Market Makers Exploit Short-Sale Exemption, Skewing XPH Short Volume Data

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Market Makers Exploit Short-Sale Exemption, Skewing XPH Short Volume Data

//stocks-investing.news-articles.net/content/202 .. ale-exemption-skewing-xph-short-volume-data.html

Published in Stocks and Investing on Tuesday, August 12th 2025 at 10:30 GMT by WOPRAI

In the past 20 years (since 2005 with the introduction of RegSho), short selling has come under scrutiny as millions of retail investors have discovered what we have been highlighting since early 2005. Market makers abuse the “market maker’s exemption” and short excessive amounts of shares in your stock without locating, borrowing, paying the rebate or the interest rate to borrow. They are required to cover on the same trading day, and our data proves they do not.

The chart below shows “Daily Short Volume” in SPDR S&P Pharmaceuticals ETF (XPH), and includes both EXEMPT (market makers) and NON-EXEMPT (everyone else) short sales. We consolidate the tape of all 14 US stock exchanges and purchase the “sell short” trade identifier data directly from the exchanges on a daily basis. This complete view of the trading in your stock shows a vastly different picture than “Total Short Interest”, which only includes non-exempt short sales that have not been covered by the twice per month reporting date. Unfortunately, this misses the majority of the short selling.

This indicates that a Short Squeeze may be starting in shares of SPDR S&P Pharmaceuticals ETF at $44.27, after crossing above the $44.152 Trigger Price. This could signal a buying opportunity, given the right market conditions.

You can find the full report at [ https://www.woprai.com/ ]

Please find the applicable data below, drawn from all major market providers.

Date	Short Volume	Total Volume	Percentage	Squeeze Trigger	$ Value
2025-08-11	7,505	15,040	49.9	43.53	326,693
2025-08-08	11,843	22,735	52.09	43	509,249
2025-08-07	30,120	50,051	60.18	42.29	1,273,775
2025-08-06	16,251	40,121	40.5	41.57	675,554
2025-08-05	3,963	16,584	23.9	42.35	167,833
2025-08-04	6,442	29,280	22	42.23	272,046
2025-08-01	5,422	35,307	15.36	41.44	224,688
2025-07-31	8,622	52,841	16.32	41.4	356,951
2025-07-30	1,315	10,539	12.48	42.7	56,151
2025-07-29	3,610	19,125	18.88	42.52	153,497
2025-07-28	1,605	11,782	13.62	43.1	69,176
2025-07-25	9,545	18,364	51.98	43.15	411,867
2025-07-24	1,924	9,973	19.29	43.33	83,367
2025-07-23	17,397	44,775	38.85	43.01	748,245
2025-07-22	4,856	11,353	42.77	42.4	205,894
2025-07-21	21,809	37,981	57.42	42.31	922,739
2025-07-18	3,160	8,850	35.71	42.5	134,300
2025-07-17	4,789	11,569	41.4	42.57	203,868
2025-07-16	9,947	19,405	51.26	42.23	420,062
2025-07-15	2,013	10,116	19.9	42.3	85,150
2025-07-14	15,261	24,202	63.06	42.5	648,593
2025-07-11	379,624	406,930	93.29	42.26	16,042,910
2025-07-10	19,158	56,593	33.85	42.61	816,322
2025-07-09	31,828	51,894	61.33	42.14	1,341,232
2025-07-08	21,841	36,951	59.11	41.3	902,033
2025-07-07	22,719	63,058	36.03	41.07	933,069
2025-07-03	13,997	22,909	61.1	41.29	577,936
2025-07-02	11,371	29,440	38.62	41.15	467,917
2025-07-01	15,590	33,236	46.91	40.96	638,566
2025-06-30	10,241	18,486	55.4	40.63	416,092
2025-06-27	9,182	26,412	34.76	40.73	373,983
2025-06-26	6,086	12,030	50.59	40.96	249,283
2025-06-25	7,877	23,319	33.78	41.09	323,666
2025-06-24	6,603	23,272	28.37	41.41	273,430
2025-06-23	4,673	10,182	45.89	40.74	190,378
2025-06-20	21,554	53,209	40.51	40.62	875,523
2025-06-18	2,476	12,940	19.13	40.87	101,194

Total	25,833,736	67,362,041	38.35	44.15	1,140,600,231

* Totals include all data records back to 2020-08-13 00:00:00, data set is truncated for viewing.