# Yayati Asset Management

> Option-based portfolio strategies for RIAs and institutional investors. Flagship product VOLT™ is a tax-smart option overlay for concentrated stock: qualified covered calls fund the tax cost of selling, unlocking after-tax cash monthly without a one-shot liquidation. Led by CIO Jerry Chafkin (former CIO of AssetMark, CEO of AlphaSimplex, head of Charles Schwab Asset Management). Registered Investment Adviser.

## Products
- [VOLT™ — tax-smart option overlay for concentrated stock](https://www.yayatiam.com/volt)

## Topic guides
- [Covered-call strategy: generating income from stock you own](https://www.yayatiam.com/covered-call-strategy)
- [Options overlay strategies: income, hedging, and tax-aware overlays](https://www.yayatiam.com/options-overlay-strategies)
- [Concentrated stock: strategies, taxes, and how to diversify](https://www.yayatiam.com/concentrated-stock)

## Writing
- [Tax Deferral Is Good — Letting Covered-Call Premiums Pay Your Tax Is Better](https://www.yayatiam.com/blog/tax-deferral-is-good-covered-call-premiums-better): A California investor with $10M in long-term gains faces roughly $3.7M in tax. An actively managed option overlay offers a fourth path: begin the exit on your own terms, with defined floors and ceilings, while premium income partially self-funds the eventual tax.

## Glossary
- [Covered call](https://www.yayatiam.com/glossary/covered-call): A covered call is selling a call option against stock you already own, collecting premium in exchange for capping the upside above the strike.
- [Option collar](https://www.yayatiam.com/glossary/collar): A collar holds stock, buys a protective put below the price, and sells a covered call above it — the call premium offsets the cost of the put, defining a floor and a ceiling.
- [Protective put](https://www.yayatiam.com/glossary/protective-put): A protective put is buying a put option on stock you own, paying premium for the right to sell at the strike — insurance that sets a floor under the position.
- [Cash-secured put](https://www.yayatiam.com/glossary/cash-secured-put): A cash-secured put is selling a put option while setting aside enough cash to buy the stock at the strike if assigned — collecting premium to potentially acquire shares at a lower net price.
- [Put-write strategy](https://www.yayatiam.com/glossary/put-write): A put-write strategy systematically sells (writes) put options against cash collateral to harvest option premium as a return stream, typically using index puts.
- [Qualified covered call](https://www.yayatiam.com/glossary/qualified-covered-call): A qualified covered call (QCC) is a covered call that meets IRC §1092 strike and term tests, so it is exempt from the straddle rules and does not suspend the holding period of the underlying stock.
- [Straddle rules](https://www.yayatiam.com/glossary/straddle-rules): The straddle rules (IRC §1092) defer losses and can suspend a holding period when you hold offsetting positions — such as stock and an option that hedges it — to prevent tax-motivated loss harvesting.
- [Constructive sale](https://www.yayatiam.com/glossary/constructive-sale): A constructive sale (IRC §1259) treats an appreciated position as sold for tax purposes — triggering gain — when you hedge it so completely that you have effectively locked in the value without selling.
- [Defined-outcome strategy](https://www.yayatiam.com/glossary/defined-outcome): A defined-outcome strategy uses a package of options to shape a known range of returns over a set period — typically a downside buffer or floor in exchange for a capped upside.
- [Structured note](https://www.yayatiam.com/glossary/structured-note): A structured note is a debt security issued by a bank whose payoff is linked to an underlying asset, bundling option-like exposure into a single instrument with embedded fees and issuer credit risk.
- [Prepaid variable forward](https://www.yayatiam.com/glossary/prepaid-variable-forward): A prepaid variable forward (PVF) advances cash today against a future delivery of a variable number of shares — giving liquidity and partial hedging while deferring the sale, within constructive-sale limits.
- [Exchange fund](https://www.yayatiam.com/glossary/exchange-fund): An exchange fund pools concentrated single-stock positions from many investors into a diversified partnership, deferring tax on the contributed gain in exchange for a multi-year lockup.

## About
- [About Yayati Asset Management](https://www.yayatiam.com/about)