The Defiance Quantum ETF posted a 20% monthly gain as short interest collapsed 54% and options traders shifted bearish. Cost to borrow eased below 1%.
QTUM closed at $132.79 on April 24, up 2.3% on the day. The ETF rose 3.8% over the past week and surged 20% over the past month.
Short interest dropped sharply to 122,097 shares as of April 23. That represents just 0.44% of the float. Over the past week, short interest fell 31%. The monthly decline was even steeper at 54%.
Short sellers held 267,000 shares in mid-March. That figure now sits below 125,000. The retreat accelerated in late April — on April 22, shorts covered 26% of positions in a single day.
Cost to borrow declined 12% over the week to 0.96%. The monthly drop was 25%. CTB peaked above 1.30% on April 22 before easing back. Over the past 30 days, borrowing costs have ranged from 0.70% to 1.28%. The current level sits near the middle of that range.
Utilisation measured 59.87% as of April 23. That reading is down from recent highs above 75% in mid-April. In late March, utilisation climbed above 80%. The 52-week peak was 94.25%. Current utilisation has pulled back sharply from those March levels.
FINRA reported 351,505 shares short as of the April 15 settlement date. Days to cover was 1.29.
The put/call ratio jumped to 0.42 on April 24. That sits well above the 20-day mean of 0.34. The z-score of 2.11 signals elevated put activity relative to recent norms. Over the past year, PCR ranged from 0.30 to 1.38.
In mid-April, PCR dipped to 0.30 — near the 52-week low. By late April, the ratio had climbed back above 0.40. That shift came as the ETF rallied and short interest unwound.
The ETF paid a $0.22 dividend in March 2026. Prior distributions included $0.19 in June 2022, $0.08 in March 2022, and $0.08 in September 2021. The March 2021 payout was $0.03.
The sharp drop in short interest and rising put activity suggest cautious sentiment even as price climbed. CTB remains below 1%, indicating ample borrow supply. Watch whether utilisation stabilises near 60% or continues to drift lower.
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