The month of March has been brutal so far for investors, but short sellers are making a killing off on the volatility caused by the COVID-19 coronavirus outbreak.

There is currently $154 billion in aggregate ETF short interest, 90% of which is in U.S. domestic ETFs, according to S3 Partners. S3 analyst Ihor Dusaniwsky said Tuesday there are 216 U.S. ETFs with short interest of at least $25 million.

Most Shorted ETFs

By far the most heavily shorted ETF is the SPDR S&P 500 ETF Trust. The SPY ETF tracks the S&P 500 and represents a simple bet against the U.S. stock market and/or a hedge against long positions in U.S. stocks. Here are the top four most shorted U.S. ETFs, according to S3: CLICK for complete article