VanEck ETF Trust - VanEck Semiconductor ETF
US ˙ NasdaqGM ˙ US92189F6768

SecuritySMH / VanEck ETF Trust - VanEck Semiconductor ETF
InstitutionWolverine Trading, Llc
Latest Disclosed Ownership9,347 shares
Latest Disclosed Value $ 3,015,903
Wolverine Trading, Llc ownership in SMH / VanEck ETF Trust - VanEck Semiconductor ETF

On November 14, 2025 - Wolverine Trading, Llc filed a 13F-HR form disclosing ownership of 9,347 shares of VanEck ETF Trust - VanEck Semiconductor ETF (US:SMH) valued at $3,050,487 USD as of September 30, 2025. The entity filed a previous 13F-HR on August 18, 2025 disclosing 14,430 shares of VanEck ETF Trust - VanEck Semiconductor ETF. This represents a change in shares of -35.23% during the quarter. The current value of the position is $5,962,451 USD.

Wolverine Trading, Llc has a history of taking positions in derivatives of the underlying security (SMH) in the form of stock options. The firm currently holds call options representing 637,600 of underlying shares valued at $205,728,016 USD and put options representing 668,100 of underlying shares valued at $215,569,146 USD .

Note: prior versions of this page mistakenly stated that the share values represented the number of options, not the number of underlying shares. For more information on the data backing these reports, please see the SEC document Frequently Asked Questions About Form 13F.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Institutional Put/Call Ratios
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In addition to reporting standard equity and debt issues, institutions with more than 100MM assets under management must also disclose their put and call option holdings. Since put options generally indicate negative sentiment, and call options indicate positive sentiment, we can get a sense of the overall institutional sentiment by plotting the ratio of puts to calls. The chart to the right plots the historical put/call ratio for this instrument.

Using Put/Call Ratio as an indicator of investor sentiment overcomes one of the key deficiencies of using total institutional ownership, which is that a significant amount of assets under management are invested passively to track indices. Passively-managed funds do not typically buy options, so the put/call ratio indicator more closely tracks the sentiment of actively-managed funds.

SMH / VanEck ETF Trust - VanEck Semiconductor ETF Historical Put/Call Ratio
Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-11-14 2025-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 9,347 -5,083 -35.23 3,016 -24.94 0.0022
2025-08-18 2025-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 14,430 14,430 4,018 0.0040
2025-05-15 2025-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 0 -2,323 -100.00 0 -100.00
2025-02-14 2024-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 2,323 -2,023 -46.55 568 -47.21 0.0005
2024-11-14 2024-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 4,346 4,346 1,077 0.0011
2024-08-14 2024-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 0 -8,740 -100.00 0 -100.00
2024-05-15 2024-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 8,740 -259,387 -96.74 1,966 -95.81 0.0020
2024-02-14 2023-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 268,127 236,279 741.90 46,887 915.53 0.0490
2023-11-15 2023-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 31,848 -24,630 -43.61 4,617 -45.47 0.0048
2023-08-23 2023-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 56,478 28,573 102.39 8,467 120,857.14 0.0103
2023-05-15 2023-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 27,905 -2,051 -6.85 7 -99.88 0.0113
2023-02-14 2022-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 29,956 1,018 3.52 6,079 11.81 0.0092
2022-11-14 2022-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 28,938 10,401 56.11 5,437 42.18 0.0087
2022-08-15 2022-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 18,537 -17,735 -48.89 3,824 -61.71 0.0063
2022-05-16 2022-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 36,272 -32,322 -47.12 9,988 -53.00 0.0128
2022-02-14 2021-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 68,594 34,916 103.68 21,252 145.97 0.0252
2021-11-12 2021-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 33,678 -16,673 -33.11 8,640 -34.50 0.0098
2021-08-06 2021-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 50,351 -4,017 -7.39 13,190 2.47 0.0205
2021-05-14 2021-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 54,368 54,368 12,872 0.0194
2021-02-12 2020-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 0 -35,072 -100.00 0 -100.00
2020-11-13 2020-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 35,072 20,172 135.38 6,119 175.26 0.0149
2020-08-13 2020-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 14,900 -29,682 -66.58 2,223 -58.28 0.0061
2020-05-11 2020-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 44,582 44,582 5,328 0.0161
2019-11-14 2019-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 0 -49,815 -100.00 0 -100.00
2019-08-20 2019-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 49,815 12,406 33.16 5,489 37.98 0.0156
2019-05-15 2019-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 37,409 -40,970 -52.27 3,978 -41.56 0.0115
2019-02-13 2018-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 78,379 78,379 6,807 0.0193
Disclosed Call Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share
Price		 Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2025-11-14 2025-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 637,600 29.44 205,728 50.00 n/a n/a n/a
2025-08-18 2025-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 492,600 137,150 n/a n/a n/a
2025-05-15 2025-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 0 -100.00 0 -100.00 n/a n/a n/a
2025-02-14 2024-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 232,600 -37.36 56,908 -38.13 n/a n/a n/a
2024-11-14 2024-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 371,300 6.39 91,986 1.10 n/a n/a n/a
2024-08-14 2024-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 349,000 2.56 90,984 18.83 n/a n/a n/a
2024-05-15 2024-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 340,300 5.52 76,564 35.76 n/a n/a n/a
2024-02-14 2023-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 322,500 -0.98 56,396 19.43 n/a n/a n/a
2023-11-15 2023-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 325,700 -20.33 47,220 -22.95 n/a n/a n/a
2023-08-23 2023-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 408,800 50.24 61,287 86,219.72 n/a n/a n/a
2023-05-15 2023-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 272,100 31.64 71 -99.83 n/a n/a n/a
2023-02-14 2022-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 206,700 -39.21 41,948 -34.34 n/a n/a n/a
2022-11-14 2022-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 340,000 89.63 63,886 72.71 n/a n/a n/a
2022-08-15 2022-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 179,300 -42.79 36,991 -57.14 n/a n/a n/a
2022-05-16 2022-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 313,400 3.47 86,301 -8.04 n/a n/a n/a
2022-02-14 2021-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 302,900 6.13 93,848 28.17 n/a n/a n/a
2021-11-12 2021-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Call 285,400 -35.98 73,222 -37.30 n/a n/a n/a
2021-08-06 2021-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 445,800 54.95 116,782 71.45 n/a n/a n/a
2021-05-14 2021-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 287,700 68,113 n/a n/a n/a
2021-02-12 2020-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 0 -100.00 0 -100.00 n/a n/a n/a
2020-11-13 2020-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 181,000 21.07 31,577 41.59 n/a n/a n/a
2020-08-13 2020-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 149,500 -49.54 22,301 -37.02 n/a n/a n/a
2020-05-11 2020-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 296,300 35,408 n/a n/a n/a
2020-02-12 2019-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 0 -100.00 0 -100.00 n/a n/a n/a
2019-11-14 2019-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 430,900 -4.33 50,747 2.26 n/a n/a n/a
2019-08-20 2019-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 450,400 27.34 49,625 31.95 n/a n/a n/a
2019-05-15 2019-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 353,700 -29.25 37,609 -13.38 n/a n/a n/a
2019-02-13 2018-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Call 499,900 43,416 n/a n/a n/a
Disclosed Put Options
File
Date		 Effective
Date		Form Security Class ID Opt Avg Share Price Shares ΔShares
(%)		 Value
(x1000)		 ΔValue
(%)		 Prior Allocation
(%)		 Allocation
(%)		 ΔAllocation
(%)		 Cost Basis
(x1000)		 Profit
(x1000)		 Return
(%)
2025-11-14 2025-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 668,100 -9.10 215,569 5.34 n/a n/a n/a
2025-08-18 2025-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 735,000 204,639 n/a n/a n/a
2025-05-15 2025-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 0 -100.00 0 -100.00 n/a n/a n/a
2025-02-14 2024-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 234,900 -43.94 57,471 -44.64 n/a n/a n/a
2024-11-14 2024-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 419,000 3.74 103,803 -1.42 n/a n/a n/a
2024-08-14 2024-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 403,900 9.04 105,297 26.35 n/a n/a n/a
2024-05-15 2024-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 370,400 -1.07 83,336 27.29 n/a n/a n/a
2024-02-14 2023-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 374,400 -9.65 65,471 8.97 n/a n/a n/a
2023-11-15 2023-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 414,400 -15.94 60,080 -18.71 n/a n/a n/a
2023-08-23 2023-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 493,000 35.96 73,911 78,527.66 n/a n/a n/a
2023-05-15 2023-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 362,600 -19.74 95 -99.90 n/a n/a n/a
2023-02-14 2022-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 451,800 15.55 91,688 24.80 n/a n/a n/a
2022-11-14 2022-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 391,000 -7.30 73,469 -15.57 n/a n/a n/a
2022-08-15 2022-06-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 421,800 15.78 87,022 -13.25 n/a n/a n/a
2022-05-16 2022-03-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 364,300 3.94 100,317 -7.62 n/a n/a n/a
2022-02-14 2021-12-31 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 350,500 -17.95 108,595 -0.92 n/a n/a n/a
2021-11-12 2021-09-30 13F VANECK ETF TRUST SEMICONDUCTR ETF Put 427,200 5.04 109,602 2.88 n/a n/a n/a
2021-08-06 2021-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 406,700 123.34 106,539 147.12 n/a n/a n/a
2021-05-14 2021-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 182,100 43,112 n/a n/a n/a
2021-02-12 2020-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 0 -100.00 0 -100.00 n/a n/a n/a
2020-11-13 2020-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 278,500 22.47 48,587 43.24 n/a n/a n/a
2020-08-13 2020-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 227,400 -60.33 33,921 -50.48 n/a n/a n/a
2020-05-11 2020-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 573,200 68,497 n/a n/a n/a
2020-02-12 2019-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 0 -100.00 0 -100.00 n/a n/a n/a
2019-11-14 2019-09-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 533,100 -24.37 62,783 -19.16 n/a n/a n/a
2019-08-20 2019-06-30 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 704,900 40.33 77,666 45.41 n/a n/a n/a
2019-05-15 2019-03-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 502,300 -6.86 53,410 14.03 n/a n/a n/a
2019-02-13 2018-12-31 13F VANECK VECTORS ETF TR SEMICONDUCTOR ET Put 539,300 46,838 n/a n/a n/a
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.