A rally over the past few months has pushed some Chinese equity indices to their 2015 highs, but Bloomberg reports that US traders are turning bearish this month.

Short interest for three of the largest ETFs, which together hold around US$6.1 billion in assets, has begun to climb after hitting lows in March. The shift in sentiment comes amid prospect of seasonally tighter liquidity in June and as investors await MSCI’s decision on whether to include A shares in its indices.