"If You're Nervous, The Market Is Making It Very Easy To Rent Hedges..."

The biggest dynamic occurring in the equity options market currently is the rapid growth of two things:

1) the rise of vol overwriting products (e.g. ETFs like JEPI), and

2) the renewed demand for volatility ETFs (presumably a hedge for retail investors who are long stocks).

According to Goldman Sachs' trader Lee Coppersmith, this all leads to a very steep VIX term structure...