Defiance Daily Target 2x Short MSTR ETF
SMST
8 hedge funds and large institutions have $1.75M invested in Defiance Daily Target 2x Short MSTR ETF in 2025 Q3 according to their latest regulatory filings, with 2 funds opening new positions, 4 increasing their positions, 2 reducing their positions, and 3 closing their positions.
100% more repeat investments, than reductions
Existing positions increased: 4 | Existing positions reduced: 2
16% more capital invested
Capital invested by funds: $1.51M → $1.75M (+$237K)
11% more call options, than puts
Call options by funds: $5.01M | Put options by funds: $4.51M
1.87% more ownership
Funds ownership: 4.75% → 6.62% (+1.9%)
11% less funds holding
Funds holding: 9 → 8 (-1)
33% less first-time investments, than exits
New positions opened: 2 | Existing positions closed: 3
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
+$186K |
| 2 |
Belvedere Trading
Chicago,
Illinois
|
+$166K |
| 3 |
UBS Group
Zurich,
Switzerland
|
+$115K |
| 4 |
Group One Trading
Chicago,
Illinois
|
+$53.7K |
| 5 |
TRCT
Tower Research Capital (TRC)
New York
|
+$9.72K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jane Street
New York
|
-$413K |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$138K |
| 3 |
Simplex Trading
Chicago,
Illinois
|
-$58.8K |
| 4 |
CFO
CVA Family Office
Denver,
Colorado
|
-$7.87K |
| 5 |
Optiver Holding
Amsterdam,
Netherlands
|
-$1.47K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
1
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| $797K | -$138K | -5,466 | -17% |
|
|
2
UBS Group
Zurich,
Switzerland
| $292K | +$115K | +4,553 | +84% |
|
|
3
Belvedere Trading
Chicago,
Illinois
| $222K | +$166K | +6,570 | +661% |
|
|
4
Citadel Advisors
Miami,
Florida
| $215K | +$186K | +7,354 | New |
|
|
5
Optiver Holding
Amsterdam,
Netherlands
| $122K | -$1.47K | -58 | -1% |
|
|
6
Group One Trading
Chicago,
Illinois
| $89.8K | +$53.7K | +2,124 | +225% |
|
|
TRCT
7
Tower Research Capital (TRC)
New York
| $14K | +$9.72K | +385 | +414% |
|
8
Citigroup
New York
| $29 | +$25 | +1 | New |
|
|
9
Jane Street
New York
| – | -$413K | -16,343 | Closed |
|
|
10
Simplex Trading
Chicago,
Illinois
| – | -$58.8K | -2,329 | Closed |
|
|
CFO
11
CVA Family Office
Denver,
Colorado
| – | -$7.87K | -329 | Closed |
|
SMST Hedge Fund Activity: Q3 2025 in Review
8 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Defiance Daily Target 2x Short MSTR ETF (SMST) for Q3 2025, worth a combined $1.75M — up 16% from $1.51M a quarter earlier.
Sellers outnumbered buyers: 3 funds closed out of SMST and 2 opened new positions — a net loss of 1 holder — while 2 trimmed existing stakes and 4 added.
The largest buyer was Citadel Advisors, opening a new position worth an estimated $186K. The largest seller was Jane Street, exiting entirely with an estimated $413K sold.
- 8 institutional investors held Defiance Daily Target 2x Short MSTR ETF (SMST) as of Q3 2025, down from 9 in Q2 2025.
- Funds reported $1.75M of Defiance Daily Target 2x Short MSTR ETF stock for Q3 2025, up 16% quarter-over-quarter.
- 2 funds opened new Defiance Daily Target 2x Short MSTR ETF positions in Q3 2025 and 3 closed out, a net change of -1 holder.
- The largest Defiance Daily Target 2x Short MSTR ETF buyer in Q3 2025 was Citadel Advisors, an estimated $186K added.
- The largest Defiance Daily Target 2x Short MSTR ETF seller in Q3 2025 was Jane Street, an estimated $413K sold.
Based on aggregated 13F filings for Q3 2025.