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The Systemic Risk of Low Volatility ETFs
Short volatility positions out there, and not just the short volatility positions, but all the volatility targeting that's overlaid on top of short vol. So I think there's a lot of systemic risk. When you have something like VXX, 97% of its shares are sold short, that ends badly. There's no way that doesn't end badly. And when they crack, they will unwind in a hurry.