VanEck Semiconductor ETF
SMH
1,062 hedge funds and large institutions have $15.4B invested in VanEck Semiconductor ETF in 2025 Q3 according to their latest regulatory filings, with 138 funds opening new positions, 412 increasing their positions, 310 reducing their positions, and 75 closing their positions.
84% more first-time investments, than exits
New positions opened: 138 | Existing positions closed: 75
33% more repeat investments, than reductions
Existing positions increased: 412 | Existing positions reduced: 310
12% more capital invested
Capital invested by funds: $13.8B → $15.4B (+$1.64B)
4% more funds holding
Funds holding: 1,017 → 1,062 (+45)
2% more funds holding in top 10
Funds holding in top 10: 48 → 49 (+1)
6.17% less ownership
Funds ownership: 52.56% → 46.39% (-6.2%)
48% less call options, than puts
Call options by funds: $7.21B | Put options by funds: $13.8B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Nova Scotia
Toronto,
Ontario, Canada
|
+$223M |
| 2 |
Morgan Stanley
New York
|
+$209M |
| 3 |
LPL Financial
San Diego,
California
|
+$99.3M |
| 4 |
CM
Capula Management
Grand Cayman,
Cayman Islands
|
+$95.4M |
| 5 |
Renaissance Technologies
New York
|
+$85.7M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$380M |
| 2 |
BNP Paribas Financial Markets
Paris,
France
|
-$203M |
| 3 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$168M |
| 4 |
MMEA
Main Management ETF Advisors
San Francisco,
California
|
-$148M |
| 5 |
Belvedere Trading
Chicago,
Illinois
|
-$112M |
SMH Hedge Fund Activity: Q3 2025 in Review
1,062 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in VanEck Semiconductor ETF (SMH) for Q3 2025, worth a combined $15.4B — up 12% from $13.8B a quarter earlier.
Buyers outnumbered sellers: 138 funds opened new SMH positions and 75 closed out — a net gain of 63 holders — while 412 added to existing stakes and 310 trimmed.
The largest buyer was Bank of Nova Scotia, adding an estimated $223M. The largest seller was Jane Street, cutting an estimated $380M.
- 1,062 institutional investors held VanEck Semiconductor ETF (SMH) as of Q3 2025, up from 1,017 in Q2 2025.
- Funds reported $15.4B of VanEck Semiconductor ETF stock for Q3 2025, up 12% quarter-over-quarter.
- 138 funds opened new VanEck Semiconductor ETF positions in Q3 2025 and 75 closed out, a net change of +63 holders.
- The largest VanEck Semiconductor ETF buyer in Q3 2025 was Bank of Nova Scotia, an estimated $223M added.
- The largest VanEck Semiconductor ETF seller in Q3 2025 was Jane Street, an estimated $380M sold.
Based on aggregated 13F filings for Q3 2025.