U.S. ETF/Fund Short Recap
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Matthew Unterman
Director of Predictive Analytics, S3 Partners
There are 2,917 ETFs and Funds with active shares shorted in our Blacklight SaaS platform and Black App with $224 billion of short interest. Average Short Interest % of Float is 16.90% and S3 SI % Float (which includes synthetic longs created by every short sale in the Float number) is 12.34%, while the average stock borrow fee is 0.66%. As a comparison, U.S. equities have an average SI % Float of 4.95%, S3 SI % Float of 4.46% and average stock borrow fee of 0.61%.
U.S. ETF\Fund Short Interest
Ticker
SI % Float
Short Interest
SPDR S&P 500 ETF
SPY
12.54%
$53,584,046,512
INVESCO QQQ TRUST ETF
QQQ
12.18%
$27,151,640,771
ISHS RUSSELL 2000 ETF
IWM
30.80%
$17,056,768,456
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
18.44%
$5,949,842,875
ISHS 20+ YR TREAS BOND ETF
TLT
12.00%
$5,420,159,094
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
30.87%
$5,249,330,542
SPDR FINANCIAL SELECT SECTOR ETF
XLF
12.50%
$3,886,496,446
ISHS MSCI EMERGING MARKETS ETF
EEM
22.01%
$3,742,149,493
ISHS S&P 500 ETF
IVV
0.96%
$3,613,875,984
ISHS MSCI EAFE ETF
EFA
7.31%
$3,548,919,033
VNGRD S&P 500 ETF
VOO
0.93%
$3,295,972,996
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
22.01%
$3,242,306,039
SPDR S&P BIOTECH ETF
XBI
50.51%
$2,992,227,152
SPDR TECHNOLOGY ETF
XLK
4.56%
$2,505,192,634
SPDR ENERGY SELECT SECTOR ETF
XLE
6.56%
$2,458,242,179
SPDR UTILITIES SELECT SECTOR ETF
XLU
20.41%
$2,372,168,836
SPDR DJIA ETF
DIA
7.57%
$2,259,393,735
PROSHS ULTRAPRO QQQ ETF
TQQQ
11.02%
$2,109,258,656
SPDR S&P REGIONAL BANKING ETF
KRE
73.61%
$2,042,395,722
SPDR HEALTH CARE SELECT SECTOR ETF
XLV
5.23%
$1,926,048,332
VANECK SEMICONDUCTOR ETF
SMH
17.28%
$1,921,506,027
ARK INNOVATION ETF
ARKK
23.30%
$1,919,085,996
ISHS 7-10 YR TREAS BOND ETF
IEF
6.73%
$1,893,389,116
ISHS MSCI ACWI INDEX ETF
ACWI
10.17%
$1,836,315,734
SPDR CONS STAPLES SELECT SECTOR ETF
XLP
11.32%
$1,775,568,033
Total U.S. ETF\Fund Short Interest
0.66%
$224,291,639,442
Overall ETF short exposure increased from $215.9 billion to $224.3 billion, an increase of $8.4 billion, or +3.9%, over the last thirty days. Change in short interest is comprised of mark-to-market price changes of existing shorts coupled with new short selling or covering. We saw a $20.4 billion increase in the market-to-market value of existing short positions partially offset with $12.0 billion short covering.
With the U.S. markets rallying, the S&P 500, Nasdaq and Russell 3000 were all up over 10% since their recent lows in late October, ETF short sellers were actively reducing their short side exposure as the value of their shorted positions increased.
There was $12.0 billion of ETF short covering over the last thirty days and there were many more ETFs with short covering versus short selling. There was short covering in 61% of all ETF’s versus 39% with increased short selling.
The largest increase in ETF\Fund short selling over the last thirty days were:
ETF\Fund Short Selling
Ticker
SI % Float
Short Interest
30D Change Shares Shorted
ISHS 20+ YR TREAS BOND ETF
TLT
12.00%
$5,420,159,094
$1,334,303,285
INVESCO QQQ TRUST ETF
QQQ
12.18%
$27,151,640,771
$563,733,363
ISHS MSCI ACWI INDEX ETF
ACWI
10.17%
$1,836,315,734
$529,169,217
SPDR TECHNOLOGY ETF
XLK
4.56%
$2,505,192,634
$379,692,122
ISHS 7-10 YR TREAS BOND ETF
IEF
6.73%
$1,893,389,116
$341,579,446
VNGRD FTSE DEV MRKTS ETF
VEA
0.57%
$661,559,855
$274,567,302
PROSHS ULTRAPRO QQQ ETF
TQQQ
11.02%
$2,109,258,656
$187,272,180
ISHS MSCI USA MIN VOL ETF
USMV
1.27%
$376,766,832
$185,626,713
SPDR CONS STAPLES SELECT SECTOR ETF
XLP
11.32%
$1,775,568,033
$184,471,025
ISHS 1-3 YR TREASURY BOND ETF
SHY
4.10%
$1,121,208,594
$146,049,645
The largest increase in ETF\Fund short covering over the last thirty days were:
ETF\Fund Short Covering
Ticker
SI % Float
Short Interest
30D Change Shares Shorted
SPDR S&P 500 ETF
SPY
12.54%
$53,584,046,512
($5,303,023,657)
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
30.87%
$5,249,330,542
($1,263,299,380)
ISHS RUSSELL 2000 ETF
IWM
30.80%
$17,056,768,456
($1,075,206,919)
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
18.44%
$5,949,842,875
($760,033,134)
SPDR S&P BIOTECH ETF
XBI
50.51%
$2,992,227,152
($551,621,129)
SPDR GOLD TR ETF
GLD
2.55%
$1,472,976,695
($480,656,468)
ISHS MSCI EMERGING MARKETS ETF
EEM
22.01%
$3,742,149,493
($385,589,997)
ISHS MSCI EAFE ETF
EFA
7.31%
$3,548,919,033
($343,350,235)
SPDR BBERG HIGH YIELD BOND ETF
JNK
13.02%
$1,020,227,390
($284,197,502)
VNGRD S&P 500 ETF
VOO
0.93%
$3,295,972,996
($283,861,008)
Sometimes it is valuable to see not just the absolute change in the numbers surrounding shorted ETFs, but which specific ETFs rose or fell out of the top twenty-five most shorted ETFs to see the tone of the short-side of the market.
There were five ETFs that fell out of the top twenty-five league table from the start of the rally in late October: The Spider Gold Trust ETF (GLD), iShares JPM $ Emerging Markets Bond ETF (EMB), Invesco S&P 500 Equal Weight ETF (RSP), iShares Core U.S. Aggregate Bond ETF (AGG) and the Spider S&P Oil\Gas Exploration\Production ETF (XOP). and two ETFs that jumped into the 5/31/23 top twenty-five league table.
These ETFs were replaced in the top twenty-five by the ProShares UltraPro QQQ ETF (TQQQ), ARK Innovation ETF (ARKK), iShares 7-10 Tear Treasury Bond ETF (IEF), iShares MSCI ACWI Index ETF(ACWI) and Spider Consumer Staples Select Sector ETF (XLP).
ETF Short Interest 11/28
Ticker
ETF Short Interest 10/27
Ticker
SPDR S&P 500 ETF
SPY
SPDR S&P 500 ETF
SPY
INVESCO QQQ TRUST ETF
QQQ
INVESCO QQQ TRUST ETF
QQQ
ISHS RUSSELL 2000 ETF
IWM
ISHS RUSSELL 2000 ETF
IWM
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
ISHS 20+ YR TREAS BOND ETF
TLT
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
ISHS MSCI EMERGING MARKETS ETF
EEM
SPDR FINANCIAL SELECT SECTOR ETF
XLF
ISHS 20+ YR TREAS BOND ETF
TLT
ISHS MSCI EMERGING MARKETS ETF
EEM
ISHS MSCI EAFE ETF
EFA
ISHS S&P 500 ETF
IVV
ISHS S&P 500 ETF
IVV
ISHS MSCI EAFE ETF
EFA
SPDR FINANCIAL SELECT SECTOR ETF
XLF
VNGRD S&P 500 ETF
VOO
VNGRD S&P 500 ETF
VOO
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
SPDR S&P BIOTECH ETF
XBI
SPDR S&P BIOTECH ETF
XBI
SPDR TECHNOLOGY ETF
XLK
SPDR ENERGY SELECT SECTOR ETF
XLE
SPDR ENERGY SELECT SECTOR ETF
XLE
SPDR DJIA ETF
DIA
SPDR UTILITIES SELECT SECTOR ETF
XLU
SPDR UTILITIES SELECT SECTOR ETF
XLU
SPDR DJIA ETF
DIA
SPDR GOLD TR ETF
GLD
PROSHS ULTRAPRO QQQ ETF
TQQQ
SPDR TECHNOLOGY ETF
XLK
SPDR S&P REGIONAL BANKING ETF
KRE
SPDR HEALTH CARE SELECT SECTOR ETF
XLV
SPDR HEALTH CARE SELECT SECTOR ETF
XLV
SPDR S&P REGIONAL BANKING ETF
KRE
VANECK SEMICONDUCTOR ETF
SMH
VANECK SEMICONDUCTOR ETF
SMH
ARK INNOVATION ETF
ARKK
ISHS JPM $ EMERGING MRKTS BOND ETF
EMB
ISHS 7-10 YR TREAS BOND ETF
IEF
INVESCO S&P 500 EQUAL WEIGHT ETF
RSP
ISHS MSCI ACWI INDEX ETF
ACWI
ISHS CORE US AGGREGATE BOND ETF
AGG
SPDR CONS STAPLES SELECT SECTOR ETF
XLP
SPDR SP OIL\GAS EXPLOR\PROD ETF
XOP
ETF short interest as a % of Float is a much more fluid metric than it is for equities as ETFs are constantly created and\or redeemed which changes their shares outstanding\float numbers sometimes daily. The average SI % Float for equities is 4.95% versus 16.90% for ETF\Funds. The following are ETFs with the highest SI % Float with overall short interest greater than $50 million. The Spider S&P Retail ETF (XRT) continues to lead the pack with the only SI % Float over 100% and S3 SI % Float over 50%.
ETF\Fund SI & S3 SI % Float
Ticker
SI % Float
S3 SI % Float
Short Interest
SPDR S&P RETAIL ETF
XRT
373.40%
78.88%
$1,460,310,139
SPDR S&P REGIONAL BANKING ETF
KRE
73.61%
42.40%
$2,042,395,722
PROSHS ULTRASHORT BBERG NAT GAS ETF
KOLD
63.28%
38.75%
$52,370,964
SPDR S&P HOMEBUILDERS ETF
XHB
56.65%
36.16%
$807,110,639
VANECK PHARMACEUTICAL ETF
PPH
51.12%
33.83%
$192,776,640
SPDR S&P BIOTECH ETF
XBI
50.51%
33.56%
$2,992,227,152
IPATH SERIES B SP 500 VIX ST FUT ETN
VXX
50.22%
33.43%
$155,864,394
SPDR KBW BANK ETF
KBE
42.42%
29.78%
$503,687,567
ISHS DJ US REAL ESTATE ETF
IYR
41.01%
29.08%
$1,180,789,161
ISHS U.S. HOME CONSTRUCTION ETF
ITB
40.21%
28.68%
$811,980,934
SPDR S&P OIL\GAS EXPLOR\PROD ETF
XOP
40.05%
28.60%
$1,384,632,557
VANECK OIL SERVICES ETF
OIH
35.49%
26.19%
$792,410,500
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
30.87%
23.59%
$5,249,330,542
ISHS RUSSELL 2000 ETF
IWM
30.80%
23.55%
$17,056,768,456
ISHS MSCI BRAZIL ETF
EWZ
26.72%
21.09%
$1,513,044,206
ISHS MSCI SAUDI ARABIA ETF
KSA
25.56%
20.36%
$185,919,582
ARK INNOVATION ETF
ARKK
23.30%
18.90%
$1,919,085,996
PROSHS BITCOIN STRATEGY ETF
BITO
23.16%
18.80%
$336,192,006
ADVISORSHS PURE US CANNABIS ETF
MSOS
22.34%
18.26%
$125,712,991
ISHS MSCI EMERGING MARKETS ETF
EEM
22.01%
18.04%
$3,742,149,493
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
22.01%
18.04%
$3,242,306,039
INVESCO DB US DOLLAR INDEX BULLISH ETF
UUP
20.46%
16.98%
$133,297,929
SPDR UTILITIES SELECT SECTOR ETF
XLU
20.41%
16.95%
$2,372,168,836
ISHS MSCI GERMANY ETF
EWG
20.09%
16.73%
$204,207,422
US GLOBAL JETS ETF
JETS
18.53%
15.63%
$286,481,379
ETF stock borrow fees rarely get very expensive (over 5% fee) as brokers will usually create ETF shares in order to meet stock borrow demand as rates make the share creation and hedging profitable. Rates in certain ETFs tend to climb for two main reasons, there is very little marginable or rehypothicatable stock in the market which limits the stock lending availability pool or the process of creating and hedging the ETF is difficult or very expensive (active ETFs or ETF with illiquid constituents). The following are ETFs with the highest stock borrow fees with short interest over $50 million:
ETF\Fund Stock Borrow Rates
Ticker
SI % Float
Fee
Short Interest
PROSHS ULTRA 1.5X VIX S.T. FUTURES ETF
UVXY
14.29%
11.82%
$54,128,560
PROSHS ULTRASHORT BBERG NAT GAS ETF
KOLD
63.28%
9.32%
$52,370,964
ALERIAN MLP ETF
AMLP
1.65%
7.82%
$120,020,976
PROSHS ULTRA 2X 20+ YR TREAS ETF
TBT
15.03%
7.57%
$70,685,284
VNGRD TAX-EXEMPT BOND INDEX ETF
VTEB
0.34%
6.57%
$104,890,559
CORNERSTONE STRATEGIC VALUE FUND
CLM
11.30%
6.32%
$98,612,876
INVESCO SOLAR ETF
TAN
9.93%
4.82%
$131,723,383
DRXN SMALL CAP BULL 3X ETF
TNA
6.87%
4.32%
$112,085,498
INVESCO DB US DOLLAR INDEX BULLISH ETF
UUP
20.46%
3.82%
$133,297,929
DRXN DAILY SEMICONDUCTOR BEAR 3X ETF
SOXS
5.68%
3.82%
$58,936,726
VANECK PHARMACEUTICAL ETF
PPH
51.12%
3.57%
$192,776,640
ISHS MSCI GERMANY ETF
EWG
20.09%
3.32%
$204,207,422
DRXN NASDAQ 100 EQUAL WEIGHTED ETF
QQQE
7.05%
3.07%
$63,497,191
IPATH SERIES B S&P 500 VIX ST FUT ETN
VXX
50.22%
2.82%
$155,864,394
ARK INNOVATION ETF
ARKK
23.30%
2.57%
$1,919,085,996
SPDR BLACKSTONE SENIOR LOAN ETF
SRLN
9.08%
2.57%
$423,708,941
ISHS NATIONAL MUNI BOND ETF
MUB
0.84%
2.57%
$308,242,150
ISHS MSCI MEXICO ETF
EWW
17.06%
2.57%
$272,732,652
ARK GENOMIC REVOLUTION ETF
ARKG
10.16%
2.57%
$180,813,343
DRXN DAILY S&P 500 BULL 3X ETF
SPXL
2.46%
2.57%
$82,290,515
INVESCO SENIOR LOAN ETF
BKLN
11.08%
2.32%
$567,427,509
PROSHS BITCOIN STRATEGY ETF
BITO
23.16%
2.32%
$336,192,006
US GLOBAL JETS ETF
JETS
18.53%
2.32%
$286,481,379
ISHS S&P PREFERRED STOCK ETF
PFF
2.04%
2.32%
$263,071,168
U.S. OIL FUND ETF
USO
15.64%
2.32%
$241,976,941
ISHS S&P LATIN AMERICA 40 ETF
ILF
3.09%
2.32%
$50,172,722
SI % Float and stock borrow costs are just two of the variables in our multi-factor Crowded Score metric along with the overall size of the short, stock borrow liquidity and trading liquidity.
The ETF\Funds with the highest Crowded Scores are:
ETF\Fund Crowded Scores
Ticker
Short Interest
S3 SI % Flt
Crowded Score
VANECK PHARMACEUTICAL ETF
PPH
$ 192,776,640
33.83%
92.50
SPDR S&P BIOTECH ETF
XBI
$ 2,992,227,152
33.56%
87.50
PSHS ULTRA TELECOMM ETF
LTL
$ 687,009
26.25%
87.50
SPDR S&P REGIONAL BANKING ETF
KRE
$ 2,042,395,722
42.40%
82.50
SPDR S&P RETAIL ETF
XRT
$ 1,460,310,139
78.88%
82.50
VANECK OIL SERVICES ETF
OIH
$ 792,410,500
26.19%
82.50
SPDR KBW BANK ETF
KBE
$ 503,687,567
29.78%
80.00
ISHS RUSSELL 2000 ETF
IWM
$ 17,056,768,456
23.55%
77.50
SPDR S&P OIL\GAS EXPLOR\PROD ETF
XOP
$ 1,384,632,557
28.60%
77.50
ISHS U.S. HOME CONSTRUCTION ETF
ITB
$ 811,980,934
28.68%
77.50
SPDR S&P HOMEBUILDERS ETF
XHB
$ 807,110,639
36.16%
77.50
ISHS MSCI SAUDI ARABIA ETF
KSA
$ 185,919,582
20.36%
77.50
ISHS DJ US REAL ESTATE ETF
IYR
$ 1,180,789,161
29.08%
75.00
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
$ 5,249,330,542
23.59%
72.50
ISHS MSCI EMERGING MARKETS ETF
EEM
$ 3,742,149,493
18.04%
72.50
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
$ 3,242,306,039
18.04%
72.50
ARK INNOVATION ETF
ARKK
$ 1,919,085,996
18.90%
72.50
ISHS NASDAQ BIOTECH ETF
IBB
$ 1,180,155,453
15.58%
70.00
ISHS MSCI TURKEY ETF
TUR
$ 34,339,175
14.76%
70.00
Institutionally, ETFs are primarily used as portfolio hedging vehicles (SPY, IWM & QQQ shorts make up 44% of total ETF short interest) so one can expect that in an upward trending market most of the larger ETF short positions would have negative returns.
Since the broad rally started in late October the vast majority of shorted ETFs produced mark-to-market losses. 92% of all ETF shorts were un-profitable and 98% of every dollar shorted was an un-profitable trade. ETF shorts were down -$20.5 billion in net-of financing mark-to-market losses since late October, -9.21% on an average short interest of $222 billion.
The most profitable ETF shorts, in dollar terms, since October 26-27th were:
ETF\Fund Most Profitable Shorts
Ticker
Average Short Interest
MTM P\L
P\L %
PROSHS ULTRAPRO SHORT QQQ ETF
SQQQ
$621,595,589
$221,916,320
35.70%
IPATH SERIES B S&P 500 VIX ST FUT ETN
VXX
$233,782,726
$120,891,175
51.71%
PROSHS ULTRA 1.5X VIX S.T. FUTURES ETF
UVXY
$89,842,026
$72,004,975
80.15%
SPDR S&P OIL\GAS EXPLOR\PROD ETF
XOP
$1,437,311,457
$60,456,719
4.21%
DRXN DAILY SEMICONDUCTOR BEAR 3X ETF
SOXS
$75,147,439
$34,325,875
45.68%
VANECK OIL SERVICES ETF
OIH
$829,182,568
$33,623,041
4.05%
PROSHS ULTRA 2X BBERG NAT GAS ETF
BOIL
$64,436,680
$33,412,262
51.85%
2X LONG VIX FUTURES ETF
UVIX
$22,981,365
$22,976,839
99.98%
U.S. OIL FUND ETF
USO
$240,723,727
$22,902,964
9.51%
PROSHS ULTRA 2X 20+ YR TREAS ETF
TBT
$110,484,450
$19,055,656
17.25%
The least profitable ETF shorts, in dollar terms, since October 26-27th were:
ETF\Fund Least Profitable Shorts
Ticker
Average Short Interest
MTM P\L
P\L %
SPDR S&P 500 ETF
SPY
$53,713,486,888
($5,545,631,182)
-10.32%
INVESCO QQQ TRUST ETF
QQQ
$25,405,104,171
($3,039,841,070)
-11.97%
ISHS RUSSELL 2000 ETF
IWM
$17,197,169,671
($1,621,806,496)
-9.43%
PROSHS ULTRAPRO QQQ ETF
TQQQ
$1,853,841,366
($622,816,633)
-33.60%
ARK INNOVATION ETF
ARKK
$1,719,310,984
($535,484,033)
-31.15%
SPDR S&P BIOTECH ETF
XBI
$3,156,321,327
($421,014,872)
-13.34%
ISHS 20+ YR TREAS BOND ETF
TLT
$5,107,967,786
($415,580,271)
-8.14%
SPDR FINANCIAL SELECT SECTOR ETF
XLF
$3,668,439,898
($408,891,169)
-11.15%
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
$5,914,782,327
($376,942,357)
-6.37%
ISHS S&P 500 ETF
IVV
$3,641,057,191
($374,731,982)
-10.29%
The outright size of some ETF shorts can skew the results when looking at Profit & Loss in dollar terms, looking at Profit & Loss in percentage terms tells us which shorted ETFs had the largest price moves since late October.
The most profitable shorted ETFs in percentage terms with over $50 million in short interest were:
ETF\Fund Most Profitable Shorts
Ticker
Average Short Interest
MTM P\L
P\L %
PROSHS ULTRA 1.5X VIX S.T. FUTURES ETF
UVXY
$89,842,026
$72,004,975
80.15%
PROSHS ULTRA 2X BBERG NAT GAS ETF
BOIL
$64,436,680
$33,412,262
51.85%
IPATH SERIES B S&P 500 VIX ST FUT ETN
VXX
$233,782,726
$120,891,175
51.71%
DRXN DAILY SEMICONDUCTOR BEAR 3X ETF
SOXS
$75,147,439
$34,325,875
45.68%
PROSHS ULTRAPRO SHORT QQQ ETF
SQQQ
$621,595,589
$221,916,320
35.70%
DRXN DAILY SMALL CAP BEAR 3X ETF
TZA
$52,189,271
$18,413,964
35.28%
PROSHS ULTRA 2X 20+ YR TREAS ETF
TBT
$110,484,450
$19,055,656
17.25%
PROSHS SHORT QQQ ETF
PSQ
$54,051,454
$6,147,033
11.37%
U.S. OIL FUND ETF
USO
$240,723,727
$22,902,964
9.51%
ISHS S&P GSCI CMDTY INDEXED TR ETF
GSG
$68,935,940
$3,991,461
5.79%
The least profitable shorted ETFs in percentage terms with over $50 million in short interest were:
ETF\Fund Least Profitable Shorts
Ticker
Average Short Interest
MTM P\L
P\L %
MICROSECTORS FANG INDEX 3X LEVERAGED ETN
FNGU
$67,607,887
($32,605,872)
-48.23%
DRXN DAILY TECH BULL 3X ETF
TECL
$59,623,342
($20,171,347)
-33.83%
PROSHS ULTRAPRO QQQ ETF
TQQQ
$1,853,841,366
($622,816,633)
-33.60%
DRXN DAILY S&P 500 BULL 3X ETF
SPXL
$104,270,522
($34,046,415)
-32.65%
DRXN DAILY SEMICONDUCTOR BULL 3X ETF
SOXL
$300,178,599
($95,080,468)
-31.67%
ARK INNOVATION ETF
ARKK
$1,719,310,984
($535,484,033)
-31.15%
DRXN DAILY S&P BIOTECH BULL 3X ETF
LABU
$122,515,791
($36,973,475)
-30.18%
DRXN DAILY FINANCIAL BULL 3X ETF
FAS
$61,995,563
($18,242,618)
-29.43%
PROSHS ULTRAPRO 3X S&P 500 ETF
UPRO
$102,850,633
($27,098,712)
-26.35%
DRXN SMALL CAP BULL 3X ETF
TNA
$108,235,433
($27,915,377)
-25.79%
Total short interest in the ARK family of ETFs increased by $497 million, from $1.66 billion to $2.16 billion. There was $594 million of mark-to-market increases in the value of shares shorted which was partially offset by $97 million of new short covering. Ark short sellers have been cutting their exposure in most of the ARK family of ETFs since the rally started in late October.
ARK Family of ETF Short Interest 11/28
Ticker
SI % Float
Short Interest
30D Change Shares Shorted
ARK FINTECH INNOVATION ETF
ARKF
1.91%
$18,479,638
($8,290,143)
ARK GENOMIC REVOLUTION ETF
ARKG
10.16%
$180,813,343
($1,734,466)
ARK INNOVATION ETF
ARKK
23.30%
$1,919,085,996
($77,597,845)
ARK AUTOMONOUS TECH ROBOTICS ETF
ARKQ
0.54%
$5,248,540
$555,467
ARK NEXT GEN INTERNET ETF
ARKW
1.50%
$22,640,841
($12,260,220)
ARK SPACE EXPLORATION INNOVATION ETF
ARKX
0.02%
$43,243
($136,819)
ARK ISRAEL INNOVATIVE TECHNOLOGY ETF
IZRL
9.81%
$8,673,961
$2,669,504
THE 3D PRINTING ETF
PRNT
0.17%
$249,612
($80,545)
ETF Short Interest
21.67%
$2,155,235,174
($96,875,067)
Shorting ARK ETFs has been an unprofitable trade in 2023 with short sellers down -$597 million in year-to-date mark-to-market losses, down -31.20% on an average short interest of $1.91 billion.
YTD ETF MTM P\L
Ticker
Average Short Interest
MTM P\L
P\L %
ARK FINTECH INNOVATION ETF
ARKF
$29,378,367
($14,287,416)
-48.63%
ARK GENOMIC REVOLUTION ETF
ARKG
$248,144,427
($15,971,641)
-6.44%
ARK INNOVATION ETF
ARKK
$1,589,535,587
($543,838,255)
-34.21%
ARK AUTOMONOUS TECH ROBOTICS ETF
ARKQ
$7,766,841
($2,084,424)
-26.84%
ARK NEXT GEN INTERNET ETF
ARKW
$31,221,072
($18,456,847)
-59.12%
ARK SPACE EXPLORATION INNOVATION ETF
ARKX
$2,701,897
($905,904)
-33.53%
ARK ISRAEL INNOVATIVE TECHNOLOGY ETF
IZRL
$1,870,076
($1,104,145)
-59.04%
THE 3D PRINTING ETF
PRNT
$2,197,345
($230,105)
-10.47%
YTD ETF MTM P\L
$1,912,815,612
($596,878,737)
-31.20%
Most of the year-to-date mark-to-market losses occurred during the recent rally with ARK short sellers down -$588 million in mark-to-market losses, down -30.24% on an average short interest of $1.95 billion.
10/27 ETF MTM P\L
Ticker
Average Short Interest
MTM P\L
P\L %
ARK FINTECH INNOVATION ETF
ARKF
$19,177,262
($5,663,782)
-29.53%
ARK GENOMIC REVOLUTION ETF
ARKG
$169,659,902
($38,041,216)
-22.42%
ARK INNOVATION ETF
ARKK
$1,719,310,984
($535,484,033)
-31.15%
ARK AUTOMONOUS TECH ROBOTICS ETF
ARKQ
$4,853,477
($574,609)
-11.84%
ARK NEXT GEN INTERNET ETF
ARKW
$23,956,474
($7,194,192)
-30.03%
ARK SPACE EXPLORATION INNOVATION ETF
ARKX
$134,934
($19,612)
-14.53%
ARK ISRAEL INNOVATIVE TECHNOLOGY ETF
IZRL
$8,188,230
($1,372,059)
-16.76%
THE 3D PRINTING ETF
PRNT
$278,566
($45,981)
-16.51%
10/27 ETF MTM P\L
$1,945,559,829
($588,395,484)
-30.24%
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