RDIV, the Invesco S&P Ultra Dividend Revenue ETF, has quietly drifted higher this week — but the more interesting story is a sudden tightening in the lending market that deserves a closer look.
The fund gained 1.2% over the past week, reaching $56.84, and is up around 2.4% over the past month. For a dividend-focused ETF in a broadly cautious macro environment, that is a respectable run. The income angle remains the core draw: RDIV targets high-yielding S&P 500 constituents weighted by revenue, and the most recent quarterly distribution came in at $0.556 per share in March 2026.
The positioning story is more active than the price action suggests. Availability has tightened sharply — from around 545% at the start of May to 289% today, a drop of roughly one-third in a single week. That still falls comfortably within the normal range, so there is no squeeze pressure here. But the direction of travel is notable. Short interest is running at just 0.2% of the float — a negligible level for any instrument — and borrowing costs have actually eased to 3.4% from a month-ago peak near 4.0%. The picture, then, is one of modestly rising short positioning into a tighter but still well-supplied lending pool. The ORTEX short score has climbed to 40.8 from 34.7 two weeks ago, its highest reading in the recent window, which reflects the incremental increase in bearish activity rather than any structural shift.
As an ETF, RDIV carries none of the usual single-stock analyst or valuation framework. There are no earnings events, no insider trades, and no options activity to speak of — the put/call ratio has read zero across every session in the data. What drives the fund is entirely the performance of its underlying dividend constituents, and the 2.4% monthly gain suggests those holdings have held up well against the broader market backdrop.
What to watch next: whether the ongoing tightening in availability continues through month-end, and whether the distribution yield remains competitive enough to sustain inflows into high-dividend strategies as rate expectations evolve.
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