Bets against higher volatility (and there are a ton of them) get fried, with the VIX up 23% and hitting a new YTD high. The level of shorts in some VIX ETPs is eye-popping, with 273% of the share count of the Ultra VIX Short-Term Futures ETF (UVXY +20.9%) out on loan, reports Ned Davis. Of the unleveraged products, 75% of the Short-Term Futures ETN (VXX +10.4%) is on borrow, and 110% of the S&P Dynamic VIX ETN (VXZ +4.3%). "This is one of those trades that works remarkably well until it doesn't," writes Brendan Conway. Indeed.