NEW YORK  - Short interest on the Nasdaq rose 2.1% in late November, the exchange said late on Monday.

As of June 15, total short interest rose to about 13.23 billion shares, compared with 12.96 billion shares as of May 31.

Investors who sell securities 'short' borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.

Shorting can also be part of a hedging strategy.

(Reporting by Chuck Mikolajczak; Editing by Andrew Heavens)