealth Partners, LLC 0.35% of their portfolio ST. PETERSBURG, FL 353,246353.2k $6.0m $6.0m 0.35% Reduced -22.4k -22,416
20 MIdWestOne Financial Group, Inc. 0.71% of their portfolio Iowa City, IA 322,735322.7k $5.5m $5.5m 0.71% Added +138.2k +138,228
21 Keystone Financial Group 0.45% of their portfolio LEXINGTON, KY 295,297295.3k $5.0m $5.0m 0.45% Added +28.9k +28,894
22 ABLE Financial Group, LLC 1.19% of their portfolio SCOTTSDALE, AZ 292,847292.8k $4.9m $4.9m 1.19% Reduced -103.9k -103,914
23 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 268,004268.0k $4.5m $4.5m 0.00% Added +131.0k +130,988
24 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.06% of their portfolio ST. LOUIS, MO 250,578250.6k $4.2m $4.2m 0.06% Reduced -1.3k -1,258
25 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 225,553225.6k $3.8m $3.8m 0.02% Reduced -8.2k -8,160
26 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 224,250224.2k $3.8m $3.8m 0.01% New
27 OneDigital Investment Advisors LLC 0.04% of their portfolio OVERLAND PARK, KS 213,457213.5k $3.6m $3.6m 0.04% Added +1.3k +1,263
28 BENJAMIN EDWARDS INC 0.05% of their portfolio Clayton, MO 211,338211.3k $3.6m $3.6m 0.05% Added +14.5k +14,535
29 Pineridge Advisors LLC 1.23% of their portfolio ST. CHARLES, MO 201,456201.5k $3.4m $3.4m 1.23% Added +1.1k +1,095
30 NewEdge Wealth, LLC 0.05% of their portfolio STAMFORD, CT 199,324199.3k $3.3m $3.3m 0.05% Reduced -1.9k -1,898
31 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 194,521194.5k $3.3m $3.3m 0.01% Added +140.7k +140,711
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 184,027184.0k $3.1m $3.1m 0.00% Added +10.3k +10,316
33 Elmwood Wealth Management, Inc. 1.18% of their portfolio BERKELEY, CA 176,628176.6k $3.0m $3.0m 1.18% Added +919 +919
34 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 173,364173.4k $2.9m $2.9m 0.00% Added +8.1k +8,123
35 Evergreen Private Wealth LLC 1.18% of their portfolio GREENWOOD VILLAGE, CO 166,991167.0k $2.8m $2.8m 1.18% Added +37.1k +37,127
36 AE Wealth Management LLC 0.02% of their portfolio TOPEKA, KS 148,673148.7k $2.5m $2.5m 0.02% Added +8.2k +8,156
37 PARK AVENUE SECURITIES LLC 0.02% of their portfolio NEW YORK, NY 143,453143.5k $2.4m $2.4m 0.02% New
38 Westside Investment Management, Inc. 0.40% of their portfolio SANTA MONICA, CA 127,613127.6k $2.2m $2.2m 0.40% Added +34.3k +34,278
39 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 116,627116.6k $2.0m $2.0m 0.00% Reduced -77.8k -77,805
40 OGOREK ANTHONY JOSEPH /NY/ /ADV 0.60% of their portfolio WILLIAMSVILLE, NY 114,643114.6k $1.9m $1.9m 0.60% Reduced -74.8k -74,803
41 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 96,09296.1k $1.6m $1.6m 0.00% Added +26.5k +26,486
42 White & Co Financial Planning Inc 1.25% of their portfolio SUNNYSIDE, WA 92,74692.7k $1.6m $1.6m 1.25% Reduced -3.1k -3,084
43 Waverly Advisors, LLC 0.02% of their portfolio BIRMINGHAM, AL 88,44888.4k $1.5m $1.5m 0.02% New
44 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.02% of their portfolio CINCINNATI, OH 87,85087.8k $1.5m $1.5m 0.02% Reduced -16.9k -16,950
45 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 80,66380.7k $1.4m $1.4m 0.01% Added +17.0k +16,988
46 Hedeker Wealth, LLC 0.30% of their portfolio Lincolnshire, IL 76,04276.0k $1.3m $1.3m 0.30% Reduced -8.3k -8,257
47 Bowman & Co S.C. 0.57% of their portfolio Oshkosh, WI 75,35475.4k $1.3m $1.3m 0.57% New
48 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 74,70674.7k $1.3m $1.3m 0.00% New
49 Capital Advisors Wealth Management, LLC 0.19% of their portfolio YAKIMA, WA 70,56170.6k $1.2m $1.2m 0.19% Reduced -33.6k -33,605
50 McAdam, LLC 0.06% of their portfolio Philadelphia, PA 61,39161.4k $1.0m $1.0m 0.06% Reduced -6.5k -6,450
51 FOCUS Wealth Advisors, LLC 0.48% of their portfolio HOUSTON, TX 54,62854.6k $922.7k $922.7k 0.48% Added +1.4k +1,415
52 Richard P Slaughter Associates Inc 0.17% of their portfolio AUSTIN, TX 49,34249.3k $833.4k $833.4k 0.17% New
53 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 48,03048.0k $811.2k $811.2k 0.00% Reduced -1.1k -1,144
54 Baker Avenue Asset Management, LP 0.02% of their portfolio SAN FRANCISCO, CA 45,54045.5k $769.2k $769.2k 0.02% Reduced -329 -329
55 CreativeOne Wealth, LLC 0.02% of their portfolio OVERLAND PARK, KS 44,67644.7k $754.6k $754.6k 0.02% Reduced -16.3k -16,319
56 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 42,47442.5k $717.4k $717.4k 0.00% Added +21.0k +21,024
57 CFO4Life Group, LLC 0.09% of their portfolio COPPELL, TX 35,83035.8k $605.2k $605.2k 0.09% Reduced -5.8k -5,800
58 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 34,51334.5k $583.0k $583.0k 0.02% Reduced -5.9k -5,883
59 IFP Advisors, Inc 0.02% of their portfolio TAMPA, FL 34,08834.1k $575.8k $575.8k 0.02% Added +5.0k +4,974
60 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 33,84633.8k $571.7k $571.7k 0.00% Added +16.5k +16,539
61 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 33,40133.4k $564.1k $564.1k 0.00% Added +325 +325
62 Fourth Dimension Wealth, LLC 0.23% of their portfolio MIDDLEBURG HEIGHTS, OH 32,03732.0k $541.1k $541.1k 0.23% Added +446 +446
63 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 31,44431.4k $531.1k $531.1k 0.00% New
64 Invst, LLC 0.06% of their portfolio INDIANAPOLIS, IN 26,65926.7k $450.3k $450.3k 0.06% New
65 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 25,21825.2k $425.9k $425.9k 0.00% Reduced -11.8k -11,826
66 Code Waechter LLC 0.29% of their portfolio TAMPA, FL 24,42324.4k $412.5k $412.5k 0.29% Unchanged
67 CAP Partners, LLC 0.26% of their portfolio FRANKLIN, TN 24,26124.3k $409.8k $409.8k 0.26% Added +755 +755
68 Ausdal Financial Partners, Inc. 0.03% of their portfolio Davenport, IA 24,15924.2k $408.1k $408.1k 0.03% Reduced -4.7k -4,749
69 VCI Wealth Management LLC 0.14% of their portfolio ST LOUIS, MO 23,64523.6k $399.4k $399.4k 0.14% Added +765 +765
70 Balance Wealth Partners LLC 0.21% of their portfolio WORTHINGTON, OH 21,66021.7k $365.8k $365.8k 0.21% Added +6.4k +6,419
71 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 21,50321.5k $363.2k $363.2k 0.00% Added +615 +615
72 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 21,17821.2k $352.2k $352.2k 0.01% New
73 FOSTER & MOTLEY INC 0.02% of their portfolio CINCINNATI, OH 21,17221.2k $358.0k $358.0k 0.02% Unchanged
74 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 21,00021.0k $354.7k $354.7k 0.00% Unchanged
75 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 19,87519.9k $335.7k $335.7k 0.00% New
76 Concurrent Investment Advisors, LLC 0.01% of their portfolio Tampa, FL 18,97719.0k $320.5k $320.5k 0.01% Added +8.2k +8,192
77 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 18,52518.5k $312.9k $312.9k 0.00% Added +2.0k +2,048
78 Versant Capital Management, Inc 0.04% of their portfolio PHOENIX, AZ 16,78616.8k $283.5k $283.5k 0.04% Added +10.1k +10,090
79 Magnus Financial Group LLC 0.02% of their portfolio NEW YORK, NY 16,49916.5k $278.7k $278.7k 0.02% New
80 PKS Advisory Services, LLC 0.07% of their portfolio ALBANY, NY 16,30016.3k $275.3k $275.3k 0.07% Added +3.0k +3,000
81 KEYBANK NATIONAL ASSOCIATION/OH 0.00% of their portfolio BROOKLYN, OH 15,99416.0k $270.1k $270.1k 0.00% New
82 WEST MICHIGAN ADVISORS, LLC 0.07% of their portfolio HOLLAND, MI 14,81514.8k $250.2k $250.2k 0.07% Reduced -9.8k -9,799
83 Rehmann Capital Advisory Group 0.01% of their portfolio LANSING, MI 14,20014.2k $239.8k $239.8k 0.01% Reduced -92 -92
84 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 13,90013.9k $234.8k $234.8k 0.00% Unchanged
85 Meridian Wealth Management, LLC 0.01% of their portfolio LEXINGTON, KY 13,65613.7k $230.7k $230.7k 0.01% Reduced -13.9k -13,934
86 Diversify Advisory Services, LLC 0.01% of their portfolio SANDY, UT 12,44112.4k $209.4k $209.4k 0.01% New
87 KESTRA PRIVATE WEALTH SERVICES, LLC 0.00% of their portfolio AUSTIN, TX 12,33112.3k $208.3k $208.3k 0.00% Reduced -2.1k -2,123
88 Argent Trust Co 0.01% of their portfolio NASHVILLE, TN 11,90411.9k $201.1k $201.1k 0.01% New
89 RDA Financial Network 0.05% of their portfolio AKRON, IA 11,37411.4k $192.1k $192.1k 0.05% New
90 CW Advisors, LLC 0.00% of their portfolio BOSTON, MA 10,57710.6k $178.6k $178.6k 0.00% Unchanged
91 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 10,51910.5k $177.7k $177.7k 0.00% Reduced -11.0k -10,996
92 Colonial Trust Co / SC 0.02% of their portfolio SPARTANBURG, SC 8,4318.4k $141.9k $141.9k 0.02% Added +3.6k +3,567
93 BlackRock, Inc. 0.00% of their portfolio New York, NY 8,0568.1k $136.1k $136.1k 0.00% New
94 UBS Group AG 0.00% of their portfolio ZURICH, V8 7,0627.1k $119.3k $119.3k 0.00% Reduced -160.0k -160,001
95 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 6,5956.6k $111.4k $111.4k 0.00% New
96 GAMMA Investing LLC 0.01% of their portfolio FOSTER CITY, CA 5,4905.5k $92.7k $92.7k 0.01% Reduced -36.3k -36,272
97 NewSquare Capital LLC 0.01% of their portfolio NEWTOWN SQUARE, PA 4,1154.1k $69.5k $69.5k 0.01% Reduced -3.8k -3,775
98 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 2,6682.7k $45.1k $45.1k 0.00% Added +26 +26
99 Park Place Capital Corp 0.01% of their portfolio Homewood, AL 2,4042.4k $40.5k $40.5k 0.01% New
100 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 2,1652.2k $36.6k $36.6k 0.00% Reduced -598 -598