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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.

New
Increased
Maintained
Reduced
Closed

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

Holders
1,062
Holders Change
+45
Holders Change %
+4.42%
% of All Funds
13.94%
Holding in Top 10
49
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+2.08%
% of All Funds
0.64%
New
138
Increased
412
Reduced
310
Closed
75
Calls
$7.21B
Puts
$13.8B
Net Calls
-$6.56B
Net Calls Change
-$785M

Top Buyers

1
Bank of Nova Scotia
Bank of Nova Scotia
Ontario, Canada
+$223M
2
Morgan Stanley
Morgan Stanley
New York
+$209M
3
LPL Financial
LPL Financial
California
+$99.3M
4
CM
Capula Management
Cayman Islands
+$95.4M
5
Renaissance Technologies
Renaissance Technologies
New York
+$85.7M

Top Sellers

1
Jane Street
Jane Street
New York
-$380M
2
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
-$203M
3
Bank of Montreal
Bank of Montreal
Ontario, Canada
-$168M
4
MMEA
Main Management ETF Advisors
California
-$148M
5
Belvedere Trading
Belvedere Trading
Illinois
-$112M
Name Holding Trade Value Shares
Change 		Change in
Stake
Envestnet Asset Management
26
Envestnet Asset Management
Illinois
$92.3M -$539K -1,820 -0.6%
MMFA
27
Main Management Fund Advisors
California
$91.7M -$36.1M -122,100 -30%
MML Investors Services
28
MML Investors Services
Massachusetts
$88.9M -$2.43M -8,221 -3%
Osaic Holdings
29
Osaic Holdings
Arizona
$83.3M +$5.23M +17,677 +7%
Commonwealth Equity Services
30
Commonwealth Equity Services
Massachusetts
$82.7M +$2.47M +8,345 +3%
MIFH
31
Migdal Insurance & Financial Holdings
Israel
$76.3M -$64.9M -219,285 -48%
Susquehanna International Group
32
Susquehanna International Group
Pennsylvania
$74.4M -$13.4M -45,224 -17%
PEAK6
33
PEAK6
Illinois
$72.7M +$65.9M +222,741 New
PS
34
Portfolio Strategies
New York
$70.3M -$2.08M -7,041 -3%
Cambridge Investment Research Advisors
35
Cambridge Investment Research Advisors
Iowa
$68.5M +$5.47M +18,483 +10%
QC
36
Quadrature Capital
United Kingdom
$58.7M +$51.7M +174,754 +3,366%
DE
37
Diversified Enterprises
Delaware
$58.7M -$3.42M -11,554 -6%
MAWA
38
Moss Adams Wealth Advisors
Washington
$58.5M +$3.32M +11,226 +7%
Fidelity International
39
Fidelity International
Bermuda
$58.2M -$6.05M -20,432 -10%
NSLI
40
Nan Shan Life Insurance
Taiwan
$57.6M +$33.4M +112,666 +176%
CI
41
Clal Insurance
Israel
$57.1M -$14.8M -50,000 -22%
MM
42
Main Management
California
$54M -$43.6M -147,297 -47%
Fisher Asset Management
43
Fisher Asset Management
Washington
$53.1M -$3.09M -10,431 -6%
D.E. Shaw & Co
44
D.E. Shaw & Co
New York
$48.4M +$19.7M +66,396 +81%
Hudson Bay Capital Management
45
Hudson Bay Capital Management
Connecticut
$45.8M +$41.5M +140,342 New
NW
46
NewEdge Wealth
Pennsylvania
$44.5M +$279K +944 +0.8%
Stifel Financial
47
Stifel Financial
Missouri
$44.1M -$3.23M -10,897 -7%
Tudor Investment Corp
48
Tudor Investment Corp
Connecticut
$43.9M +$8.21M +27,728 +26%
Jones Financial Companies
49
Jones Financial Companies
Missouri
$43.3M +$7.53M +25,422 +23%
MIM
50
Miller Investment Management
Pennsylvania
$38.2M -$545K -1,842 -2%
1
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3 4 5

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.