Built a new pie in my Trading 212 SIPP today. Three positions, deliberately weighted: 50% SPOG, 25% Constellation Energy (CEG), and 25% Nebius Group (NBIS). Three very different theses united by a common thread: I have high conviction on each one individually, and I want a single pie that expresses all three without me having to think about rebalancing. Trading 212's pie feature handles the allocation automatically — I set the percentages, it invests accordingly every time I add money. Set it and (mostly) forget it.
── SPOG (50%) — The 2x Leveraged Spotify ETF ──
SPOG is the Leverage Shares 2X Long SPOT Daily ETF — a daily leveraged ETF that aims to deliver twice the daily return of Spotify Technology (SPOT). Let me address the obvious concern first: yes, it's a leveraged single-stock ETF. Yes, it carries all the risks I've written about before with MEAT — compounding decay over holding periods longer than a day, amplified volatility, and the possibility of severe losses even if the underlying stock performs well but with volatility along the way. No, it's not for everyone. No, it's not a core holding. It is a high-conviction satellite, sized accordingly.
So why Spotify? I believe Spotify is one of the most underappreciated platform businesses in the world. 600+ million monthly active users, 250+ million paying subscribers, and a growing presence in audiobooks and podcasts that expands the addressable market beyond music streaming. They have pricing power (they've successfully raised prices in multiple markets without meaningful subscriber churn), improving unit economics, and network effects that strengthen with scale — more listeners attract more artists, which attracts more listeners. The audio advertising market is still under-monetised relative to video, and Spotify's ad-supported tier gives them a direct line to that opportunity. The balance sheet is solid. Margins are improving. And if the rumoured 'super-premium' tier with lossless audio and AI features launches at a higher price point, there's another pricing lever waiting to be pulled.
The 2x leverage? That's a conviction amplifier. I want 2x exposure to Spotify's upside because my conviction on the Spotify thesis outweighs the additional risk, and I'm willing to accept that a -33% move in SPOT in a single day would wipe this position. That's why the pie is small relative to my overall SIPP. The daily reset means I'm not holding this for decades — I'll monitor it, and if the thesis changes or the position grows meaningfully, I'll trim. For now, Spotify at 2x inside a pie that automatically allocates to it alongside two other high-conviction names is exactly the right structure.
── Constellation Energy (CEG, 25%) — Nuclear-Powered AI ──
I wrote about CEG when I first opened the position. The short version: Constellation owns the largest fleet of nuclear power plants in the United States. Nuclear provides 24/7 carbon-free baseload power — exactly what AI data centres need. As hyperscalers scramble to secure reliable, clean electricity for their expanding fleets of GPU-packed data centres, nuclear assets that were undervalued for years are suddenly strategic infrastructure. CEG has already signed deals to supply nuclear power to data centres, and the pipeline of potential agreements is substantial.
At 25% of this pie, CEG is the 'steady' leg — the least speculative of the three. It's an established utility-like business with real assets, real cash flows, and a structural tailwind from electricity demand growth. The nuclear fleet isn't going anywhere — in fact, with data centre demand growing and new nuclear builds taking a decade plus, existing nuclear capacity is becoming more valuable by the day. Constellation is one of the best-positioned companies to benefit.
── Nebius Group (NBIS, 25%) — AI Cloud with Nvidia's Stamp ──
Also wrote about NBIS when I opened it. Nebius is an AI cloud infrastructure company — they build and operate GPU-accelerated data centres, renting compute capacity to AI companies that need massive amounts of processing power. Nvidia is a strategic investor and partner, which is a meaningful signal in a market where access to GPUs is the bottleneck. Nebius has been expanding capacity aggressively across Europe and the US, targeting the gap between the hyperscalers (AWS, Azure, GCP) and the demand from AI startups and enterprises that need dedicated GPU infrastructure without the complexity of managing their own hardware.
At 25%, NBIS is the growth kicker in the pie. It's more speculative than CEG — earlier stage, higher execution risk, more competition — but if the AI infrastructure build-out thesis plays out, Nebius is in the right place at the right time with the right backing. The Nvidia partnership alone doesn't guarantee success, but it certainly doesn't hurt when access to GPUs is the primary constraint on growth for the entire AI industry.
── Why A Pie? ──
The pie structure matters because it removes friction. I could buy these three things individually — I already own CEG and NBIS directly in my SIPP as well — but bundling them into a single pie means every contribution auto-allocates at the target weightings without me needing to think about which one is 'cheapest' on any given day. If SPOG dips, the next contribution buys slightly more SPOG units to bring it back toward 50%. If CEG runs up, future contributions tilt toward SPOG and NBIS. It's pound-cost averaging across a mini-portfolio with automatic rebalancing. Elegant, simple, and behaviourally sound.
A note on the 50% SPOG weighting: this is the most aggressive allocation I've given any single holding in a pie. It reflects my conviction on Spotify specifically, not a general preference for leveraged ETFs. If the Spotify thesis breaks — if subscriber growth stalls, if margins reverse, if the audiobook expansion fails to move the needle — I'll restructure or close the pie entirely. Conviction is not the same as certainty, and I reserve the right to change my mind.
As always: this is what I did with my own money. Not a recommendation. All investing carries risk — you can lose money, and past performance doesn't predict future returns. Leveraged ETFs like SPOG are complex instruments designed for short-term trading and are not suitable for most retail investors. They carry specific risks including compounding decay over holding periods longer than a day, amplified losses in down markets, and the potential for complete loss of capital. Individual shares carry significantly more risk than diversified funds. US-listed shares carry currency risk for UK investors. Do your own research and consider seeking professional advice.