A slightly different trade here increasing our US S&P500 (BBUS US) bearish position from 5% to 10% while also buying a 5% position in the Australian listed Asia Tech ETF (ASIA). This trade is effectively selling the S&P 500 and buying Asian facing technology shares in a pairs trade. Note we already have a 10% exposure to the Emerging Market ETF (IEM) which does have a strong correlation to China, hence we are still skewed towards a bullish risk assets stance.
MM are adding to BBUS (+5%) & buying the ASIA ETF (+5%) as part of a pairs trade in the Macro ETF Portfolio
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