A quick breakdown of JPMorgan’s moves in the third quarter on $MSTRB : its position increased by 36%, and put options by 60%—adding to the position while buying protection. This is a classic hedged holding: they want exposure without taking on downside risk. It’s also a standard smart-money move. One thing to note, though: MSCI will remove MSTR on November 30, while institutions had already bought protection by September 30. They knew about the rule-related risk well ahead of retail investors—that’s one reason retail investors pay attention to institutional moves. If you’re looking to earn dividends rather than bet on market direction, you should learn more about similar arbitrage strategies.