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
- Equities20
20 equity positions . Benchmark: FTSE All-World ex-US (VEU).
Top Holdings
20 total positions — top 10 by weight shown. Barchart snapshot from May 20, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | SMHX | — | 8.64% |
| 2 | EEM | — | 7.95% |
| 3 | EMEQ | — | 5.64% |
| 4 | IYM | — | 5.37% |
| 5 | QQQ | — | 5.35% |
| 6 | TOPT | — | 5.12% |
| 7 | ASEA | — | 4.99% |
| 8 | ARTY | — | 4.98% |
| 9 | VEU | — | 4.94% |
| 10 | XMMO | — | 4.88% |
Composition
20 positions grouped by segment. All values in USD. Barchart-converted at the daily snapshot. Snapshot from May 20, 2026.
Equities (USD)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ARTY | ARTY | 250 | 66.34 | 16,585.00 | 12,448.33 | 4,136.67 | +33.23% | 850.83 | +34.17% | 4.98% |
| 2 | ASEA | ASEA | 828.88 | 20.06 | 16,627.42 | 14,041.00 | 2,586.42 | +18.42% | 0.00 | +0.00% | 4.99% |
| 3 | EEM | EEM | 404.17 | 65.46 | 26,457.08 | 22,683.00 | 3,774.08 | +16.64% | 0.00 | +0.00% | 7.95% |
| 4 | EMEQ | EMEQ | 300 | 62.57 | 18,769.50 | 16,327.00 | 2,442.50 | +14.96% | 0.00 | +0.00% | 5.64% |
| 5 | GLD | GLD | 30.00 | 417.40 | 12,522.00 | 12,172.00 | 350.00 | +2.88% | 0.00 | +0.00% | 3.76% |
| 6 | IBIT | IBIT | 330 | 43.99 | 14,516.70 | 12,234.96 | 2,281.74 | +18.65% | 0.00 | +0.00% | 4.36% |
| 7 | ICOP | ICOP | 300 | 51.47 | 15,441.00 | 17,014.00 | -1,573.00 | -9.25% | 0.00 | +0.00% | 4.64% |
| 8 | ILF | ILF | 400 | 35.03 | 14,012.00 | 14,505.00 | -493.00 | -3.40% | 0.00 | +0.00% | 4.21% |
| 9 | INDA | INDA | 200 | 48.02 | 9,604.00 | 10,927.50 | -1,323.50 | -12.11% | 0.00 | +0.00% | 2.88% |
| 10 | IYM | IYM | 100 | 178.90 | 17,890.00 | 18,595.00 | -705.00 | -3.79% | 0.00 | +0.00% | 5.37% |
| 11 | QQQ | QQQ | 25.00 | 713.15 | 17,828.75 | 16,540.25 | 1,288.50 | +7.79% | 0.00 | +0.00% | 5.35% |
| 12 | QTOP | QTOP | 400 | 37.82 | 15,128.00 | 9,988.40 | 5,139.60 | +51.46% | 1,235.11 | +47.97% | 4.54% |
| 13 | SGRT | SGRT | 400 | 34.13 | 13,652.00 | 14,517.00 | -865.00 | -5.96% | 0.00 | +0.00% | 4.10% |
| 14 | SMHX | SMHX | 500 | 57.54 | 28,770.00 | 13,508.14 | 15,261.86 | +112.98% | 2,758.40 | +101.88% | 8.64% |
| 15 | TINY | TINY | 200 | 78.49 | 15,698.64 | 16,819.56 | -1,120.92 | -6.66% | 0.00 | +0.00% | 4.71% |
| 16 | TOPT | TOPT | 502.92 | 33.87 | 17,034.02 | 12,243.00 | 4,791.02 | +39.13% | 0.00 | +0.00% | 5.12% |
| 17 | VEU | VEU | 200.31 | 82.14 | 16,453.09 | 15,099.00 | 1,354.09 | +8.97% | 0.00 | +0.00% | 4.94% |
| 18 | VPL | VPL | 125 | 111.45 | 13,931.25 | 13,303.50 | 627.75 | +4.72% | 0.00 | +0.00% | 4.18% |
| 19 | VSS | VSS | 100 | 158.06 | 15,806.00 | 15,679.00 | 127.00 | +0.81% | 0.00 | +0.00% | 4.75% |
| 20 | XMMO | XMMO | 100 | 162.51 | 16,251.00 | 12,891.99 | 3,359.01 | +26.06% | 400.22 | +28.93% | 4.88% |
| — | TOTAL | — | — | — | 332,977.45 | 291,537.63 | 41,439.82 | +14.21% | — | — | 99.99% |
Summary
| Group | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|
| Equities (USD) | 332,977.45 | 291,537.63 | 41,439.82 | +14.21% | — | — | 99.99% |
| TOTAL (USD) | 343,222.69 | 291,537.63 | 41,439.82 | +71.61% | 5,244.56 | — | — |
Related
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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.