I agree. One could get the same results and the same p&l distribution by selling deep out of the money index puts, same difference. Make money every month for 5 years, lose it all in one day. This circus has been around for decades. There are tons of stupid ways to do this. Sell expensive upside calls in grains. Hey, droughts rarely happen. Sell upside calls in oil, we have plenty of that right? Sell upside calls in natural gas, hey spikes are rare right? All playing on the same theme. Retail trader doesn't know how to trade. Looks for easy money. Loves the positive feedback loop from selling monthly premium against rare events. Blows out his account. Goes back to work at his old sales job selling life insurance. And round and round we go.