NIXT, the Research Affiliates Deletions ETF, heads into mid-May with a notable short interest spike that looks more structural than speculative.
Short interest has more than doubled over the past month, rising 108% to roughly 1,129 shares. The weekly gain is just as striking — up 72% week-on-week. In absolute terms the position remains tiny, at just 0.09% of the float. This is a niche $37 million ETF, so the raw share count has limited weight. Still, the directional move is sharp enough to flag.
The lending market tells a loose story despite the positioning increase. Availability is effectively unconstrained, with ORTEX data showing availability at 9,999% of short interest — there is no meaningful squeeze pressure in this borrow pool. The 52-week peak on utilization was 73.74%, but the current reading is just 0.32%, far below any stress level. Borrowing costs have crept up modestly, running near 9.4% annualised — up about 4% on the week — but that rate has been broadly stable across the past several months, oscillating between roughly 6% and 12% over the past year with no dramatic spike. In context, 9.4% is mid-range for this name.
The ORTEX short score of 31 is subdued. It has barely moved over the past two weeks, edging from 30.7 to 31.0. That flat trajectory reinforces the picture: the doubling in short shares reflects mechanical or rebalancing activity rather than a build driven by conviction bearish positioning. ETFs like NIXT — which systematically tracks stocks deleted from major indices — often attract small, technically-driven borrow activity tied to arbitrage and index-replication strategies rather than directional bets.
On price, the ETF pulled back 1.4% on Tuesday and is down about 1.2% on the week, though it remains up nearly 6% on the month. No earnings events are scheduled. The most recent dividend, paid in late March, was a small cash distribution of $0.069 per share.
The next angle worth watching is whether the short share count continues to grind higher or fades back toward its April baseline near 460-660 shares — that trajectory will clarify whether this week's spike is a one-off rebalancing or the start of a more sustained short build.
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