Vault-13

VANECK ETF TRUST SMH

SEMICONDUCTR ETF · ETP · CUSIP 92189F676 · ISIN US92189F6768

1,018 institutional holders +97 vs Q1 2025
50,944,53050.9m shares reported held*
$14.2bnreported value*
180 new 354 added 308 reduced 87 sold out net bought ≈ $884.8m (+1.3m 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 ($4.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $278.95. Options: 48 managers hold calls ($7.1bn notional), 64 hold puts ($12.8bn).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 390Q4 22: 432Q1 23: 488Q2 23: 529Q3 23: 560Q4 23: 668Q1 24: 775Q2 24: 859Q3 24: 882Q4 24: 970Q1 25: 921Q2 25: 1,0181,018Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022390
Q4 2022432
Q1 2023488
Q2 2023529
Q3 2023560
Q4 2023668
Q1 2024775
Q2 2024859
Q3 2024882
Q4 2024970
Q1 2025921
Q2 20251,018

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ3 23: 283 bought or addedQ3 23: 201 cut or sold outQ4 23: 364 bought or addedQ4 23: 216 cut or sold outQ4 23Q1 24: 468 bought or addedQ1 24: 246 cut or sold outQ2 24: 516 bought or addedQ2 24: 269 cut or sold outQ2 24Q3 24: 477 bought or addedQ3 24: 340 cut or sold outQ4 24: 486 bought or addedQ4 24: 343 cut or sold outQ4 24Q1 25: 441 bought or addedQ1 25: 449 cut or sold outQ2 25: 534 bought or addedQ2 25: 395 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023283201
Q4 2023364216
Q1 2024468246
Q2 2024516269
Q3 2024477340
Q4 2024486343
Q1 2025441449
Q2 2025534395

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ3 24 calls: $5.5bnQ3 24 puts: $9.6bnQ3 24P/C 1.76Q4 24 calls: $4.8bnQ4 24 puts: $6.7bnQ4 24P/C 1.40Q1 25 calls: $4.6bnQ1 25 puts: $7.5bnQ1 25P/C 1.62Q2 25 calls: $7.1bnQ2 25 puts: $12.8bnQ2 25P/C 1.81
Numbers
QuarterCallsPutsP/C
Q3 2024$5.5bn$9.6bn1.76
Q4 2024$4.8bn$6.7bn1.40
Q1 2025$4.6bn$7.5bn1.62
Q2 2025$7.1bn$12.8bn1.81

Biggest buyers

Migdal Insurance & Financial Holdings Ltd. Added +905,986+906.0k
JPMORGAN CHASE & CO Added +703,799+703.8k
ROYAL BANK OF CANADA Added +697,924+697.9k
NWI MANAGEMENT LP Added +615,000+615.0k
Saudi Central Bank New +602,006+602.0k
BANK OF MONTREAL /CAN/ Added +569,611+569.6k
Belvedere Trading LLC New +378,298+378.3k
BARCLAYS PLC Added +348,524+348.5k
Rockefeller Capital Management L.P. Added +264,138+264.1k
JANE STREET GROUP, LLC Added +225,518+225.5k

Biggest sellers

Main Management ETF Advisors, LLC Reduced -1,856,985-1.9m
GOLDMAN SACHS GROUP INC Reduced -1,289,375-1.3m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -614,000-614.0k
UBS Group AG Reduced -474,359-474.4k
BANK OF AMERICA CORP /DE/ Reduced -432,863-432.9k
MILLENNIUM MANAGEMENT LLC Reduced -349,294-349.3k
RENAISSANCE TECHNOLOGIES LLC Sold out -252,067-252.1k
MIRAE ASSET SECURITIES (USA) INC. Sold out -200,478-200.5k
Walleye Trading LLC Sold out -157,948-157.9k
CAPITAL FUND MANAGEMENT S.A. Sold out -154,955-155.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.4bn5.0m shares
CITADEL ADVISORS LLC Added $1.3bn4.5m shares
JANE STREET GROUP, LLC Added $785.0m2.8m shares
PEAK6 LLC Added $426.0m1.5m shares
Belvedere Trading LLC Added $392.5m1.4m shares
MILLENNIUM MANAGEMENT LLC Added $319.6m1.1m shares
BNP PARIBAS FINANCIAL MARKETS Reduced $299.0m10.7k shares
Twin Tree Management, LP Reduced $292.7m1.0m shares
UBS Group AG Reduced $180.3m646.4k shares
Capula Management Ltd Added $165.3m592.7k shares

Biggest puts

BANK OF AMERICA CORP /DE/ Added $1.9bn6.8m shares
JANE STREET GROUP, LLC Added $1.7bn6.0m shares
CITADEL ADVISORS LLC Added $1.6bn5.9m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.3bn4.6m shares
Belvedere Trading LLC Added $663.7m2.4m shares
Situational Awareness LP New $570.1m2.0m shares
MARSHALL WACE, LLP Added $499.2m1.8m shares
PEAK6 LLC Added $308.1m1.1m shares
Artisan Partners Limited Partnership New $292.9m1.1m shares
Apollo Management Holdings, L.P. Reduced $278.9m1.0m 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.28% of their portfolio CHARLOTTE, NC 12,469,90412.5m $3.5bn $3.5bn 0.28% Reduced -432.9k -432,863
2 BNP PARIBAS FINANCIAL MARKETS 0.46% of their portfolio PARIS, I0 2,127,9152.1m $593.4m $593.4m 0.46% Added +136.2k +136,212
3 LPL Financial LLC 0.19% of their portfolio FORT MILL, SC 2,068,7742.1m $576.9m $576.9m 0.19% Added +165.5k +165,522
4 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 1,830,6701.8m $510.5m $510.5m 0.03% Added +30.6k +30,630
5 UBS Group AG 0.10% of their portfolio ZURICH, V8 1,672,0761.7m $466.3m $466.3m 0.10% Reduced -474.4k -474,359
6 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 1,458,3951.5m $406.7m $406.7m 0.03% Added +703.8k +703,799
7 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 1,386,7101.4m $386.7m $386.7m 0.06% Reduced -1.3m -1,289,375
8 JANE STREET GROUP, LLC 0.62% of their portfolio NEW YORK, NY 1,373,3351.4m $383.0m $383.0m 0.62% Added +225.5k +225,518
9 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,157,1741.2m $322.7m $322.7m 0.03% Added +697.9k +697,924
10 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.64% of their portfolio TORONTO, A6 1,150,0001.1m $320.7m $320.7m 0.64% Reduced -614.0k -614,000
11 Main Management ETF Advisors, LLC 10.97% of their portfolio SAN FRANCISCO, CA 946,155946.2k $263.9m $263.9m 10.97% Reduced -1.9m -1,856,985
12 Migdal Insurance & Financial Holdings Ltd. 1.50% of their portfolio Petach Tikva, L3 906,000906.0k $252.7m $252.7m 1.50% Added +906.0k +905,986
13 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 745,205745.2k $207.8m $207.8m 0.05% Added +127.0k +126,960
14 CITIGROUP INC 0.14% of their portfolio NEW YORK, NY 717,809717.8k $200.2m $200.2m 0.14% Added +75.3k +75,272
15 BANK OF MONTREAL /CAN/ 0.09% of their portfolio TORONTO, A6 656,227656.2k $183.0m $183.0m 0.09% Added +569.6k +569,611
16 NWI MANAGEMENT LP 8.01% of their portfolio NEW YORK, NY 618,000618.0k $172.3m $172.3m 8.01% Added +615.0k +615,000
17 Saudi Central Bank 6.85% of their portfolio Riyadh, T0 602,006602.0k $167.9m $167.9m 6.85% New
18 MENORA MIVTACHIM HOLDINGS LTD. 0.92% of their portfolio Ramat Gan, L3 573,500573.5k $159.9m $159.9m 0.92% Added +77.0k +77,000
19 Rockefeller Capital Management L.P. 0.18% of their portfolio NEW YORK, NY 540,740540.7k $150.8m $150.8m 0.18% Added +264.1k +264,138
20 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 534,989535.0k $149.2m $149.2m 0.05% Added +40.8k +40,831
21 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.10% of their portfolio MILWAUKEE, WI 485,249485.2k $135.3m $135.3m 0.10% Added +38.0k +37,955
22 MEITAV INVESTMENT HOUSE LTD 1.79% of their portfolio BENE-BERAQ, L3 475,332475.3k $132.6m $132.6m 1.79% Added +97.9k +97,941
23 BARCLAYS PLC 0.05% of their portfolio LONDON, X0 417,913417.9k $116.5m $116.5m 0.05% Added +348.5k +348,524
24 Cetera Investment Advisers 0.19% of their portfolio SCHAUMBURG, IL 405,109405.1k $113.0m $113.0m 0.19% Added +15.2k +15,193
25 Main Management Fund Advisors LLC 13.40% of their portfolio SAN FRANCISCO, CA 403,000403.0k $112.4m $112.4m 13.40% Added +32.5k +32,500
26 Harel Insurance Investments & Financial Services Ltd. 1.21% of their portfolio Ramat Gan, L3 380,768380.8k $106.2m $106.2m 1.21% Added +24.8k +24,751
27 Belvedere Trading LLC 8.31% of their portfolio CHICAGO, IL 378,298378.3k $105.5m $105.5m 8.31% New
28 Main Management LLC 6.86% of their portfolio SAN FRANCISCO, CA 312,654312.7k $87.2m $87.2m 6.86% Added +14.2k +14,233
29 Twin Tree Management, LP 2.01% of their portfolio DALLAS, TX 286,282286.3k $79.8m $79.8m 2.01% Added +197.9k +197,913
30 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 284,681284.7k $79.4m $79.4m 0.02% Reduced -1.8k -1,812
31 ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio Berwyn, PA 284,591284.6k $79.4m $79.4m 0.02% Added +1.6k +1,624
32 MML INVESTORS SERVICES, LLC 0.23% of their portfolio SPRINGFIELD, MA 280,701280.7k $78.3m $78.3m 0.23% Added +24.1k +24,122
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.12% of their portfolio BALA CYNWYD, PA 273,339273.3k $76.2m $76.2m 0.12% Added +136.8k +136,840
34 OSAIC HOLDINGS, INC. 0.13% of their portfolio SCOTTSDALE, AZ 255,415255.4k $71.1m $71.1m 0.13% Added +5.8k +5,753
35 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 245,052245.1k $68.3m $68.3m 0.09% Added +14.6k +14,556
36 Clal Insurance Enterprises Holdings Ltd 0.62% of their portfolio Tel-aviv, L3 225,000225.0k $62.7m $62.7m 0.62% New
37 Portfolio Strategies, Inc. 8.08% of their portfolio MONTVALE, NJ 222,509222.5k $62.0m $62.0m 8.08% Reduced -6.2k -6,242
38 Allianz SE 1.31% of their portfolio Munich, 2M 199,097199.1k $55.5m $55.5m 1.31% New
39 FIL Ltd 0.05% of their portfolio HAMILTON, D0 198,696198.7k $55.4m $55.4m 0.05% Added +152.6k +152,620
40 Cambridge Investment Research Advisors, Inc. 0.16% of their portfolio FAIRFIELD, IA 191,449191.4k $53.4m $53.4m 0.16% Reduced -1.3k -1,337
41 Diversified Enterprises, LLC 3.98% of their portfolio Wilmington, DE 191,324191.3k $53.4m $53.4m 3.98% Added +10.0k +9,963
42 Balyasny Asset Management L.P. 0.12% of their portfolio Chicago, IL 187,505187.5k $52.3m $52.3m 0.12% Added +167.2k +167,179
43 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 173,139173.1k $48.3m $48.3m 0.02% Reduced -36.8k -36,778
44 Moss Adams Wealth Advisors LLC 4.25% of their portfolio SEATTLE, WA 167,949167.9k $46.8m $46.8m 4.25% Added +6.7k +6,741
45 BlackRock, Inc. 0.00% of their portfolio New York, NY 165,095165.1k $46.0m $46.0m 0.00% Added +1.3k +1,287
46 Thrivent Financial for Lutherans 0.10% of their portfolio Minneapolis, MN 157,280157.3k $43.9m $43.9m 0.10% Added +72.3k +72,308
47 LMR Partners LLP 0.68% of their portfolio LONDON, X0 156,256156.3k $43.6m $43.6m 0.68% Added +154.8k +154,782
48 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 145,863145.9k $40.7m $40.7m 0.04% Added +2.3k +2,348
49 Phoenix Financial Ltd. 0.50% of their portfolio Givatayim, L3 135,801135.8k $37.9m $37.9m 0.50% Added +99.4k +99,409
50 NewEdge Wealth, LLC 0.56% of their portfolio STAMFORD, CT 122,969123.0k $35.8m $35.8m 0.56% Added +4.5k +4,519
51 Miller Investment Management, LP 3.49% of their portfolio WEST CONSHOHOCKEN, PA 119,031119.0k $33.2m $33.2m 3.49% Added +124 +124
52 SOROS CAPITAL MANAGEMENT LLC 9.60% of their portfolio New York, NY 113,100113.1k $31.5m $31.5m 9.60% New
53 JONES FINANCIAL COMPANIES LLLP 0.02% of their portfolio DES PERES, MO 109,213109.2k $30.4m $30.4m 0.02% Added +25.3k +25,294
54 RiverFront Investment Group, LLC 0.59% of their portfolio RICHMOND, VA 108,535108.5k $30.3m $30.3m 0.59% Added +15.0k +15,042
55 TruWealth Advisors, LLC 1.65% of their portfolio Metairie, LA 107,517107.5k $30.0m $30.0m 1.65% Added +2.2k +2,211
56 TUDOR INVESTMENT CORP ET AL 0.22% of their portfolio STAMFORD, CT 106,668106.7k $29.7m $29.7m 0.22% Added +14.7k +14,731
57 J.Safra Asset Management Corp 1.99% of their portfolio NEW YORK, NY 102,228102.2k $28.5m $28.5m 1.99% Added +1.3k +1,330
58 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.05% of their portfolio Tel Aviv, L3 101,511101.5k $28.3m $28.3m 2.05% Added +21.3k +21,320
59 Private Advisor Group, LLC 0.15% of their portfolio MORRISTOWN, NJ 100,553100.6k $28.0m $28.0m 0.15% Added +10.6k +10,589
60 Rezny Wealth Management, Inc. 5.98% of their portfolio Fort Myers, FL 95,12095.1k $26.5m $26.5m 5.98% Added +2.0k +2,022
61 Mariner, LLC 0.04% of their portfolio Overland Park, KS 90,14490.1k $25.1m $25.1m 0.04% Added +12.0k +11,951
62 Round Rock Advisors LLC 4.32% of their portfolio WILTON, CT 89,85689.9k $25.1m $25.1m 4.32% Added +620 +620
63 Verition Fund Management LLC 0.14% of their portfolio GREENWICH, CT 87,79787.8k $24.5m $24.5m 0.14% Reduced -85.1k -85,109
64 Wealthfront Advisers LLC 0.06% of their portfolio Palo Alto, CA 87,07787.1k $24.3m $24.3m 0.06% Added +12.2k +12,177
65 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 82,03582.0k $22.9m $22.9m 0.02% Added +14.5k +14,482
66 Yarbrough Capital, LLC 0.81% of their portfolio FRANKLIN, TN 81,14881.1k $22.6m $22.6m 0.81% Unchanged
67 Kestra Advisory Services, LLC 0.11% of their portfolio AUSTIN, TX 81,03281.0k $22.6m $22.6m 0.11% Reduced -383 -383
68 Kraft, Davis & Associates, LLC 6.23% of their portfolio St. Louis, MO 77,86877.9k $22.7m $22.7m 6.23% Added +27.4k +27,352
69 Kozak & Associates, Inc. 4.35% of their portfolio HIGHLANDS RANCH, CO 74,70674.7k $21.3m $21.3m 4.35% Added +965 +965
70 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 73,69573.7k $20.6m $20.6m 0.04% Added +20.8k +20,823
71 LYELL WEALTH MANAGEMENT, LP 1.60% of their portfolio MENLO PARK, CA 72,74672.7k $20.3m $20.3m 1.60% Added +4.3k +4,251
72 Black Swift Group, LLC 3.98% of their portfolio BOULDER, CO 70,63170.6k $19.7m $19.7m 3.98% New
73 Marks Wealth, LLC 6.23% of their portfolio ELLICOTT CITY, MD 68,85968.9k $19.2m $19.2m 6.23% New
74 BLAIR WILLIAM & CO/IL 0.05% of their portfolio CHICAGO, IL 68,85668.9k $19.2m $19.2m 0.05% Reduced -17.5k -17,535
75 Pine Ridge Advisers LLC 1.39% of their portfolio NEW YORK, NY 68,16568.2k $19.0m $19.0m 1.39% Added +17.5k +17,500
76 TD Waterhouse Canada Inc. 0.13% of their portfolio TORONTO, A6 67,92167.9k $18.7m $18.7m 0.13% Reduced -121 -121
77 CIBC WORLD MARKET INC. 0.04% of their portfolio TORONTO, A6 67,48567.5k $18.8m $18.8m 0.04% Added +26.6k +26,577
78 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 66,69466.7k $18.6m $18.6m 0.05% Added +847 +847
79 WESPAC Advisors SoCal, LLC 4.10% of their portfolio Pasadena, CA 65,82065.8k $18.4m $18.4m 4.10% Reduced -900 -900
80 Parallax Volatility Advisers, L.P. 0.72% of their portfolio San Francisco, CA 64,45764.5k $18.0m $18.0m 0.72% Reduced -130.9k -130,921
81 Principle Wealth Partners LLC 1.11% of their portfolio MADISON, CT 63,91363.9k $17.8m $17.8m 1.11% Reduced -6.8k -6,782
82 Nan Shan Life Insurance Co., Ltd. 0.40% of their portfolio Taipei City, F5 63,87163.9k $17.8m $17.8m 0.40% Reduced -39.2k -39,180
83 Prospera Financial Services Inc 0.33% of their portfolio Dallas, TX 62,87862.9k $17.5m $17.5m 0.33% Added +5.7k +5,687
84 Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) 2.63% of their portfolio Tel Aviv, L3 61,30061.3k $17.1m $17.1m 2.63% New
85 HARBOUR INVESTMENTS, INC. 0.42% of their portfolio MADISON, WI 60,15760.2k $16.8m $16.8m 0.42% Added +6.4k +6,353
86 Lido Advisors, LLC 0.09% of their portfolio Los Angeles, CA 59,18459.2k $16.5m $16.5m 0.09% Added +426 +426
87 Atria Wealth Solutions, Inc. 0.37% of their portfolio NEW YORK, NY 57,73557.7k $16.1m $16.1m 0.37% Reduced -26.8k -26,810
88 SCOTIA CAPITAL INC. 0.07% of their portfolio TORONTO, A6 55,19455.2k $15.4m $15.4m 0.07% Added +3.4k +3,404
89 PRUDENTIAL PLC 0.09% of their portfolio LONDON, X0 54,85054.9k $15.3m $15.3m 0.09% New
90 Rothschild Capital Partners, LLC 4.00% of their portfolio NEW YORK, NY 54,66454.7k $15.2m $15.2m 4.00% Unchanged
91 AVANTAX ADVISORY SERVICES, INC. 0.08% of their portfolio DALLAS, TX 52,92452.9k $14.8m $14.8m 0.08% Added +969 +969
92 INDEPENDENT FINANCIAL GROUP, LLC 0.41% of their portfolio SAN DIEGO, CA 52,86152.9k $14.7m $14.7m 0.41% Added +13.2k +13,169
93 Cavalier Investments, LLC 4.33% of their portfolio ALPHARETTA, GA 51,23251.2k $14.3m $14.3m 4.33% Reduced -7.3k -7,300
94 Concurrent Investment Advisors, LLC 0.28% of their portfolio Tampa, FL 51,01051.0k $14.2m $14.2m 0.28% Reduced -857 -857
95 ALTFEST L J & CO INC 1.67% of their portfolio NEW YORK, NY 50,72450.7k $14.1m $14.1m 1.67% Added +46.6k +46,609
96 Apexium Financial, LP 0.75% of their portfolio Dallas, TX 50,61150.6k $14.1m $14.1m 0.75% Added +8.8k +8,815
97 Mason & Associates Inc 3.25% of their portfolio LOS ANGELES, CA 50,51250.5k $14.1m $14.1m 3.25% Reduced -1.1k -1,051
98 Orion Porfolio Solutions, LLC 0.12% of their portfolio OMAHA, NE 50,37750.4k $14.0m $14.0m 0.12% Added +7.6k +7,617
99 Sowell Financial Services LLC 0.57% of their portfolio NORTH LITTLE ROCK, AR 49,96150.0k $13.9m $13.9m 0.57% Reduced -3.3k -3,301
100 Fifth Third Securities, Inc. 1.04% of their portfolio Cincinnati, OH 49,86249.9k $13.9m $13.9m 1.04% Added +2.3k +2,341