Summary – March 2025 (YMAX, MSTY, CONY)

Introduction

March 2025 proved to be a brutal month for markets, and our portfolio wasn't spared. Between surging volatility, crumbling tech valuations, and a sharp crypto correction, the investing environment quickly turned defensive. 

What Happened?

US Equity Market

In the United States, equity markets experienced notable declines.

• The S&P 500 shed 4.6% in the first quarter, marking the worst quarterly performance since 2022.
• The Nasdaq Composite plunged 10.5% during the same period also reflecting investor concerns.
• The Dow Jones Industrial Average declined by 1.3%

Technology were particularly affected, with Tesla and Nvidia experiencing substantial losses of 36% and nearly 20% respectively.

Cryptocurrency Market

The cryptocurrency sector has also mirrored the turbulence seen in equity markets.

• Bitcoin's price tumbled down nearly 25% from its January highs

Market Outlook

The recent market downturns underscore the importance of diversification and strategic asset allocation. Investors should remain vigilant, considering both global economic indicators and geopolitical developments. In the cryptocurrency space, the current volatility may present buying opportunities for long term investors, but caution is advised given the sector's inherent risk.

For YMAX, CONY and MSTY, with the drop in the market, Implied Volatility (IV) surged. This may indicate greater monthly distributions moving forward, which would help cushion the NAV (Price) drop with the stronger yield income.

CONY and MSTY were hit harder, as both COIN and MSTR declined sharply amidst the tech selloff and crypto pullback. In comparison, YMAX held up better as it was diversified across many tech counters.

The following is a breakdown of what transpired in our portfolio, key market insights and strategic adjustments for March 2025.

Portfolio Overview (March 2025)

Transaction & Options Overview

March's trading activity was focused on generating premium income and adjusting positions to align with market conditions. The key option transactions included:

Portfolio Breakdown 

Key Observations & Analysis

• CONY (-49%) Cryto Crash Collateral Damage

March was a nightmare for Coinbase and by extension CONY. As bitcoin's 25% drawdown accelerated by the Bybit hack, centralized exchanges such as COIN faced scrutiny and withdrawal spikes. Lower trading volumes and negative sentiments drove the stock lower, slicing through CONY's NAV despite high premiums and call writings.

• MSTY (-16%) Bitcoin's Whiplash Hits Home

MSTY was spared the worst, but still ended deep in negative territory. MicroStrategy's strategy of holding massive Bitcoin reserves with leverage backfired this month. As BTC slumped, MSTR followed and so did MSTY. The ETF did, however benefit from soaring implied volatility, cushioning the drawdown with substantial option income.

• YMAX (-28%) Tech Gets Tagged

Although YMAX outperformed the others, it wasn't immune. The tech heavy Nasdaq's 10.5% quarterly drop (it's worst since 2022) dragged down YMAX's underlying holdings. However, thanks to it's broader diversification and disciplined call writing strategy, The ETF delivered strong income, softening the blow on total returns.

• Overall portfolio (-28%) loss reflects a month where macro headwinds and sector specific risks collided. 

Lessons from March

• Covered calls work better in a flat or modestly volatile market, but not during sharp drawdowns.
• Crypto-tied ETFs like CONY  and MSTY offer juicy yields, but come with amplified risks. 
• YMAX's diversified structure can offer some shelter, but not immunity. 

Portfolio Implications and Strategic Adjustments

Strategic Adjustments

These changes signal a tactical re-engagement with risk and  potentially a better income trajectory.

Portfolio Implications

March Strategy Paid Off

• The decision to increase allocation captured part of the rebound from oversold levels.
• YMAX and MSTY showed stabilization.

Looking ahead to April 2025

• Bitcoin support at $80k remains key. If breached, expect more downside for MSTY and CONY
• Implied Volatility is still elevated. Excellent for premium income
• Broader markets remain jittery. Look into diversification into CSPX
• Expect modest income recovery in April if tech and crypto stabilize.

📬 Help Improve This Blog

To make this blog more comprehensive, I'm currently seeking:

• 💬 Reader feedback on option strategies or ETF income ideas

• 📈 Requests for visual charts (bar/line graphs of dividends or drawdowns)

• 📊 Suggestions for additional diversification ETFs or hedging tools

• 🧮 Any interest in backtesting or rolling yield projections for CONY/MSTY/YMAX

If there’s anything you’d like to see added, or have specific questions about income ETFs or option strategies, feel free to reach out or drop a comment!

Summary – February 2025 (YMAX, MSTY, CONY)

Introduction

February has been a turbulent month for financial markets, particularly with the crypto currency linked high yield ETF sector. A sharp decline in Bitcoin, stagnation in Ethereum prices and a looming USD $5 billion options expiry were key drivers of  market volatility, leading to heightened uncertainty.

Adding to the complexity, broader economic and regulatory shifts played a significant role. The ongoing US-EU trade conflict, the SEC's decision to dismiss its lawsuit against Coinbase and the USD $1.5 billion Bybit hack further reshaped investor sentiment, intensifying concerns about exchange security and centralized platforms. These events highlight the need for strategic diversification, hedging tactics and a keen awareness of macroeconomic factors.

For CONY, MSTY and YMAX, these factors translated into a challenging month, with notable price declines. However, strong income distribution rates continued to reinforce their long-term appeal, highlighting the resilience of income generating strategies despite short term volatility.

The following is a breakdown of what transpired in our portfolio, key market insights and strategic adjustments for February 2025.

DBS Drops Big Dividends and a New Capital Return Plan - Here’s Why I’m Excited

 DBS Announces Record Profits and Capital Return Plan

As someone who keeps a close eye on DBS groups movements, I was pretty hyped when they dropped their latest financial update. On the February 10, 2025, DBS announced a final dividend on $0.60 per share for Q4 2024 (Ex Date - April 7, 2025). This brings the full year payout to $2.22 per share (a 16% jump) as compared to $1.92 the previous year. Not bad at all!

Now let's talk numbers. I first bought DBS back in September 2020 when it was trading at $19.73. Fast forward to today, with the stock sitting at $45, that's a 228% capital gain on my original investment! The $2.22 annual dividend? That's an 11% yield on my initial cost. Definitely not chump change.

Of course, I didn't just stop there. I've been adding to my position over the years, which bumped up my average cost. So my real dividend yield on cost sits at about 7%, and my capital gain stands at 50.13%. Still, those are some solid numbers for a bank stock, and it just shows that patience pays off in long term investing.

But here's the cherry on top. DBS isn't just stopping at dividends. They also announced plans to introduce a new "Capital Return" dividend of $0.15 per share, paid out quarterly. That's like getting an extra bonus on top of an already sweet deal. Not only does it make DBS more attractive to dividend investors, it also signals confidence in their financial strength, which in all honesty, is exactly what we want to see as shareholders.

So what's next? If DBS keep up a full-year dividend of $2.40 ($0.60 quarterly) and a we factor in a reasonable expected 5% return on investment, that would put my target price for DBS at around $48, meaning there is still a 6.6% upside from the today's price.

Bottom line? DBS has been a winner for me. Strong dividends, solid growth and now an extra capital return. Definitely worth keeping an eye on.

Current Holdings:

Bitcoin Plunges to $91K Today: A Closer Look at the Events Behind the Drop

Bitcoin falls 10% intraday

Bitcoin's price took a dive today (03-Feb-2025) to US $91,057, a drop that left the market scrambling. Here's a breakdown of the events that might have contributed to this dramatic plunge.

• New trade tariffs announced by Trump have created uncertainty in global markets prompting investors to shift towards safe-haven assets.

Bloomberg reported a surge in US Dollar and a forecast for falling stock markets amid these trade tensions, DXY data also confirms that the dollar's strength has increased after the confirmation of the tariffs on Friday.

• Canada, China and Mexico's retaliatory tariffs to further escalate trade tensions

In response to the US Tariffs, China and Mexico have indicated that they would retaliate, and Canada announced counter tariffs, targeting approximately C$ 155 billion US goods which is expected to further strain the long standing trade relations between the 2 nations.

This combined effect has led to a significant strengthening of the US dollar relative to other currencies and as a result, impacted Bitcoin in several ways.

• Risk-off sentiment

When geopolitical or trade tensions rise, investors tend to shift their funds into safer assets. This can lead to the selling of what is considered "riskier" investments including the likes of Bitcoin. Although Bitcoin has sometimes been viewed as a hedge, its volatility also means that in times of uncertainty, investor might choose more traditional safe havens such as gold, putting downward pressure on Bitcoin's price.

• Stronger US Dollar

A stronger US dollar makes assets priced in dollars more attractive, As Bitcoin is currently pegged to US stable coins (namely USDC and USDT) which is priced in US dollars, when the dollar surges, the appeal of Bitcoin to global investors fall, as they see more value in holding cash or dollar-denominated assets rather than a volatile crypto asset. This can contribute to lower demand and a further drop in Bitcoin prices.

• Increased Market Volatility 

The trade tensions and subsequent policy reactions contributed to a broader market uncertainty which can further lead to increase volatility across various asset classes. With many investors and algorithms set to trigger sell orders in turbulent markets, Bitcoin could face rapid sell-offs or liquidations as part of this wider market correction.

All these have created a perfect storm for Bitcoin's 10% plunge today. That being said, at the point of writing, crypto has been known to be subject to knee jerk reactions and as such, this decline may represent a temporary adjustment amid broader economic uncertainty. We will need to watch closely to see if Bitcoin can stabilize or will be subject to larger volatility as the situation develops.

Omakase - Kamii Sushi

The Journey Begins

As the prime spark driving our quest, it feels wrong to keep this place hidden. Great food, like great stories belong to everyone and  as such, we would like to share this experience with our dear readers.

Kamii Sushi stands in the beating heart of Johor Bahru near busy malls and key roads. Just a skip away from the causeway, Travelling there is a breeze for locals and visiting Singaporeans alike. 

It is the kind of place you stumble upon on a whim, yet draws you in with it's unpretentious charm. In a city bursting with life, this spot cuts through all the noise, offering a quiet respite where unforgettable sushi and warm service captivates your taste buds and steals your heart.

Omakase Grace

A chef's gentle nod,

We place trust in deft hands.

Courses drift like dreams,

Flavors flow in whispers.

Secrets linger on each tongue,

Moments bloom as we taste.

Omakase Grace

Review

Ambience        🌕🌕🌕🌕🌑        Minimalist and calming interior

Food                🌕🌕🌕🌕🌖        Freshness in every bite

Price                🌕🌕🌕🌕🌑        A bit pricier than the average JB sushi spot, but well worth the price.

The price of the FUYU set is RM 538++ (Approx SGD $190)

We kick start this festival of tastes with a simple appetizer of Kurage (Jellyfish) in lemon sauce, Shirako (Milt) and Shio (Salted) Tomato. This trio offers a bright and refreshing entry into the Omakase experience. The Kurage brings a subtle chew packed with a citrusy zing. The Shirako lends a creamy, oceanic richness, and the Shio Tomato provides a crisp pop of flavor. Together, they cleanse the palate, and awaken the senses, perfect for the more complex dishes to come.

The Hirame (Sashimi) with Vinegar Jelly delivers a clean, delicate follow up. The translucent halibut pairs seamlessly with the subtle tang of the jelly, bringing out the sashimi's natural sweetness. It's gentle flavors serve as a refreshing bridge before diving into the richer dishes ahead.

This diverse sashimi platter showcases a spectrum of textures and flavors. To fully appreciate each bite, we started with the Hotate (Scallop) for its gentle sweetness, moving on to the Akami (Lean Tuna) for a deeper cleaner taste, then explored the Kamasu (Barracuda) which adds a subtle smoky note. Next, we indulge in the Chutoro (Tuna Belly) to experience its melt-in-your-mouth richness, and finally finish with the Tako (Octopus) serving as a satisfying close to this course with a firm bite.

Next comes a soulful twist on a classic Japanese comfort dish. This Nikujaga (Beef and Potato Stew) features the succulent A5 Miyazaki beef braised in  a sweet-savory broth with potatoes and onions. The way the premium beef just melts in your mouth harmonizes beautifully with the gentle sweetness of the vegetables, creating a comforting home style flavor elevated by the luxury of A5 wagyu.

As the fifth course of this meal, this dish naturally escalates the indulgence introduced by the previous plates. After the comforting richness of the Nikujaga, the Foie gras-wagyu combination raised the bar  on luxurious flavor, while the Uni (Sea Urchin) and Caviar added a briny, accent that kept the palate engaged. this layering of bold, creamy and subtly salty elements continued the omakase progression creating a harmonious transition towards the most decadent offering of the meal.

After the intense decadence of Foie gras and wagyu, the sixth course provides a gentle yet aromatic transition. The aburi kinmedai (Golden Eye Snapper) offered a more delicate, lightly smoky sweetness while the Truffle Oil bubbles introduced an earthy whisper of luxury that doesn't overpower. This balancing act refreshed the palate while maintaining the enriched tone of the meal.

A refreshing counterbalance to the truffle-infused richness of the sixth course. The lightly pickled Shime Saba (Cured Mackeral) and the White Konbu (Seaweed) provides both a tangy punch with a subtle salty layer. This combination cut through the lingering richness, resetting the palate and ensuring each bite remained lively and distinct. 

This course reintroduced the richness of the ocean after the palate cleansing from the previous course. The creamy Uni seated atop warm, vinegared rice and wrapped in crisp seaweed offered a burst of sweetness that enveloped our taste buds. It was a return to indulgence, gently guiding us back towards the richer territory without losing the lightness established by the previous course. 

The lightly seared Otoro (Tuna Belly) once again invited us to partake of the bounty of the ocean, enhanced by the gentle kiss of garlic. The fresh nama wasabi (horseradish) used set this dish apart from the standard wasabi paste found in other establishments. Ground directly from the wasabi root, it provided a nuanced heat that complements the fatty tuna without overpowering it.

This dish pairs the natural sweetness of Botan Ebi (Sweet Shrimp) with the velvety richness of foie gras. The finishing touch is a secret house sauce, infused with the accumulated umami of other ingredients that binds everything together in one luscious bite.

Following the decadence of the Botan Ebi and Foie gras, this gently simmered broth offers a soothing interlude. The double boilling technique concentrates the flavors without overpowering the delicate otoro, which softly enriches the soup with its subtle fattiness. Meanwhile, the mushrooms induse a light earthiness, rounding out a light yet deeply comforting course.

And finally, a refreshing finish to the omakase. the Japanese strawberry, apple and melon delivered a natural sweetness and crisp juiciness, while the custard mochi added a soft chew. This final bite offered a playful closure which left us with a lingering sense of satisfaction.

Overall, this omakase was a precisely orchestrated progression from light palate awakening bites to indulgent, richly layered flavors. It was then elevated in luxury with the inclusion ingredients such as Wagyu, Uni and Caviar, balanced by palate resetting courses and a soothing double boiled soup. Finally, ,all this culminated in a delicate dessert, a playful conclusion that cleanses and delights the palate.

I hope this flavorful journey has ignited your passion to pursue your own path towards Omakase Freedom just as it has for us. Each dish reminds us that with the right balance of indulgence and discipline, life's finest pleasures can become a recurring treat!