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RPG, the Invesco S&P 500 Pure Growth ETF, heads into the second week of October with an unusual split: options traders have rarely been this call-heavy, while the lending market has tightened sharply over the past month.
The most striking signal this week is in options, where positioning has swung decisively toward calls. The put/call ratio is running at 0.034, more than 2.7 standard deviations above its 20-day average of 0.021. That is the most lopsided call-side tilt in recent memory for this ETF, and it follows a month where the fund gained 4.6% to close at $60.43. The week alone added nearly 3%, and a further 1% came through on Tuesday alone. For a passive vehicle tracking pure-growth S&P 500 names, that kind of options skew points to investors reaching for upside exposure rather than hedging.
The borrowing picture tells a more complex story, and it runs against the easy narrative. Short interest against the fund has more than doubled over the past month, rising 110% to about 1.26% of the free float. That is still a low absolute level, small enough that it likely reflects creation-redemption mechanics and arbitrage activity rather than any directional short thesis. What is notable is the cost of borrowing: it has tripled since early September, climbing from around 0.7% to just under 2% annually, before easing back slightly this week. Availability remains comfortable at roughly 214%, meaning there are still more than two shares available to borrow for every share already lent out. The tightening borrow cost therefore reflects increased demand for shorts rather than a squeeze on supply.
The ORTEX short score has drifted higher over the past two weeks, from around 36 in late September to 42 now, consistent with that rise in short interest. The score is in the middle of the range rather than at an extreme, so it adds colour without changing the headline story. The combined score sits at 42 as well, similarly unremarkable in isolation.
As a pure-growth ETF with no single earnings event and no analyst consensus to track, RPG's story this autumn is largely a rate-and-momentum play. Growth stocks have benefited from the recent bid, and the call-heavy options book reflects that confidence. What to watch next is whether the borrow cost continues to ease as short interest stabilises, or whether fresh demand for hedges pushes the lending market tighter again heading into any macro data that could shift rate expectations.
See the live data behind this article on ORTEX.
Open RPG on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
