1
Hold Treasury collateral
Capital not yet used for share assignment remains invested in U.S. Treasury securities as collateral for put obligations. Treasury income varies, and the securities carry price and reinvestment risk.
Managed family account · SPY · not fund performance
81% of SPY’s YTD return.
37% of its daily variability.
For January 1–October 30, 2026, one managed family account returned 9.44% versus 11.69% for SPY—about 81% of SPY’s return. Its Sharpe ratio was 1.51 versus 0.80, and its maximum drawdown magnitude was 2.40% versus 8.88%. Both comparisons cover the same dates. These are whole-account results from one family account, not fund performance.
YTD through October 30, 2026 · live results from one managed family account running this strategy alone · figures and same-period SPY comparison independently checked against the supplied IBKR PortfolioAnalyst report · not fund performance.
Illustrative strategy cycleMechanics, not a forecast
Base engine & collateralU.S. Treasury holdings
Entry layersCash-secured puts
If assignedSPY shares
Share management continues after assignment
These activities can continue in parallel.
Further lower-strike putsCash-secured by remaining Treasury collateral
Covered callsOn assigned shares, above weighted-average cost
Capital recycles to Treasury collateral as positions close, expire, or shares are sold or called away.
Premiums, Treasury income, assignment and share sales vary with market conditions. Losses are possible.
9.44% vs 11.69%YTD time-weighted return · 80.8% of SPY’s figure
0.296% vs 0.800%Daily standard deviation · 37.0% of SPY’s figure
−2.40% vs −8.88%Maximum drawdown · account vs SPY benchmark
01 · The proposed mechanics
A repeatable process, with trade-offs at every step.
The strategy combines three potential income streams: Treasury income on collateral, premiums from successive put layers, and covered-call premiums on shares already assigned. An assignment in one layer does not end the remaining put layers; further puts may continue against Treasury collateral while separate covered calls are written above the shares’ weighted-average cost. If SPY rises without reaching lower put strikes, the portfolio may capture less of the equity rally; assigned shares can still fall.
2
Space puts down the ladder
The starting design uses roughly 10 percentage-point steps below a SPY reference price—for example 90, 80 and 70 when the reference is 100. Each put brings in premium; unassigned collateral remains invested in Treasuries. Layer size, spacing and expiry can change with fund cash needs, option-market liquidity and risk limits.
3
Build the position by assignment
Shares are bought only at strikes reached and assigned. If lower layers fill, the blended share cost can be below the starting price, compared with investing the same planned amount at that starting price. Unassigned Treasury collateral can continue supporting further put layers. The collected put premiums and a lower basis can reduce the recovery hurdle, but cannot prevent losses.
4
Add calls to shares already owned
Separately, covered calls can be written against assigned shares at strikes above their weighted-average cost, adding call premium alongside ongoing Treasury income and further put premiums. If shares recover through a call strike, they may be called away and proceeds returned to Treasury collateral or later put layers. Calls cap upside; if shares do not recover, capital may remain invested in them.
Illustration: 10% downside spacing
Reference100→
−10%90→
−20%80→
−30%70
These are example price levels, not target strikes or a forecast. Actual layers depend on available fund liquidity, option liquidity and risk limits.
Why a lower basis may recycle capital sooner
If assignments occur at lower levels, they can reduce the average purchase cost of accumulated shares. After a recovery, a lower weighted-average cost can make a call strike near the market viable sooner, creating a chance to sell shares and return proceeds to Treasury collateral or later put layers. The market may keep falling, never recover, or rise without reaching any put layer; faster recycling is not guaranteed.
Capital recycling
As positions expire, are closed, or shares are called away, available capital may be considered for later layers. The pace depends on market prices, option terms and any future dealing rules.
Risk-adjusted focus
The concept prioritizes how returns relate to risk and drawdowns. A smoother historical result over a short period does not mean future losses will be small or returns will be positive.
Managed family account · not fund performance
02 · Historical figures
A same-period SPY comparison.
From January 1 to October 30, 2026, the managed family account reported a 9.44% time-weighted return versus 11.69% for the SPY benchmark—about 80.8% of SPY’s return. The account’s daily standard deviation was 0.296% versus 0.800% for SPY. Maximum drawdown was 2.40% versus 8.88%.
These are live results from one managed family account that followed this strategy alone; no unrelated positions or strategies contributed. The figures come from actual account activity, not a backtest or simulation. A third-party review checked the reported performance figures and same-period SPY comparison against the IBKR PortfolioAnalyst report supplied for review. The underlying brokerage records and individual trade executions were not independently examined. A fund following the same trades, sizes and timing would have matched the account’s investment result before any fund-level fees or expenses.
YTD through October 30, 2026Managed family account vs SPY benchmark · TWR
| MeasureMeasure | Managed accountAccount | SPY benchmarkSPY | Read vs SPYRead |
|---|---|---|---|
| Time-weighted return | 9.44% | 11.69% | |
| Daily standard deviation | 0.296% | 0.800% | |
| Maximum drawdown magnitude | 2.40% | 8.88% | |
| Sharpe ratio | 1.51 | 0.80 | |
| Sortino ratio | 2.37 | 1.17 | |
| Beta vs SPY | 0.32 | 1.00 |
The 80.8% return ratio and 37.0% daily standard-deviation ratio are calculated from the figures shown. The report’s maximum drawdown is shown as a positive magnitude. These are whole-account results, not fund performance. The figures and same-period comparison were checked against the supplied IBKR PortfolioAnalyst report. Past performance does not predict future results.
Read with careThis is a live YTD record from one managed family account running this strategy alone, not a backtest or blended portfolio. A third-party review checked the reported figures and same-period SPY comparison against the IBKR report supplied for review. A fund following the same trades, sizes and timing would have matched the account’s investment result before any fund-level fees or expenses; future fund costs or operating differences could change investor returns. Future results can differ, and losses are possible.
03 · Suitability in principle
Designed for investors who understand the compromises.
This is a preliminary description of the intended audience, not an assessment of any person’s suitability. No vehicle, eligibility rules or investor protections have been established.
May be relevant to someone who…
- Wants U.S. equity exposure and understands that put selling can result in owning shares during a decline.
- Can tolerate meaningful losses and a period of reduced liquidity.
- Understands options, assignment, capped upside and the difference between income and total return.
- Is willing to wait for any future dealing windows and review the eventual legal documents.
May not suit someone who…
- Needs guaranteed income, capital protection or a predictable return.
- May need to withdraw money at short notice or expects daily liquidity.
- Cannot accept losses in SPY shares or the possibility of missed gains when calls are written.
- Is relying on one family account’s short YTD record as evidence of future fund results.
Liquidity is not set
If a fund is established, subscriptions and withdrawals may be limited to defined cycle dates, subject to final structure and documents. Frequency, notice periods, gates, valuation process and settlement terms are all undecided. No daily liquidity is offered or promised.
04 · Possible future structure
Separate payment accounting from investing.
If a lawful investment vehicle is established, a future payment process could be considered separately from the brokerage portfolio. This is a concept only; it is not an available payment option.
01 · After legal establishmentInvestor payment
Bank transfer and, if permitted, selected crypto assets through approved service providers.
02 · ReconciliationConvert and record
Any crypto received would be converted to USD under disclosed procedures, with payment records reconciled to the official investor register.
03 · Investment activityConventional brokerage
The brokerage account would hold USD assets and carry out any approved Treasury and SPY options activity.
No crypto is accepted now. No tokenized fund interests, smart-contract trading or on-chain investment activity is proposed for this preview.
05 · Swiss resident expression of interest
Swiss residents: register your interest.
If you currently live in Switzerland, leave your name and email for possible follow-up if the concept is developed further. This is non-binding. No investment amount is requested and no money is being collected.
No fund or investment offer exists. Registering does not reserve access or mean an offer will be available.
What is recorded: your name, email, Swiss-residency confirmation and submission time are stored in the project's Cloudflare database for interest research and possible follow-up. Cloudflare may process standard connection data. No amount, payment detail or investment instruction is requested. A privacy contact and retention details should be published before accepting public entries.
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