Vault-13

VANECK ETF TRUST SMH

SEMICONDUCTR ETF · ETP · CUSIP 92189F676 · ISIN US92189F6768

1,062 institutional holders +44 vs Q2 2025
48,635,87048.6m shares reported held*
$15.9bnreported value*
127 new 410 added 311 reduced 74 sold out net sold ≈ $671.7m (-2.0m 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 ($20.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $326.32. Options: 44 managers hold calls ($7.8bn notional), 67 hold puts ($13.9bn).

Trends to Q3 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: 1,018Q3 25: 1,0621,062Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20251,062

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 23: 364 bought or addedQ4 23: 216 cut or sold outQ1 24: 468 bought or addedQ1 24: 246 cut or sold outQ1 24Q2 24: 516 bought or addedQ2 24: 269 cut or sold outQ3 24: 477 bought or addedQ3 24: 340 cut or sold outQ3 24Q4 24: 486 bought or addedQ4 24: 343 cut or sold outQ1 25: 441 bought or addedQ1 25: 449 cut or sold outQ1 25Q2 25: 534 bought or addedQ2 25: 395 cut or sold outQ3 25: 537 bought or addedQ3 25: 385 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023364216
Q1 2024468246
Q2 2024516269
Q3 2024477340
Q4 2024486343
Q1 2025441449
Q2 2025534395
Q3 2025537385

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ4 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 1.81Q3 25 calls: $7.8bnQ3 25 puts: $13.9bnQ3 25P/C 1.78
Numbers
QuarterCallsPutsP/C
Q4 2024$4.8bn$6.7bn1.40
Q1 2025$4.6bn$7.5bn1.62
Q2 2025$7.1bn$12.8bn1.81
Q3 2025$7.8bn$13.9bn1.78

Biggest buyers

JPMORGAN CHASE & CO Added +963,111+963.1k
BANK OF NOVA SCOTIA Added +752,097+752.1k
MORGAN STANLEY Added +705,055+705.1k
PEAK6 LLC New +445,482+445.5k
LPL Financial LLC Added +335,341+335.3k
Capula Management Ltd Added +322,167+322.2k
RENAISSANCE TECHNOLOGIES LLC New +289,367+289.4k
BANK OF AMERICA CORP /DE/ Added +184,560+184.6k
Quadrature Capital Ltd Added +174,754+174.8k
Balyasny Asset Management L.P. Added +168,375+168.4k

Biggest sellers

JANE STREET GROUP, LLC Reduced -1,284,187-1.3m
BNP PARIBAS FINANCIAL MARKETS Reduced -685,950-686.0k
Migdal Insurance & Financial Holdings Ltd. Reduced -672,285-672.3k
NWI MANAGEMENT LP Reduced -612,000-612.0k
BANK OF MONTREAL /CAN/ Reduced -568,554-568.6k
ROYAL BANK OF CANADA Reduced -555,049-555.0k
Main Management ETF Advisors, LLC Reduced -498,528-498.5k
Belvedere Trading LLC Sold out -378,298-378.3k
BARCLAYS PLC Reduced -352,701-352.7k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -350,000-350.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.5bn4.6m shares
PEAK6 LLC Added $1.3bn3.9m shares
CITADEL ADVISORS LLC Reduced $1.2bn3.8m shares
JANE STREET GROUP, LLC Reduced $780.9m2.4m shares
Belvedere Trading LLC Added $605.6m1.9m shares
BNP PARIBAS FINANCIAL MARKETS Added $398.2m12.2k shares
MILLENNIUM MANAGEMENT LLC Reduced $221.5m678.7k shares
WOLVERINE TRADING, LLC Added $205.7m637.6k shares
CITIGROUP INC Added $154.8m474.4k shares
Parallax Volatility Advisers, L.P. Added $152.3m466.6k shares

Biggest puts

BANK OF AMERICA CORP /DE/ Added $2.8bn8.5m shares
JANE STREET GROUP, LLC Added $2.2bn6.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.8bn5.6m shares
CITADEL ADVISORS LLC Reduced $1.5bn4.7m shares
MARSHALL WACE, LLP Added $645.4m2.0m shares
Belvedere Trading LLC Reduced $610.9m1.9m shares
Parallax Volatility Advisers, L.P. Added $354.8m1.1m shares
Balyasny Asset Management L.P. Added $346.5m1.1m shares
BNP PARIBAS FINANCIAL MARKETS Added $325.6m10.0k shares
PEAK6 LLC Reduced $321.9m986.2k 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/ 0.31% of their portfolio CHARLOTTE, NC 12,654,46412.7m $4.1bn $4.1bn 0.31% Added +184.6k +184,560
2 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 2,535,7252.5m $827.6m $827.6m 0.05% Added +705.1k +705,055
3 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 2,421,5062.4m $790.3m $790.3m 0.03% Added +963.1k +963,111
4 LPL Financial LLC 0.23% of their portfolio FORT MILL, SC 2,404,1152.4m $784.6m $784.6m 0.23% Added +335.3k +335,341
5 UBS Group AG 0.10% of their portfolio ZURICH, V8 1,623,7331.6m $529.9m $529.9m 0.10% Reduced -48.3k -48,343
6 BNP PARIBAS FINANCIAL MARKETS 0.37% of their portfolio PARIS, I0 1,441,9651.4m $470.6m $470.6m 0.37% Reduced -686.0k -685,950
7 GOLDMAN SACHS GROUP INC 0.06% of their portfolio NEW YORK, NY 1,214,5731.2m $396.4m $396.4m 0.06% Reduced -172.1k -172,137
8 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 813,723813.7k $265.6m $265.6m 0.05% Added +68.5k +68,518
9 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.48% of their portfolio TORONTO, A6 800,000800.0k $261.1m $261.1m 0.48% Reduced -350.0k -350,000
10 BANK OF NOVA SCOTIA 0.44% of their portfolio TORONTO, A6 755,107755.1k $246.4m $246.4m 0.44% Added +752.1k +752,097
11 CITIGROUP INC 0.16% of their portfolio NEW YORK, NY 702,404702.4k $229.2m $229.2m 0.16% Reduced -15.4k -15,405
12 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 602,125602.1k $196.5m $196.5m 0.03% Reduced -555.0k -555,049
13 Saudi Central Bank 7.47% of their portfolio Riyadh, T0 602,006602.0k $196.5m $196.5m 7.47% Unchanged
14 MENORA MIVTACHIM HOLDINGS LTD. 0.95% of their portfolio Ramat Gan, L3 576,000576.0k $188.0m $188.0m 0.95% Added +2.5k +2,500
15 MEITAV INVESTMENT HOUSE LTD 2.49% of their portfolio BENE-BERAQ, L3 556,289556.3k $181.3m $181.3m 2.49% Added +81.0k +80,957
16 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.11% of their portfolio MILWAUKEE, WI 526,529526.5k $171.8m $171.8m 0.11% Added +41.3k +41,280
17 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 503,111503.1k $164.2m $164.2m 0.05% Reduced -31.9k -31,878
18 Cetera Investment Advisers 0.18% of their portfolio SCHAUMBURG, IL 477,115477.1k $155.7m $155.7m 0.18% Added +72.0k +72,006
19 Harel Insurance Investments & Financial Services Ltd. 1.36% of their portfolio Ramat Gan, L3 463,472463.5k $151.3m $151.3m 1.36% Added +82.7k +82,704
20 Main Management ETF Advisors, LLC 5.41% of their portfolio SAN FRANCISCO, CA 447,627447.6k $146.1m $146.1m 5.41% Reduced -498.5k -498,528
21 PEAK6 LLC 1.89% of their portfolio AUSTIN, TX 445,482445.5k $145.4m $145.4m 1.89% New
22 Balyasny Asset Management L.P. 0.23% of their portfolio Chicago, IL 355,880355.9k $116.1m $116.1m 0.23% Added +168.4k +168,375
23 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 334,173334.2k $109.0m $109.0m 0.03% Added +49.5k +49,492
24 Capula Management Ltd 0.79% of their portfolio Grand Cayman, E9 327,375327.4k $106.8m $106.8m 0.79% Added +322.2k +322,167
25 RENAISSANCE TECHNOLOGIES LLC 0.12% of their portfolio NEW YORK, NY 289,367289.4k $94.4m $94.4m 0.12% New
26 Rockefeller Capital Management L.P. 0.18% of their portfolio NEW YORK, NY 287,444287.4k $93.8m $93.8m 0.18% Reduced -253.3k -253,296
27 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 282,771282.8k $92.3m $92.3m 0.03% Reduced -1.8k -1,820
28 Main Management Fund Advisors LLC 8.88% of their portfolio SAN FRANCISCO, CA 280,900280.9k $91.7m $91.7m 8.88% Reduced -122.1k -122,100
29 OSAIC HOLDINGS, INC. 0.12% of their portfolio SCOTTSDALE, AZ 273,092273.1k $83.3m $83.3m 0.12% Added +17.7k +17,677
30 MML INVESTORS SERVICES, LLC 0.24% of their portfolio SPRINGFIELD, MA 272,480272.5k $88.9m $88.9m 0.24% Reduced -8.2k -8,221
31 COMMONWEALTH EQUITY SERVICES, LLC 0.11% of their portfolio WALTHAM, MA 253,397253.4k $82.7m $82.7m 0.11% Added +8.3k +8,345
32 Migdal Insurance & Financial Holdings Ltd. 0.82% of their portfolio Petach Tikva, L3 233,715233.7k $76.3m $76.3m 0.82% Reduced -672.3k -672,285
33 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.11% of their portfolio BALA CYNWYD, PA 228,115228.1k $74.4m $74.4m 0.11% Reduced -45.2k -45,224
34 Portfolio Strategies, Inc. 8.17% of their portfolio MONTVALE, NJ 215,468215.5k $70.3m $70.3m 8.17% Reduced -7.0k -7,041
35 Cambridge Investment Research Advisors, Inc. 0.19% of their portfolio FAIRFIELD, IA 209,932209.9k $68.5m $68.5m 0.19% Added +18.5k +18,483
36 Quadrature Capital Ltd 0.69% of their portfolio LONDON, X0 179,946179.9k $58.7m $58.7m 0.69% Added +174.8k +174,754
37 Diversified Enterprises, LLC 3.95% of their portfolio Wilmington, DE 179,770179.8k $58.7m $58.7m 3.95% Reduced -11.6k -11,554
38 Moss Adams Wealth Advisors LLC 4.56% of their portfolio SEATTLE, WA 179,175179.2k $58.5m $58.5m 4.56% Added +11.2k +11,226
39 FIL Ltd 0.05% of their portfolio HAMILTON, D0 178,264178.3k $58.2m $58.2m 0.05% Reduced -20.4k -20,432
40 Nan Shan Life Insurance Co., Ltd. 1.22% of their portfolio Taipei City, F5 176,537176.5k $57.6m $57.6m 1.22% Added +112.7k +112,666
41 Clal Insurance Enterprises Holdings Ltd 0.44% of their portfolio Tel-aviv, L3 175,000175.0k $57.1m $57.1m 0.44% Reduced -50.0k -50,000
42 Main Management LLC 3.95% of their portfolio SAN FRANCISCO, CA 165,357165.4k $54.0m $54.0m 3.95% Reduced -147.3k -147,297
43 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 162,708162.7k $53.1m $53.1m 0.02% Reduced -10.4k -10,431
44 D. E. Shaw & Co., Inc. 0.04% of their portfolio New York, NY 148,431148.4k $48.4m $48.4m 0.04% Added +66.4k +66,396
45 Hudson Bay Capital Management LP 0.28% of their portfolio STAMFORD, CT 140,342140.3k $45.8m $45.8m 0.28% New
46 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 134,966135.0k $44.1m $44.1m 0.04% Reduced -10.9k -10,897
47 JONES FINANCIAL COMPANIES LLLP 0.03% of their portfolio DES PERES, MO 134,635134.6k $43.3m $43.3m 0.03% Added +25.4k +25,422
48 TUDOR INVESTMENT CORP ET AL 0.28% of their portfolio STAMFORD, CT 134,396134.4k $43.9m $43.9m 0.28% Added +27.7k +27,728
49 NewEdge Wealth, LLC 0.64% of their portfolio STAMFORD, CT 123,913123.9k $44.5m $44.5m 0.64% Added +944 +944
50 Miller Investment Management, LP 3.84% of their portfolio WEST CONSHOHOCKEN, PA 117,189117.2k $38.2m $38.2m 3.84% Reduced -1.8k -1,842
51 RiverFront Investment Group, LLC 0.66% of their portfolio RICHMOND, VA 114,228114.2k $37.7m $37.7m 0.66% Added +5.7k +5,693
52 BlackRock, Inc. 0.00% of their portfolio New York, NY 113,037113.0k $36.9m $36.9m 0.00% Reduced -52.1k -52,058
53 Private Advisor Group, LLC 0.18% of their portfolio MORRISTOWN, NJ 111,824111.8k $36.5m $36.5m 0.18% Added +11.3k +11,271
54 Jain Global LLC 0.46% of their portfolio NEW YORK, NY 109,335109.3k $35.7m $35.7m 0.46% New
55 J.Safra Asset Management Corp 2.10% of their portfolio NEW YORK, NY 105,909105.9k $34.6m $34.6m 2.10% Added +3.7k +3,681
56 Verition Fund Management LLC 0.19% of their portfolio GREENWICH, CT 102,046102.0k $33.3m $33.3m 0.19% Added +14.2k +14,249
57 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.23% of their portfolio Tel Aviv, L3 101,511101.5k $33.0m $33.0m 2.23% Unchanged
58 Mariner, LLC 0.04% of their portfolio Overland Park, KS 94,90094.9k $31.0m $31.0m 0.04% Added +4.8k +4,756
59 Rezny Wealth Management, Inc. 6.30% of their portfolio Fort Myers, FL 92,53192.5k $30.2m $30.2m 6.30% Reduced -2.6k -2,589
60 Wealthfront Advisers LLC 0.07% of their portfolio Palo Alto, CA 91,51091.5k $29.9m $29.9m 0.07% Added +4.4k +4,433
61 Twin Tree Management, LP 1.37% of their portfolio DALLAS, TX 90,21290.2k $29.4m $29.4m 1.37% Reduced -196.1k -196,070
62 Round Rock Advisors LLC 4.65% of their portfolio WILTON, CT 89,94689.9k $29.4m $29.4m 4.65% Added +90 +90
63 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 89,14889.1k $29.1m $29.1m 0.03% Reduced -1.3m -1,284,187
64 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 87,67387.7k $28.6m $28.6m 0.01% Reduced -568.6k -568,554
65 Kestra Advisory Services, LLC 0.12% of their portfolio AUSTIN, TX 82,31682.3k $26.9m $26.9m 0.12% Added +1.3k +1,284
66 Yarbrough Capital, LLC 0.82% of their portfolio FRANKLIN, TN 81,14881.1k $26.5m $26.5m 0.82% Unchanged
67 Kraft, Davis & Associates, LLC 6.51% of their portfolio St. Louis, MO 77,83877.8k $26.8m $26.8m 6.51% Reduced -30 -30
68 LYELL WEALTH MANAGEMENT, LP 1.87% of their portfolio MENLO PARK, CA 77,26977.3k $25.2m $25.2m 1.87% Added +4.5k +4,523
69 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 74,09574.1k $24.2m $24.2m 0.04% Added +400 +400
70 FMR LLC 0.00% of their portfolio BOSTON, MA 72,91872.9k $23.8m $23.8m 0.00% Added +52.8k +52,760
71 CIBC WORLD MARKET INC. 0.05% of their portfolio TORONTO, A6 71,60171.6k $23.4m $23.4m 0.05% Added +4.1k +4,116
72 Phoenix Financial Ltd. 0.15% of their portfolio Givatayim, L3 71,40871.4k $23.3m $23.3m 0.15% Reduced -64.4k -64,393
73 Summit Financial, LLC 0.35% of their portfolio PARSIPPANY, NJ 71,07471.1k $23.2m $23.2m 0.35% Added +65.2k +65,207
74 Janney Montgomery Scott LLC 0.05% of their portfolio PHILADELPHIA, PA 68,78368.8k $22.4m $22.4m 0.05% Added +2.1k +2,089
75 TD Waterhouse Canada Inc. 0.15% of their portfolio TORONTO, A6 68,59768.6k $22.9m $22.9m 0.15% Added +676 +676
76 Sanctuary Advisors, LLC 0.06% of their portfolio INDIANAPOLIS, IN 68,31168.3k $18.6m $18.6m 0.06% Added +35.1k +35,075
77 WESPAC Advisors SoCal, LLC 4.52% of their portfolio Pasadena, CA 68,25368.3k $22.3m $22.3m 4.52% Added +2.4k +2,433
78 Pine Ridge Advisers LLC 1.52% of their portfolio NEW YORK, NY 68,16568.2k $22.2m $22.2m 1.52% Unchanged
79 NewEdge Advisors, LLC 0.10% of their portfolio NEW ORLEANS, LA 66,50966.5k $21.7m $21.7m 0.10% Added +34.7k +34,722
80 Kozak & Associates, Inc. 4.45% of their portfolio HIGHLANDS RANCH, CO 66,34566.3k $22.6m $22.6m 4.45% Reduced -8.4k -8,361
81 HARBOUR INVESTMENTS, INC. 0.48% of their portfolio MADISON, WI 65,48065.5k $21.4m $21.4m 0.48% Added +5.3k +5,323
82 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 65,21265.2k $21.3m $21.3m 0.01% Reduced -352.7k -352,701
83 Principle Wealth Partners LLC 1.23% of their portfolio MADISON, CT 65,17265.2k $21.3m $21.3m 1.23% Added +1.3k +1,259
84 Maven Securities LTD 3.99% of their portfolio ST HELIER, Y9 63,82463.8k $20.8m $20.8m 3.99% New
85 Equitable Holdings, Inc. 0.15% of their portfolio NEW YORK, NY 62,20362.2k $20.3m $20.3m 0.15% Added +12.8k +12,842
86 INDEPENDENT FINANCIAL GROUP, LLC 0.46% of their portfolio SAN DIEGO, CA 58,82458.8k $19.2m $19.2m 0.46% Added +6.0k +5,963
87 Prospera Financial Services Inc 0.32% of their portfolio Dallas, TX 57,49557.5k $18.8m $18.8m 0.32% Reduced -5.4k -5,383
88 SCOTIA CAPITAL INC. 0.08% of their portfolio TORONTO, A6 56,70156.7k $18.5m $18.5m 0.08% Added +1.5k +1,507
89 Lido Advisors, LLC 0.08% of their portfolio Los Angeles, CA 56,42856.4k $18.4m $18.4m 0.08% Reduced -2.8k -2,756
90 Apexium Financial, LP 0.88% of their portfolio Dallas, TX 55,42055.4k $18.1m $18.1m 0.88% Added +4.8k +4,809
91 Gemsstock Ltd. 3.70% of their portfolio London, X0 55,10055.1k $18.0m $18.0m 3.70% New
92 HRT FINANCIAL LP 0.08% of their portfolio NEW YORK, NY 54,80954.8k $17.9m $17.9m 0.08% Added +42.9k +42,886
93 Rothschild Capital Partners, LLC 4.21% of their portfolio NEW YORK, NY 54,61254.6k $17.8m $17.8m 4.21% Reduced -52 -52
94 Baird Financial Group, Inc. 0.03% of their portfolio MILWAUKEE, WI 54,22354.2k $17.7m $17.7m 0.03% Added +8.6k +8,576
95 Orion Porfolio Solutions, LLC 0.14% of their portfolio OMAHA, NE 53,74153.7k $17.5m $17.5m 0.14% Added +3.4k +3,364
96 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 53,70853.7k $17.5m $17.5m 0.02% Added +19.3k +19,306
97 Steward Partners Investment Advisory, LLC 0.10% of their portfolio STAMFORD, CT 52,98353.0k $17.3m $17.3m 0.10% Added +3.3k +3,267
98 STEVENS CAPITAL MANAGEMENT LP 2.28% of their portfolio RADNOR, PA 52,73252.7k $17.2m $17.2m 2.28% New
99 MIG Capital, LLC 2.50% of their portfolio NEWPORT BEACH, CA 52,33652.3k $17.1m $17.1m 2.50% New
100 Mason & Associates Inc 3.36% of their portfolio LOS ANGELES, CA 51,15051.1k $16.7m $16.7m 3.36% Added +638 +638