Vault-13

VANECK ETF TRUST MLN

LONG MUNI ETF · ETP · CUSIP 92189F536

138 institutional holders +11 vs Q3 2025
32,655,05632.7m shares reported held*
$572.5mreported value*
16 new 69 added 31 reduced 8 sold out net bought ≈ $36.3m (+2.1m 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 ($371.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $17.53.

Trends to Q4 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: 116Q3 25: 127Q4 25: 138138Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025127
Q4 2025138

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q1 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 25Q3 25: 85 bought or addedQ3 25: 41 cut or sold outQ4 25: 85 bought or addedQ4 25: 39 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20245442
Q2 20246146
Q3 20247035
Q4 20245747
Q1 20256145
Q2 20256356
Q3 20258541
Q4 20258539

Calls vs puts

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

CallsPuts
$0$200k$400k$600k$800kQ1 25 calls: $667.8kQ1 25 puts: $1.7kQ1 25P/C 0.00Q2 25 calls: $395.2kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $735.9kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$667.8k$1.7k0.00
Q2 2025$395.2k$00.00
Q3 2025$735.9k$00.00
Q4 2025$0$0—

Biggest buyers

ENVESTNET ASSET MANAGEMENT INC Added +1,572,467+1.6m
LPL Financial LLC Added +512,405+512.4k
Bramshill Investments, LLC Added +503,765+503.8k
Kestra Investment Management, LLC Added +502,142+502.1k
BANK OF AMERICA CORP /DE/ Added +288,241+288.2k
JANE STREET GROUP, LLC Added +222,267+222.3k
MML INVESTORS SERVICES, LLC Added +128,329+128.3k
MORGAN STANLEY Added +124,707+124.7k
WELLS FARGO & COMPANY/MN Added +118,759+118.8k
Total Clarity Wealth Management, Inc. New +117,135+117.1k

Biggest sellers

WELLINGTON MANAGEMENT GROUP LLP Reduced -877,500-877.5k
RAYMOND JAMES FINANCIAL INC Reduced -632,241-632.2k
HighTower Advisors, LLC Reduced -373,362-373.4k
JPMORGAN CHASE & CO Reduced -237,331-237.3k
Sanctuary Advisors, LLC Reduced -228,420-228.4k
Manhattan West Asset Management, LLC Reduced -119,053-119.1k
STIFEL FINANCIAL CORP Reduced -119,035-119.0k
NewEdge Wealth, LLC Reduced -84,192-84.2k
CONFLUENCE INVESTMENT MANAGEMENT LLC Reduced -71,220-71.2k
Hedeker Wealth, LLC Reduced -63,830-63.8k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 5,826,1645.8m $102.1m $102.1m 0.03% Added +1.6m +1,572,467
2 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,091,9363.1m $54.2m $54.2m 0.00% Added +288.2k +288,241
3 Kestra Investment Management, LLC 0.96% of their portfolio AUSTIN, TX 2,244,2742.2m $39.3m $39.3m 0.96% Added +502.1k +502,142
4 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 2,087,9312.1m $36.6m $36.6m 0.01% Reduced -632.2k -632,241
5 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 1,929,7721.9m $33.8m $33.8m 0.01% Added +512.4k +512,405
6 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,438,1161.4m $25.2m $25.2m 0.00% Reduced -15.3k -15,304
7 Bramshill Investments, LLC 1.17% of their portfolio NAPLES, FL 1,183,7631.2m $20.8m $20.8m 1.17% Added +503.8k +503,765
8 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 1,017,4691.0m $17.8m $17.8m 0.02% Reduced -373.4k -373,362
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 771,342771.3k $13.5m $13.5m 0.00% Added +124.7k +124,707
10 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 763,300763.3k $13.4m $13.4m 0.00% Reduced -877.5k -877,500
11 Manhattan West Asset Management, LLC 2.27% of their portfolio Los Angeles, CA 633,000633.0k $11.1m $11.1m 2.27% Reduced -119.1k -119,053
12 ABLE Financial Group, LLC 2.17% of their portfolio SCOTTSDALE, AZ 610,501610.5k $10.7m $10.7m 2.17% Added +69.3k +69,344
13 Willis Johnson & Associates, Inc. 0.60% of their portfolio Houston, TX 551,028551.0k $9.7m $9.7m 0.60% Added +18.0k +17,979
14 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 0.14% of their portfolio MINNEAPOLIS, MN 527,206527.2k $9.2m $9.2m 0.14% Added +22.7k +22,662
15 Hennion & Walsh Asset Management, Inc. 0.31% of their portfolio Parsippany, NJ 517,024517.0k $9.1m $9.1m 0.31% Reduced -5.2k -5,235
16 Tortoise Investment Management, LLC 0.79% of their portfolio WHITE PLAINS, NY 513,476513.5k $9.0m $9.0m 0.79% Added +2.0k +2,000
17 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 494,875494.9k $8.7m $8.7m 0.02% Added +128.3k +128,329
18 Summit Financial, LLC 0.12% of their portfolio PARSIPPANY, NJ 473,060473.1k $8.3m $8.3m 0.12% Added +2.2k +2,215
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 370,707370.7k $6.5m $6.5m 0.00% Reduced -237.3k -237,331
20 MIdWestOne Financial Group, Inc. 0.72% of their portfolio Iowa City, IA 369,222369.2k $6.5m $6.5m 0.72% Added +31.0k +31,002
21 Cyndeo Wealth Partners, LLC 0.33% of their portfolio ST. PETERSBURG, FL 345,462345.5k $6.1m $6.1m 0.33% Added +12.9k +12,904
22 CX Institutional 0.18% of their portfolio AUBURN, IN 337,054337.1k $5.9m $5.9m 0.18% Added +2.4k +2,358
23 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 327,027327.0k $5.7m $5.7m 0.01% Added +45.2k +45,247
24 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 321,250321.2k $5.6m $5.6m 0.00% Added +118.8k +118,759
25 Keystone Financial Group 0.41% of their portfolio LEXINGTON, KY 312,605312.6k $5.5m $5.5m 0.41% Reduced -62.5k -62,473
26 PARK AVENUE SECURITIES LLC 0.05% of their portfolio NEW YORK, NY 310,273310.3k $5.4m $5.4m 0.05% Added +77.0k +77,018
27 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 281,466281.5k $4.9m $4.9m 0.00% Reduced -119.0k -119,035
28 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 240,479240.5k $4.2m $4.2m 0.02% Reduced -228.4k -228,420
29 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 236,762236.8k $4.2m $4.2m 0.00% Added +222.3k +222,267
30 Westside Investment Management, Inc. 0.60% of their portfolio SANTA MONICA, CA 213,626213.6k $3.7m $3.7m 0.60% Added +51.8k +51,830
31 OneDigital Investment Advisors LLC 0.04% of their portfolio OVERLAND PARK, KS 212,161212.2k $3.7m $3.7m 0.04% Reduced -2.1k -2,064
32 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 172,095172.1k $3.0m $3.0m 0.01% Added +87.5k +87,481
33 BENJAMIN EDWARDS INC 0.03% of their portfolio Clayton, MO 164,814164.8k $2.9m $2.9m 0.03% Reduced -52.3k -52,259
34 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 160,474160.5k $2.8m $2.8m 0.00% Added +3.4k +3,356
35 CONFLUENCE INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ST. LOUIS, MO 157,054157.1k $2.8m $2.8m 0.04% Reduced -71.2k -71,220
36 AE Wealth Management LLC 0.01% of their portfolio TOPEKA, KS 148,049148.0k $2.6m $2.6m 0.01% Added +4.4k +4,397
37 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 145,594145.6k $2.6m $2.6m 0.00% Added +91.6k +91,647
38 Waverly Advisors, LLC 0.02% of their portfolio BIRMINGHAM, AL 133,495133.5k $2.3m $2.3m 0.02% Added +9.7k +9,675
39 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 118,038118.0k $2.1m $2.1m 0.00% Added +17.9k +17,919
40 Total Clarity Wealth Management, Inc. 0.50% of their portfolio ST. CHARLES, IL 117,135117.1k $2.1m $2.1m 0.50% New
41 SYKON CAPITAL LLC 0.66% of their portfolio HARRISON, NY 116,970117.0k $2.1m $2.1m 0.66% Added +77.3k +77,269
42 NewEdge Wealth, LLC 0.02% of their portfolio STAMFORD, CT 116,028116.0k $2.0m $2.0m 0.02% Reduced -84.2k -84,192
43 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.02% of their portfolio CINCINNATI, OH 101,975102.0k $1.8m $1.8m 0.02% Added +14.9k +14,875
44 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 100,411100.4k $1.8m $1.8m 0.00% Added +20.7k +20,662
45 White & Co Financial Planning Inc 1.30% of their portfolio SUNNYSIDE, WA 99,34199.3k $1.7m $1.7m 1.30% Unchanged
46 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 96,61996.6k $1.7m $1.7m 0.00% Added +145 +145
47 OGOREK ANTHONY JOSEPH /NY/ /ADV 0.42% of their portfolio WILLIAMSVILLE, NY 86,52186.5k $1.5m $1.5m 0.42% Reduced -21.3k -21,318
48 Bowman & Co S.C. 0.59% of their portfolio Oshkosh, WI 79,30579.3k $1.4m $1.4m 0.59% Added +956 +956
49 Meadowbrook Advisors Group, LLC 0.77% of their portfolio BEDMINSTER, NJ 78,00178.0k $1.4m $1.4m 0.77% First filing
50 Capital Advisors Wealth Management, LLC 0.17% of their portfolio YAKIMA, WA 72,73572.7k $1.3m $1.3m 0.17% Added +6.7k +6,678
51 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 71,33271.3k $1.3m $1.3m 0.00% Added +24.4k +24,359
52 World Investment Advisors 0.02% of their portfolio LINCROFT, NJ 65,24265.2k $1.1m $1.1m 0.02% New
53 McAdam, LLC 0.05% of their portfolio Philadelphia, PA 63,68663.7k $1.1m $1.1m 0.05% Added +309 +309
54 FOCUS Wealth Advisors, LLC 0.51% of their portfolio HOUSTON, TX 62,90162.9k $1.1m $1.1m 0.51% Added +3.0k +2,950
55 Invst, LLC 0.12% of their portfolio INDIANAPOLIS, IN 62,54562.5k $1.1m $1.1m 0.12% Added +15.5k +15,499
56 Balance Wealth Partners LLC 0.35% of their portfolio WORTHINGTON, OH 62,29262.3k $1.1m $1.1m 0.35% Added +15.4k +15,430
57 CreativeOne Wealth, LLC 0.03% of their portfolio OVERLAND PARK, KS 59,11559.1k $1.0m $1.0m 0.03% Added +1.5k +1,462
58 KESTRA PRIVATE WEALTH SERVICES, LLC 0.01% of their portfolio AUSTIN, TX 54,34754.3k $952.8k $952.8k 0.01% Added +14.1k +14,050
59 OLD NATIONAL BANCORP /IN/ 0.02% of their portfolio EVANSVILLE, IN 53,60053.6k $939.7k $939.7k 0.02% Unchanged
60 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 53,05253.1k $930.0k $930.0k 0.00% Reduced -1.9k -1,852
61 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 49,74449.7k $872.1k $872.1k 0.00% Added +741 +741
62 Elmwood Wealth Management, Inc. 0.27% of their portfolio BERKELEY, CA 48,33548.3k $847.4k $847.4k 0.27% Added +4.4k +4,365
63 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 44,77344.8k $786.9k $786.9k 0.00% Added +19.8k +19,826
64 Baker Avenue Asset Management, LP 0.02% of their portfolio SAN FRANCISCO, CA 41,42641.4k $726.2k $726.2k 0.02% Reduced -5.5k -5,503
65 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 41,39341.4k $725.7k $725.7k 0.00% Added +3.1k +3,114
66 Magnus Financial Group LLC 0.06% of their portfolio NEW YORK, NY 41,17241.2k $721.8k $721.8k 0.06% Added +7.2k +7,234
67 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 40,25140.3k $705.6k $705.6k 0.00% New
68 Fourth Dimension Wealth, LLC 0.23% of their portfolio MIDDLEBURG HEIGHTS, OH 36,68636.7k $643.1k $643.1k 0.23% Added +4.5k +4,477
69 Hyundai Investments Co., Ltd. 0.62% of their portfolio YEONGDEUNGPO-GU, SEOUL, M5 36,42636.4k $639.6k $639.6k 0.62% New
70 Ausdal Financial Partners, Inc. 0.03% of their portfolio Davenport, IA 36,29136.3k $636.2k $636.2k 0.03% Added +5.0k +4,972
71 CFO4Life Group, LLC 0.09% of their portfolio COPPELL, TX 35,83035.8k $628.1k $628.1k 0.09% Unchanged
72 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 34,49634.5k $604.7k $604.7k 0.00% Added +19.8k +19,832
73 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 34,27434.3k $600.9k $600.9k 0.00% Added +217 +217
74 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 31,22031.2k $547.3k $547.3k 0.01% Reduced -9.5k -9,482
75 CAP Partners, LLC 0.27% of their portfolio FRANKLIN, TN 27,16827.2k $476.3k $476.3k 0.27% Added +1.6k +1,629
76 WBH ADVISORY INC 0.03% of their portfolio BALTIMORE, MD 26,94126.9k $472.3k $472.3k 0.03% Added +11.9k +11,875
77 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 26,34026.3k $461.8k $461.8k 0.01% Added +2.2k +2,244
78 Vise Technologies, Inc. 0.01% of their portfolio NEW YORK, NY 26,14626.1k $458.4k $458.4k 0.01% New
79 FLOW TRADERS U.S. LLC 0.01% of their portfolio NEW YORK, NY 25,23225.2k $442.0k $442.0k 0.01% New
80 RDA Financial Network 0.11% of their portfolio AKRON, IA 25,21225.2k $442.0k $442.0k 0.11% Added +7.9k +7,865
81 Code Waechter LLC 0.28% of their portfolio TAMPA, FL 24,73924.7k $433.7k $433.7k 0.28% Unchanged
82 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 23,13323.1k $405.5k $405.5k 0.00% Added +8.6k +8,564
83 Richard P Slaughter Associates Inc 0.08% of their portfolio AUSTIN, TX 22,88822.9k $401.2k $401.2k 0.08% Reduced -692 -692
84 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 21,79821.8k $382.1k $382.1k 0.00% Added +1.1k +1,063
85 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 21,00021.0k $368.2k $368.2k 0.00% Unchanged
86 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 20,66720.7k $362.3k $362.3k 0.00% Reduced -421 -421
87 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 19,26919.3k $337.8k $337.8k 0.00% Added +12.7k +12,674
88 Strategic Blueprint, LLC 0.02% of their portfolio ATLANTA, GA 18,35618.4k $321.8k $321.8k 0.02% Added +4.2k +4,170
89 Hedeker Wealth, LLC 0.07% of their portfolio Lincolnshire, IL 18,01218.0k $315.8k $315.8k 0.07% Reduced -63.8k -63,830
90 WEST MICHIGAN ADVISORS, LLC 0.07% of their portfolio HOLLAND, MI 17,31617.3k $303.6k $303.6k 0.07% Reduced -5.5k -5,466
91 COMERICA BANK 0.00% of their portfolio DALLAS, TX 17,25417.3k $302.5k $302.5k 0.00% Added +10.1k +10,105
92 Rehmann Capital Advisory Group 0.02% of their portfolio LANSING, MI 16,67616.7k $292.3k $292.3k 0.02% Unchanged
93 FOSTER & MOTLEY INC 0.02% of their portfolio CINCINNATI, OH 16,60616.6k $291.0k $291.0k 0.02% Unchanged
94 PKS Advisory Services, LLC 0.07% of their portfolio ALBANY, NY 16,30016.3k $285.8k $285.8k 0.07% Unchanged
95 MUSTICO FINANCIAL GROUP, INC. 0.22% of their portfolio ELMIRA, NY 15,96116.0k $281.2k $281.2k 0.22% Unchanged
96 Concurrent Investment Advisors, LLC 0.00% of their portfolio Tampa, FL 15,95416.0k $279.7k $279.7k 0.00% Reduced -4.0k -3,997
97 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 15,94615.9k $280.0k $280.0k 0.00% Added +2.3k +2,327
98 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 15,17015.2k $265.9k $265.9k 0.00% New
99 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 13,90013.9k $244.9k $244.9k 0.00% Unchanged
100 Meridian Wealth Management, LLC 0.01% of their portfolio LEXINGTON, KY 13,80913.8k $242.1k $242.1k 0.01% Added +86 +86