EGGY — the Tidal Trust III NestYield Dynamic Income ETF — enters the first week of May with its borrow market completely normalised after a sharp but short-lived squeeze in late April. The more striking story is what happened in between: the ETF gained more than 25% in a single month while the short-selling impulse that briefly gripped it has almost entirely vanished.
The lending picture tells the most vivid story. Availability collapsed to essentially zero on April 28, when every share in the lending pool was lent out — the tightest reading in the available history. Just two sessions earlier, on April 24, availability stood above 130% of short interest, meaning there were still more shares available to borrow than there were shorts. The reversal was dramatic: short interest spiked above 40,000 shares on April 28-29, up from fewer than 7,000 the week before. Then the trade unwound almost as fast as it appeared. By May 5, short interest had collapsed to roughly 3,300 shares — down 72% on the week — and availability had exploded to effectively uncapped levels (the system reports 9,999%). The borrow market is now as loose as it has been all year.
Cost to borrow also reflects that relaxation. The rate eased to 4.33% by May 5 — down from a brief spike to 5.18% on April 28 — and is now sitting in the lower half of its one-month range. That is a modest rate for an ETF and carries no practical signal of supply stress. For context, FINRA's official fortnightly print (settlement date April 15) showed just 2,634 shares short, with days to cover of one day. The scale of the April activity, whatever drove it, sat almost entirely outside the standard reporting window.
The ORTEX short score reflects how quickly the tension has drained. It peaked at 50.7 on April 28 — elevated but not extreme — and has since fallen to 27.6, the lowest reading in the data provided. That trajectory is unusually clean: the score halved in less than two weeks. A combined score of 27.2 confirms there is no residual short-side conviction visible in the current positioning data.
On fundamentals, EGGY is a small ETF with no listed market cap, no earnings calendar, and no analyst coverage. Its yield story is the product itself: the dividend history shows three $1.00 per unit cash payments in early 2026 (February, March, and April), all announced on the same date in January, suggesting a pre-declared schedule rather than variable distributions. At a closing price of $39.35 after a 9.2% gain on the week and a 25.7% gain on the month, the income structure — and whatever drives NAV appreciation — is clearly attracting buyers. The next data point worth watching is whether the regular monthly $1.00 dividend schedule is extended beyond April, and whether the price gain of recent weeks sustains as the short overhang has all but disappeared.
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