AMDL — the GraniteShares 2x Long AMD Daily ETF — gained 11% on the week and sits at $71.49, yet the lending market remains completely locked out, and short interest keeps climbing.
The tension in the borrow market has not eased since the prior note. Availability is still at zero — every share in the lending pool is lent out, the tightest reading of the past year. That condition has now persisted for at least three consecutive sessions. No new short positions can be opened through conventional lending channels. Cost to borrow has edged higher to 4.45%, up from around 3.57% just a week ago, though it remains well below the June highs near 6.3%. The borrow market is tight but not in the acute stress it saw last month.
Short interest continues to build despite that constraint. Shorts now represent 8.6% of the float — up 36% on the week and running at 3.49 million shares, well above the 1.9–2.6 million range that prevailed through most of late June. The ORTEX short score has drifted higher alongside it, reaching 67.8 as of July 14 versus 63.6 at the start of the month. That score reflects the combination of rising SI and exhausted availability. Options traders, by contrast, look relatively relaxed: the put/call ratio is 0.43, slightly below its 20-day average of 0.45, suggesting options positioning is not adding to the defensive tone. The two signals are pulling in opposite directions — shorts are building, options buyers are not.
What this means structurally is worth stating plainly. AMDL resets daily, so short sellers who cannot access borrow are locked out of expressing a view through this instrument. Those already short are sitting on a position that costs 4.45% annually to carry while the ETF has just rallied 11% in a week. That's a painful combination, and the persistence of zero availability means any covering pressure has to clear an already thin book.
The data picture to watch: whether short interest continues building once borrow opens up again, or whether the current ceiling on new shorts keeps SI from extending further — and how AMD's underlying price action feeds through the 2x multiplier into that dynamic.
See the live data behind this article on ORTEX.
Open AMDL on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
