I'm not an expert on ETFs, but it seems that VB is tracking a small cap index, not the S&P 500. Therefore, the above arbitrage example does not apply. That being said, I don't think any major index was off 14% at some point today, so you should have theoretically been able to buy VB and short some other ETF doing the same thing. It looked to me that this massive drawdown was short-lived and not an hour. My guess is that some of those terrible fills would get cancelled.

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