Short Volatility

In a three year note, pretty much the contingency on the note is that as long as any one of these names don't drop under 25 % of where we are right now, you're going to make 12%. And yield o kin, right? The p looking at it and there like, well, this is a safer bet for better yield. I want to take this and all your doing is, synthetically, just something to put um ray. So let's talk about what you guys do. Cause one of the things you mention is you say that all of these microstructures create an environment where it underprices the reality of tail events. But i'll leave that for another