We looked at data over the last 10_years and found the 3m 95% puts to be around the 3r° historical p_ercentile. IWM 95% Put Premia as a '1, of Spot 0.0% • 28-1un.05 28-Jun-06 28..lurt.07 28-1un-011 28-Jun-09 28-Jun-10 28-Jun-11 28.Jun.12 28-Jun-13 28-Jun-14 -1m 3m —SID Hist