VanEck High Yield Muni

HYD • BATS

VanEck High Yield Muni is an exchange-traded fund on BATS. As of Q3 2025, 331 institutional investors hold shares in this ETF, with total holdings valued at $2.5B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $841.4M.

Overview

Overview of institutional ownership in HYD as of Q3 2025

All Institutions

Institutions: 331
Value Held: $2.5B
Shares Held: 49.8M
Avg Position: $7.7M
Median Position: $571.1K

Hedge Funds

Hedge Funds: 2
Value Held: $12.7M
Shares Held: 250.0K
Avg Position: $6.4M
Median Position: $6.4M

Biggest Investors

Institutions with the largest positions in HYD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$841.4M 0.06% of portfolio	16.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
FMR LLC Institution	-	$251.6M 0.01% of portfolio	4.9M shares	Q4 2018 Held for 6y 11m	$1.92T
S SEI INVESTMENTS CO Institution	-	$151.2M 0.16% of portfolio	3.0M shares	Q4 2014 Held for 10y 11m	$93.0B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$99.8M 0.07% of portfolio	2.0M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
R ROYAL BANK OF CANADA Institution	-	$96.5M 0.02% of portfolio	1.9M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$74.9M 0.00% of portfolio	1.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
C Colony Group, LLC Institution	-	$69.4M 0.11% of portfolio	1.4M shares	Q4 2023 Held for 1y 11m	$61.0B
Forum Financial Management, LP RIA/Wealth	Nirav Rajen Batavia CIO	$65.0M 0.89% of portfolio	1.3M shares	Q4 2023 Held for 1y 11m	$7.3B
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	Hyun Michael Kim CEO	$63.7M 0.14% of portfolio	1.3M shares	Q2 2016 Held for 9y 5m	$46.5B
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	Wayne Michael Bloom CEO	$46.0M 0.06% of portfolio	904.2K shares	Q4 2017 Held for 7y 11m	$71.1B

Net Capital Flow

Institutional buying and selling activity for HYD in Q3 2025

Traded: +$213.3M
Buyers: 179
Sellers: 139
Total Bought: +$325.7M
Total Sold: −$112.4M
Avg Position: $7.1M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$57.7M +1.1M shares	$841.4M 16.5M shares
Forum Financial Management, LP RIA/Wealth	+$55.8M +1.1M shares	$65.0M 1.3M shares
PRUDENTIAL FINANCIAL INC Institution	+$37.0M +726.8K shares	$42.1M 827.0K shares
Counterpoint Mutual Funds LLC ETF Provider	+$18.2M +358.2K shares	$18.2M 358.2K shares
FMR LLC Institution	+$14.9M +291.8K shares	$251.6M 4.9M shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$11.0M +215.5K shares	$14.1M 277.1K shares
HighTower Advisors, LLC RIA/Wealth	+$10.4M +205.2K shares	$16.7M 327.4K shares
WESTWOOD HOLDINGS GROUP INC Institution	+$10.3M +202.0K shares	$10.3M 202.0K shares
M Man Group plc Institution	+$10.1M +198.3K shares	$10.6M 208.8K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$8.6M +169.9K shares	$99.8M 2.0M shares

Biggest Sellers

Institution	Net Sold	Current Position
C Colony Group, LLC Institution	−$16.7M −327.1K shares	$69.4M 1.4M shares
Bank of New York Mellon Corp Institution	−$10.3M −201.4K shares	$8.3M 164.0K shares
GOLDMAN SACHS GROUP INC Institution	−$9.7M −190.4K shares	$33.9M 666.3K shares
HONKAMP KRUEGER FINANCIAL SERVICES INC /ADV RIA/Wealth	−$7.4M −144.8K shares	$10.1M 197.6K shares
JPMORGAN CHASE & CO Institution	−$5.8M −114.1K shares	$2.8M 54.9K shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	−$5.4M −107.0K shares	$46.0M 904.2K shares
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ Institution	−$5.1M −100.4K shares	$2.9M 56.3K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	−$5.1M −100.0K shares	$5.9M 115.5K shares
CFG Asset Management LLC RIA/Wealth	−$4.8M −95.7K shares	Sold Off 0 shares
TruWealth Advisors, LLC RIA/Wealth	−$4.3M −86.1K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited HYD in Q3 2025

New Positions: 13
New Value: $14.4M
Exited Positions: 24
Exited Value: $17.6M

New Positions

Institution	Position Value
WESTWOOD HOLDINGS GROUP INC Institution	$10.3M 202.0K shares
I INTRUST BANK NA Institution	$1.8M 35.4K shares
JACOBSON & SCHMITT ADVISORS, LLC RIA/Wealth	$471.3K 9.3K shares
LEIGH BALDWIN & CO., LLC RIA/Wealth	$322.9K 4.8K shares
DONALDSON CAPITAL MANAGEMENT, LLC RIA/Wealth	$300.2K 5.9K shares
Savvy Advisors, Inc. RIA/Wealth	$269.1K 5.3K shares
L Lionsbridge Wealth Management LLC RIA/Wealth	$259.2K 5.1K shares
A Apella Capital, LLC Institution	$236.5K 4.6K shares
Strategic Wealth Partners, Ltd. RIA/Wealth	$184.1K 3.6K shares
C Concord Wealth Partners RIA/Wealth	$175.4K 3.4K shares

Exited Positions

Institution	Previous Position
CFG Asset Management LLC RIA/Wealth	$4.8M 95.7K shares
TruWealth Advisors, LLC RIA/Wealth	$4.3M 86.1K shares
Q Quadrature Capital Ltd Institution	$3.0M 60.0K shares
O OLD MISSION CAPITAL LLC Institution	$1.6M 32.6K shares
ALLIUM FINANCIAL ADVISORS, LLC RIA/Wealth	$681.0K 13.6K shares
ANGELES WEALTH MANAGEMENT, LLC RIA/Wealth	$355.0K 7.1K shares
WAGNER CAPITAL MANAGEMENT CORP RIA/Wealth	$319.1K 6.4K shares
RFG Advisory Group, LLC RIA/Wealth	$317.0K 6.3K shares
KEYBANK NATIONAL ASSOCIATION/OH RIA/Wealth	$300.6K 6.0K shares
We Are One Seven, LLC RIA/Wealth	$287.7K 5.7K shares

Options Activity

Institutions with the largest Call and Put options positions in HYD as of Q3 2025

Call Positions: 5
Call Value: $10.9M
Put Positions: 4
Put Value: $6.1M

Call Positions

Institution	Position Value
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	$6.3M 1.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.3M 643.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$778.8K 153.0 contracts
W WOLVERINE TRADING, LLC Institution	$346.1K 68.0 contracts
J JANE STREET GROUP, LLC Institution	$244.3K 48.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.6M 510.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.8M 346.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.4M 279.0 contracts
J JANE STREET GROUP, LLC Institution	$305.4K 60.0 contracts

Most Committed Institutions

Institutions with HYD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	Jason Johan Runung President	2.11% $6.3M	128.3K shares	Q2 2025 Held for 5 months	$298.8M
Revolve Wealth Partners, LLC RIA/Wealth	Michael Scott Israel Managing Partner	1.96% $16.3M	320.6K shares	Q4 2021 Held for 3y 11m	$831.4M
Avenue 1 Advisors, LLC RIA/Wealth	David Christopher Benfer Managing Partner	1.70% $5.4M	105.8K shares	Q4 2020 Held for 4y 11m	$316.8M
Counterpoint Mutual Funds LLC ETF Provider	Daniel Wendell Krause Managing Partner	1.44% $18.2M	358.2K shares	Q3 2025 Held for 2 months	$1.3B
Financial Network Wealth Advisors LLC RIA/Wealth	Michael Earl Bell Managing Partner	1.40% $1.3M	25.1K shares	Q4 2023 Held for 1y 11m	$91.3M
Orcam Financial Group RIA/Wealth	Erica A. Fries CEO	1.30% $1.1M	21.2K shares	Q4 2022 Held for 2y 11m	$83.2M
W Williams & Novak, LLC Institution	-	1.02% $1.3M	26.1K shares	Q4 2023 Held for 1y 11m	$130.0M
CERTIOR FINANCIAL GROUP, LLC RIA/Wealth	Avi No Middle Name Kantor Managing Partner	0.98% $1.4M	27.9K shares	Q4 2024 Held for 11 months	$144.5M
Forum Financial Management, LP RIA/Wealth	Nirav Rajen Batavia CIO	0.89% $65.0M	1.3M shares	Q4 2023 Held for 1y 11m	$7.3B
K2 Financial Inc. RIA/Wealth	Kevin Takumi Kurimoto President	0.78% $976.8K	19.2K shares	Q4 2024 Held for 11 months	$124.5M

Hedge Fund Spotlight

Discover hedge funds investing in HYD

CAPSTONE INVESTMENT ADVISORS, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerPaul Matthew Britton

Portfolio Value: $9.4B
Positions: 1,012
Last Reported: Q3 2025

Sector Allocation

Position in VanEck High Yield Muni

Market Value: $5.1M
Shares Held: 99.3K
Portfolio Weight: 0.05%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.3B	13.35%
2 Microsoft MSFT	Software - Infrastructure Technology	$1.1B	11.84%
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.0B	11.12%