Right, the back end hasnt traded at a premium since vix was in the teens. However, the current term structure is just a function of a higher mean. It's analogous to trading a 10 vix geared 4x. Vols have come down alot and the market isnt pricing in low vols going forward yet. If the bottom has been set on the SP expect the back end to shift down dramatically. If one were bullish on the SP, selling deferred vol here is a very favorable r/r trade. Buffett needs to average down on his short puts. LOL