Options traders have turned aggressively bullish on HACK, the Amplify Cybersecurity ETF, even as the lending market tightens and short sellers rebuild positions. The divergence across three signal types makes this one of the more unusual setups in the cybersecurity space right now.
The put-call ratio on HACK crashed to 0.48 on August 25. That compares to a 20-day mean of 1.07. The move is nearly three standard deviations below the mean — the lowest PCR reading in 52 weeks.
For most of the past month, HACK options skewed defensively. The PCR held above 1.0 from late July through August 20. Then, in two sessions, it was cut in half. That is an abrupt shift in positioning.
The repricing followed a week where the ETF fell 6.2%. The stock closed at $108.09 on August 25.
Short interest rose 38% in a single day to around 184,000 shares. Over the week, the increase is 48%. Over the past month, it is up 47%.
In absolute terms, SI remains small. At 0.70% of free float, there is no material short thesis embedded in the current positioning. The 38% daily jump sounds dramatic; the underlying level does not.
The more meaningful data point is what happened earlier this month. Short interest peaked above 340,000 shares in early August, then unwound sharply. This latest bounce looks like a partial rebuild from those lows.
Cost to borrow hit 1.06% on August 25. That is the highest since mid-August and reflects a near-tripling from the 0.35% low recorded on August 17. The pulse headline notes a 199% weekly surge — driven by that sharp trough and rapid recovery.
Availability stands at 91.8% — roughly one share available for every one already borrowed. That is in the tight zone (below 100%) but not severely constrained. The 52-week low hit 16.4% on August 6, so today's reading is not at extremes.
The borrow market data is worth watching. Availability tightened to 53.7% as recently as August 21 before loosening. Volatility in the lending pool here has been high.
Three signals are pulling in different directions. Options traders are the most bullish they have been all year on this ETF. Short sellers are rebuilding positions, modestly. The borrow market is tightening again after a brief easing.
The ORTEX short score sits at 46.5 — roughly neutral, in a tight range for the past two weeks. No single signal dominates.
Data summary
See the live data behind this article on ORTEX.
Open HACK 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.
