Will ULTY decay be accelerating because volatility is crashing?

I own a sizable position in ULTY (>$100k).

But if ULTY is a volatility harvesting strategy.

What happens when ULTY has less volatility to harvest?

https://preview.redd.it/iof4dgeilxbf1.png?width=1754&format=png&auto=webp&s=b7ddc41db3bf866ff708a67dba20b1c1075fe35d