Defiance Daily Target 2x Short MSTR ETF
SMST
12 hedge funds and large institutions have $7.02M invested in Defiance Daily Target 2x Short MSTR ETF in 2025 Q4 according to their latest regulatory filings, with 7 funds opening new positions, 2 increasing their positions, 3 reducing their positions, and 3 closing their positions.
301% more capital invested
Capital invested by funds: $1.75M → $7.02M (+$5.26M)
133% more first-time investments, than exits
New positions opened: 7 | Existing positions closed: 3
50% more funds holding
Funds holding: 8 → 12 (+4)
10.84% more ownership
Funds ownership: 6.62% → 17.46% (+11%)
33% less repeat investments, than reductions
Existing positions increased: 2 | Existing positions reduced: 3
61% less call options, than puts
Call options by funds: $3.57M | Put options by funds: $9.15M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JF
Jump Financial
Chicago,
Illinois
|
+$1.47M |
| 2 |
Bank of New York Mellon
New York
|
+$390K |
| 3 |
Optiver Holding
Amsterdam,
Netherlands
|
+$363K |
| 4 |
FTUS
Flow Traders U.S.
New York
|
+$333K |
| 5 |
Simplex Trading
Chicago,
Illinois
|
+$242K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$1.12M |
| 2 |
UBS Group
Zurich,
Switzerland
|
-$542K |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$410K |
| 4 |
Belvedere Trading
Chicago,
Illinois
|
-$273K |
| 5 |
Group One Trading
Chicago,
Illinois
|
-$171K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
JF
1
Jump Financial
Chicago,
Illinois
| $2.46M | +$1.47M | +26,480 | New |
|
|
2
Optiver Holding
Amsterdam,
Netherlands
| $992K | +$363K | +6,511 | +156% |
|
|
3
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| $657K | -$1.12M | -20,124 | -74% |
|
|
4
Bank of New York Mellon
New York
| $650K | +$390K | +7,000 | New |
|
|
FTUS
5
Flow Traders U.S.
New York
| $555K | +$333K | +5,985 | New |
|
|
6
Simplex Trading
Chicago,
Illinois
| $403K | +$242K | +4,341 | New |
|
|
GS
7
GTS Securities
New York
| $304K | +$182K | +3,271 | New |
|
8
Jane Street
New York
| $263K | +$158K | +2,831 | New |
|
|
9
Belvedere Trading
Chicago,
Illinois
| $247K | -$273K | -4,899 | -65% |
|
|
TRCT
10
Tower Research Capital (TRC)
New York
| $235K | +$115K | +2,056 | +430% |
|
|
HT
11
Headlands Technologies
Chicago,
Illinois
| $233K | +$140K | +2,506 | New |
|
|
12
UBS Group
Zurich,
Switzerland
| $21.3K | -$542K | -9,727 | -98% |
|
|
13
Citadel Advisors
Miami,
Florida
| – | -$410K | -7,354 | Closed |
|
|
14
Group One Trading
Chicago,
Illinois
| – | -$171K | -3,066 | Closed |
|
15
Citigroup
New York
| – | -$29 | -1 | Closed |
|
SMST Hedge Fund Activity: Q4 2025 in Review
12 of the 8,225 institutional investors tracked by Wall St. Rank reported a position in Defiance Daily Target 2x Short MSTR ETF (SMST) for Q4 2025, worth a combined $7.02M — up 301% from $1.75M a quarter earlier.
Buyers outnumbered sellers: 7 funds opened new SMST positions and 3 closed out — a net gain of 4 holders — while 2 added to existing stakes and 3 trimmed.
The largest buyer was Jump Financial, opening a new position worth an estimated $1.47M. The largest seller was Susquehanna International Group, cutting an estimated $1.12M.
- 12 institutional investors held Defiance Daily Target 2x Short MSTR ETF (SMST) as of Q4 2025, up from 8 in Q3 2025.
- Funds reported $7.02M of Defiance Daily Target 2x Short MSTR ETF stock for Q4 2025, up 301% quarter-over-quarter.
- 7 funds opened new Defiance Daily Target 2x Short MSTR ETF positions in Q4 2025 and 3 closed out, a net change of +4 holders.
- The largest Defiance Daily Target 2x Short MSTR ETF buyer in Q4 2025 was Jump Financial, an estimated $1.47M added.
- The largest Defiance Daily Target 2x Short MSTR ETF seller in Q4 2025 was Susquehanna International Group, an estimated $1.12M sold.
Based on aggregated 13F filings for Q4 2025.