Capula Management Ltd SMH — VANECK ETF TRUST

Ownership history in Capula Management Ltd  ·  36 quarters on record

AI Ownership Summary

Capula Management Ltd reported VANECK ETF TRUST (SMH) in 36 quarterly 13F filings from 2023 Q4 through 2025 Q4. Peak portfolio weight reached 7.27% in 2023 Q4. The latest visible filing shows SMH at 1.39% of the fund.

This page tracks quarterly shares, estimated market value, portfolio weight, filing dates, and disclosure-aligned stock prices directly from SEC EDGAR 13F filings. Older history is available after unlock; the visible window still shows the most recent pattern.

What this SMH ownership page tells you

This page is designed to answer the real investor question behind a 13F filing: how meaningful was Capula Management Ltd's position in VANECK ETF TRUST, and how did that conviction change over time? You can read the holding window, peak weight, latest reported size, disclosure timing, and quarter-by-quarter changes without piecing the story together from raw SEC rows.

Freshest filing
Latest Reported Filing
2025 Q4

SMH was reported at 1.39% of portfolio in the most recent visible filing.

High-water mark
Peak Conviction
7.27% in 2023 Q4

Peak weight helps separate a token disclosure from a real conviction holding the fund genuinely cared about.

Time in book
Holding Window
2023 Q4 to 2025 Q4

Longer holding windows often tell a very different story from short-lived tactical trades or one-quarter experiments.

Decision context
Why It Matters
Position size beats headlines

Knowing that a fund owned a stock is useful. Knowing whether it was a 0.20% placeholder or a true high-conviction position is where the signal actually starts.

SMH stock page Capula Management Ltd fund profile Capula Management Ltd full holdings
How Capula Management Ltd held SMH — position size vs. price
% of Fund (quarterly)    SMH price (quarter-end, indexed to 100)    SPY (indexed to 100)    QQQ (indexed to 100)
📋 Quarterly Holdings History 21 quarters  ▾
Quarter Action Sold % After 3M Timing Shares Change Chg % % of Fund Mkt Value Filed Price (Filed)
2025 Q4 ADDED — — — 771,100 +573,400 +290.0% 1.39% $277.7M 2026-02-14 (Est.) $407.72
2025 Q4 ADDED — — — 197,700 +163,856 +484.2% 0.36% $71.2M 2026-02-14 (Est.) $407.72
2025 Q4 REDUCED 89.7% +6.5% ❌ 33,844 -293,531 -89.7% 0.06% $12.2M 2026-02-14 (Est.) $407.72
2025 Q3 ADDED — — — 327,375 +99,675 +43.8% 0.53% $106.8M 2025-11-14 $343.91
2025 Q3 REDUCED 45.5% +11.9% ❌ 227,700 -190,000 -45.5% 0.37% $74.3M 2025-11-14 $343.91
2025 Q3 REDUCED 29.5% +11.9% ❌ 417,700 -175,000 -29.5% 0.68% $136.3M 2025-11-14 $343.91
2025 Q2 REDUCED 12.5% +15.7% ❌ 592,700 -85,000 -12.5% 1.54% $165.3M 2025-08-13 $300.35
2025 Q2 ADDED — — — 677,700 +672,492 +12912.7% 1.76% $189.0M 2025-08-13 $300.35
2025 Q2 REDUCED 98.8% +15.7% ❌ 5,208 -439,792 -98.8% 0.01% $1.5M 2025-08-13 $300.35
2025 Q1 ADDED — — — 445,000 +316,287 +245.7% 0.52% $94.1M 2025-05-14 $247.22
2025 Q1 REDUCED 46.4% +31.9% ❌ 128,713 -111,287 -46.4% 0.15% $27.2M 2025-05-14 $247.22
2025 Q1 ADDED — — — 240,000 +229,808 +2254.8% 0.28% $50.8M 2025-05-14 $247.22
2024 Q3 REDUCED 7.3% +0.1% ❌ 10,192 -808 -7.3% 0.03% $2.5M 2024-11-13 $245.77
2024 Q3 REDUCED 54.8% +0.1% ❌ 11,000 -13,361 -54.8% 0.03% $2.7M 2024-11-13 $245.77
2024 Q2 REDUCED 88.9% -5.8% ✅ 24,361 -195,639 -88.9% 0.05% $6.4M 2024-08-05 $211.71
2024 Q2 ADDED — — — 220,000 +160,000 +266.7% 0.47% $57.4M 2024-08-05 $211.71
2024 Q1 REDUCED 55.6% +16.0% ❌ 60,000 -75,000 -55.6% 0.32% $13.5M 2024-05-09 $218.33
2024 Q1 REDUCED — — — 135,000 -3,000 -2.2% 0.72% $30.4M 2024-05-09 $218.33
2023 Q4 REDUCED 77.0% +30.4% ❌ 138,000 -462,000 -77.0% 0.97% $24.1M 2024-02-12 $201.54
2023 Q4 REDUCED 42.2% +30.4% ❌ 600,000 -438,000 -42.2% 4.20% $104.9M 2024-02-12 $201.54
2023 Q4 ADDED — — — 1,038,000 +985,000 +1858.5% 7.27% $181.5M 2024-02-12 $201.54
15 older quarters hidden  —  Sign in free or upgrade to Premium to see full history

🏢 Other funds also holding SMH

As of 2026 Q1 — sorted by position size

Yahav Achim Ve Achayot - Provident Funds Management Co Ltd. 3Y 9.4% Rye Brook Capital LLC 3Y 8.93% Kraft, Davis & Associates, LLC 3Y 7.93% Portfolio Strategies, Inc. 3Y 7Y 7.72% Ring Mountain Capital, LLC 7.59% URS Advisory LLC 6.69% Navigation Group, LLC 6.05% Oasis Advisors, LLC 5.85% Kozak & Associates, Inc. 3Y 5.63% Milestones Private Investment Advisors LLC 5.26%

FAQ About Capula Management Ltd and SMH

These are the practical questions this page is built to answer before you even open the full history table.

How long has Capula Management Ltd reported owning SMH?

Capula Management Ltd reported SMH across 21 quarterly 13F filings, from 2023 Q4 through 2025 Q4.

What was the largest reported SMH position in Capula Management Ltd's portfolio?

The largest reported portfolio weight for SMH was 7.27% in 2023 Q4.

What is the latest reported SMH position on this page?

The most recent filing on this page is 2025 Q4, when Capula Management Ltd reported 771,100 shares, equal to 1.39% of portfolio, with an estimated market value of $277.7M.

What does the chart on this SMH ownership page compare?

The chart compares Capula Management Ltd's quarterly SMH portfolio weight with the stock's indexed share price, so you can see whether the fund was building, trimming, or holding the position as price moved.

How well did Capula Management Ltd time their SMH position?

Based on 13F filing dates vs. subsequent SMH price moves, Capula Management Ltd correctly timed 16 out of 34 reported position changes (47%). The annualised alpha on SMH relative to SPY over the holding period was +17.7%.

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