Neutralize tax. Unlock cash. Stay invested.
VOLT™ is a tax-smart option overlay for concentrated stock. Qualified covered calls fund the tax cost of selling — releasing after-tax cash monthly, without a one-shot liquidation.
The concentrated-stock trap.
Your client won’t sell — the tax is the reason. Every other path costs them something:
Sell
A single, brutal taxable event — and the client loses the position they believed in.
Hold
Undiversified, fully exposed to single-stock risk they never sized for.
Structured products
Complex, opaque, tax-inefficient, and gated behind high minimums.
VOLT™ is the fourth option.
How it works
Overlay
VOLT™ writes qualified covered calls on the concentrated position.
Fund the tax
Premium income covers the capital-gains cost of a paced sell-down.
Unlock cash
After-tax cash is released monthly while market exposure is retained on the underlying.
Why advisors use VOLT™
Neutralize tax
Qualified covered calls generate income to fund the tax cost of selling concentrated stock.
Unlock cash
Release after-tax cash monthly without a one-shot taxable liquidation event.
Stay invested
Diversify on your schedule while keeping market exposure on the underlying.
Who it’s for
- Post-IPO employees and exercised-RSU tech wealth.
- Founders and executives with large single-stock positions.
- Clients holding long-appreciated or inherited concentrated equity.
Common questions
How does writing calls fund the tax?
Qualified covered calls generate premium income. That income offsets the capital-gains cost of selling the position down over time, rather than absorbing it in one taxable event.
Does my client keep market exposure?
Yes. Exposure is retained on the underlying while the position is diversified on a schedule.
Is this tax advice?
No. Qualified covered call treatment is fact-specific and depends on strike, expiry, and holding period. Clients should consult a tax professional.
Who runs it?
Yayati Asset Management, a Registered Investment Adviser, led by CIO Jerry Chafkin (former CIO of AssetMark, CEO of AlphaSimplex, and head of Charles Schwab Asset Management).
See it on a real position.
Run your client’s numbers in the app, or talk to our team.
VOLT™ is a product of Yayati Asset Management, a Registered Investment Adviser. Options involve risk and are not suitable for all investors. Qualified covered call tax treatment is fact-specific and depends on individual circumstances. Nothing herein is tax, legal, or investment advice, nor an offer or solicitation to buy or sell any security. Past performance is not indicative of future results.