LookatNo.'s, VIX is not only derived from put options, but also call options, from Wikipedia:
"Although the VIX is often called the "fear index", a high VIX is not necessarily bearish for stocks. Instead, the VIX is a measure of market perceived volatility in either direction, including to the upside. In practical terms, when investors anticipate large upside volatility, they are unwilling to sell upside call stock options unless they receive a large premium."
We are right now at that rare state with call options fuelling HVU, which is why you see HVU rise and fall more often lately, especially on May 15. This is why by HVU holding up by itself is not giving me the confidence to buy, much more than usual for a quick flip. But the idea of the Feds ending or reducing the stimulus this summer definitely makes it worth looking into. I don't quite want to hold HVU over the weekend, but want to buy some before Big Ben speaks to Congress.