For many years, shorting long volatility ETNs has been among the most crowded trades, and the time decay of the VXX has been the center of attention for volatility traders. The short volatility trade blew up however, when in February 2018 the VIX spiked more than 100% on a single day which finally resulted in the redemption of the infamous inverse volatility product XIV. Since then, “shorting the VIX” has become synonymous with picking up nickels in front of a steamroller. Once the dust settled however, investors were flocking towards the only inverse volatility ETN