Reference Portfolio · Updated
Derivatives
Options income reference portfolio — covered calls and cash-secured puts on names we already understand.
Thesis
The Derivatives Reference Portfolio expresses two options strategies: covered calls on hypergrowth-sleeve stock positions when implied volatility and distance-to-resistance are favourable, and cash-secured puts on names we'd be content to own at lower prices. Both are income-generating, both are conservative in the sense that the worst-case ownership outcome is one we've already decided we want.
The portfolio is not a trading book. Strikes are set at distances that reflect underlying fundamentals — call-strikes above where we think the name is fully valued, put-strikes below where we think the name is structurally undervalued. Rolls happen when the underlying approaches the strike, not on a fixed schedule.
Premium capture is reported as a separate line from stock-position P/L. The benchmark is the BXM (S&P 500 BuyWrite Index) — the same reference every systematic options income strategy gets measured against.
Structure
- Equity Options10
- Cash1
0 equity positions · 10 option positions . Benchmark: S&P 500 BuyWrite Index (BXM).
Top Holdings
1 total position — top 1 by weight shown. Barchart snapshot from Aug 14, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | US Dollar | — | 103.90% |
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
Methodology & disclaimer
Derivatives 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. Options carry defined but non-trivial risk; strategies shown illustrate our approach, not recommendations.
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.