U.S. ETF\Fund Short Side Recap
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Shorting ETFs and Funds are both hedging and Alpha generating trading vehicles. Short selling activity in particular ETF’s\Funds gives us insight into both momentum and sector rotations. We follow 3,834 ETFs\Funds with $245 billion of short interest with an average SI % Float of 15.55% (versus the equity average SI % Float of 4.65%).
US ETF\Fund Short Interest
Ticker
SI % Float
Fee
Short Interest
SPDR S&P 500 ETF
SPY
9.58%
0.45%
$53,201,024,349
INVESCO QQQ TRUST ETF
QQQ
7.30%
0.30%
$21,226,523,975
ISHS RUSSELL 2000 ETF
IWM
24.30%
0.45%
$16,890,529,615
ISHS S&P 500 ETF
IVV
1.45%
0.30%
$7,197,010,384
SPDR S&P BIOTECH ETF
XBI
77.17%
1.45%
$5,740,933,937
ISHS IBOXX $ INV GRD CORP BOND ETF
LQD
17.45%
0.57%
$5,643,327,247
ISHS 20 YR TREAS BOND ETF
TLT
9.28%
0.30%
$5,208,585,882
ISHS IBOXX $ HIGH YIELD CORP BOND ETF
HYG
26.30%
0.30%
$4,710,404,344
ISHS MSCI EAFE ETF
EFA
8.42%
0.45%
$4,553,733,230
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
22.63%
0.30%
$4,481,511,254
INVESCO S&P 500 EQUAL WEIGHT ETF
RSP
7.26%
0.32%
$4,214,255,911
SPDR FINANCIAL SELECT SECTOR ETF
XLF
9.47%
0.30%
$4,014,419,553
ISHS MSCI EMERGING MARKETS ETF
EEM
20.42%
0.30%
$3,888,700,521
VANECK SEMICONDUCTOR ETF
SMH
16.57%
0.57%
$3,561,155,158
VNGRD S&P 500 ETF
VOO
0.68%
0.30%
$3,272,149,871
SPDR ENERGY SELECT SECTOR ETF
XLE
7.73%
0.30%
$3,005,256,605
PROSHS ULTRAPRO QQQ ETF
TQQQ
11.53%
0.95%
$2,598,733,648
SPDR GOLD TR ETF
GLD
3.92%
0.45%
$2,534,065,950
SPDR SP REGIONAL BANKING ETF
KRE
78.60%
0.82%
$2,462,271,868
SPDR CONS STAPLES SELECT SECTOR ETF
XLP
14.23%
0.45%
$2,337,048,581
ISHS CHINA LARGE CAP ETF
FXI
52.12%
0.30%
$2,311,328,233
SPDR DJIA ETF
DIA
6.27%
0.30%
$2,182,693,246
SPDR HEALTH CARE SELECT SECTOR ETF
XLV
5.33%
0.45%
$2,145,757,252
ISHS 7-10 YR TREAS BOND ETF
IEF
7.00%
0.30%
$2,035,607,552
ISHS JPM $ EMERGING MARKETS BOND ETF
EMB
13.31%
0.82%
$2,010,300,998
Total US ETF\Fund Short Interest
15.55%
0.70%
$245,318,684,873
Total ETF\Fund short interest has decreased by $10.8 billion over the last thirty days, a -4.2% decrease in total short interest. This decrease was made up of $13.5 billion of short covering partially offset by a $2.7 billion mark-to-market increase in the value of the shares shorted. Interestingly, while 54% of the ETFs\Funds had an increase in short selling, 69% of the dollars shorted (notional value of the shares shorted) incurred short covering. The most shorted ETFs (SPY, QQQ & IWM) had $12.4 billion of short covering in just three ETFs. This may be indicating that some of the broader market hedges are being reduced while there is rotation into the more sector specific ETFs.
The ETFs\Funds with the largest amount of short selling over the last thirty days are:
Largest ETF\Fund Short Selling
Ticker
SI % Float
Short Interest
30D Ch Shs Shorted
ISHS S&P 500 ETF
IVV
1.45%
$7,197,010,384
$1,703,857,605
ISHS MSCI EMERGING MARKETS ETF
EEM
20.42%
$3,888,700,521
$1,183,001,507
VANECK SEMICONDUCTOR ETF
SMH
16.57%
$3,561,155,158
$504,835,073
ISHS 7-10 YR TREAS BOND ETF
IEF
7.00%
$2,035,607,552
$327,094,971
ISHS 20 YR TREAS BOND ETF
TLT
9.28%
$5,208,585,882
$248,540,734
PROSHS ULTRAPRO QQQ ETF
TQQQ
11.53%
$2,598,733,648
$219,819,505
SPDR S&P HOMEBUILDERS ETF
XHB
46.22%
$919,336,108
$160,706,749
ISHS JPM $ EMERGING MARKETS BOND ETF
EMB
13.31%
$2,010,300,998
$158,350,150
INVESCO SENIOR LOAN ETF
BKLN
5.23%
$446,742,178
$117,448,791
INVESCO S&P 500 EQUAL WEIGHT ETF
RSP
7.26%
$4,214,255,911
$117,034,565
ISHS CHINA LARGE CAP ETF
FXI
52.12%
$2,311,328,233
$100,602,520
ISHS MSCI TAIWAN CAPPED ETF
EWT
9.34%
$482,790,878
$91,785,518
ISHS RUSSELL 1000 ETF
IWB
2.34%
$845,695,248
$90,189,761
ISHS MSCI USA ESG ETF
ESGU
2.30%
$298,052,272
$90,115,192
SPDR EURO STOXX 50 ETF
FEZ
5.19%
$196,839,967
$83,941,029
ISHS CORE MSCI EAFE ETF
IEFA
0.37%
$441,651,339
$82,104,247
ISHS EDGE MSCI USA QUALITY FACTOR ETF
QUAL
0.31%
$146,759,267
$80,476,711
SPDR TECHNOLOGY ETF
XLK
2.48%
$1,712,040,107
$75,762,651
VNGRD ST CORP BOND ETF
VCSH
1.75%
$592,702,276
$73,119,212
ISHS RUSS 2000 VALUE ETF
IWN
4.67%
$573,536,661
$71,092,836
The ETFs\Funds with the largest amount of short covering over the last thirty days are:
Largest ETF\Fund Short Covering
Ticker
SI % Float
Short Interest
30D Ch Shs Shorted
SPDR S&P 500 ETF
SPY
9.58%
$53,201,024,349
($6,803,528,762)
INVESCO QQQ TRUST ETF
QQQ
7.30%
$21,226,523,975
($3,481,912,964)
SPDR FINANCIAL SELECT SECTOR ETF
XLF
9.47%
$4,014,419,553
($2,628,836,192)
ISHS RUSSELL 2000 ETF
IWM
24.30%
$16,890,529,615
($2,105,669,055)
SPDR DJIA ETF
DIA
6.27%
$2,182,693,246
($1,208,196,858)
DRXN DAILY 20 YR TREAS BULL 3X ETF
TMF
3.86%
$219,615,851
($645,719,183)
VNGRD S&P 500 ETF
VOO
0.68%
$3,272,149,871
($340,654,753)
VNGRD TOTAL WORLD STOCK ETF
VT
0.76%
$288,617,667
($315,833,315)
ISHS MSCI BRAZIL ETF
EWZ
19.90%
$868,213,914
($302,582,949)
SPDR S&P REGIONAL BANKING ETF
KRE
78.60%
$2,462,271,868
($296,311,443)
VNGRD INT-TERM CORP BOND ETF
VCIT
2.18%
$1,043,395,919
($295,228,670)
DRXN DAILY SEMICONDUCTOR BULL 3X ETF
SOXL
7.10%
$712,828,243
($277,678,670)
SPDR S&P MIDCAP ETF
MDY
3.72%
$817,657,462
($277,678,345)
SPDR GOLD TR ETF
GLD
3.92%
$2,534,065,950
($256,815,003)
CONS DISC SELECT SECTOR SPIDER ETF
XLY
3.65%
$732,094,983
($231,393,395)
VANECK GOLD MINERS ETF
GDX
8.51%
$1,227,178,992
($217,871,272)
DRXN DAILY 20 YR TREASURY BEAR 3X ETF
TMV
9.53%
$20,659,304
($161,007,775)
SPDR ENERGY SELECT SECTOR ETF
XLE
7.73%
$3,005,256,605
($157,191,691)
SPDR SP OIL\GAS EXPLOR\PROD ETF
XOP
54.88%
$1,925,401,976
($154,828,613)
ISHS MSCI ACWI INDEX ETF
ACWI
8.00%
$1,495,468,623
($135,580,057)
The ETF\Fund short interest top thirty league table has not changed much over the last thirty days with only three ETFs moving more than five spots. The Spider Financial Select Sector ETF (XLF) fell from the #5 spot to #12; the Spider DJIA ETF (DIA) fell from #15 to #22 and the iShares 7-10 Year treasury Bond ETF (IEF) rose from #29 to #24.
Short Interest 7-19
Short Interest
Short Interest 6-19
Short Interest
1
SPY
$53,201,024,349
SPY
$59,949,902,699
2
QQQ
$21,226,523,975
QQQ
$25,226,791,930
3
IWM
$16,890,529,615
IWM
$17,586,639,309
4
IVV
$7,197,010,384
XLF
$6,398,300,191
5
XBI
$5,740,933,937
LQD
$5,764,043,515
6
LQD
$5,643,327,247
IVV
$5,469,865,360
7
TLT
$5,208,585,882
XBI
$5,350,960,481
8
HYG
$4,710,404,344
TLT
$5,049,189,238
9
EFA
$4,553,733,230
HYG
$4,726,784,159
10
XLI
$4,481,511,254
XLI
$4,503,113,676
11
RSP
$4,214,255,911
EFA
$4,475,352,095
12
XLF
$4,014,419,553
RSP
$4,021,310,728
13
EEM
$3,888,700,521
VOO
$3,610,870,970
14
SMH
$3,561,155,158
SMH
$3,408,830,281
15
VOO
$3,272,149,871
DIA
$3,274,676,569
16
XLE
$3,005,256,605
XLE
$3,034,745,192
17
TQQQ
$2,598,733,648
EEM
$2,715,194,876
18
GLD
$2,534,065,950
GLD
$2,712,087,277
19
KRE
$2,462,271,868
TQQQ
$2,574,422,964
20
XLP
$2,337,048,581
XLP
$2,450,848,982
21
FXI
$2,311,328,233
KRE
$2,316,638,433
22
DIA
$2,182,693,246
FXI
$2,274,084,993
23
XLV
$2,145,757,252
XLV
$2,209,051,843
24
IEF
$2,035,607,552
XLU
$2,029,826,674
25
EMB
$2,010,300,998
XOP
$2,029,389,334
26
XLU
$1,968,808,901
SHY
$1,862,285,827
27
XOP
$1,925,401,976
EMB
$1,859,005,066
28
SHY
$1,789,798,739
XLK
$1,714,361,136
29
XLK
$1,712,040,107
IEF
$1,708,331,895
30
IBB
$1,692,670,257
IBB
$1,703,182,418
ETF\Fund shorts are down -$2.28 billion in thirty-day mark-to-market losses, -0.93%. Half of all dollars shorted in ETFs\Funds were profitable while half were unprofitable. But just a quarter of ETF\Fund short positions were profitable while three-quarters were unprofitable.
The ETFs\Funds with the largest thirty-day dollar mark-to-market profits are:
ETF\Fund 30D MTM P\L
Ticker
Avg Short Interest
30D MTM P\L
P\L %
INVESCO QQQ TRUST ETF
QQQ
$22,663,007,023
$453,055,824
2.00%
VANECK SEMICONDUCTOR ETF
SMH
$3,512,066,899
$373,911,883
10.65%
DRXN DAILY SEMICONDUCTOR BULL 3X ETF
SOXL
$941,174,885
$343,408,025
36.49%
PROSHS ULTRAPRO QQQ ETF
TQQQ
$2,595,536,671
$214,388,001
8.26%
ISHS PHLX SEMICONDUCTOR ETF
SOXX
$1,587,997,391
$147,673,647
9.30%
ISHS 20 YR TREAS BOND ETF
TLT
$5,014,043,423
$85,945,321
1.71%
SPDR TECHNOLOGY ETF
XLK
$1,744,863,004
$75,352,262
4.32%
ISHS CHINA LARGE CAP ETF
FXI
$2,260,398,811
$60,340,821
2.67%
PROSHS ULTRA 2X BBERG NAT GAS ETF
BOIL
$86,864,479
$54,979,580
63.29%
KRANESHS CSI CHINA INTERNET ETF
KWEB
$689,308,339
$48,526,897
7.04%
GRANITESHS 2x LONG NVDA DAILY ETF
NVDL
$325,710,764
$43,264,197
13.28%
DRXN DAILY 20 YR TREAS BULL 3X ETF
TMF
$361,528,603
$38,034,059
10.52%
US NATURAL GAS FUND ETF
UNG
$79,450,120
$25,959,238
32.67%
ISHS EDGE MSCI USA MOMENTUM FACTOR ETF
MTUM
$533,982,697
$21,389,532
4.01%
DRXN DAILY SMALL CAP BEAR 3X ETF
TZA
$61,509,382
$15,706,326
25.53%
DRXN DAILY TECH BULL 3X ETF
TECL
$97,289,861
$14,305,541
14.70%
DRXN DAILY FTSE CHINA BULL 3X ETF
YINN
$122,694,611
$12,778,572
10.41%
ISHS MSCI TAIWAN CAPPED ETF
EWT
$465,166,941
$11,452,572
2.46%
SPDR S&P RETAIL ETF
XRT
$1,522,391,091
$9,453,839
0.62%
MICROSECTORS FANG INDEX 3X LEVERAGED ETN
FNGU
$149,543,138
$9,139,865
6.11%
The ETFs\Funds with the largest thirty-day dollar mark-to-market losses are:
ETF\Fund 30D MTM P\L
Ticker
Avg Short Interest
30D MTM P\L
P\L %
ISHS RUSSELL 2000 ETF
IWM
$16,139,670,723
($1,214,432,610)
-7.52%
SPDR S&P BIOTECH ETF
XBI
$5,620,628,682
($476,743,089)
-8.48%
SPDR SP REGIONAL BANKING ETF
KRE
$2,202,497,961
($385,742,690)
-17.51%
SPDR FINANCIAL SELECT SECTOR ETF
XLF
$4,445,451,917
($138,485,027)
-3.12%
VANECK GOLD MINERS ETF
GDX
$1,230,632,357
($120,908,225)
-9.82%
SPDR ENERGY SELECT SECTOR ETF
XLE
$2,889,968,593
($120,244,869)
-4.16%
ISHS NASDAQ BIOTECH ETF
IBB
$1,677,025,109
($119,154,638)
-7.11%
ARK INNOVATION ETF
ARKK
$1,271,093,059
($83,319,543)
-6.55%
SPDR DJIA ETF
DIA
$2,357,778,936
($80,285,673)
-3.41%
SPDR GOLD TR ETF
GLD
$2,626,238,000
($74,457,414)
-2.84%
INVESCO S&P 500 EQUAL WEIGHT ETF
RSP
$3,948,910,150
($73,442,450)
-1.86%
SPDR INDUSTRIAL SELECT SECTOR ETF
XLI
$4,426,428,265
($65,262,669)
-1.47%
VANECK OIL SERVICES ETF
OIH
$725,738,045
($64,223,080)
-8.85%
ISHS MSCI EAFE ETF
EFA
$4,572,206,325
($60,707,982)
-1.33%
SPDR S&P HOMEBUILDERS ETF
XHB
$798,722,781
($60,589,288)
-7.59%
ISHS U.S. HOME CONSTRUCTION ETF
ITB
$463,902,267
($51,411,660)
-11.08%
SPDR SP OIL\GAS EXPLOR\PROD ETF
XOP
$1,908,307,319
($50,562,970)
-2.65%
VNGRD REIT ETF
VNQ
$859,660,545
($49,042,254)
-5.70%
ISHS RUSS 2000 VALUE ETF
IWN
$507,603,582
($48,624,261)
-9.58%
ISHS DJ US REAL ESTATE ETF
IYR
$739,295,084
($46,579,020)
-6.30%
Total ETF\Fund 30D MTM P\L
$244,672,997,723
($2,284,799,512)
-0.93%
Looking simply at dollar returns skews the most and least profitable ETF\Fund short positions to the most shorted ETFs\Funds in dollar terms. Looking at percentage returns tells us which ETFs\Funds performed the best and worst over the last thirty-days. In order to make the list more useful, we only include ETFs\Funds with over $25 million of short interest in order to remove most of the minimally traded “noise” in the lists.
The ETFs\Funds with the largest thirty-day mark-to-market percentage profits are:
ETF\Fund 30D MTM P\L
Ticker
Avg Short Interest
30D MTM P\L
P\L %
PROSHS ULTRA 2X BBERG NAT GAS ETF
BOIL
$86,864,479
$54,979,580
63.29%
DRXN DAILY SEMICONDUCTOR BULL 3X ETF
SOXL
$941,174,885
$343,408,025
36.49%
US NATURAL GAS FUND ETF
UNG
$79,450,120
$25,959,238
32.67%
DRXN DAILY SMALL CAP BEAR 3X ETF
TZA
$61,509,382
$15,706,326
25.53%
DRXN DAILY TECH BULL 3X ETF
TECL
$97,289,861
$14,305,541
14.70%
GRANITESHS 2x LONG NVDA DAILY ETF
NVDL
$325,710,764
$43,264,197
13.28%
PROSHS ULTRAPRO 3X SHORT DOW30 ETF
SDOW
$47,034,839
$5,068,034
10.78%
VANECK SEMICONDUCTOR ETF
SMH
$3,512,066,899
$373,911,883
10.65%
DRXN DAILY 20 YR TREAS BULL 3X ETF
TMF
$361,528,603
$38,034,059
10.52%
DRXN DAILY FTSE CHINA BULL 3X ETF
YINN
$122,694,611
$12,778,572
10.41%
SPROTT URANIUM MINERS ETF
URNM
$58,653,760
$5,887,478
10.04%
ISHS PHLX SEMICONDUCTOR ETF
SOXX
$1,587,997,391
$147,673,647
9.30%
PROSHS ULTRAPRO QQQ ETF
TQQQ
$2,595,536,671
$214,388,001
8.26%
INVESCO SOLAR ETF
TAN
$79,129,517
$5,692,260
7.19%
KRANESHS CSI CHINA INTERNET ETF
KWEB
$689,308,339
$48,526,897
7.04%
GLOBAL X URANIUM ETF
URA
$142,415,895
$8,992,733
6.31%
MICROSECTORS FANG INDEX 3X LEVERAGED ETN
FNGU
$149,543,138
$9,139,865
6.11%
SPDR TECHNOLOGY ETF
XLK
$1,744,863,004
$75,352,262
4.32%
PROSHS ULTRA 2X BBERG CRUDE OIL ETF
UCO
$31,676,063
$1,276,327
4.03%
ISHS EDGE MSCI USA MOMENTUM FACTOR ETF
MTUM
$533,982,697
$21,389,532
4.01%
The ETFs\Funds with the largest thirty-day mark-to-market percentage losses are:
ETF\Fund 30D MTM P\L
Ticker
Avg Short Interest
30D MTM P\L
P\L %
PROSHS ULTRASHORT BBERG NAT GAS ETF
KOLD
$56,608,403
($30,797,845)
-54.41%
DRXN DAILY REGIONAL BANKS BULL 3X SHS ETF
DPST
$39,266,019
($15,683,038)
-39.94%
DRXN DAILY SEMICONDUCTOR BEAR 3X ETF
SOXS
$118,934,769
($29,182,132)
-24.54%
DRXN DAILY SP BIOTECH BULL 3X ETF
LABU
$153,595,656
($34,380,822)
-22.38%
DRXN SMALL CAP BULL 3X ETF
TNA
$217,954,194
($44,421,761)
-20.38%
SPDR SP REGIONAL BANKING ETF
KRE
$2,202,497,961
($385,742,690)
-17.51%
DRXN DAILY 3X GOLD MINERS BULL ETF
NUGT
$32,247,930
($5,385,177)
-16.70%
SPDR KBW BANK ETF
KBE
$200,934,717
($29,417,826)
-14.64%
DRXN DAILY TSLA BULL 2X SHARES ETF
TSLL
$148,710,738
($21,100,126)
-14.19%
GRANITESHS 2X LONG COIN DAILY ETF
CONL
$69,936,580
($9,426,143)
-13.48%
ISHS U.S. HOME CONSTRUCTION ETF
ITB
$463,902,267
($51,411,660)
-11.08%
DRXN DAILY FINANCIAL BULL 3X ETF
FAS
$118,995,639
($12,753,947)
-10.72%
PROSHS ULTRAPRO DOW30 ETF
UDOW
$29,119,702
($2,976,709)
-10.22%
VANECK GOLD MINERS ETF
GDX
$1,230,632,357
($120,908,225)
-9.82%
ISHS RUSS 2000 VALUE ETF
IWN
$507,603,582
($48,624,261)
-9.58%
INVESCO KBW BANK ETF
KBWB
$210,483,937
($18,668,883)
-8.87%
VANECK OIL SERVICES ETF
OIH
$725,738,045
($64,223,080)
-8.85%
DRXN DAILY 20 YR TREASURY BEAR 3X ETF
TMV
$51,778,410
($4,541,350)
-8.77%
SPDR S&P BIOTECH ETF
XBI
$5,620,628,682
($476,743,089)
-8.48%
VANECK JR GOLD MINERS ETF
GDXJ
$165,814,481
($13,383,151)
-8.07%
Total ETF\Fund 30D MTM P\L
$244,672,997,723
($2,284,799,512)
-0.93%
Our Blacklight SaaS platform and Black App provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions. The Black MaP and Black App products provide a total view of long and short positioning in the market with a breakdown between Active\Passive long investors, 24 Fund type entities, over 50k securities globally across 108 countries and data from 58 regulatory exchanges.
