To get an expectation of portfolio buying power allocation over time, the historical IV numbers coupled with our targets resulted in an average allocation of 31% of your portfolio net liq.However, since volatility tends to cluster in certain ranges (like 2022), you can expect the current allocation target to vary over time and not change much in the short-term. In 2022, despite the expectation of lower IV, the VIX traded in its top 30th percentile of values all year.