Another round of top-ups went into my SIPP today — the pension pot where I let myself take a few more calculated risks alongside the broad ETF core. This week I added to three existing positions: more MEAT, more VWRP, and more CRWV. Each one earned its top-up for different reasons. Here's the thinking behind all three.
A quick reminder on how I run my SIPP. The vast majority of the money sits in broad ETFs — S&P 500, global all-cap, FTSE 100. That's the engine, doing the heavy lifting year after year. The individual and thematic picks are the satellites — small, high-conviction positions on themes I believe have genuine structural tailwinds. Collectively, these satellite positions make up less than 10% of the SIPP. I'm not betting the pension on any single idea. Each position is kept deliberately small, and when I add to them, I'm adding a little bit more to a position I already believe in.
First up: more VWRP — the Vanguard FTSE All-World UCITS ETF. This is the 'own the world' fund that covers over 3,500 companies across 40+ countries, developed and emerging markets in a single holding. It's my go-to for broad, boring, globally diversified exposure inside the SIPP. Why top it up now? No clever market timing — I simply noticed the allocation had drifted slightly below my target, and with all the individual share activity lately, I wanted to make sure the core engine was still getting fed. The fee is 0.22% which is perfectly reasonable for genuinely global exposure. Accumulation share class, so dividends reinvest automatically. This is the fund that does the real work while I'm busy researching semiconductor ETFs and AI cloud companies. It's not exciting, but it's the foundation everything else sits on. Topping it up is the least glamorous investment decision I make — and probably the most important one.
Second: more MEAT — the T-Rex 2X Long META Daily Target ETF. Yes, the ticker really is MEAT. Yes, it's a leveraged single-stock ETF. No, it's not for everyone — and I cannot stress that enough. This is a 2x daily leveraged ETF that aims to deliver twice the daily return of Meta Platforms (META). It's speculative, it's volatile, it suffers from compounding decay if held for long periods, and it's absolutely not suitable for most investors. So why on earth do I own it? Because I have a strong conviction on Meta as a business — the advertising cash machine, the AI investments, the billions of daily users across Facebook, Instagram, and WhatsApp — and I wanted a way to express that conviction with a small amount of capital. A leveraged ETF lets me get amplified exposure without tying up the full share price. The position is tiny — a fraction of a percent of my SIPP. I'm treating it as a high-risk, high-conviction satellite around a much larger core of sensible, diversified ETFs. If Meta has a strong run over the coming years, this small position could grow into something interesting. If it doesn't, the damage is contained. This top-up today was small — just nudging the position up a little. Not because I think I know where Meta is going next week, but because my conviction on the long-term story hasn't changed and I want to keep the position at a size that reflects that conviction.
Third: more CoreWeave (CRWV). I wrote about this one recently when I opened the position — an AI cloud infrastructure company that builds GPU-accelerated data centres and rents that compute capacity to the biggest names in tech. Microsoft is their anchor tenant. They operate tens of thousands of Nvidia GPUs across multiple data centres in the US and Europe. It's a pure-play on the AI infrastructure build-out — the picks and shovels of the AI revolution. Since I opened the position, I've continued reading and thinking about the AI infrastructure thesis, and if anything, my conviction has grown. Every major tech company is pouring billions into AI compute. The demand for GPU-accelerated cloud capacity is likely to outstrip supply for years. CoreWeave sits right in the middle of that with purpose-built infrastructure that generalist cloud providers are scrambling to match. The risks haven't changed — customer concentration with Microsoft, enormous capex requirements, competition from hyperscalers building their own AI-specific infrastructure, and the valuation reflects aggressive growth expectations. That's why this top-up, like the original position, is small. I'm not betting the pension on CoreWeave. I'm making a calculated bet that the AI infrastructure theme is real, durable, and underappreciated, and I want to maintain a small exposure to it. If CoreWeave executes, brilliant. If it doesn't, I lose an amount of capital I can afford to lose.
So there we are. Three top-ups into my SIPP, each serving a different purpose in the portfolio. VWRP is the anchor — the broad, boring, globally diversified core that does the heavy lifting. MEAT is the high-octane satellite — a leveraged conviction bet on Meta that I keep tiny because I know exactly how dangerous leveraged ETFs can be. CRWV is the thematic infrastructure bet — a small position in a company building the physical GPU cloud that AI runs on. Together they represent how I think about portfolio construction: a solid, diversified core surrounded by small, high-conviction satellites that I add to slowly and deliberately.
None of this is a recommendation. Leveraged ETFs like MEAT carry specific risks — they're designed for daily holding periods, they suffer from volatility decay over time, and they can lose value rapidly even if the underlying stock performs well but with volatility along the way. CoreWeave is an early-stage public company with limited trading history. VWRP is the only thing in this post I'd describe as 'sensible' in the conventional sense. The rest is speculation, kept deliberately small, inside a pension I won't access for years.
As always: this is what I did with my own money. It's not a recommendation. Do your own research. All investing carries risk — you can lose money, and past performance doesn't predict future returns. Leveraged and single-stock ETFs like MEAT are complex instruments that are not suitable for most retail investors. I'm comfortable with the risk because the position is tiny relative to my overall portfolio. Your circumstances, goals, and risk tolerance are different from mine.