Bearish ETF Alarms Blare After a $373 Million Short Bet

A group of ETF traders are betting against a spirited rebound in the stock market, as they pay up for short positions and withdraw money from bullish strategies.

The ProShares Short S&P500 (ticker SH), a $1.8 billion vehicle that seeks to deliver the opposite of the benchmark’s daily performance, saw a record $373 million inflow during the latest session for which data is available. Meanwhile QLD — a fund that aims to offer two times the Nasdaq 100’s returns every day — was hit with a $277 million redemption Monday, the most since the start of April. Just four months into 2025, the fund is on pace for its worst year of outflows since 2010.