Professional options traders prey on ineffiecent markets, never curse them. Beta and CAPM literally have nothing to do with options trading, pricing, or theory. VAR, like all models, is a trap. Options traders would know this; they are ingrained with a deep distrust of models since they forced to use them all day every day and understand their appropriate uses and limitations. It would be unreasonable to expect any serious options trader to blame her model or worse, "all of it", for failure.