Vault-13

VANECK ETF TRUST SMH

SEMICONDUCTR ETF · ETP · CUSIP 92189F676 · ISIN US92189F6768

1,302 institutional holders +93 vs Q4 2025
52,864,95052.9m shares reported held*
$19.4bnreported value*
173 new 482 added 378 reduced 83 sold out net bought ≈ $632.7m (+3.5m 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 ($40.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $367.87. Options: 41 managers hold calls ($9.0bn notional), 82 hold puts ($21.7bn).

Trends to Q1 2026

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: 1,209Q1 26: 1,3021,302Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 20261,302

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 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 25Q4 25: 618 bought or addedQ4 25: 403 cut or sold outQ1 26: 655 bought or addedQ1 26: 461 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024516269
Q3 2024477340
Q4 2024486343
Q1 2025441449
Q2 2025534395
Q3 2025537385
Q4 2025618403
Q1 2026655461

Calls vs puts

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

CallsPuts
$0$10bn$20bn$30bnQ2 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 1.90Q1 26 calls: $9.0bnQ1 26 puts: $21.7bnQ1 26P/C 2.40
Numbers
QuarterCallsPutsP/C
Q2 2025$7.1bn$12.8bn1.81
Q3 2025$7.8bn$13.9bn1.78
Q4 2025$8.5bn$16.1bn1.90
Q1 2026$9.0bn$21.7bn2.40

Biggest buyers

MORGAN STANLEY Added +2,805,332+2.8m
Oasis Advisors, LLC Added +2,112,708+2.1m
JPMORGAN CHASE & CO Added +711,561+711.6k
MENORA MIVTACHIM HOLDINGS LTD. Added +682,080+682.1k
Hel Ved Capital Management Ltd New +536,200+536.2k
RENAISSANCE TECHNOLOGIES LLC New +369,487+369.5k
Migdal Insurance & Financial Holdings Ltd. Added +356,995+357.0k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +299,452+299.5k
Clal Insurance Enterprises Holdings Ltd Added +295,000+295.0k
BNP PARIBAS FINANCIAL MARKETS Added +212,801+212.8k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -1,714,713-1.7m
Harel Insurance Investments & Financial Services Ltd. Reduced -664,629-664.6k
Focus Partners Wealth Reduced -652,331-652.3k
TWO SIGMA INVESTMENTS, LP Reduced -544,450-544.5k
BANK OF NOVA SCOTIA Reduced -533,195-533.2k
CITIGROUP INC Reduced -504,994-505.0k
Balyasny Asset Management L.P. Reduced -467,142-467.1k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -350,000-350.0k
GOLDMAN SACHS GROUP INC Reduced -303,008-303.0k
PEAK6 LLC Reduced -288,930-288.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.8bn7.3m shares
CITADEL ADVISORS LLC Reduced $1.6bn4.2m shares
JANE STREET GROUP, LLC Added $1.2bn3.1m shares
Belvedere Trading LLC Reduced $571.9m1.5m shares
MILLENNIUM MANAGEMENT LLC Added $429.6m1.1m shares
Parallax Volatility Advisers, L.P. Added $417.3m1.1m shares
CTC LLC New $384.0m10.0k shares
Squarepoint Ops LLC Reduced $257.4m671.4k shares
BNP PARIBAS FINANCIAL MARKETS Reduced $217.4m5.7k shares
CITIGROUP INC Added $139.5m363.8k shares

Biggest puts

JANE STREET GROUP, LLC Added $4.4bn11.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $4.2bn10.8m shares
Situational Awareness Partners LP First filing $2.0bn5.3m shares
Situational Awareness LP New $2.0bn5.3m shares
CITADEL ADVISORS LLC Reduced $1.8bn4.6m shares
Belvedere Trading LLC Reduced $819.6m2.1m shares
Apollo Management Holdings, L.P. Reduced $766.8m2.0m shares
BNP PARIBAS FINANCIAL MARKETS Reduced $461.4m12.0k shares
CTC LLC New $410.2m10.7k shares
Squarepoint Ops LLC Reduced $350.2m913.5k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.29% of their portfolio CHARLOTTE, NC 10,459,46910.5m $4.0bn $4.0bn 0.29% Reduced -1.7m -1,714,713
2 MORGAN STANLEY 0.13% of their portfolio NEW YORK, NY 5,462,8725.5m $2.1bn $2.1bn 0.13% Added +2.8m +2,805,332
3 LPL Financial LLC 0.29% of their portfolio FORT MILL, SC 2,824,7002.8m $1.1bn $1.1bn 0.29% Added +114.8k +114,825
4 Oasis Advisors, LLC 2.09% of their portfolio FOREST CITY, IA 2,143,3562.1m $10.6m $10.6m 2.09% Added +2.1m +2,112,708
5 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 1,819,2851.8m $659.5m $659.5m 0.04% Added +711.6k +711,561
6 UBS Group AG 0.09% of their portfolio ZURICH, V8 1,342,7011.3m $514.8m $514.8m 0.09% Reduced -174.6k -174,586
7 MENORA MIVTACHIM HOLDINGS LTD. 2.17% of their portfolio Ramat Gan, L3 1,196,3601.2m $458.7m $458.7m 2.17% Added +682.1k +682,080
8 BNP PARIBAS FINANCIAL MARKETS 0.29% of their portfolio PARIS, I0 1,132,5141.1m $434.2m $434.2m 0.29% Added +212.8k +212,801
9 CITIGROUP INC 0.23% of their portfolio NEW YORK, NY 934,355934.4k $358.2m $358.2m 0.23% Reduced -505.0k -504,994
10 WELLS FARGO & COMPANY/MN 0.07% of their portfolio SAN FRANCISCO, CA 918,973919.0k $352.3m $352.3m 0.07% Added +69.3k +69,288
11 MEITAV INVESTMENT HOUSE LTD 3.81% of their portfolio BENE-BERAQ, L3 905,426905.4k $347.1m $347.1m 3.81% Added +133.6k +133,601
12 Migdal Insurance & Financial Holdings Ltd. 2.53% of their portfolio Petach Tikva, L3 760,447760.4k $291.5m $291.5m 2.53% Added +357.0k +356,995
13 ENVESTNET ASSET MANAGEMENT INC 0.08% of their portfolio Berwyn, PA 746,218746.2k $286.1m $286.1m 0.08% Added +210.7k +210,736
14 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 644,796644.8k $247.2m $247.2m 0.03% Reduced -303.0k -303,008
15 RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio ST. PETERSBURG, FL 620,983621.0k $238.1m $238.1m 0.07% Added +54.0k +53,967
16 Saudi Central Bank 4.88% of their portfolio Riyadh, T0 602,006602.0k $230.8m $230.8m 4.88% Unchanged
17 Clal Insurance Enterprises Holdings Ltd 1.32% of their portfolio Tel-aviv, L3 570,000570.0k $218.5m $218.5m 1.32% Added +295.0k +295,000
18 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 556,272556.3k $213.3m $213.3m 0.04% Reduced -35.4k -35,391
19 Hel Ved Capital Management Ltd 35.56% of their portfolio CENTRAL, K3 536,200536.2k $205.6m $205.6m 35.56% New
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.13% of their portfolio MILWAUKEE, WI 535,281535.3k $205.2m $205.2m 0.13% Reduced -12.7k -12,736
21 Harel Insurance Investments & Financial Services Ltd. 1.39% of their portfolio Ramat Gan, L3 534,268534.3k $204.8m $204.8m 1.39% Reduced -664.6k -664,629
22 Cetera Investment Advisers 0.21% of their portfolio SCHAUMBURG, IL 511,623511.6k $196.2m $196.2m 0.21% Added +16.8k +16,810
23 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.23% of their portfolio BALA CYNWYD, PA 458,822458.8k $175.9m $175.9m 0.23% Added +299.5k +299,452
24 RiverFront Investment Group, LLC 2.53% of their portfolio RICHMOND, VA 427,354427.4k $163.8m $163.8m 2.53% Added +28.0k +28,009
25 RENAISSANCE TECHNOLOGIES LLC 0.22% of their portfolio NEW YORK, NY 369,487369.5k $141.7m $141.7m 0.22% New
26 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 362,136362.1k $138.5m $138.5m 0.03% Reduced -58.6k -58,601
27 Squarepoint Ops LLC 0.29% of their portfolio NEW YORK, NY 351,287351.3k $134.7m $134.7m 0.29% Added +168.4k +168,382
28 OSAIC HOLDINGS, INC. 0.18% of their portfolio SCOTTSDALE, AZ 318,266318.3k $122.1m $122.1m 0.18% Added +36.9k +36,937
29 Rockefeller Capital Management L.P. 0.21% of their portfolio NEW YORK, NY 303,533303.5k $116.4m $116.4m 0.21% Reduced -35.0k -35,003
30 MML INVESTORS SERVICES, LLC 0.28% of their portfolio SPRINGFIELD, MA 258,729258.7k $99.2m $99.2m 0.28% Reduced -21.9k -21,879
31 Mirae Asset Global Investments Co., Ltd. 0.23% of their portfolio SEOUL, M5 210,660210.7k $80.8m $80.8m 0.23% Added +178.2k +178,179
32 D. E. Shaw & Co., Inc. 0.06% of their portfolio New York, NY 199,461199.5k $76.5m $76.5m 0.06% New
33 Howard Capital Management, LLC 1.24% of their portfolio Alpharetta, GA 197,200197.2k $75.6m $75.6m 1.24% New
34 Cambridge Investment Research Advisors, Inc. 0.19% of their portfolio FAIRFIELD, IA 193,697193.7k $74.3m $74.3m 0.19% Reduced -16.2k -16,151
35 JONES FINANCIAL COMPANIES LLLP 0.03% of their portfolio DES PERES, MO 193,451193.5k $72.4m $72.4m 0.03% Added +36.3k +36,252
36 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 190,843190.8k $73.2m $73.2m 0.03% Added +44.5k +44,531
37 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 187,658187.7k $71.9m $71.9m 0.10% Reduced -81.5k -81,499
38 Cornerstone Advisors, LLC 2.50% of their portfolio ASHEVILLE, NC 177,495177.5k $68.1m $68.1m 2.50% Added +38.6k +38,570
39 MARSHALL WACE, LLP 0.07% of their portfolio LONDON, X0 176,757176.8k $67.8m $67.8m 0.07% New
40 Moss Adams Wealth Advisors LLC 4.86% of their portfolio SEATTLE, WA 173,466173.5k $66.5m $66.5m 4.86% Reduced -4.0k -3,966
41 Portfolio Strategies, Inc. 7.72% of their portfolio MONTVALE, NJ 163,291163.3k $62.6m $62.6m 7.72% Reduced -44.0k -43,969
42 Private Advisor Group, LLC 0.29% of their portfolio MORRISTOWN, NJ 163,100163.1k $62.5m $62.5m 0.29% Added +47.3k +47,316
43 PRUDENTIAL PLC 0.45% of their portfolio LONDON, X0 153,470153.5k $58.8m $58.8m 0.45% Added +59.9k +59,880
44 Kestra Advisory Services, LLC 0.21% of their portfolio AUSTIN, TX 145,358145.4k $55.7m $55.7m 0.21% Added +65.6k +65,634
45 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 144,575144.6k $55.4m $55.4m 0.02% Reduced -11.8k -11,779
46 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 138,216138.2k $53.0m $53.0m 0.05% Added +4.6k +4,607
47 NewEdge Wealth, LLC 0.55% of their portfolio STAMFORD, CT 120,894120.9k $46.4m $46.4m 0.55% Reduced -1.9k -1,902
48 BlackRock, Inc. 0.00% of their portfolio New York, NY 119,253119.3k $45.7m $45.7m 0.00% Added +5.1k +5,059
49 Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 2.86% of their portfolio Tel Aviv, L3 114,041114.0k $43.7m $43.7m 2.86% Added +12.5k +12,530
50 J.Safra Asset Management Corp 2.35% of their portfolio NEW YORK, NY 113,602113.6k $43.6m $43.6m 2.35% Added +4.4k +4,428
51 Mariner, LLC 0.05% of their portfolio Overland Park, KS 107,566107.6k $41.2m $41.2m 0.05% Added +3.5k +3,531
52 Thrivent Financial for Lutherans 0.08% of their portfolio Minneapolis, MN 107,252107.3k $41.1m $41.1m 0.08% Reduced -5.6k -5,647
53 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 102,699102.7k $39.4m $39.4m 0.02% Added +33.6k +33,604
54 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.06% of their portfolio TORONTO, A6 100,000100.0k $38.3m $38.3m 0.06% Reduced -350.0k -350,000
55 Janney Montgomery Scott LLC 0.09% of their portfolio PHILADELPHIA, PA 98,73398.7k $37.9m $37.9m 0.09% Added +8.4k +8,411
56 Wealthfront Advisers LLC 0.08% of their portfolio Palo Alto, CA 98,37198.4k $37.7m $37.7m 0.08% Added +4.6k +4,567
57 Miller Investment Management, LP 3.61% of their portfolio WEST CONSHOHOCKEN, PA 94,90794.9k $36.4m $36.4m 3.61% Reduced -1.7k -1,738
58 SIMPLEX TRADING, LLC 1.11% of their portfolio CHICAGO, IL 93,70193.7k $35.9m $35.9m 1.11% Added +16.1k +16,075
59 Focus Partners Wealth 0.04% of their portfolio ST LOUIS, MO 93,43793.4k $35.8m $35.8m 0.04% Reduced -652.3k -652,331
60 GM Advisory Group, LLC 1.38% of their portfolio MELVILLE, NY 93,21793.2k $35.7m $35.7m 1.38% Added +35.8k +35,794
61 TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio NEW YORK, NY 92,30192.3k $35.4m $35.4m 0.03% Reduced -544.5k -544,450
62 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 91,80191.8k $35.2m $35.2m 0.04% New
63 Rezny Wealth Management, Inc. 7.54% of their portfolio Fort Myers, FL 91,28291.3k $35.0m $35.0m 7.54% Reduced -4.3k -4,314
64 Concurrent Investment Advisors, LLC 0.37% of their portfolio Tampa, FL 88,68888.7k $34.0m $34.0m 0.37% Reduced -6.5k -6,524
65 Round Rock Advisors LLC 5.09% of their portfolio WILTON, CT 86,79286.8k $33.3m $33.3m 5.09% Reduced -1.5k -1,473
66 Bouchey Financial Group, Ltd. 2.58% of their portfolio TROY, NY 81,82381.8k $35.2m $35.2m 2.58% Added +31.0k +31,000
67 Yarbrough Capital, LLC 1.09% of their portfolio FRANKLIN, TN 81,14881.1k $31.1m $31.1m 1.09% Unchanged
68 Summit Financial, LLC 0.40% of their portfolio PARSIPPANY, NJ 80,90680.9k $31.0m $31.0m 0.40% Added +8.4k +8,420
69 University of Illinois Foundation 6.15% of their portfolio CHAMPAIGN, IL 78,24478.2k $30.0m $30.0m 6.15% Added +38.7k +38,742
70 ASSETMARK, INC 0.06% of their portfolio CONCORD, CA 78,08778.1k $29.9m $29.9m 0.06% Added +15.6k +15,613
71 LYELL WEALTH MANAGEMENT, LP 2.19% of their portfolio MENLO PARK, CA 77,90577.9k $29.9m $29.9m 2.19% Added +237 +237
72 FMR LLC 0.00% of their portfolio BOSTON, MA 77,02077.0k $29.5m $29.5m 0.00% Added +849 +849
73 Parker Investment Management, LLC 4.38% of their portfolio Menlo Park, CA 75,16575.2k $28.8m $28.8m 4.38% New
74 Kraft, Davis & Associates, LLC 7.93% of their portfolio St. Louis, MO 73,66773.7k $37.2m $37.2m 7.93% Reduced -5.6k -5,604
75 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 70,78870.8k $27.1m $27.1m 0.03% Added +61.8k +61,798
76 Allianz Asset Management GmbH 0.03% of their portfolio MUNICH, 2M 70,46070.5k $27.0m $27.0m 0.03% Added +12.8k +12,760
77 EP Wealth Advisors, LLC 0.13% of their portfolio TORRANCE, CA 68,35368.4k $26.2m $26.2m 0.13% Added +39.8k +39,814
78 Pine Ridge Advisers LLC 1.86% of their portfolio NEW YORK, NY 68,23568.2k $26.2m $26.2m 1.86% Added +70 +70
79 NewEdge Advisors, LLC 0.09% of their portfolio NEW ORLEANS, LA 67,88467.9k $26.0m $26.0m 0.09% Reduced -842 -842
80 Navigation Group, LLC 6.05% of their portfolio REDWOOD CITY, CA 67,41167.4k $25.8m $25.8m 6.05% First filing
81 Kozak & Associates, Inc. 5.63% of their portfolio HIGHLANDS RANCH, CO 65,17165.2k $28.9m $28.9m 5.63% Reduced -919 -919
82 GREAT VALLEY ADVISOR GROUP, INC. 0.45% of their portfolio WILMINGTON, DE 65,12865.1k $25.0m $25.0m 0.45% Added +19.7k +19,682
83 Horizon Wealth Management, LLC 3.63% of their portfolio LA GRANGE, IL 64,52264.5k $24.7m $24.7m 3.63% Added +23.8k +23,815
84 CTC LLC 1.98% of their portfolio CHICAGO, IL 64,42064.4k $24.7m $24.7m 1.98% New
85 Agave Capital Management Ltd 3.76% of their portfolio LONDON, X0 62,95863.0k $23.4m $23.4m 3.76% Reduced -6.0k -5,991
86 WESPAC Advisors SoCal, LLC 4.99% of their portfolio Pasadena, CA 61,15761.2k $23.4m $23.4m 4.99% Reduced -9.3k -9,347
87 PARK AVENUE SECURITIES LLC 0.18% of their portfolio NEW YORK, NY 60,51760.5k $23.2m $23.2m 0.18% Added +10.5k +10,519
88 Prospera Financial Services Inc 0.37% of their portfolio Dallas, TX 59,88059.9k $23.0m $23.0m 0.37% Added +2.8k +2,840
89 TD Waterhouse Canada Inc. 0.07% of their portfolio TORONTO, A6 59,14659.1k $23.2m $23.2m 0.07% Reduced -3.9k -3,920
90 INDEPENDENT FINANCIAL GROUP, LLC 0.51% of their portfolio SAN DIEGO, CA 58,75158.8k $22.5m $22.5m 0.51% Added +126 +126
91 Equitable Holdings, Inc. 0.13% of their portfolio NEW YORK, NY 58,12358.1k $20.9m $20.9m 0.13% Reduced -9.7k -9,672
92 Steward Partners Investment Advisory, LLC 0.11% of their portfolio STAMFORD, CT 57,67257.7k $22.1m $22.1m 0.11% Added +3.4k +3,410
93 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 57,05857.1k $21.9m $21.9m 0.02% Added +934 +934
94 Principle Wealth Partners LLC 1.25% of their portfolio MADISON, CT 56,84956.8k $21.8m $21.8m 1.25% Reduced -1.9k -1,853
95 Mason & Associates Inc 3.93% of their portfolio LOS ANGELES, CA 55,78455.8k $20.2m $20.2m 3.93% Added +717 +717
96 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.13% of their portfolio IRVING, TX 55,57555.6k $21.3m $21.3m 0.13% Reduced -786 -786
97 SCOTIA CAPITAL INC. 0.08% of their portfolio TORONTO, A6 53,26153.3k $20.4m $20.4m 0.08% Reduced -5.8k -5,777
98 Valence8 US LP 7.12% of their portfolio Cambridge, MA 53,13353.1k $20.4m $20.4m 7.12% Unchanged
99 TUDOR INVESTMENT CORP ET AL 0.11% of their portfolio STAMFORD, CT 52,92752.9k $20.3m $20.3m 0.11% Reduced -24.8k -24,809
100 Rothschild Capital Partners, LLC 4.96% of their portfolio NEW YORK, NY 52,53352.5k $20.1m $20.1m 4.96% Added +4.7k +4,689