Hedge funds' short positions in U.S.-listed ETFs across asset classes rose by the most in nearly four years last month as the stock market rally cooled, according to Goldman Sachs's prime brokerage business. Vincent Lin, co-head of Goldman Sachs' Prime Insights & Analytics, said short flows in U.S.-listed ETFs increased 14.6% in December, the largest monthly increase since February 2021. Macro products such as indexes and exchange-traded funds (ETFs) received net buying in the first half of the month, but selling activity increased toward the end of the year. The most shorted market areas include large-cap and small-cap stocks, healthcare and corporate bond ETFs. (Jinshi)