You have misunderstood and are over thinking it. Check the shortman charts closer and you will see the big change in shorts occurs on the day of the rebalance.
It is quite simple, as an example on the day of the rebalance GDXJ needs X shares which can't be obtained on market so they go to an institution and ask for X shares. The institution borrows the shares (read shorts) and sells them to GDXJ at the closing price. Who the institution is and what relationship they have with GDXJ I have no idea - I don't care, it is irrelevant - the only thing I care about is that it happens and is a FACT as clearly displayed and proven by the shortman charts. The net result is that the share price is not "driven" by the rebalance.
More detail on GDXJ winners, losers, page-5
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$16.59 |
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| No. | Vol. | Price($) |
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| 1 | 13548 | $16.57 |
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| Price($) | Vol. | No. |
|---|---|---|
| $16.60 | 5973 | 6 |
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