This is all great as long as volatility is low or dropping, as long as markets are stable. But, in the event that we have a reversal in this, there’s two trillion dollars of equity exposure that self-reflexive-driving lower vol can reverse in a quite violent way. And this is just equity vol, mind you:
https://www.zerohedge.com/news/2018-01-28/chris-cole-coming-crash-will-be-1987-worse
