Quantum ETF Climbs 20% as Short Sellers Retreat

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%.

Price action & positioning

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 & lending

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.

Options flow

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.

Dividend history

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.

What to watch

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.