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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
SB
1076
SIG Brokerage
New York
– -$5.11M -17,261 Closed
TRCT
1077
Tower Research Capital (TRC)
New York
– -$4.33M -15,540 Closed
FTUS
1078
Flow Traders U.S.
New York
– -$3.7M -13,273 Closed
QWM
1079
Quaker Wealth Management
New Jersey
– -$2.79M -10,012 Closed
1M
1080
1248 Management
Missouri
– -$2.71M -9,715 Closed
IC
1081
Innealta Capital
Texas
– -$2.39M -8,557 Closed
SRL
1082
Scientech Research LLC
New Jersey
– -$2.19M -7,837 Closed
TCG
1083
Transcendent Capital Group
Oklahoma
– -$2.11M -7,550 Closed
ARC
1084
Advisor Resource Council
Texas
– -$2.03M -7,278 Closed
FAIM
1085
Financial Advocates Investment Management
Washington
– -$1.7M -6,107 Closed
Two Sigma Investments
1086
Two Sigma Investments
New York
– -$1.69M -5,716 Closed
WC
1087
Wexford Capital
Florida
– -$1.61M -5,431 Closed
SCA
1088
Sassicaia Capital Advisers
New York
– -$1.42M -5,086 Closed
BHCM
1089
Brevan Howard Capital Management
Jersey
– -$1.41M -5,060 Closed
SXL
1090
Summit X LLC
Missouri
– -$1.21M -4,332 Closed
GI
1091
GAMCO Investors
Connecticut
– -$1.12M -4,000 Closed
Group One Trading
1092
Group One Trading
Illinois
– -$1.11M -3,984 Closed
OCBCO
1093
Oversea-Chinese Banking Corp (OCBC)
Singapore
– -$1.06M -3,805 Closed
MG
1094
Marex Group
– -$878K -3,148 Closed
HVP
1095
Hudson Value Partners
Florida
– -$860K -3,082 Closed
CCM
1096
Cinctive Capital Management
New York
– -$697K -2,500 Closed
PHK
1097
Point72 Hong Kong
Hong Kong
– -$651K -2,336 Closed
GF
1098
Gries Financial
Ohio
– -$544K -1,949 Closed
LSA
1099
Lion Street Advisors
Texas
– -$525K -1,882 Closed
EIP
1100
Ellis Investment Partners
Pennsylvania
– -$440K -1,579 Closed
42 43
44
45 46

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.