Hi everyone,

I’m building a long-term ETF portfolio and would appreciate some feedback, especially regarding diversification, factor exposure, overlap, and whether the portfolio is unnecessarily complicated.

Current allocation:

ETF	Weight	Exposure / Role
CSPX (SXR8)	30%	S&P 500 / US large cap
EXUS	20%	Developed markets ex-US
IWVL (IS3S)	20%	Developed World Value
WSML (IUSN)	10%	World Small Cap
EIMI (IS3N)	10%	Emerging Markets
IWQU (IS3Q)	5%	Developed World Quality
EMVL (5MVL)	5%	Emerging Markets Value

What I’m trying to achieve

The idea is to have a global equity portfolio with a core allocation to the S&P 500, while adding exposure to:

• Developed markets outside the US
• Small caps
• Emerging markets
• Value
• Quality
• Emerging-market value

I’m investing for the long term (20–30+ years) and have a relatively high risk tolerance.

My main questions are:

1. Does this allocation make sense from a diversification perspective?
2. Is the 20% allocation to IWVL too aggressive for a factor tilt?
3. Am I creating too much overlap between EXUS, IWVL, WSML, EIMI, IWQU and EMVL?
4. Would you simplify this portfolio by removing one or more ETFs?
5. Are there any important exposures/factors that I’m missing?
6. If you were building this portfolio from scratch, what would you change and why?

I’m particularly interested in feedback from people who use factor-based ETF portfolios rather than just a simple global market-cap-weighted portfolio.

Thanks!