I found that Defrag.exe /G does optimization in a tiered layout, i.e., if you have a storage pool containg HDDs and SSDs, it will do a special defragmentation: Frequently accessed data will be stored on the SSDs and the remaining will be on the HDDs.
Check more at What's New in Defrag for Windows Server 2012/2012R2 and at Storage Spaces: How to configure Storage Tiers with Windows Server 2012 R2.