🖋️ Foreword

October unfolded as a quiet yet defining month for both the market and my portfolio. Beneath the calm surface, undercurrents surged, as the cycle began to take shape anew.

Technology once again led the charge. OpenAI deepened its strategic partnerships with NVDIA, AMD and Broadcom, securing access to cutting-edge GPUs while co-developing custom AI accelerators that close the gap between model design and silicon performance. The newly launched Stargate initiative, a multi-billion dollar joint venture with SoftBank Group, set in motion the construction of next generation AI data center campuses around the world. At the enterprise level, OpenAI expanded its reach through collaborations with Databricks, integrating its frontier models across more than 20,000 corporate data platforms, and with Guardian Media Group, gained licensed content for both training and real-time use within ChatGPT. Together, these moves have established OpenAI’s presence across the entire AI stack, reigniting strength in the semiconductor and enterprise AI sectors while lifting broader market sentiments.

For YieldMax investors, such as myself, a quieter but equally important transformation took place. MSTY and CONY completed their transition to weekly dividends, joining ULTY in providing a steadier and more predictable stream of income. The timing of this shift was no coincidence. As crypto markets settled into tighter trading ranges and volatility declined, option premiums linked to MicroStrategy and Coinbase began decaying faster than before. By syncing payouts with their weekly option cycles, YieldMax ensured a more consistent flow of yield even as the broader crypto sector remained muted.

The macro environment, however, was far from calm. Gold surged past $4,350 mid-month before easing to $4,002.81 by the close, still up 3.6% for October. The move reflected a flight to safety as the U.S. government shutdown dragged on, with negotiations over fiscal spending and federal funding still unresolved. Markets began to price in the growing risk of delayed data releases and reduced policy clarity, pushing investors toward defensive assets and income-based strategies. Overseas, focus turned to Seoul, where President Trump met President Xi Jinping in an attempt to recalibrate trade and security relations. The dialogue was constructive but cautious, producing reassurances without concrete agreements. The meeting underscored a geopolitical backdrop defined by pragmatism rather than partnership.

In the United States, the Federal Reserve cut interest rates by 25 basis points but warned that no further reductions were likely this year. The move signaled confidence that inflation was cooling within expectations, though the ongoing government shutdown complicated the near-term outlook. Liquidity held steady, yet investor caution grew as federal data gaps limited visibility. With the shutdown still unresolved and diplomacy treading cautiously abroad, October proved to be a test of patience and conviction across markets.

In the cryptocurrency space, Bitcoin retreated 3.9%, falling from highs near $125,000 to around $109,000, while Ethereum held steady near $3,400. Trading volumes thinned through the latter half of the month, signaling a shift toward accumulation rather than capitulation. For crypto-linked assets such as MSTY and CONY, this quieter environment provided the ideal backdrop for their transition to a weekly dividend model, mirroring the structure that had already proven successful with ULTY.

Through all these currents, the portfolio remained composed. NAV rose 2.5% to $47,528, supported by weekly dividends, disciplined option income, and a strong cash reserve. October may have been marred by uncertainty, but at the portfolio level, it stood calm and quietly resilient.

Let’s unpack it.

🖼️ Visual Summary

🔑Key Takeaways

• NAV Rose Steadily
  The portfolio’s value increased by 2.5% in October, closing at $47,528. Total Equity grew by $1,177, a modest but steady gain even though the market faced tricky and cautious conditions. Growth was supported by consistent yield and offsetting the effects of policy uncertainty and the ongoing government shutdown.
  
• Income Flow Remained Firm
  Total income reached $1,797 (+24.9%), comprising $1,364 (+10.4%) in dividends and $434 (+112.6%) from option premiums. The transition of MSTY and CONY to weekly dividends is now complete. With this change, the entirety of the Yield Engine now pays weekly, providing a stable flow of cash.
  
• Liquidity Reserve Slightly Reduced
  The Liquidity Reserve closed at $5,113 (10.8% of NAV), down slightly from September (-1.8%). The small reduction reflected controlled reinvestment into income-producing positions while maintaining enough flexibility for tactical opportunities in November.
  
• Yield Engine Consolidated
  The Yield Engine closed $22,044 (-12.6%), as MSTY and CONY adjusted to their new weekly payout model. These paper declines were largely offset by $1,364 in realized dividend income, illustrating the trade-off between capital stability and ongoing yield. The segment continues to deliver predictable cashflow, maintaining its purpose as the portfolio’s core income driver.
  
• ETFs Led the Recovery
  ETF holdings (CSPX, IWDA, VWRA) rose from $6,725 to $7,342 (+9.2%). Broader market resilience and defensive rotation supported global equity ETFs, which continued to serve as the portfolio’s stabilizing anchor amid yield-segment volatility. The category remained a reliable contributor to NAV growth, reinforcing the long-term base of the portfolio.
  
• Tactical Yield Expanded
  SOFI rose from $3,963 to $7,420 (+87.2%), driven by accumulated options income and tactical position scaling. The increase reflected a blend of capital appreciation and consistent premium harvesting from short-term put and call strategies. The position continued to serve as a flexible yield engine within the portfolio, complementing the steady weekly income produced by the YieldMax suite.
  
• Tech & Growth Strengthened
  Tech and growth stocks rose 9.0%, led by NET (+18%), NVDA (+8.5%), and PLTR (+9.9%). The sector benefited from renewed optimism following OpenAI’s expanded partnerships with major chipmakers and data firms, strengthening the long-term AI narrative.
  
• Exploratory Growth Advanced
  Exploratory holdings increased $1,455 (+15.3%), supported by gains in 640 (+12.4%) and 9MT (+18.2%). Although still small at 3.1% of NAV, this segment adds regional and sector diversity, with selective exposure to emerging opportunities. The move in 640 also reflected its recent share consolidation, a structural change rather than a price catalyst.
  
• Portfolio Structure Reinforced
  The framework continues to work well, offering clarity, balance, and direction for capital deployment. Each segment contributed to stability in a month defined by shifting global conditions, disciplined reinvestment, and consistent income generation.

📊 NAV Progression

October closed with the portfolio at $47,528, up 2.5% from September’s $46,351. The increase was modest but steady, marking the fourth straight month of growth even as markets moved cautiously through rate cuts, fiscal uncertainty, and the ongoing government shutdown.

Performance this month was led by Tactical Yield, where SOFI nearly doubled to $7,420. Accumulated option income and controlled scaling helped it capture volatility that other segments avoided, turning short-term market hesitation into yield.

The Yield Engine softened to $22,044 (–12.6%) after MSTY and CONY adjusted to their new weekly payout rhythm. Yet, the segment’s consistent distributions continued to anchor overall income, cushioning the drawdown with $1,364 in realized dividends.

ETFs provided quiet strength, rising 9.2% to $7,342. They offered balance through defensive exposure to CSPX, IWDA, and VWRA, which absorbed volatility from income assets.

Meanwhile, Tech & Growth added momentum, up 9.0% to $4,152, as optimism around OpenAI’s expanding AI partnerships reignited sentiment across semiconductor and enterprise technology names.

The Exploratory Growth segment grew 15.3% to $1,455, helped by 640 and 9MT, with the latter’s regional exposure adding quiet strength. 640’s recent share consolidation adjusted its trading profile without changing underlying value, keeping this category’s contribution measured yet meaningful.

Finally, the Liquidity Reserve settled at $5,113 (10.8% of NAV), maintaining flexibility for new opportunities in November while sustaining a comfortable buffer.

Together, these movements painted a month of controlled progression. Tactical execution at the edges, quiet consistency at the core, and a portfolio structure that continues to function exactly as designed.

🧩Portfolio Updates

ETFs Expanded
2 IWDA shares and 1 VWRA share were added in October, modestly increasing total ETF exposure. The ETF layer now stands at $7,342 (+9.2%). This expansion strengthened the base of long-term compounding while providing balance against higher-yield segments. Global indices remained stable despite macro uncertainty, and these selective additions ensured continued participation in the broader equity recovery.

Yield Engine Reinforced
An addition of 200 ULTY shares brought total holdings to 1,500, reinforcing the weekly dividend foundation. MSTY and CONY maintained their share counts but officially completed the transition to weekly payouts, aligning with ULTY’s schedule. Although MSTY fell 22.0% and CONY declined 7.8%, the segment still generated $1,364 in dividend income. This steady flow preserved momentum and reaffirmed the Yield Engine’s role as the portfolio’s income anchor.

Tactical Yield Grew
The SOFI position increased from 150 to 250 shares, supported by deliberate scaling and active option management. Its value rose 87.2%, reflecting both capital appreciation and consistent premium collection. Option income totaled $434, confirming SOFI as the portfolio’s most flexible and responsive source of yield heading into the final quarter of the year.

Tech & Growth Retained
No new positions were added within Tech & Growth, but existing holdings performed well. NET gained 18%, NVDA rose 8.5%, and PLTR advanced 9.9% as enthusiasm returned to the AI and semiconductor sectors following OpenAI’s expanded industry partnerships. The segment continues to provide targeted exposure to innovation while remaining proportionally small to preserve overall portfolio balance.

Exploratory Footprint Initiated
No share changes occurred within the Exploratory sleeve, yet total value rose 15.3% to $1,455. Gains in 640 and 9MT, along with 640’s share consolidation, improved trading stability and visibility. Though small at 3.1% of NAV, this sleeve adds regional and small-cap diversification that supports long-term growth potential.

Liquidity Managed
Cash reserves closed at $5,113, representing 10.8% of NAV, slightly lower than September’s 11.6%. The reduction came from reinvestments into ETFs, ULTY, and SOFI, reflecting measured capital deployment rather than reduced liquidity discipline. The reserve remains healthy and ready for tactical opportunities in November.

🌐 Market Update

Volatility & Rates

What was expected

Investors entered October expecting a calm environment. The market consensus was that the Federal Reserve’s 25-basis-point rate cut would provide short-term support to equities and ease funding costs without reigniting inflation. Many believed the government shutdown would be resolved quickly, minimizing impact on liquidity or data flow. Volatility was expected to stay contained, with attention shifting back to corporate earnings and macro normalization.

What happened

The Fed followed through with the rate cut, but its tone turned unexpectedly firm. Policymakers signaled that no further reductions were likely this year, dampening expectations for a prolonged easing cycle. Meanwhile, the shutdown dragged on, leaving investors without official data on employment, CPI, and growth. The absence of reliable indicators increased market hesitation.

Gold climbed to $4,350 mid-month before settling at $4,002.81, closing 3.6% higher. The rally reflected demand for safety as confidence in fiscal management weakened. Treasury yields held stable, and equity volatility remained moderate, but risk appetite narrowed sharply toward defensive positioning.

How the portfolio responded
The portfolio leaned on its internal rhythm of consistency. Weekly distributions from the Yield Engine maintained cashflow even as prices softened. The ETF layer provided additional stability, rising 9.2% as global markets steadied. Liquidity remained intact at 10.8%, preserving tactical flexibility. Rather than chase market relief, the portfolio held course, focusing on cash generation and steady reinvestment.

Crypto & Equity Performance

What was expected

Coming into the month, the crypto market was projected to consolidate after September’s rally. Analysts anticipated tighter trading ranges, with Bitcoin hovering near $120,000 and Ethereum around $3,400. The expectation was for lower volatility and sustained premiums for option-based yield strategies. On the equity side, investors looked for continued momentum in technology, supported by optimism around AI adoption and stable earnings.

What happened

Bitcoin declined 3.9%, sliding from near $125,000 to around $109,000, while Ethereum held steady near $3,400. Trading volumes thinned as speculative interest waned. Option premiums decayed faster than expected, prompting MSTY and CONY to transition to weekly dividends to align payouts with realized income.

Equity markets remained resilient. OpenAI’s expanded partnerships with NVIDIA, AMD, and Broadcom boosted semiconductor optimism, while the Stargate initiative with SoftBank Group reinforced confidence in large-scale AI infrastructure. Collaborations with Databricks and Guardian Media Group extended OpenAI’s enterprise reach, driving renewed interest across AI-linked equities. NET (+18%), NVDA (+8.5%), and PLTR (+9.9%) all advanced, while broader indices traded sideways amid caution.

How the portfolio responded

The portfolio’s income design absorbed the crypto slowdown smoothly. The Yield Engine continued generating steady payouts, offsetting short-term valuation dips in MSTY and CONY. The Tactical Yield sleeve, led by SOFI, captured market inefficiencies through short-dated put and call strategies, producing an 87.2% gain for the month. ETFs added quiet balance, rising 9.2% and reinforcing the defensive core. Overall, the portfolio finished 2.5% higher, driven by disciplined management rather than market momentum.

Outlook for November

November begins with a mix of caution and opportunity. The government shutdown continues, leaving markets data-blind but not directionless. Rate policy has stabilized, and inflation pressures appear contained, suggesting a potential window for tactical yield strategies.

For the portfolio, the focus remains unchanged. The Yield Engine’s synchronized weekly cycle will sustain predictable income. SOFI’s Tactical Yield positioning will continue to exploit short-term volatility selectively, while ETFs anchor long-term stability.

Patience will again be the priority. With rates steady, income reliable, and liquidity preserved, November is expected to reward disciplined accumulation rather than aggressive rotation.

🎯Objective Review

Here’s how we performed against our August targets at a glance:

Base Goals

✅ Income Goal: Generate at least $1,300 — Exceeded

Total income reached $1,797, comprising $1,364 in dividends and $434 in options premiums. The transition of MSTY and CONY to weekly payouts strengthened the portfolio’s income rhythm, providing smoother and more consistent cashflow than in prior months.

✅️ Cash Reserve: Maintain between 10% and 12% of NAV— Met

Reserves closed at $5,113, or 10.8% of NAV, slightly below September but still within the target range. The small drawdown reflected controlled redeployment into ULTY and ETFs while maintaining adequate flexibility for tactical entries in November.

✅ Option Selling: Focus only if premium exceeds 2.5% — Met

SOFI remained the sole active option engine for October, involving four key trades across both puts and calls.

• Average realized yield: 3.2% per trade (above the 2.5% benchmark)
• Highest yield: 4.5% on the 26.5 Put (Oct 31 expiry)
• Assignment: 1 Put at $27, establishing 100 shares at an effective cost of $26.52
• Net premium earned (after all Buy-to-Close and fees): $434

✅ Yield Engine Stability: Hold through volatility — Met

Despite short-term drawdowns in MSTY and CONY, distributions remained uninterrupted. ULTY rose 4.6% following capital additions, reinforcing total portfolio yield stability even as prices fluctuated.

Stretch Goals

✅ Total Income: Exceed $1,500 — Achieved

Monthly income totaled $1,797, well above the stretch target, supported by synchronized weekly payouts and active SOFI premiums.

✅ NAV Growth: Add $2,000 to $3,000 — Partially Met

Portfolio NAV grew 2.5%, from $46,351 to $47,528, a gain of $1,177. The slowdown was largely due to MSTY price compression, though steady income offset most of the capital drag.

✅ Strategic Deployment: Add to CSPX, IWDA, or ULTY selectively — Met

Additional 200 ULTY shares were acquired, alongside ETF reinforcements in CSPX and IWDA. These additions strengthened both yield and stability layers ahead of the November cycle.

✅ Risk Discipline: Maintain controlled exposure — Met

Only one SOFI option was open at any given time, and all short legs were closed or rolled before expiry. This preserved capital safety and kept exposure aligned with volatility shifts.

✅ Exploratory Layer: Maintain below 3% of NAV — Met

640 and 9MT advanced modestly (+12% and +18% respectively) while staying within allocation limits. This layer continued to provide small but meaningful diversification benefits.

📁Transactions

October Transactions

• ULTY
  Purchased 200 shares at $5.08 on October 24, expanding the core Yield Engine allocation to 1,500 shares in total. This addition reinforces the portfolio’s weekly income base and improves yield consistency going into November.
  
• IWDA
  Added 2 shares at $130.31 on October 29, strengthening global developed market exposure. The move complements CSPX and aligns with the objective of gradual reinforcement of the ETF layer for long-term stability.
  
• VWRA
  Purchased 1 share at $169.70 on October 29. This incremental addition broadens passive exposure across both developed and emerging markets, rounding out the Global Core ETF segment.
  
• SOFI
  Acquired 100 shares at $27.50 on October 3 after put assignment. The new shares formed part of the tactical yield sleeve and enabled covered call positions later in the month, maintaining continuous premium generation within controlled risk limits.
  
• Liquidity Reserve
  The cash balance adjusted downward following reinvestments into ULTY and ETFs. The portfolio closed with a reserve of $5,113, equal to 10.8% of NAV, preserving sufficient flexibility for tactical opportunities in November.

🏦 Income Overview

October delivered $1,797.54 in total income, a 24.9% increase from September. Dividends made up $1,363.93 (76%), while options contributed $433.61 (24%). The income mix continued to lean toward stable, recurring distributions while retaining tactical upside from options.

Dividend Highlights ($1,364)

• MSTY: $743.82, a slight increase compared to September.
• ULTY: $419.18, distributions increased due to additional ULTY additions
• CONY: $200.86, a slight increase compared to September.

Option Activity ($434)

• All option trades in October came from SoFI
• 4 short puts were opened and closed profitably, with one position assigned at the $27 strike, creating 100 new shares at an effective cost basis of $26.52 after premiums.
• 1 short call was sold at the $32 strike and later bought back for a small gain, maintaining position flexibility as SOFI consolidated near $28–29.
• Average yield on strike: 3.2%, with the highest single trade return at 4.5% on the $26.5 put (Oct 31 expiry).
• Average holding period: 7–10 days, keeping exposure short and responsive to price movement.

Yield Profile

• Overall Yield: 3.2 %
  • Dividends: 3.2 %
  • Options: 1.0 %

Another month of stable performance across all yield engines. The portfolio’s blended yield of 3.2% demonstrates the balancing of passive income strength with active yield enhancement.

🔭 Next Steps

November will focus on maintaining rhythm rather than expansion. With all YieldMax funds now paying weekly, the income engine is fully synchronized. The plan is to preserve this, manage SOFI options selectively for tactical yield, and gradually strengthen ETF positions on meaningful pullbacks. Cash reserves will remain above 10% to safeguard flexibility while monitoring opportunities as volatility and policy signals unfold.

Area of Focus

• Maintain income Discipline
  With all YieldMax funds now aligned to weekly payouts, the focus shifts toward maintaining consistency rather than expansion. The goal for November is to sustain income above $1,700, keeping weekly flows uninterrupted while monitoring MSTY and CONY for any payout drift following their transition.
  
• Tactical Option Rotation
  Continue managing SOFI through short-duration puts and selective covered calls, targeting 2.5% or higher returns on strike. Maintain only one active position at a time to preserve risk control and liquidity. If volatility expands post-shutdown resolution, consider widening strikes slightly for improved premium capture.
  
• Reinforce ETF Stability
  Gradually increase CSPX and IWDA on meaningful dips to strengthen the defensive layer. ETF adds remain the foundation of long-term compounding and will serve as the stabilizer should volatility return in late Q4.
  
• Preserve Liquidity Buffer
  Keep the cash buffer above 10% of NAV. With volatility lingering and rate direction uncertain, the reserve will remain essential for opportunistic entries and capital protection. Avoid large deployments until macro clarity improves.
  
• Monitor Yield Sustainability
  Track the effective yields of MSTY and ULTY relative to NAV. If price pressure continues without distribution erosion, consider selective reinvestment to compound weekly returns at more attractive valuations.

📅 Month 14 Objectives

✅ Base Target

• Income Goal:
  Generate at least $1,700 in total income, primarily through weekly dividends from MSTY, CONY, and ULTY, supplemented by tactical SOFI options. Maintain continuity in distributions and protect the month’s payout rhythm.
  
• Liquidity Reserve:
  Keep reserves between 10% and 12% of NAV to preserve flexibility for tactical entries. Avoid new large-scale deployments until market clarity improves following the ongoing shutdown and Fed policy recalibration.
  
• Equity Exposure:
  Add selectively to CSPX or IWDA on meaningful pullbacks. Focus on strengthening the ETF base to balance yield-driven segments and reduce sensitivity to market volatility.
  
• Option Selling:
  Continue using SOFI short puts and covered calls only if returns exceed 2.5% of strike value with expiries under 14 days. Maintain single-position exposure at all times to control leverage and margin usage.
  
• Yield Engine Stability:
  Hold MSTY, ULTY, and CONY through short-term volatility. Reinvest only if prices decline more than 5% without a reduction in distribution. The priority remains yield sustainability, not price recovery.
  

🚀 Stretch Goal

• Total Income:
  Exceed $1,900 through combined weekly dividends and optimized option premiums.
  
• NAV Growth:
  Increase NAV by $1,500 to $2,000, driven by earned income and incremental ETF reinforcement.
  
• Strategic Deployment:
  Allocate up to $1,000 into ETFs if market weakness deepens mid-month, reinforcing the stability pillar before year-end distributions.
  
• Risk Management:
  Maintain portfolio delta near current neutral levels. Avoid overexposure to crypto-linked volatility until BTC sustains above $115,000 for two consecutive weeks.
  
• Exploratory Layer
  Monitor 640 (HKEX) and 9MT (SGX) for volume-based breakouts. Add only upon confirmation of strength and keep allocation under 3% of NAV.

The goal is to let structure do the work. To stay patient, keep yield steady, and let the compounding take care of the rest.

🧠 Final Thoughts

October was a month of quiet strength. The market shifted beneath the surface, yet the portfolio held its rhythm. Weekly income flowed as designed, the Yield Engine ran smoothly, and tactical discipline around SOFI kept risk contained while adding meaningful yield.

The shift of MSTY and CONY to weekly dividends marked a structural milestone, turning the portfolio into a true weekly income system. Each segment functioned in balance, showing that consistency can sometimes outperform excitement.

As November begins, the focus remains on maintaining tempo rather than expansion. The target is to preserve steady cashflow, keep reserves above 10%, and reinforce the ETF base on meaningful dips. The aim is not to chase volatility but to let structure and rhythm do the work.

Strong undercurrents remain, but the gains remains steadfast.

💬 Let’s Talk

October reminded me that discipline is often the quietest strength in investing. The past month was not driven by headlines or surprises but by steady income, measured positioning, and patience rewarded in small, consistent increments.

What are you focusing on this quarter? Are you building yield, reinforcing your base, or waiting for volatility to return before redeploying?

Share your thoughts below.

🖋️ Foreword

We are now entering the last quarter of the year.

A full year has passed since we started this journey. What began as a small experiment to track a new family of YieldMax funds has grown into something larger. The numbers have become a story of their own, one of discipline, resilience, and quiet intent.

Just as markets and technology evolves, so must we. Our portfolio must grow with them, shaped by the same clarity and purpose that guide the world we invest in. Each shift sharpens our blade and tests our strategy with greater intensity, reminding us that progress not only depends on speed, but also on precision.

September reflected that evolution. The new categories were introduced to bring sharper clarity to the composition of the portfolio, allowing for clearer segregation and the development of a more intricate sub-strategy within the system.

Bitcoin opened the month at $109,250, pushing higher through the first half of September to test $117,900. Momentum faded toward the end of the month as profit-taking set in, and by September 30, it closed at $114,056, marking a monthly gain of about 4.4%. The move was steady and controlled, a welcome sign of maturing sentiment.

The Nasdaq Composite showed similar strength. It started the month at $21,279, climbed steadily to a high of $22,801 mid-month, and ended September at $22,660, up 6.5%. Technology led the charge once again, supported by renewed optimism in artificial intelligence and a softer yield outlook from the Federal Reserve.

My portfolio moved in tandem with these trends. The Yield Engine (MSTY, ULTY) continued to generate steady dividends, delivering payouts even as share prices softened slightly. The ETFs (CSPX, IWDA and VWRA) did the heavy lifting, contributing to the bulk of this month’s gains. SOFI remained the tactical yield driver, benefiting from short-term volatility that helped capture consistent option premiums. Total income came in at $1,439, with $1,235 from dividends and $204 from option premiums.

All in all, it was not a month of dramatic swings, but one of stable and quiet growth, a reminder that progress is built on consistency, not intensity.

Let’s unpack it.

🖼️ Visual Summary

🔑Key Takeaways

• NAV Growth Continued
  The portfolio rose 3.9% in September, closing at $46,351. Total equity value increased by $2,447, driven primarily by strong gains in ETFs (+60.0%) and a solid rebound across Tech & Growth (+11.7%) holdings.
  
• Income Flow Remained Firm
  Total income reached $1,439, with $1,235 from dividends and $204 from option premiums. Weekly flows from MSTY, ULTY, and CONY kept the income stream intact even as prices softened.
  
• Liquidity Reserve Slightly Reduced
  The Liquidity Reserve decreased by 12.9% to $5,381, reflecting redeployment of capital into ETF and exploratory positions. Despite the reduction, the cash buffer held at 11.6% of NAV, preserving flexibility for tactical trades in October.
  
• Yield Engine Consolidated
  The Yield Engine closed at $25,209, down 6.9% month-on-month. MSTY saw a 9.9% drawdown, while ULTY slipped 3.5% Steady distributions helped offset these decline and sustained portfolio income.,
  
• ETFs Led the Recovery
  The ETF segment (CSPX, IWDA, VWRA) grew from $4,202 to $6,725, a gain of $2,523 (+60%). This category was the top contributor to NAV growth, supported by increased investments and a strong September rally in the S&P 500 and global markets.
  
• SoFI Continued as a Tactical Engine
  SOFI, the sole Tactical Yield position, rose 3.4% to $3,963. Option premiums remained the main yield driver, complementing dividend income from the Yield Engine.
  
• Tech & Growth Strengthened
  This segment climbed 11.7% , led by NET (+27% ), NVDA (+7% ), and BB (+27% ). Selective exposure to tech names proved effective as the Nasdaq advanced 6.5% for the month.
  
• Exploratory Growth Awakened
  The Exploratory Growth segment surged from $1.29 to $1,261.96, up 977% , reflecting new allocations into 640 (HKEX) and 9MT (SGX). While still a small portion of NAV (2.7% ), it adds regional diversity and optional upside.
  
• Portfolio Structure Reinforced
  September completed the transition into a six-category framework: Yield Engine, ETFs , Tactical Yield, Tech & Growth, Exploratory Growth, and Liquidity Reserve.

📊 NAV Progression

September closed with the portfolio at $46,351, up 3.9% from August’s $44,616. The increase was moderate but broad-based, marking the third consecutive month of positive growth.

The ETFs led performance once again, climbing 60% to $6,725. 2 new CSPX shares and 5 additional IWDA shares were added during the month, strengthening long-term stability and global diversification. Together with VWRA, the ETF segment now represents 14.5% of NAV and serves as the portfolio’s defensive backbone.

The Yield Engine, still the largest allocation at 54.4% , eased slightly to $25,209 as MSTY and ULTY prices softened. Even so, the segment continued to generate weekly income and remains the portfolio’s primary cash-flow source.

The Tactical Yield sleeve, represented by SOFI, advanced 3.4% to $3,963. Short-term option selling kept returns steady while controlling downside exposure.

Tech & Growth positions gained 11.7% , ending at $3,810. Strength in NET (+27% ), BB (+27%), and NVDA (+7%) lifted the segment as the Nasdaq rose 6.5% for the month.

The Exploratory Growth category, including 640 (HKEX), 9MT (SGX), and 5UA (SGX) — expanded to $1,262 or 2.7% of NAV, reflecting a deliberate step into regional and small-cap opportunities.

Lastly, the Liquidity Reserve stood at $5,382, or 11.6% of NAV. The minor drawdown reflects the ETF purchases while keeping a healthy buffer for tactical moves in the final quarter.

Overall, September showed quiet strength. Yield engines held their ground, global ETFs took the lead, and new categories brought structure and clarity to both risk and return.

🧩Portfolio Updates

ETFs Expanded
Selective additions were made to the ETF layer with two CSPX and five IWDA shares added in September. The goal was simple. To strengthen the base of long-term stability and compound growth while maintaining balance against higher-yield exposures.

Yield Engine Held Course
No new positions were opened within the Yield Engine. MSTY and CONY continued their monthly payouts, while ULTY delivered steady weekly flows. Price softness in MSTY and ULTY was offset by consistent distributions, keeping income momentum intact.

Tactical Yield Stayed Light
SOFI remained the only active tactical yield play. Options were managed selectively, capturing premiums without increasing margin exposure. No additional contracts were opened at month-end, keeping risk measured and liquidity ready for Q4 opportunities.

Tech & Growth Retained
Core tech names NVDA, NET, and PLTR were maintained with no new entries. These remain satellite growth drivers, kept intentionally small to preserve portfolio balance while participating in the sector’s recovery.

Exploratory Footprint Initiated
September marked the first deployment into the Exploratory Growth sleeve, introducing 640 (HKEX) and 9MT (SGX). Allocations are small by design, allowing gradual observation of market response before scaling exposure.

Liquidity Managed
Cash levels were trimmed slightly following ETF purchases, yet the 11.6% buffer remains intact. The reserve continues to serve as both protection and optional firepower for tactical entries should volatility resurface.

🌐 Market Update

Volatility & Rates

What was expected

September began with markets expecting volatility to ease further after a calm August. Softer inflation data and stable macro readings supported the idea that the VIX would drift lower toward the 14–15 range, while Treasury yields were expected to hold steady. Analysts anticipated another quiet month driven by cautious optimism and lower market stress.

What happened

Instead, volatility edged higher. The CBOE Volatility Index (VIX) gained about one point, closing at 16.28 on 30-Sep-2025, within an intraday range of 16.02 to 16.70. This marked its second consecutive monthly increase, even as both the S&P 500 and Russell 2000 posted solid gains. Treasury yields were little changed, with the U.S. 10-year ending the month near 4.25% . The slight rise in VIX reflected modest hedging rather than panic, suggesting investors were securing profits while remaining engaged in risk assets.

How the portfolio responded
The portfolio maintained a steady stance amid the uptick in volatility. The mild increase in option premiums benefited SOFI’s tactical spread strategy, while core holdings such as MSTY and ULTY continued to deliver consistent weekly distributions. The ETFs held firm as yields stabilized, reinforcing balance between income and growth positions. Overall, the portfolio benefited from a market that was calm but cautious, favoring income continuity over speculative expansion.

Crypto & Equity Performance

What was expected

Coming out of August’s mild drawdown, most analysts expected a subdued month for crypto. Liquidity remained thin, ETF inflows had slowed, and sentiment pointed toward consolidation rather than breakout. Bitcoin was forecast to trade quietly around the $110,000 level, with limited volatility.

What happened

Crypto markets instead delivered a measured rebound. Bitcoin opened September at $109,250 and climbed to $117,900 mid-month before easing to close at $114,056, up 4.4% . Volatility narrowed, and trading volumes stabilized. Ethereum underperformed slightly as ETF inflows cooled but continued to attract institutional demand. The tone was constructive, marked by steadier price action and reduced speculative churn.

How the portfolio responded

The Yield Engine maintained consistent performance. CONY, which tracks Coinbase through an option-income strategy, provided steady distributions despite reduced crypto volatility. Exposure to MSTY and ULTY remained unaffected, ensuring stable income flow even as crypto markets consolidated. The portfolio maintained minimal direct crypto exposure, choosing instead to capture yield through structured products rather than price speculation.

Outlook for October

October will be a test of discipline. Markets have regained their footing, yet confidence remains fragile. The slight rise in volatility at the end of September hints that investors are still hedging against surprises, while economic data continues to balance between strength and fatigue.

Attention will turn to Washington, where uncertainty surrounding a potential U.S. government shutdown could momentarily unsettle markets. Historically, such events tend to lift short-term volatility and weigh on investor sentiment, though the impact often fades once a funding resolution is reached. For now, the risk is more psychological than structural, but it adds another layer of caution to an already delicate environment.

Equities may see slower momentum as valuations stretch and earnings guidance takes the spotlight. Technology remains resilient, but leadership could rotate toward sectors that benefit from stable yields, such as financials and infrastructure. The portfolio’s ETF base will continue to anchor this transition, providing balance if short-term pullbacks emerge.

For the Yield Engine, October will focus on consistency rather than expansion. MSTY, CONY and ULTY will continue to provide dependable periodic payouts. The goal is to preserve cash flow and use any brief volatility spikes as opportunities to accumulate income assets.

The Tactical Yield sleeve, anchored by SOFI, will stay selective. Option spreads will be deployed only when risk-reward aligns, keeping exposure light and premiums steady.

In essence, October is not about chasing momentum but maintaining rhythm. The portfolio enters the month well-positioned: cash at 11.6% , yield engines intact, and global exposure balanced. The focus now shifts from recovery to refinement. Staying patient, staying funded, and letting quiet compounding do its work.

🎯Objective Review

Here’s how we performed against our August targets at a glance:

Base Goals

✅ Income Goal: Generate at least $1,200 — Exceeded

Total income reached $1,439, comprising $1,235 in dividends and $204 in options premiums.

✅️ Cash Reserve: Maintain between 10% and 14% of NAV— Met

Reserves ended at 11.6 % of NAV, within range and near the midpoint of the target band. The portfolio maintained ample flexibility for tactical opportunities without overextending exposure.

✅ Option Selling: Focus only if premium exceeds 2.5% — Met

SOFI remained the sole option engine. All puts cleared the 2.5% return hurdle and were managed with short expiries. No positions were left to assignment.

Stretch Goals

✅ Total Income: Exceed $1,500 — Slightly Missed

September’s $1,439 came close but fell short of the stretch mark. The absence of a double MSTY payout (which boosted August) kept overall income slightly below target, though yield stability remained intact.

✅ NAV Growth: Add $2,000 to $3,000 — Met

NAV grew 3.9 %, from $44,616 to $46,351, driven by ETF strength and broad equity gains. The rebound in Tech & Growth positions, combined with steady yield flow, provided the lift needed to outpace expectations.

✅ Selective Reinvestment: Add ULTY or MSTY — Deferred

Neither fund presented an attractive discount during the month. Focus shifted toward strengthening ETF exposure instead, prioritizing global diversification over concentrated yield expansion.

✅ Risk Discipline: Limit to one SOFI CSP — Met

All SOFI trades were capped at a single active position. Exposure stayed defined, duration short, and profits consistently locked in. Risk discipline remained central to the strategy.

📁Transactions

August Transactions

• CSPX
  Expanded further with two new entries at $700.01 and $712.70, lifting exposure to the S&P 500 core. The additions strengthened long-term stability and reinforced the ETF layer as a defensive anchor.
  
• IWDA
  Added five shares at $123.35, broadening diversification into global developed markets. This complements CSPX and supports the long-term allocation strategy within the Global Core ETFs segment.
  
• VWRA
  Initiated a small add of 2.1 shares at $163.97, rounding out global equity exposure and deepening passive diversification across regions.
  
• 640 (HKEX)
  Acquired 4,000 shares at HK$1.21 to establish a foothold in Exploratory Growth. This position reflects selective exposure to Hong Kong’s small-cap opportunities while keeping sizing prudent.
  
• 9MT (SGX)
  Actively traded through multiple small blocks between SG$0.39 and SG$0.73. Partial sales were executed to manage cost basis and rebalance short-term liquidity. The overall stake remains positioned for recovery momentum.
  
• Liquidity Reserve
  Received a $1,562 deposit. Ended the month at 11.6% of NAV, maintaining flexibility for tactical deployment in October.

🏦 Income Overview

September delivered $1,439 in total income, composed of $1,235 from dividends and $204 from options premiums. Though smaller than August’s double-payout surge, the consistency underscored the system’s resilience.

Dividend Highlights ($1,235)

• MSTY: $742.72, reduction due to single payment this month.
• ULTY: $334.43, distributions slightly lower due to market softness
• CONY: $158.27, a slight increase compared to August.

Option Activity ($204)

• All option trades in September came from SoFI
• A total of 4 short puts were written and subsequently closed for profit.
• Premiums were taken early, with no assignments or unnecessary exposure.

Yield Profile

• Overall Yield: 3.5 %
  • Dividends: 3.0 %
  • Options: 0.5 %

Income this month was characterized by continuity over surprise. The system functioned exactly as designed.

🔭 Next Steps

The portfolio enters October on solid footing. Income has stabilized, volatility remains contained, and cash reserves sit comfortably above target. The focus now shifts from rebuilding to refining, strengthening structure, tightening execution, and positioning for a measured fourth quarter.

Area of Focus

• Reinforce the Core
  Continue gradual additions to CSPX and IWDA when prices consolidate. These ETFs now form the backbone of stability, balancing high-yield volatility with steady capital appreciation.
  
• Maintain Yield Discipline
  Keep MSTY and ULTY as primary income engines. Accumulate only if dividend cadence remains uninterrupted and prices dip below intrinsic support. CONY will remain a supplementary yield stream, not a core holding.
  
• Tactical Flexibility with SOFI
  Continue deploying options selectively. Only engage when premiums exceed the 2.5% return threshold and risk-reward remains favorable. Volatility spikes linked to U.S. fiscal uncertainty may present brief but attractive entry windows.
  
• Preserve Liquidity Buffer
  Maintain the cash reserve near 11–12%. This ensures readiness to seize value opportunities without diluting dividend efficiency. Any excess inflow can be directed toward ETF accumulation later in the quarter.
  
• Monitor Macro Signals
  Watch the U.S. government shutdown debate and Treasury yield movement closely. A prolonged stalemate or renewed rate volatility could trigger market dips worth exploiting.

📅 Month 12 Objectives

✅ Base Target

• Income Goal:
  Generate at least $1,300 in total income, primarily through dividends, with SOFI options as tactical supplement.
  
• Liquidity Reserve:
  Maintain cash reserves between 10% and 12% of NAV to preserve flexibility.
  
• Equity Exposure:
  Add to CSPX or IWDA only on meaningful pullbacks. The goal is gradual reinforcement of the ETF core, not aggressive accumulation. No new positions outside current categories unless cash reserves exceed 12 percent.
  
• Option Selling:
  Focus on SOFI and MSTY puts only if premiums exceed 2.5% return on collateral, with expiries under 14 days.
  
• Yield Engine Stability:
  Hold MSTY, ULTY, and CONY through volatility. Monitor payout trends closely. No averaging down unless distributions remain intact and drawdown exceeds 5 percent from current levels.
  

🚀 Stretch Goal

• Total Income:
  Exceed $1,500, supported by double MSTY payout and steady ULTY weekly flows.
  
• NAV Growth:
  Lift NAV by $2,000 to $3,000 through earned income and selective reinvestment.
  
• Strategic Deployment:
  Allocate up to $2,000 into CSPX, IWDA, or VWRA if market sentiment weakens mid-month. Reinforce the stability pillar ahead of Q4 income cycles.
  
• Maintain Risk Discipline:
  Limit to one active SOFI CSP at a time unless reserves exceed 12%. Keep sizing controlled.
  
• Exploratory Layer
  Monitor 640 (HKEX) and 9MT (SGX). Add only on clear technical strength or sustained volume breakout. Keep allocation below 3 percent of NAV.

The goal is to let structure do the work. To stay patient, keep yield steady, and let the compounding take care of the rest.

🧠 Final Thoughts

The twelfth month marked a turning point. What began as an experiment in income has matured into a living, breathing system that balances yield, growth, and patience in equal measure. The numbers have become quieter now, but more deliberate, shaped not by chance, but by rhythm.

Markets rose, volatility stirred, and yet the portfolio stood firm. The income engine continued its steady hum while the core expanded in quiet strength. Every trade, every dividend, every option premium was another step in refining the system.

As the final quarter unfolds, the task ahead is no longer expansion but precision. The structure works. It only needs time to deepen its roots.

Slow hands. Steady gains. That is how the year will close.

💬 Let’s Talk

How are you adjusting your portfolio as the year enters Q4?

Are you building, holding, selling?

Share your thoughts below.

🖋️ Foreword

I am posting this a little later than usual. Life kinda got in the way this month. However, i still believe August 2025 deserved a proper entry.

The month moved with a split rhythm, one heavy, the other hopeful.

Bitcoin started off strong from $117,000 to test $124,000 mid month. That momentum did not last, and was soon halted. Heavy selling broke through the support levels and by end of August, it closed at $109,380.

The Nasdaq told a different story. It opened near $22,800, pushed to a peak of $23,900 around mid-month. Then settled, closing at $23,485 at the end of August.

My portfolio sat in the middle of this contrast. Yield engines like ULTY and MSTY faltered, with prices trending downwards and dividends reduced. SoFI, on the other hand continued to climb. Even so, August brought in $2,200 in dividends, driven by a double payment from MSTY. It was a reminder that while value swings are out of my hands. the income stream keeps this strategy alive.

Let’s unpack it.

🖼️ Visual Summary

🔑Key Takeaways

• NAV Growth Continued
  The portfolio grew by 0.5% in August. NAV rose from $44,401 to $44,616, supported by a fresh capital deposit of $3,107.86. Price weakness offset part of the contribution, leaving only $215 net growth after adjusting for the deposit.
  
• Income Reached a New Peak
  August’s income totaled $2,405. Dividends contributed $2,183 (91%), lifted by a double MSTY payout, while options added $222 (7%).
  
• Cash Position Strengthened
  Cash reserves improved again, climbing from 12.1% in July to 13.9% by end-August, giving more flexibility for tactical deployment.
  
• MSTY Remained the Income Driver
  MSTY delivered the largest share of dividends this month, with the double payout boosting results. ULTY and CONY added steady flows, while SOFI contributed through option premiums.
  
• ULTY Expansion Accelerated
  550 Shares added in August, reinforcing its role as a core weekly income engine.
  
• ETF Exposure Broadened
  CSPX (2 Shares) added to anchor long term stability alongside high yield plays
  
• SoFI Continued as a Tactical Engine
  SoFI’s price climb created room for tactical option selling. Active management generated $222 in net premiums, reinforcing its role as a growth and options overlay.
  
• Core Focus Stayed on Yield Stability
  No major shifts in holdings this month. Capital remained centered on high-yield engines MSTY, ULTY, and CONY, with broad ETF exposure through CSPX and IWDA acting as stability anchors.

📊 NAV Progression

NAV inched up from $44,401 to $44,616 in August, a modest 0.5% increase. This was supported by a cash deposit of $3,107.86, but weakness across MSTY and ULTY offset most of the contribution. Net portfolio growth after adjusting for the deposit was just $215.

Yield-focused positions like MSTY, CONY, and ULTY remain the backbone of the portfolio, making up the largest share of NAV. Despite price pressure, their dividend flows kept the income line resilient.

The cash buffer grew from 12.1% to 13.9%, giving more flexibility to act on opportunities without forced sales.

SoFI continued to provide tactical income through options, complementing the steady weekly flows from ULTY.

No fireworks, no fanfare, just the quiet rhythm of income keeping pace.

🧩Portfolio Updates

The portfolio ended August at $44,616, with allocations holding steady. The Yield Engine (MSTY, CONY, and ULTY) still dominated at 60.7% of NAV, supported by 8.6% in Tactical Yield (SoFI), 16.9% in Legacy Holdings, and a 13.9% cash reserve.

MSTY closed the month at -20.5%, even though its double dividend was the largest single income driver. CONY fell -21.2% weighed down by Coinbase weakness, but dividends continued. ULTY expanded from 750 to 1,300 shares, adding resilience and lifting income. despite price drawdowns.

SOFI remained a tactical engine, contributing through options premiums. At 8.6% of NAV, it’s a meaningful position but still leaves room to scale if conditions remain favorable.

Legacy equities accounted for 16.9%, while cash climbed to 13.9% of NAV, aided by a fresh deposit of $3,107.86. Together, they provided balance and the flexibility to adjust without being forced by volatility.

Overall, core income positions declined 8% in value, but this was partly offset by strength in other equities (+18.5%) due to purchase of CSPX and IWDA, as well as the growing reserve. The structure held, and the focus stayed on steady reinforcement rather than reinvention.

🌐 Market Update

Volatility & Rates

What was expected

August was set up to be quiet. The VIX had been steady, and there was little reason to expect a shake-up. The Fed had already guided toward holding rates until year-end. Markets assumed more of the same. They expected stable rates and stable premiums. They also anticipated a backdrop for steady option income.

What happened

That calm mostly played out. The Fed held steady, and the VIX stayed in range, closing the month just under 16. The stronger dollar was the quiet disruptor, weighing on crypto while equities took it in stride.

How the portfolio responded
Premiums stayed firm enough to collect without taking on extra risk. SOFI options were harvested steadily, and MSTY’s swings fattened yields even as the stock lost ground. With the cash buffer growing, there was no pressure to force trades.

Crypto & Equity Performance

What was expected

Bitcoin was expected to hover above 115k, maybe even make a push for 125k if inflows stayed strong. Nasdaq looked supported by tech earnings and steady policy. YieldMax names were expected to trail the broader market but hold their income lines.

What happened

Bitcoin did surge early, touching 124k mid-month, before a whale sale and softer ETF inflows dragged it back to close at 109,380. Nasdaq ran the opposite way, peaking at 23,900 and closing the month at 23,485, a gain over August.

YieldMax equities, did not follow crypto higher.

• MSTY dropped 20.5% despite Bitcoin’s early push.
• CONY slid 21.2% as bearish sentiment stayed heavy on Coinbase.
• ULTY was scaled from 750 to 1,300 shares, reinforcing income but not price.

SOFI drifted sideways but kept paying through options, proving its worth as a tactical income tool.

How the portfolio responded

Most SOFI puts were closed early for profit. MSTY’s double dividend turned into August’s highlight, driving monthly income past 2,400. ULTY’s larger base added stability, showing that size of position matters more than short-term price swings. Despite equity losses, income stayed steady and kept the system intact.

Outlook for August

Volatility is expected to hover in the high teens. CPI and jobs data may stir short bursts, but premiums should remain rich enough to reward discipline.

Bitcoin may retest 115k if flows stabilize, though sideways chop is just as likely. YieldMax funds should remain mixed. MSTY could bounce if Bitcoin steadies. CONY needs sentiment on Coinbase to recover. ULTY should keep paying week after week. SOFI stays volatile but tradeable for those willing to manage closely.

The path is unchanged. Stay patient, hold liquidity, and avoid overreach. The aim is not to trade harder, but to trade better.

🎯Objective Review

Here’s how we performed against our August targets at a glance:

Base Goals

✅ Income Goal: Generate at least $1,000 — Exceeded

August delivered $2,183 in income, driven by MSTY’s double dividend and a larger ULTY base. Options added $222 through SOFI puts. The goal was not only reached but tripled.

✅️ Cash Reserve: Maintain between 8% and 10% of NAV— Met

The reserve ended at 13.9% of NAV, up from 12.1% in July. A $3,107 deposit provided the lift, ensuring liquidity stayed above target and flexibility was preserved.e.

✅ Option Selling: Focus only if premium exceeds 2.5% — Met

SOFI remained the sole option engine. All puts cleared the 2.5% return hurdle and were managed with short expiries. No positions were left to assignment.

Stretch Goals

✅ Total Income: Exceed $1,300 — Surpassed

The stretch goal was cleared comfortably, with August income more than doubling the target. Dividend flows did the heavy lifting, supported by disciplined SOFI premiums.

✅ NAV Growth: Add $2,000 to $3,000 — Missed

NAV rose just 0.5%, from $44,401 to $44,616. After adjusting for the $3,107 deposit, true growth was only $215. Weakness in MSTY (–20.5%) and CONY (–21.2%) erased most of the inflows.

✅ Selective Reinvestment: Add ULTY or MSTY — Executed

Additional ULTY shares were purchased, raising holdings to 1,300. This improved weekly payout stability and offset some of the decline in MSTY.

✅ Risk Discipline: Limit to one SOFI CSP — Met

No more than one SOFI position was open at a time. Trades were sized carefully and closed early once premiums were secured. Discipline was upheld.

📁Transactions

August Transactions

• ULTY
  Expanded aggressively. Purchases across the month lifted the position from 750 shares to 1,300. The staggered entries between $6.00 and $6.15 locked in a stronger base for weekly dividends.
  
• CSPX
  Increased with two small adds at $669 and $680.80, reinforcing long-term ballast in the portfolio.
  
• ULTY
  Received increased allocation after the YMAX exit. Its weekly dividends continued without disruption, offering smoother payout cadence.
  
• Cash
  Received a $3,107 deposit, pushing reserves from 12.1% to 13.9% of NAV.

🏦 Income Overview

August delivered the strongest income line so far, totaling $2,405

Dividend Highlights ($2,183)

• MSTY: $1,670.96, boosted by the double dividend cycle.
• ULTY: $392.04, reflecting the expanded base of 1,300 shares.
• CONY: $120.33, steady despite price weakness.

Option Activity ($222)

• All option trades in August came from SoFI
• A total of 6 short puts were written and subsequently closed for profit.
• Premiums were taken early, with no assignments or unnecessary exposure.

Yield Profile

• Overall Yield: 5.0 %
  • Dividends: 4.5 %
  • Options: 0.5 %

Even as prices slipped, cash flow remained firm. Dividends dominated, while SOFI’s options added tactical balance. The month proved again that income sustains the portfolio more reliably than price marks.

🔭 Next Steps

September will be about holding the line, not overreaching. With Bitcoin shaken by heavy selling and equities leaning on fragile support, the portfolio will move with caution. MSTY, ULTY, and CONY stay as the core anchors, while SOFI remains a tactical lever. The focus now is steady income, controlled risk, and keeping cash reserves ready for when opportunity strikes.

Area of Focus

• Protect the Yield Core
  MSTY, ULTY, and CONY continue to pay reliably. Keep allocations steady, let the dividends work.
  
• Tighten SOFI Use
  Sell puts only above the 2.5% hurdle. Favor short expiry, keep sizing small, and avoid stacking exposure.
  
• Brace for Macro Moves
  Tariff headlines, inflation prints, and Fed signals may jolt markets. Mark exit levels early and act with intent if swings open room for gains.
  
• Defend the Cash Reserve
  Reserves near 14% provide flexibility. Keep them above 10% and avoid equity buys unless they clearly enhance income or stability.

📅 Month 12 Objectives

✅ Base Target

• Income Goal:
  Generate at least $1,200 in total income, primarily through dividends, with SOFI options as tactical supplement.
  
• Cash Reserve:
  Maintain cash reserves between 10% and 14% of NAV to preserve flexibility.
  
• No New Equity Buys
  Avoid new equity purchases unless reserves stay above 12% and the trade strengthens yield reliability.
  
• Option Selling:
  Focus on SOFI and MSTY puts only if premiums exceed 2.5% return on collateral, with expiries under 14 days.
  

🚀 Stretch Goal

• Total Income:
  Exceed $1,500, supported by double MSTY payout and steady ULTY weekly flows.
  
• NAV Growth:
  Lift NAV by $2,000 to $3,000 through earned income and selective reinvestment.
  
• Selective Reinvestment:
  Consider adding to ULTY or MSTY if prices weaken but dividends remain intact.
  
• Maintain Risk Discipline:
  Limit to one active SOFI CSP at a time unless reserves exceed 12%. Keep sizing controlled.

These objectives keep September framed as a month of discipline and preservation. They also leave space to capture upside if volatility turns in our favor.

🧠 Final Thoughts

August showed me once again that income is the anchor. Prices on MSTY, CONY and ULTY slipped, but dividends reached their highest level yet, and SOFI’s options added steady support. NAV barely shifted, yet the cash flow proved the strategy was still moving forward.

The system held. Yield engines kept paying, SOFI played its part, and the cash buffer grew stronger. No big trades, no reinvention, just steady reinforcement.

September brings its own set of risks with tariffs, inflation data and Fed signals all in play. The approach remains the same. Trade with patience, protect liquidity and step in only when the numbers line up.

💬 Let’s Talk

August reminded me how income can steady the ship even when prices drift lower. If you were in the same spot, would you keep leaning on yield engines like MSTY, ULTY and CONY, or shift more into broad ETFs for peace of mind?

🖋️ Foreword

July appeared quiet on the surface, yet undercurrents were ever present.

On the surface, the numbers barely shifted. Underneath, the portfolio kept building. Dividends continued flowing in. Options stayed active. The cash reserve rose. There were no dramatic headlines, just steady reinforcement of the structure already in place.

SoFI tried to steal the spotlight with its swings and surprises. But the rest of the engine kept turning, steady and unfazed. This was a month defined by Patience, by pacing and knowing that sometimes inaction is the best course of action.

Let’s unpack it.

🖼️ Visual Summary

🔑Key Takeaways

• NAV Growth Continued
  The portfolio grew by 5.9% in July. NAV rose from $41,790 to $44,401, supported by stable income flows and selective capital deployment. That said, the capital deposit of $3,136 resulted only in a growth of $2,611 due to weakness in prices.
  
• Income Remained Steady and Balanced
  July’s income totaled $1,545. Dividends made up $1,332 (86%), while options added $141 (14%).
  
• Cash Position Strengthened
  Cash reserves improved significantly. The reserve almost doubled from 6.6% in June to 12.11% by the end of July, creating more room for strategic flexibility.
  
• MSTY Drove the Majority of Income
  MSTY was the top income contributor for the month, paying $866.74. CONY followed with $278.29, and ULTY added $150.83 to the total.
  
• SoFI Remained a Tactical Engine
  SoFI’s price swings opened multiple entry and exit points for options. These moves generated a net premium of $214 through careful selling and early closeouts.
  
• Portfolio Shifted Toward Higher Yield
  Older positions in TIGR and QYLD were closed. The proceeds were then rotated into MSTY and ULTY, increasing exposure to higher yield assets with more predictable distributions.

📊 NAV Progression

July closed with a portfolio NAV of $44,401, a quiet lift from June’s $41,790. No fireworks. No breakouts. Just the quiet removal of dead weight and gears falling in place.

Dividends and option income arrived without surprises. Housekeeping cleared out older names, bringing sharper focus. Cash climbed to 12.11%, giving the portfolio space to breathe and act when needed.

The Yield Engine felt pressure, especially across MSTY and CONY. But the softness there was offset by strength in SoFI and a few legacy names that held firm.

There was no defining moment, no standout trade. Just reinforcement being laid brick by brick.

🧩Holdings

The portfolio breakdown held steady through July, with more than two-thirds of capital committed to the Yield Engine. MSTY remains the anchor within this category, with CONY and ULTY close behind. Scalability and repeatability continue to take priority over diversification for its own sake.

SoFI stayed in place as a Tactical Yield position. Though not paying dividends, it contributes through recurring cash-secured puts and opportunistic trades. With a weight just under 8% of NAV, it signifies cautious confidence, with space to expand if conditions stays favorable.

Legacy Holdings and the Cash Reserve made up the rest. These segments did not drive monthly returns, but anchored the portfolio and kept it flexible. They protected against over-extension and gave room for quiet adjustments, without rocking the boat.

Fresh capital of just over $3,100 was deployed during the month. This inflow, along with earned income helped lift NAV from $41,790 to $44,401, even as market volatility tested core holdings. The structure held and the direction stayed intact. July was a month for steady refinement, not reinvention.

🌐 Market Update

Volatility & Rates

What was expected

Volatility was expected to stay low. The VIX had been hovering around 13 to 15, and there was little reason to expect disruption. The Fed was widely expected to hold rates steady at the July meeting. Market sentiment was neutral. Inflation data mattered, but no one was bracing for surprises. Yield premiums were likely to stay stable, allowing for consistent option income without risk of assignment.

What happened

The first half of July went according to plan. The VIX lingered near 14 for weeks. But by late July, cracks had begun to show. The Federal Reserve kept rates unchanged on July 31, as the market expected. But Powell signaled caution, noting softer labor markets and cooling inflation. That message nudged the VIX above 18. Though it was not a spike, it was enough to change the tone in short-dated options.

How the portfolio responded
With volatility rising, premiums followed. SoFI and MSTY became more rewarding, giving better choices in strike prices and duration. The portfolio adapted without needing to overextend itself. Staying steady protecting the reserves built, while collecting what the market offered.

Crypto & Equity Performance

What was expected

Bitcoin was projected to hover between $105,000 and $110,000. Ethereum show little momentum and was expected to drift below $4,000. Most YieldMax tickers were expected to remain steady or dip slightly. SoFI’s earnings posed the biggest unknown, but overall, the market was expected to remain relatively stable.

What happened

Bitcoin broke through the ceiling. It climbed over 10% and reached $120,113 mid-month before pulling back slightly to end around $115,758. Ethereum moved less, but firm, trading between $3,626 and $3,807.

YieldMax equities, did not follow crypto higher.

• MSTY lost ground even as Bitcoin surged
• CONY struggled as bearish sentiment hung over Coinbase
• YMAX drifted lower with the broader market.

Then came SoFI. On July 29, it reported $815.5 million in revenue and EPS of $0.06. The climbed, briefly touching $23. But hours later, the company announced a $1.5 billion shelf offering. That sent the stock tumbling over 12% intraday before stabilizing towards the close.

How the portfolio responded

Most SoFI puts were closed ahead earnings, locking in premium and dodging the drop. MSTY and CONY distributed dividends as expected, but prices sagged. The crypto rally while strong, failed to lift the related equities. Even so, the portfolio stayed fully invested in core holdings and income still remained steady.

Outlook for August

Volatility is expected to remain elevated. The VIX will likely to hover between 17 to 20 shaped by the CPI and employment data. Option premiums should remain rich, but will demand more discipline in sizing and exit levels.

Bitcoin may retest the $120,000 zone, but consolidation is overdue. Ethereum lacks momentum and needs a strong push to break above current levels. YieldMax names will likely stay split. MSTY may benefit if Bitcoin stabilizes above $115,000. But CONY continues to be weighed down by sentiment and needs a bounce in Coinbase activity. SOFI will likely remains volatile but tradable, offering opportunities, if managed with care.

The path forward is clear. Stay patient, preserve liquidity, and avoid overexposure under pressure. The system is working. The goal now is not to trade more, but to trade better.

🎯Objective Review

Here’s how we performed against our July targets at a glance:

Base Goals

✅ Income Goal: Generate at least $1,000 — Exceeded

July produced $1,545 in total income. Dividends led at $1,332, bolstered by double CONY distributions and a full MSTY payout cycle. Options added $214, with SOFI CSPs contributing steady premiums throughout the month. The goal was not only reached but comfortably surpassed, without chasing risk.

✅️ Cash Reserve: Rebuild to a minimum of 8% — Met

Cash levels recovered to 12.11% of NAV by month-end. This was supported by disciplined reinvestment pacing and fresh capital inflow. No unnecessary trades were made. The portfolio reclaimed optionality, leaving space to act in August without pressure.

✅ Option Selling: Focus only if premium exceeds 2% — Met

SOFI remained the sole focus for option activity, and every CSP sold met or exceeded the 2% return threshold. Most positions were opened with less than 14 days to expiry and closed early once profits were captured. No trades were forced. All premiums aligned with plan.

Stretch Goals

✅ Total Income: Exceed $1,300 — Surpassed

The stretch goal called for $1,300 in income. The final figure of $1,603 cleared that mark decisively. Strong dividend contributions paired with disciplined SOFI premiums created a balanced and reliable stream. Income quality was not sacrificed for volume.

✅ NAV Growth: Add $2,000 to $3,000 — Met

NAV expanded by $2,611, finishing at $44,401. Gains were driven by consistent reinvestment and relatively stable market pricing in core holdings. ULTY, and SOFI accounted for the bulk of this growth. There was no windfall, only steady execution.

✅ Selective Reinvestment: Add ULTY or MSTY — Executed

A final week ULTY purchase was made after the cash reserve threshold was safely met. MSTY also received a minor addition earlier in the month. No other tickers were touched. The approach remained focused, and the rules were followed to the letter.

✅ Risk Discipline: One CSP max unless reserve exceeded — Met

At no point during the month did the portfolio hold more than one SOFI CSP at a time. Each trade was sized with care, and no exposure was doubled even during high IV spikes. Risk stayed manageable. Flexibility stayed intact.

📁Holdings

Core Income Holdings

• MSTY
  Remained the backbone. Its monthly dividend was paid on time, and the underlying stayed firm through market churn.
  
• CONY
  Provided two dividend cycles this month, supporting cash flow despite modest price slippage.
  
• ULTY
  Received increased allocation after the YMAX exit. Its weekly dividends continued without disruption, offering smoother payout cadence.
  
• YMAX (Fully Exited)
  Fully exited in mid-July. Proceeds were recycled into ULTY at a more attractive yield and with clearer payout frequency.

Tactical Overlay

• SoFI
  Multiple CSPs were executed and closed early, generating stable premium while avoiding unnecessary risk.
  
  No shares were assigned, and all positions respected sizing discipline.
  
  The stock moved sharply during earnings week, but the portfolio remained unaffected due to early closures.

Other Holdings

No changes were made to legacy holdings. Positions in names like BB, NVDA, PLTR, and global ETFs continue to serve as ballast and long-term exposure.

Liquidity Reserve

Cash reserves recovered meaningfully. After fresh deposits and limited reinvestment, the reserve rose back above the 10% mark.

🏦 Income Overview

July was the portfolio’s highest yielding month so far. The total income reached $1,603, carried by dividends and options execution.

Dividend Highlights ($1,332)

• MSTY led once again, its size and consistency doing the heavy lifting.
• CONY paid twice in the month of July, the 28 day cycle lined up, allowing this smaller position to pack a greater punch.
• ULTY, showed consistency, maintaining a stable payout during this quiet stretch.
• YMAX added a final contribution prior to the exit, with funds rotating into ULTY mid-month.

Option Activity ($214)

• All option trades in July came from SoFI
• A total of 5 short puts were written and subsequently closed for profit.
• Premiums were taken early, with no assignments or unnecessary exposure.

Yield Profile

• Overall Yield: 3.5 %
  • Dividends: 3.0 %
  • Options: 0.5 %

The income engine continued to remain consistent. This combination of reliable dividends from core holdings and flexible premiums from tactical overlays has proven to be a repeatable stream of income.

🔭 Next Steps

August will be a time to collect, not to chase. The income engines will continue to stay in place, however positioning will now be of utmost importance. With macro risks around tariffs and global tensions, the path forward calls for more restraint and care. MSTY, ULTY and CONY wiill remain the pillars, while SoFI will still be used as a tactical overlay. All this boils down to discipline, patience and precision.

Area of Focus

• Maintain Yield Flow
  The Core Engine is working. Continue being allocated. No changes needed.
  
• Refine SoFI Exposure
  Continue put selling. Stick to short duration and size positions moderately. Avoid overexposure until volatility settles.
  
• Prepare for August Swings
  Tariff updates, inflation news and crypto’s next leg may all hit within the next few weeks. Prepare and map exit levels in advance and be prepared to take profit or add if required.
  
• Keep the System Lean
  Avoid diversification. Remove any position that no longer fits the income or optionality goals.

📅 Month 11 Objectives

✅ Base Target

• Income Goal:
  Generate at least $1,000 in total income
  
• Cash Reserve:
  Maintain a cash reserve between 8 and 10% of NAV.
  
• No New Equity Buys
  Avoid equity purchases unless reserves exceeds 10% and the position enhances yield or stability.
  
• Option Selling:
  Focus on SOFI and MSTY only if premium exceeds 2.5% return on collateral with short exposure windows.
  

🚀 Stretch Goal

• Total Income:
  Exceed $1,300, led by dividends and select SOFI CSPs
  
• NAV Growth:
  Grow total NAV by $2,000 to $3,000 through income accumulation and favorable price action across the portfolio.
  
• Selective Reinvestment:
  Consider adding to ULTY or MSTY if premiums are attractive and market structure holds.
  
• Maintain Risk Discipline:
  Limit to one active SoFI CSP unless cash reserve is above 10%

These objectives continue to prioritize sustainability over speed, balancing near-term income with long-term optionality.

🧠 Final Thoughts

July showed that even with capital deployed and dividends flowing, growth might still stagnate. That doesn’t mean that the plan is failing, it just means that the timing is not right yet. Yield continues to be harvested, positions held and liquidity preserved when it mattered.

August now seeks patience. The constant bombardment of headlines will tempt action. Price swings will trigger insecurities and will invite overreaction. But, the strategy remains clear. Income first. build flexibility and only act with clarity. Our journey is not measured in weeks, but in how well our rules hold when tested.

Stay focused, funded and let the quiet work continue.

💬 Let’s Talk

Where do you stand this month?
Did you stay the course or feel the urge to shift gears?
What are you watching most closely?

Drop your thoughts in the comments. I’d love to hear how others are balancing conviction and caution in this kind of market. Whether you’re stacking income, rotating sectors, or just sitting tight, there’s value in every approach when it’s intentional.

And if you’ve been following along for a while, thank you. Your feedback shapes how this portfolio evolves and how each post gets better.

Let’s keep the conversation going.