Vault-13

VANECK ETF TRUST SMH

SEMICONDUCTR ETF · ETP · CUSIP 92189F676 · ISIN US92189F6768

1,209 institutional holders +147 vs Q3 2025
49,320,58549.3m shares reported held*
$17.7bnreported value*
152 new 466 added 332 reduced 71 sold out net bought ≈ $45.8m (+327.9k 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 ($30.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $358.78. Options: 47 managers hold calls ($8.5bn notional), 65 hold puts ($16.1bn).

Trends to Q4 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: 1,062Q4 25: 1,2091,209Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,209

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 25Q3 25: 537 bought or addedQ3 25: 385 cut or sold outQ4 25: 618 bought or addedQ4 25: 403 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024468246
Q2 2024516269
Q3 2024477340
Q4 2024486343
Q1 2025441449
Q2 2025534395
Q3 2025537385
Q4 2025618403

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bn$20bnQ1 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 1.78Q4 25 calls: $8.5bnQ4 25 puts: $16.1bnQ4 25P/C 1.90
Numbers
QuarterCallsPutsP/C
Q1 2025$4.6bn$7.5bn1.62
Q2 2025$7.1bn$12.8bn1.81
Q3 2025$7.8bn$13.9bn1.78
Q4 2025$8.5bn$16.1bn1.90

Biggest buyers

CITIGROUP INC Added +736,945+736.9k
Harel Insurance Investments & Financial Services Ltd. Added +735,425+735.4k
Focus Partners Wealth Added +671,673+671.7k
TWO SIGMA INVESTMENTS, LP New +636,751+636.8k
LPL Financial LLC Added +305,760+305.8k
RiverFront Investment Group, LLC Added +285,117+285.1k
ENVESTNET ASSET MANAGEMENT INC Added +252,711+252.7k
MEITAV INVESTMENT HOUSE LTD Added +215,536+215.5k
Migdal Insurance & Financial Holdings Ltd. Added +169,737+169.7k
Corient Private Wealth LP Added +168,866+168.9k

Biggest sellers

JPMORGAN CHASE & CO Reduced -1,313,782-1.3m
BNP PARIBAS FINANCIAL MARKETS Reduced -522,252-522.3k
BANK OF AMERICA CORP /DE/ Reduced -480,282-480.3k
Main Management ETF Advisors, LLC Reduced -379,781-379.8k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -350,000-350.0k
Capula Management Ltd Reduced -293,531-293.5k
RENAISSANCE TECHNOLOGIES LLC Sold out -289,367-289.4k
Main Management Fund Advisors LLC Sold out -280,900-280.9k
GOLDMAN SACHS GROUP INC Reduced -266,769-266.8k
BANK OF NOVA SCOTIA Reduced -196,890-196.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.6bn4.6m shares
CITADEL ADVISORS LLC Added $1.6bn4.5m shares
PEAK6 LLC Reduced $790.3m2.2m shares
Belvedere Trading LLC Added $669.8m1.9m shares
GOLDMAN SACHS GROUP INC Added $657.2m1.8m shares
JANE STREET GROUP, LLC Reduced $600.9m1.7m shares
MILLENNIUM MANAGEMENT LLC Added $336.0m933.0k shares
Squarepoint Ops LLC Added $330.2m917.0k shares
Parallax Volatility Advisers, L.P. Added $258.8m718.7k shares
BNP PARIBAS FINANCIAL MARKETS Reduced $227.9m6.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.9bn8.1m shares
JANE STREET GROUP, LLC Added $2.9bn8.0m shares
CITADEL ADVISORS LLC Added $2.1bn5.8m shares
Apollo Management Holdings, L.P. New $792.3m2.2m shares
Belvedere Trading LLC Added $774.6m2.2m shares
PEAK6 LLC Added $752.0m2.1m shares
MARSHALL WACE, LLP Reduced $655.4m1.8m shares
BNP PARIBAS FINANCIAL MARKETS Added $561.6m15.6k shares
PointState Capital LP New $497.0m1.4m shares
Balyasny Asset Management L.P. Added $444.3m1.2m 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 BANK OF AMERICA CORP /DE/ 0.32% of their portfolio CHARLOTTE, NC 12,174,18212.2m $4.4bn $4.4bn 0.32% Reduced -480.3k -480,282
2 LPL Financial LLC 0.27% of their portfolio FORT MILL, SC 2,709,8752.7m $975.9m $975.9m 0.27% Added +305.8k +305,760
3 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 2,657,5402.7m $957.1m $957.1m 0.06% Added +121.8k +121,815
4 UBS Group AG 0.11% of their portfolio ZURICH, V8 1,517,2871.5m $546.4m $546.4m 0.11% Reduced -106.4k -106,446
5 CITIGROUP INC 0.35% of their portfolio NEW YORK, NY 1,439,3491.4m $518.4m $518.4m 0.35% Added +736.9k +736,945
6 Harel Insurance Investments & Financial Services Ltd. 3.74% of their portfolio Ramat Gan, L3 1,198,8971.2m $431.8m $431.8m 3.74% Added +735.4k +735,425
7 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 1,107,7241.1m $398.9m $398.9m 0.03% Reduced -1.3m -1,313,782
8 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 947,804947.8k $341.3m $341.3m 0.05% Reduced -266.8k -266,769
9 BNP PARIBAS FINANCIAL MARKETS 0.21% of their portfolio PARIS, I0 919,713919.7k $331.2m $331.2m 0.21% Reduced -522.3k -522,252
10 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 849,685849.7k $306.0m $306.0m 0.06% Added +36.0k +35,962
11 MEITAV INVESTMENT HOUSE LTD 3.21% of their portfolio BENE-BERAQ, L3 771,825771.8k $278.0m $278.0m 3.21% Added +215.5k +215,536
12 Focus Partners Wealth 0.31% of their portfolio ST LOUIS, MO 745,768745.8k $268.6m $268.6m 0.31% Added +671.7k +671,673
13 TWO SIGMA INVESTMENTS, LP 0.34% of their portfolio NEW YORK, NY 636,751636.8k $229.3m $229.3m 0.34% New
14 Saudi Central Bank 8.10% of their portfolio Riyadh, T0 602,006602.0k $216.8m $216.8m 8.10% Unchanged
15 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 591,663591.7k $213.1m $213.1m 0.04% Reduced -10.5k -10,462
16 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 567,016567.0k $204.2m $204.2m 0.06% Added +63.9k +63,905
17 BANK OF NOVA SCOTIA 0.30% of their portfolio TORONTO, A6 558,217558.2k $201.0m $201.0m 0.30% Reduced -196.9k -196,890
18 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.12% of their portfolio MILWAUKEE, WI 548,017548.0k $197.4m $197.4m 0.12% Added +21.5k +21,488
19 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 535,482535.5k $192.8m $192.8m 0.06% Added +252.7k +252,711
20 MENORA MIVTACHIM HOLDINGS LTD. 0.87% of their portfolio Ramat Gan, L3 514,280514.3k $185.2m $185.2m 0.87% Reduced -61.7k -61,720
21 Cetera Investment Advisers 0.19% of their portfolio SCHAUMBURG, IL 494,813494.8k $178.2m $178.2m 0.19% Added +17.7k +17,698
22 Balyasny Asset Management L.P. 0.33% of their portfolio Chicago, IL 489,873489.9k $176.4m $176.4m 0.33% Added +134.0k +133,993
23 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.27% of their portfolio TORONTO, A6 450,000450.0k $162.1m $162.1m 0.27% Reduced -350.0k -350,000
24 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 420,737420.7k $151.6m $151.6m 0.03% Added +86.6k +86,564
25 Migdal Insurance & Financial Holdings Ltd. 1.25% of their portfolio Petach Tikva, L3 403,452403.5k $145.3m $145.3m 1.25% Added +169.7k +169,737
26 RiverFront Investment Group, LLC 2.37% of their portfolio RICHMOND, VA 399,345399.3k $143.8m $143.8m 2.37% Added +285.1k +285,117
27 Rockefeller Capital Management L.P. 0.22% of their portfolio NEW YORK, NY 338,536338.5k $121.9m $121.9m 0.22% Added +51.1k +51,092
28 PEAK6 LLC 1.42% of their portfolio AUSTIN, TX 288,932288.9k $104.1m $104.1m 1.42% Reduced -156.6k -156,550
29 OSAIC HOLDINGS, INC. 0.15% of their portfolio SCOTTSDALE, AZ 281,329281.3k $101.4m $101.4m 0.15% Added +8.2k +8,237
30 MML INVESTORS SERVICES, LLC 0.25% of their portfolio SPRINGFIELD, MA 280,608280.6k $101.1m $101.1m 0.25% Added +8.1k +8,128
31 Clal Insurance Enterprises Holdings Ltd 0.64% of their portfolio Tel-aviv, L3 275,000275.0k $99.0m $99.0m 0.64% Added +100.0k +100,000
32 COMMONWEALTH EQUITY SERVICES, LLC 0.13% of their portfolio WALTHAM, MA 269,157269.2k $96.9m $96.9m 0.13% Added +15.8k +15,760
33 Cambridge Investment Research Advisors, Inc. 0.20% of their portfolio FAIRFIELD, IA 209,848209.8k $75.6m $75.6m 0.20% Reduced -84 -84
34 Portfolio Strategies, Inc. 8.64% of their portfolio MONTVALE, NJ 207,260207.3k $74.6m $74.6m 8.64% Reduced -8.2k -8,208
35 Squarepoint Ops LLC 0.13% of their portfolio NEW YORK, NY 182,905182.9k $65.9m $65.9m 0.13% Added +132.9k +132,905
36 Diversified Enterprises, LLC 3.81% of their portfolio Wilmington, DE 177,986178.0k $64.1m $64.1m 3.81% Reduced -1.8k -1,784
37 Moss Adams Wealth Advisors LLC 4.63% of their portfolio SEATTLE, WA 177,432177.4k $63.9m $63.9m 4.63% Reduced -1.7k -1,743
38 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 174,690174.7k $4.8m $4.8m 0.00% Added +168.9k +168,866
39 FIL Ltd 0.04% of their portfolio HAMILTON, D0 161,023161.0k $58.0m $58.0m 0.04% Reduced -17.2k -17,241
40 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.08% of their portfolio BALA CYNWYD, PA 159,370159.4k $57.4m $57.4m 0.08% Reduced -68.7k -68,745
41 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 159,063159.1k $57.3m $57.3m 0.04% New
42 JONES FINANCIAL COMPANIES LLLP 0.03% of their portfolio DES PERES, MO 157,199157.2k $56.6m $56.6m 0.03% Added +22.6k +22,564
43 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 156,354156.4k $56.3m $56.3m 0.02% Reduced -6.4k -6,354
44 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 146,312146.3k $52.7m $52.7m 0.02% Added +81.1k +81,100
45 Cornerstone Advisors, LLC 1.67% of their portfolio ASHEVILLE, NC 138,925138.9k $50.0m $50.0m 1.67% New
46 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 133,609133.6k $48.1m $48.1m 0.04% Reduced -1.4k -1,357
47 NewEdge Wealth, LLC 0.50% of their portfolio STAMFORD, CT 122,796122.8k $44.2m $44.2m 0.50% Reduced -1.1k -1,117
48 Private Advisor Group, LLC 0.20% of their portfolio MORRISTOWN, NJ 115,784115.8k $41.7m $41.7m 0.20% Added +4.0k +3,960
49 BlackRock, Inc. 0.00% of their portfolio New York, NY 114,194114.2k $41.1m $41.1m 0.00% Added +1.2k +1,157
50 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 112,899112.9k $40.7m $40.7m 0.07% Added +83.2k +83,213
51 ADAPT Investment Managers SA 7.95% of their portfolio Geneva, V8 109,241109.2k $39.3m $39.3m 7.95% Added +74.8k +74,807
52 J.Safra Asset Management Corp 2.06% of their portfolio NEW YORK, NY 109,174109.2k $39.3m $39.3m 2.06% Added +3.3k +3,265
53 Mariner, LLC 0.04% of their portfolio Overland Park, KS 104,035104.0k $37.5m $37.5m 0.04% Added +9.1k +9,135
54 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.38% of their portfolio Tel Aviv, L3 101,511101.5k $36.6m $36.6m 2.38% Unchanged
55 Gemsstock Ltd. 4.53% of their portfolio London, X0 99,80099.8k $35.9m $35.9m 4.53% Added +44.7k +44,700
56 Miller Investment Management, LP 3.40% of their portfolio WEST CONSHOHOCKEN, PA 96,64596.6k $34.8m $34.8m 3.40% Reduced -20.5k -20,544
57 Rezny Wealth Management, Inc. 6.94% of their portfolio Fort Myers, FL 95,59695.6k $34.4m $34.4m 6.94% Added +3.1k +3,065
58 Concurrent Investment Advisors, LLC 0.39% of their portfolio Tampa, FL 95,21295.2k $34.3m $34.3m 0.39% Added +51.5k +51,524
59 Daiichi Life Insurance Co., Ltd. 0.87% of their portfolio TOKYO, M0 94,11294.1k $33.9m $33.9m 0.87% New
60 Wealthfront Advisers LLC 0.08% of their portfolio Palo Alto, CA 93,80493.8k $33.8m $33.8m 0.08% Added +2.3k +2,294
61 PRUDENTIAL PLC 0.27% of their portfolio LONDON, X0 93,59093.6k $33.7m $33.7m 0.27% New
62 HRT FINANCIAL LP 0.13% of their portfolio NEW YORK, NY 90,74790.7k $32.7m $32.7m 0.13% Added +35.9k +35,938
63 Janney Montgomery Scott LLC 0.07% of their portfolio PHILADELPHIA, PA 90,32290.3k $32.5m $32.5m 0.07% Added +21.5k +21,539
64 Round Rock Advisors LLC 4.78% of their portfolio WILTON, CT 88,26588.3k $31.8m $31.8m 4.78% Reduced -1.7k -1,681
65 Yarbrough Capital, LLC 0.91% of their portfolio FRANKLIN, TN 81,14881.1k $29.2m $29.2m 0.91% Unchanged
66 Kestra Advisory Services, LLC 0.12% of their portfolio AUSTIN, TX 79,72479.7k $28.7m $28.7m 0.12% Reduced -2.6k -2,592
67 Kraft, Davis & Associates, LLC 6.95% of their portfolio St. Louis, MO 79,27179.3k $31.0m $31.0m 6.95% Added +1.4k +1,433
68 TUDOR INVESTMENT CORP ET AL 0.15% of their portfolio STAMFORD, CT 77,73677.7k $28.0m $28.0m 0.15% Reduced -56.7k -56,660
69 LYELL WEALTH MANAGEMENT, LP 2.03% of their portfolio MENLO PARK, CA 77,66877.7k $28.0m $28.0m 2.03% Added +399 +399
70 SIMPLEX TRADING, LLC 0.79% of their portfolio CHICAGO, IL 77,62677.6k $28.0m $28.0m 0.79% New
71 FMR LLC 0.00% of their portfolio BOSTON, MA 76,17176.2k $27.4m $27.4m 0.00% Added +3.3k +3,253
72 Summit Financial, LLC 0.38% of their portfolio PARSIPPANY, NJ 72,48672.5k $26.1m $26.1m 0.38% Added +1.4k +1,412
73 WESPAC Advisors SoCal, LLC 5.12% of their portfolio Pasadena, CA 70,50470.5k $25.4m $25.4m 5.12% Added +2.3k +2,251
74 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 69,09569.1k $24.9m $24.9m 0.01% Reduced -18.6k -18,578
75 Agave Capital Management Ltd 4.18% of their portfolio LONDON, X0 68,94968.9k $25.0m $25.0m 4.18% First filing
76 NewEdge Advisors, LLC 0.09% of their portfolio NEW ORLEANS, LA 68,72668.7k $24.8m $24.8m 0.09% Added +2.2k +2,217
77 Pine Ridge Advisers LLC 1.69% of their portfolio NEW YORK, NY 68,16568.2k $24.5m $24.5m 1.69% Unchanged
78 Main Management ETF Advisors, LLC 0.87% of their portfolio SAN FRANCISCO, CA 67,84667.8k $24.4m $24.4m 0.87% Reduced -379.8k -379,781
79 Equitable Holdings, Inc. 0.17% of their portfolio NEW YORK, NY 67,79567.8k $24.4m $24.4m 0.17% Added +5.6k +5,592
80 HARBOUR INVESTMENTS, INC. 0.49% of their portfolio MADISON, WI 66,59266.6k $24.0m $24.0m 0.49% Added +1.1k +1,112
81 RWQ Financial Management Services, Inc. 10.96% of their portfolio NAPLES, FL 66,20066.2k $23.8m $23.8m 10.96% New
82 Kozak & Associates, Inc. 4.97% of their portfolio HIGHLANDS RANCH, CO 66,09066.1k $25.7m $25.7m 4.97% Reduced -255 -255
83 TD Waterhouse Canada Inc. 0.14% of their portfolio TORONTO, A6 63,06663.1k $22.7m $22.7m 0.14% Reduced -5.5k -5,531
84 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 62,47462.5k $22.5m $22.5m 0.05% Added +12.5k +12,467
85 SCOTIA CAPITAL INC. 0.09% of their portfolio TORONTO, A6 59,03859.0k $21.3m $21.3m 0.09% Added +2.3k +2,337
86 Principle Wealth Partners LLC 1.19% of their portfolio MADISON, CT 58,70258.7k $21.1m $21.1m 1.19% Reduced -6.5k -6,470
87 INDEPENDENT FINANCIAL GROUP, LLC 0.47% of their portfolio SAN DIEGO, CA 58,62558.6k $21.1m $21.1m 0.47% Reduced -199 -199
88 Allianz Asset Management GmbH 0.02% of their portfolio MUNICH, 2M 57,70057.7k $20.8m $20.8m 0.02% New
89 GM Advisory Group, LLC 0.81% of their portfolio MELVILLE, NY 57,42357.4k $20.7m $20.7m 0.81% Added +20.4k +20,413
90 Prospera Financial Services Inc 0.34% of their portfolio Dallas, TX 57,04057.0k $20.5m $20.5m 0.34% Reduced -455 -455
91 Lido Advisors, LLC 0.07% of their portfolio Los Angeles, CA 56,71056.7k $18.6m $18.6m 0.07% Added +282 +282
92 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.12% of their portfolio IRVING, TX 56,36156.4k $20.3m $20.3m 0.12% New
93 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 56,12456.1k $20.2m $20.2m 0.02% Added +2.4k +2,416
94 Mason & Associates Inc 3.73% of their portfolio LOS ANGELES, CA 55,06755.1k $19.8m $19.8m 3.73% Added +3.9k +3,917
95 Kingsview Wealth Management, LLC 0.28% of their portfolio GRANTS PASS, OR 54,49954.5k $19.6m $19.6m 0.28% Added +19.2k +19,207
96 Baird Financial Group, Inc. 0.03% of their portfolio MILWAUKEE, WI 54,48054.5k $19.6m $19.6m 0.03% Added +257 +257
97 Steward Partners Investment Advisory, LLC 0.11% of their portfolio STAMFORD, CT 54,26254.3k $19.5m $19.5m 0.11% Added +1.3k +1,279
98 Valence8 US LP 5.67% of their portfolio Cambridge, MA 53,13353.1k $19.1m $19.1m 5.67% Added +14.2k +14,247
99 Orion Porfolio Solutions, LLC 0.14% of their portfolio OMAHA, NE 52,73352.7k $19.0m $19.0m 0.14% Reduced -1.0k -1,008
100 MIG Capital, LLC 3.20% of their portfolio NEWPORT BEACH, CA 52,33652.3k $18.8m $18.8m 3.20% Unchanged