A yield enhancement strategy (YES) is a complex investment strategy that has been offered to investors by representatives at a number of major brokerage firms, including: UBS Financial Services; Credit Suisse; Morgan Stanley; and Merrill Lynch. While yield enhancement strategies, including the UBS YES strategy and the Iron Condor strategy, are often touted as being a low-risk way for investors to generate additional returns, the reality is far more complicated. YES strategies are risky and may expose investors to significant losses.