No. The connection you're making is not correct. Since the GFC we were in a very low vol environment (2008 to 2017) so people shorted vol, picking up pennies, f

No. The connection you're making is not correct. Since the GFC we were in a very low vol environment (2008 to 2017) so people shorted vol, picking up pennies, for years... Via XIV. The size of the fund caused it to blow up on one vol spike day. It's built into the mechanics of the fund. And has nothing to do with the fact that the index calculator failed to provide a realtime price after hours.