Global Macro ETF Portfolio

For those looking to invest in our top macro calls via ETFs

8.94% Returns pa since inception to 31-12-21

About the Portfolio

The Market Matters Global Macro ETF Portfolio is designed to track our top 10 global macro calls, and provide avenues to trade them via ASX and internationally listed Exchange Traded Funds (ETF’s)

**Portfolio Performance** UPDATED 01/01/2022 09:00
Portfolio	1 M	3 M	6 M	1 Y	3 Y pa	Inception pa*
Global Macro ETF	-0.37%	-0.02%	-121%	5.60%	-	8.94%
Target 10%	0.83%	2.50%	5.00%	10.00%	-	10.00%
Difference	-1.20%	-2.52%	-6.21%	-4.40%	-	-1.06%

* Inception date 03/07/2019

**Portfolio Holdings** UPDATED 19/01/2022 09:00 trade now
COMPANY CODE	STOCK NAME	WEIGHT (%)	RISK	TIME HORIZON	ENTRY DATE	ENTRY PRICE ($)	LAST PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
ACDC	ETFS Battery Tech & Lithium ETF	5	High	Medium	06/10/2021	89.5	98.2		9.72
ASIA	BetaShares Asia Technology Tigers ETF	10	High	Medium	16/07/2021	10.92	9.47		-13.28
AUDS	BetaShares Strong Australian D	10	High	Medium	03/07/2019	11.76	8.78	1.65	-11.31
DBA US	Invesco DB Agriculture Fund (USD) (USD)	10	Moderate	Medium	25/02/2020	16.74	19.96		19.24
FUEL	BetaShares Global Energy Companies ETF	10	Moderate	Medium	08/09/2021	4.23	5.22	0.1	25.77
IEM	iShares MSCI Emerging Markets	10	Moderate	Short	25/10/2019	63.23	69.03	2.73	13.49
MNRS	Betashares Global Gold Miners	10	Moderate	Medium	05/05/2021	6.55	5.66	0.24	-9.92
U-U CN	Sprott Physical Uranium Trust (U-U CN) (CAD)	10	High	Medium	25/11/2021	14.94	14.59		-2.34
ULE US	ProShares Ultra Euro ETF(USD)	10	High	Medium	13/09/2021	14.48	13.15		-9.19
VGK US	Vanguard FTSE Europe ETF (USD)	10	Moderate	Medium	11/11/2020	58.05	67.31	1.55	18.62

Portfolio cash position: 5%

**Recent Sales** UPDATED 13/01/2022 09:00 trade now
Company code	STOCK NAME	WEIGHT(%)	RISK	TIME HORIZON	EXIT DATE	ENTRY PRICE ($)	CLOSE PRICE ($)	DIVIDENDS ($)	GAIN / LOSS (%)
TBF US	Proshares Short 20+ Year Treasury ETF (USD)	10	Moderate	Medium	12/01/2021	16.34	16.51		1.04
VXX US	iPath Series B S&P 500 VIX Sho (USD)	10	Moderate	Short	8/09/2021	40.61	26.04		-35.88
ETPMAG	ETFS Metal Securities Australi	10	Moderate	Medium	8/09/2021	32.13	31		-3.52
BBUS	BetaShares US Equities Strong	10	High	Medium	8/09/2021	11.1	9.45		-14.86
ATEC	BetaShares S&P/ASX Australian	10	Moderate	Medium	8/09/2021	22.1	25	0.67	16.15
QQQ US	Invesco QQQ Trust Series 1 (USD)	10	Moderate	Medium	05/05/2021	270	330.14	0.56	23.26
BNKS	BetaShares Global Banks ETF -	10	Moderate	Medium	7/04/2021	6.65	6.64	0.07	0.9
FUEL	Betashares Global Energy Compa	10	High	Medium	44293	3.25	4.25	0.13	34.77
COPX US	Global X Copper Miners ETF (USD)	10	Moderate	Short	10/03/2021	17.73	36.39	0.45	107.78
TBF US	ProShares Short 20+ Year Treas (USD)	10	Moderate	Medium	10/03/2021	17.56	17.65	0.04	0.74
SVXY US	ProShares Short VIX Short Term	10	High	Short	3/12/2020	30.19	41.16		36.34
SLVP US	iShares MSCI Global Silver Miners	5	Moderate	Medium	28/05/2020	11.35	12.01	0.19	7.49
QQQ US	Invesco QQQ Trust Series 1	5	Moderate	Medium	22/05/2020	204.89	228.87		11.70
GDX	Vaneck Vectors Gold Miners	7.5	Moderate	Medium	25/02/2020	35.84	46.72	0.23	31.00
SH US	ProShares Short S&P500	8	High	Medium	25/02/2020	26.44	23.99	0.2	-8.51

OPINION
ACTION

Opinions for positions held in the Global Macro ETF Portfolio

20/01/2022 09:16

Our 3 stock picks if bond yields do reverse lower

The last few months have been all about inflation and bond yields as far as equities are concerned with the awful Omicron strain hardly warranting a mention. Overnight we saw US 10-year bonds start to venture towards the psychological 2% level before reversing lower, time for a rest at the very least in our opinion.

19/01/2022 09:41

Global Macro ETF Portfolio

The MM Global Macro ETF Portfolio was higher by 0.88% over the course of the week, with cash remaining at 5%. The rally in global energy shares helped the FUEL ETF rally by 6.1% making it the top performer in the portfolio.

19/01/2022 09:27

US 10-year Bond Yield

US bond yields broke strongly to the upside overnight taking the lead from crude oil, we are not calling time out yet but from a risk / reward perspective we still expect to see the US 10-years back at 1.5% before they can surge above 2%, this ultimately should see some buying return to tech stocks.

18/01/2022 09:26

Brent Crude Oil ($US/barrel)

As mentioned earlier when we looked at WPL, Brent Crude literally nudged fresh 7-year highs overnight, we remain committed to our target area around $US100/barrel a move which we believe will catch many investors underweight the unloved Energy Sector as funds have aggressively moved to greener & sustainable mandates.

14/01/2022 09:19

US 2-year Bond yields

US 2-year bond yields continue to climb back towards their pre-COVID levels although considering inflation is surging its arguably surprising to see them sub 1%. Our view is bond yields are now factoring an optimistic path for the global economic recovery and we believe these shorter dated yields will struggle to move significantly higher through 2022.

13/01/2022 09:25

BetaShares Global Energy Companies ETF (FUEL) $5.08

MM holds the FUEL ETF in our Global Macro ETF Portfolio, the position is tracking nicely fortunately following the US more closely than our own sector. We can see another 10% upside if / when crude oil pops to fresh multi-year highs.

13/01/2022 09:18

Don’t underestimate the Energy Sector

Following on from our look at the Australian banks on Tuesday and the overnight surge by commodities this morning we’ve moved onto arguably one of our favourite sectors for early 2022 – the Energy Sector. Its nothing new that we like these names into 2022 but as we start a new year it’s important that subscribers are across our thinking...

13/01/2022 09:16

Australian Dollar ($A)

The $US fell overnight even as the US CPI data sent shorter dated bond yields higher suggesting 4-5 rate hikes are already priced into the greenback hence making surprises far more likely on the downside. The drop in the $US catapulted resources higher with copper surging over 3% to multi-week highs – it feels like our anticipated “pop” higher...

12/01/2022 11:06

Macro ETF Portfolio – Amendments

We are are cutting TBF and adding to our long Uranium position.

12/01/2022 09:35

ProShares Short 20+ year US Treasury ETF (TBF US) $US16.56

Frustratingly our call of higher bond yields / inflation for the last 4-months only really delivered at the short end of the curve i.e. 2 & 5-year yields. Our position looking for higher yields in longer dated yields has failed to get excited and we would rather scratch this position than watch a small profit become a loss – if we are correct with our 2022 outlook in terms of rates likely to pause, the reason for this position has now gone.