Ahead Of Today's $2.4 Trillion "Record" OpEx, VIX Is The Most Underpriced Since Q3 2008

As we previewed in far more detail yesterday, today is the largest July options expiration in history, driven by continued growth in index and ETF options volumes.

According to Goldman estimates, over $2.3 trillion of notional options exposure will expire including $500 billion notional of single stock options at the close, and $1 trillion in index options at the open.