Several Inspire ETFs saw sharp declines in short interest in July, led by the Inspire Global Hope ETF (BLES) and including Inspire 500 ETF (PTL) and Inspire Corporate Bond ETF (IBD). PTL and IBD both reported short-interest totals of 5,238 shares on July 15, an 80.3% drop from late June, with PTL’s days-to-cover at 0.2 and IBD’s 0.2 days. BLES experienced the steepest drop, with 6,707 shares short as of July 15, an 89.6% decline from June 30, and a days-to-cover of 0.8. Across the funds, several hedge funds and institutional investors expanded or established positions in Q1 and Q4, reflecting shifting sentiment as short interest contracted. Price and momentum metrics remained mixed, with PTL trading near its 50-day and 200-day moving averages, BLES hovering around the mid-40s range, and IBD priced modestly around the low 20s.