In August 2019, UBS Financial Services removed the Yield Enhancement Strategy (YES) program from its website, a sign that the program is no longer issued by the firm. The YES strategy is an options strategy that was marketed by UBS, as well as many other large brokerage firms, as a reportedly safe method to generate supplemental portfolio income. The strategy involved the use of an “Iron Condor” options strategy, which involves selling both near-the money and out-of-the money put and call options against the S&P 500 index, NASDAQ and other primary indices. The S&P 500 is a stock index based on the 500 largest companies whose stock is listed for trading on the NYSE or NASDAQ. The premium value of an option is determined by (1) time (i.e., maturity) and the (2) strike price. If the option has a shorter maturity, there is theoretically less time for an investor to navigate short-term volatility, leading to more pronounced swings in the market value of the option. Conversely, if the option has a longer maturity and the options are further out-of-the-money, short-term volatility may not cause significant changes in the market value of the option. In a stabilized market environment, some or all of the options will expire and the investor collects the premiums. Conversely, in a volatile market, the premiums associated with the options positions will spike, creating margin calls, closure of options positions at a loss and/or the exercise of the underlying options.