The issue is always the "when". We have seen literally a squeeze up the last few weeks in the market. Look at how they bought up the QQQ from 161.5 all the way to 165 on Friday close. I was literally talking about $4 here in 36 hours.
Everyone knows that these CDS or Interest swaps are a danger waiting to happen. Imagine if you hedge now, that cost money because this QQQ can just go to 170 in a few days and all your money to hedge is down the drain. How many times can you get to hedge in this market and all those hedges got wiped out in a matter of days?