Reference Portfolio · Updated
Global ETFs
ETF-based non-US exposure — regional rotation, thematic tilt, FX-aware positioning.
Thesis
Global ETFs implements the non-US allocation of the Closelook Reference framework through liquid ETF vehicles. The portfolio is coarser than Global Tech 50 — it buys regional exposure (Europe, Japan, EM, frontier) rather than specific franchises — but that's the point: an ETF sleeve's job is to express regime and rotation calls, not name-picking.
Core rotation between DM-ex-US (EZU, EWJ), EM (EEM, VWO), and thematic tilts (ARTY for AI-non-US, KWEB for China-tech) is informed by Temperature readings, cointegration stretches in cross-asset pairs, and DXY trajectory. When the dollar is structurally weak and EM cross-asset pairs are healthy, EM exposure rises; when DXY breaks higher, the sleeve rotates toward DM-ex-US with better FX-buffers.
FX overlays (hedged vs. unhedged share classes, currency ETFs when needed) are part of the position-level decisions, not an afterthought.
Structure
- Equities17
17 equity positions . Benchmark: FTSE All-World ex-US (VEU).
Top Holdings
17 total positions — top 10 by weight shown. Barchart snapshot from May 8, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | SMHX | — | 9.79% |
| 2 | EEM | — | 9.63% |
| 3 | EMEQ | — | 6.87% |
| 4 | QQQ | — | 6.24% |
| 5 | ARTY | — | 6.00% |
| 6 | TOPT | — | 5.91% |
| 7 | VEU | — | 5.85% |
| 8 | XMMO | — | 5.81% |
| 9 | ASEA | — | 5.75% |
| 10 | VSS | — | 5.70% |
Composition
17 positions grouped by segment. All values in USD. Barchart-converted at the daily snapshot. Snapshot from May 8, 2026.
Equities (USD)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ARTY | ARTY | 250 | 68.38 | 17,095.00 | 12,448.33 | 4,646.67 | +37.33% | 850.83 | +34.17% | 6.00% |
| 2 | ASEA | ASEA | 828.88 | 19.77 | 16,391.10 | 14,041.00 | 2,350.10 | +16.74% | 0.00 | +0.00% | 5.75% |
| 3 | EEM | EEM | 404.17 | 67.94 | 27,459.42 | 22,683.00 | 4,776.42 | +21.06% | 0.00 | +0.00% | 9.63% |
| 4 | EMEQ | EMEQ | 300 | 65.31 | 19,593.00 | 16,327.00 | 3,266.00 | +20.00% | 0.00 | +0.00% | 6.87% |
| 5 | GLD | GLD | 30.00 | 433.77 | 13,013.10 | 12,172.00 | 841.10 | +6.91% | 0.00 | +0.00% | 4.57% |
| 6 | IBIT | IBIT | 330 | 45.45 | 14,998.50 | 12,234.96 | 2,763.54 | +22.59% | 0.00 | +0.00% | 5.26% |
| 7 | ILF | ILF | 400 | 36.43 | 14,572.00 | 14,505.00 | 67.00 | +0.46% | 0.00 | +0.00% | 5.11% |
| 8 | INDA | INDA | 200 | 49.84 | 9,968.00 | 10,927.50 | -959.50 | -8.78% | 0.00 | +0.00% | 3.50% |
| 9 | QQQ | QQQ | 25.00 | 711.23 | 17,780.75 | 16,540.25 | 1,240.50 | +7.50% | 0.00 | +0.00% | 6.24% |
| 10 | QTOP | QTOP | 400 | 37.74 | 15,096.00 | 9,988.40 | 5,107.60 | +51.14% | 1,235.11 | +47.97% | 5.30% |
| 11 | REMX | REMX | 100 | 106.38 | 10,638.00 | 8,971.00 | 1,667.00 | +18.58% | 0.00 | +0.00% | 3.73% |
| 12 | SMHX | SMHX | 500 | 55.83 | 27,912.55 | 13,508.14 | 14,404.41 | +106.64% | 2,758.40 | +101.88% | 9.79% |
| 13 | TOPT | TOPT | 502.92 | 33.47 | 16,832.85 | 12,243.00 | 4,589.85 | +37.49% | 0.00 | +0.00% | 5.91% |
| 14 | VEU | VEU | 200.31 | 83.29 | 16,683.44 | 15,099.00 | 1,584.44 | +10.49% | 0.00 | +0.00% | 5.85% |
| 15 | VPL | VPL | 125 | 113.89 | 14,236.25 | 13,303.50 | 932.75 | +7.01% | 0.00 | +0.00% | 4.99% |
| 16 | VSS | VSS | 100 | 162.35 | 16,235.00 | 15,679.00 | 556.00 | +3.55% | 0.00 | +0.00% | 5.70% |
| 17 | XMMO | XMMO | 100 | 165.54 | 16,554.00 | 12,891.99 | 3,662.01 | +28.41% | 400.22 | +28.93% | 5.81% |
| — | TOTAL | — | — | — | 285,058.96 | 233,563.07 | 51,495.89 | +22.05% | — | — | 100.01% |
Summary
| Group | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|
| Equities (USD) | 285,058.96 | 233,563.07 | 51,495.89 | +22.05% | — | — | 100.01% |
| TOTAL (USD) | 285,058.96 | 233,563.07 | 51,495.89 | +22.05% | 5,244.56 | — | — |
Related
Closelook C+ Portfolio
Real-time access for founding subscribers
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.
- Every position with cost basis, market value, and unrealized P&L
- Real-time trade log (free readers see weekly digest)
- Long-form commentary with the rationale behind every move
- Push notifications when positions open, close, or resize
C+ Portfolio subscriber
Full composition unlocked
Welcome — every position, cost basis, and P&L is visible above. The full trade log lives at /signals/ with rationale per move. Weekly commentary continues there too. Thanks for supporting Closelook.
Methodology & disclaimer
Global ETFs 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. ETF-based non-US rotation.
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.