Reference Portfolio · Updated
Derivatives
Options income reference portfolio — covered calls and cash-secured puts on names we already understand.
Thesis
The Derivatives Reference Portfolio expresses two options strategies: covered calls on hypergrowth-sleeve stock positions when implied volatility and distance-to-resistance are favourable, and cash-secured puts on names we'd be content to own at lower prices. Both are income-generating, both are conservative in the sense that the worst-case ownership outcome is one we've already decided we want.
The portfolio is not a trading book. Strikes are set at distances that reflect underlying fundamentals — call-strikes above where we think the name is fully valued, put-strikes below where we think the name is structurally undervalued. Rolls happen when the underlying approaches the strike, not on a fixed schedule.
Premium capture is reported as a separate line from stock-position P/L. The benchmark is the BXM (S&P 500 BuyWrite Index) — the same reference every systematic options income strategy gets measured against.
Structure
- Equity Options9
- Cash1
0 equity positions · 9 option positions . Benchmark: S&P 500 BuyWrite Index (BXM).
Top Holdings
1 total position — top 1 by weight shown. Barchart snapshot from May 8, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | US Dollar | — | 89.10% |
Composition
10 positions grouped by segment. All values in USD. Barchart-converted at the daily snapshot. Snapshot from May 8, 2026.
Equity Options (USD)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | COHR|20270115|250.00P | COHR|20270115|250.00P | -1.00 | 4,170.00 | -4,170.00 | -6,805.00 | 2,635.00 | +38.72% | 0.00 | +0.00% | 1.33% |
| 2 | GLXY|20270115|17.50P | GLXY|20270115|17.50P | -10.00 | 210.00 | -2,100.00 | -2,649.00 | 549.00 | +20.72% | 0.00 | +0.00% | 0.67% |
| 3 | HOOD|20270115|60.00P | HOOD|20270115|60.00P | -2.00 | 714.00 | -1,428.00 | -1,651.00 | 223.00 | +13.51% | 0.00 | +0.00% | 0.46% |
| 4 | NOK|20270115|10.00P | NOK|20270115|10.00P | -10.00 | 95.00 | -950.00 | -1,199.00 | 249.00 | +20.77% | 0.00 | +0.00% | 0.30% |
| 5 | NU|20261218|20.00P | NU|20261218|20.00P | -10.00 | 582.00 | -5,820.00 | -3,549.00 | -2,271.00 | -63.99% | 0.00 | +0.00% | 1.86% |
| 6 | NVDA|20261218|100.00C | NVDA|20261218|100.00C | 1.00 | 11,800.00 | 11,800.00 | 8,881.00 | 2,919.00 | +32.87% | 0.00 | +0.00% | 3.78% |
| 7 | RBRK|20260918|55.00P | RBRK|20260918|55.00P | -2.00 | 709.00 | -1,418.00 | -2,229.00 | 811.00 | +36.38% | 0.00 | +0.00% | 0.45% |
| 8 | RKLB|20270115|80.00P | RKLB|20270115|80.00P | -2.00 | 1,470.00 | -2,940.00 | -5,569.00 | 2,629.00 | +47.21% | 0.00 | +0.00% | 0.94% |
| 9 | WMT|20261218|100.00C | WMT|20261218|100.00C | 1.00 | 3,427.00 | 3,427.00 | 3,736.00 | -309.00 | -8.27% | 0.00 | +0.00% | 1.10% |
| — | TOTAL | — | — | — | -3,599.00 | -11,034.00 | 7,435.00 | — | — | — | 10.89% |
Cash (USD)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | US Dollar | US Dollar | 278,409 | 1.00 | 278,409.00 | 0.00 | 0.00 | +0.00% | 0.00 | +0.00% | 89.10% |
| — | TOTAL | — | — | — | 278,409.00 | 0.00 | 0.00 | — | — | — | 89.10% |
Summary
| Group | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|
| Equity Options (USD) | -3,599.00 | -11,034.00 | 7,435.00 | — | — | — | 10.89% |
| Cash (USD) | 278,409.00 | 0.00 | 0.00 | — | — | — | 89.10% |
| TOTAL (USD) | 274,810.00 | -11,034.00 | 7,435.00 | — | 0.00 | — | — |
Related
Closelook C+ Portfolio
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Free readers see this end-of-day snapshot of the top positions. Founding subscribers also get every position with cost basis and per-position P&L, the full trade log in real time as moves happen, and the long-form weekly commentary that explains every change.
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- Real-time trade log (free readers see weekly digest)
- Long-form commentary with the rationale behind every move
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Methodology & disclaimer
Derivatives is a reference portfolio — it reflects how Thomas Look, author and publisher of Closelook, implements the analytical theses discussed on this site. Position data is updated daily from end-of-day broker exports (Barchart). Benchmark prices come from EODHD.
Reference portfolio, educational purpose only. Options carry defined but non-trivial risk; strategies shown illustrate our approach, not recommendations.
Reference portfolio, not investment advice. Past performance is not indicative of future results. Closelook Venture GmbH is a publishing company and does not manage client capital.