Global ETFs

Global ETFs owns the market at the index level. The design follows our ETF return-skew work: long-run equity returns concentrate in a small share of names, so an ETF sleeve's job is to hold a few broad wrappers that capture the index move — not a drawer of overlapping regional and thematic slices. The core is one fund, VEU, the all-world ex-US wrapper the book is benchmarked against.

Around that core sit deliberate exceptions. Korea and Taiwan are held as the two legs of the North-Asia AI build-out; India is a laggard line where mean reversion outside tech is possible. US technology is owned at the index level — XLK, the Nasdaq-100 via QQQM, and the mega-cap concentrates QTOP and TOPT — without single-name or subsector bets. A momentum sleeve (SPMO) stays in the book for as long as the regime reads bull market, not longer. Gold, bitcoin and a Latin America line carry on as diversifiers.

Rotation and sizing are informed by Temperature readings, breadth and divergence work, and DXY trajectory — the same internal tools the rest of the Closelook stack runs on. The full reasoning behind each change appears in the Daily Pulse, Weekly Signal or Newsletter, entry by entry.