How to earn 24% on the S&P 500 JEPI is the S&P 500 with covered calls. It earns about 8% a year. Most people buy it and collect their 8%. But there’s a way to turn that into 24% at surprisingly low risk. Start with a vault holding tokenized JEPI. Split it into two tranches. - Junior (20%): takes losses first. Earns 16%. - Senior (80%): protected by junior’s cushion. Earns 6%. Per $100M in the vault, that’s $3.2M to junior and $4.8M to senior. The math balances. The S&P has to fall 20% before senior loses a dollar. That’s only happened a handful of times in modern history. Lenders look at that and say: here’s 90% LTV. Loop it to: Net: 24% on equity. The protection is structural, not voluntary. The vault enforces a minimum junior cushion. Junior can’t redeem if it would thin the buffer below the floor. They queue or sell on secondary. Senior has redemption preference. They can redeem in kind at NAV anytime. That’s what keeps the senior token tightly pegged.

How to optimize further: Instead of holding a tokenized JEPI fund, hold the S&P 500 stocks individually in a @hourglasshq vault. Senior redeems in kind and gets actual public equities back. Apple, Microsoft, Nvidia. Not a fund token. That keeps the senior tranche tightly pegged to NAV. There’s never a question of “what is this token actually worth?” It’s worth the stocks underneath it. Redeemable anytime.

Not investment or financial advice