Get Stacked Investment Podcast

E22. Alpha Unchained: What the Data Says About Portable Alpha's Institutional Moment - Descript

Wed, 01 Apr 2026 13:00:00 -0400

Return stacking and portable alpha are no longer niche strategies — they're going mainstream.

In this episode, we cut through the noise and unpack the latest institutional survey data to separate hype from reality.

Corey Hoffstein, CEO & CIO of Newfound Research and Co-Founder & Portfolio Manager of the Return Stacked® ETF Suite, sits down with special guest Shane McCarthy, CFA, Global Head of the Client & Partner Group at LAB Quantitative Strategies, to go beyond the theory and into what the latest institutional survey data actually reveals about where portable alpha stands right now — and where it's headed.

What You Will Learn:

Why portable alpha has expanded well beyond pensions — into endowments, OCIOs, family offices, and wealth channels — and what the latest survey data reveals about AUM growth in the space
What allocators are actually optimizing for, and how survey data breaks down their primary objectives
Which alpha sources are winning, how much overlay exposure institutions are taking, and why a single alpha source may not be enough
The three implementation structures in use today, how fee and liquidity terms compare, and what beta instrument trade-offs matter most in practice

Don't miss the extended Q&A, where Corey and Shane go deep on instrument selection, alpha durability, illiquidity tolerance, and the nuances of overlay sizing.

E21. STACKED UNPACKED: When Diversification Works Unevenly – Lessons from 2025

Mon, 09 Feb 2026 16:00:00 -0400

Drawing from quarterly commentary, Rodrigo Gordillo and Corey Hoffstein review the performance and positioning of the Return Stacked® suite of ETFs. They explore the drivers behind their trend following strategies, explaining the whipsaw experienced in certain markets and the strong performance in others like metals and equities. The discussion also provides a detailed case study on the challenges faced by multi-asset carry (futures yield) strategies, the opportunistic nature of their merger arbitrage approach, and the mechanics of the gold and Bitcoin overlay. This episode offers a comprehensive look at how these distinct strategies navigated the recent market environment.

Topics Discussed

An overview of the Return Stacked® ETF suite's growth, having surpassed $1 billion in assets
The utility of the RSSB global stocks and bonds ETF as a versatile tool for capital efficiency and creating portfolio overlays
A detailed breakdown of the trend-following replication strategy, which combines top-down and bottom-up models to track a managed futures index
Analysis of the challenging market environment for trend following, marked by policy-driven whipsaws and unexpected economic news
An in-depth case study on the multi-asset carry strategy's underperformance, using crude oil to explain the impact of rapid shifts in market expectations
Positioning the merger arbitrage strategy (RSBA) as an attractive, uncorrelated alternative to traditional credit investments
The dynamic, risk-parity approach to the gold and Bitcoin overlay in the RSSX ETF for hedging against inflation and currency debasement risk
Discussion on the nature of diversification, emphasizing that it implies zero correlation, not necessarily negative correlation, between assets

RSSX does not invest directly in Bitcoin or Gold.Exposures to gold and bitcoin will be done via exchange traded funds and futures contracts, hence the fund does not invest directly in bitcoin or any other digital asset, and does not invest directly in gold or gold bullion.

For prospectus and performance and risks visit the fund pages.

Investors should carefully consider the investment objectives, risks, charges and expenses of Return Stacked® ETFs lineup before investing. This and other important information about the Return Stacked® ETF lineup is contained in their respective prospectus. For a prospectus or summary prospectus with this and other information about the Funds, please click the links above. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Funds and the Funds’ Subsidiary.

Newfound Research LLC (“Newfound”) serves as investment sub-adviser to RSST, RSBT, RSSY, RSBY, RSBA, RSSB, and RSSX.

ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Return Stacked® Bonds & Managed Futures ETF (RSBT), the Return Stacked® U.S. Stocks and Managed Futures ETF (RSST), the Return Stacked® U.S. Stocks & Futures Yield ETF (RSSY), the Return Stacked® Bonds & Futures Yield ETF (RSBY), Return Stacked® U.S. Stocks & Gold/Bitcoin ETF (RSSX) and their respective Subsidiaries.

Quantify Chaos Advisors, LLC (“Quantify”) serves as the sub-adviser to the STKd 100% Bitcoin & 100% Gold ETF(BTGD). Quantify has entered into a brand licensing agreement with Newfound and Resolve granting Quantify the right to use the “STKd” brand, a derivative of Return Stacked®. Neither the Trust nor the Adviser is a party to this agreement. In exchange for the branding rights, Quantify will pay Newfound and ReSolve a fee based on a percentage of the Fund’s unitary management fee.

The Return Stacked® ETFs suite is distributed by Foreside Fund Services, LLC. Foreside is note related to Tidal, Newfound, Resolve or Quantify.

Mike Philbrick: Stacking Systematic Macro (RGBM)

Thu, 29 Jan 2026 09:00:00 -0400

In this special interview, Mike Philbrick explores the principles of systematic macro investing and the behavioral challenges investors face when attempting to diversify traditional portfolios. He explains how Return Stacking addresses the common funding dilemma by layering alternative strategies on top of a core stock-and-bond portfolio rather than replacing existing allocations. Using the Return Stacked® Global Balanced & Macro ETF (RGBM) as a framework, the discussion illustrates how this institutional-grade approach aims to improve portfolio construction—seeking true diversification and potentially higher risk-adjusted returns without requiring investors to abandon their core holdings.

Topics Discussed

Defining systematic macro as a data-driven, rules-based strategy across global assets.
The vulnerability of traditional 60/40 stock-bond portfolios to inflationary shocks.
The funding dilemma and behavioral challenges when adding alternatives by selling core assets.
Introducing Return Stacking to layer diversifying strategies on top of core holdings.
Applying the institutional concept of portable alpha to individual investor portfolios.
The mechanics of using a capital-efficient ETF to achieve greater than 100% exposure.
Reducing behavioral tracking error by preserving an investor's familiar core allocations.
The goal of outperforming underlying betas by having the stacked strategy beat its cost of financing.

Return Stacked® Global Balanced & Macro ETF (“RGBM” or the “ETF”) is an alternative mutual fund, as such, RGBM is permitted to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. RGBM uses leverage and derivative instruments to stack the returns of a global balanced strategy with those of a systematic macro strategy which can magnify gains and losses.

Past Performance is not a guarantee of future results.

Commissions, management fees, performance fees and operating expenses may all be associated with an investment in RGBM. The ETF is not guaranteed, its value changes frequently and past performance may not be repeated. The ETF Facts and prospectus contain important detailed information about the ETF. Please read the relevant documents before investing.

LongPoint Asset Management Inc. (“LongPoint”) is the Investment Fund Manager of RGBM.

ReSolve Asset Management Inc. (“ReSolve Canada”) is the Portfolio Manager of RGBM.

ReSolve Asset Management SEZC (Cayman) (“ReSolve Global”) is the Portfolio Sub-Advisor of RGBM.

Newfound Research LLC (“Newfound”) is a Co-Promotor of RGBM.

Corey Hoffstein: Stacking Merger Arbitrage with the RSBA ETF

Fri, 23 Jan 2026 13:00:00 -0400

In this in-depth conversation, Corey Hoffstein breaks down merger arbitrage as a distinct risk premium rather than a true arbitrage strategy. He explains how investors can capture the residual spread in announced M&A deals, compares merger arbitrage to traditional credit markets, and discusses why it can offer a low-correlation return stream relative to stocks and bonds. The discussion also explores how return stacking and portable alpha frameworks can enhance portfolio efficiency, positioning merger arbitrage as a powerful diversifier—particularly as an alternative to credit risk within modern portfolio construction.

Topics Discussed

Defining merger arbitrage as a risk premium for bearing deal break risk and the time value of money
The concept of Return Stacking to add diversifying strategies without selling core assets
Comparing the idiosyncratic nature of merger arbitrage risk to the more cyclical credit risk found in corporate bonds
Utilizing a combination of Treasuries and merger arbitrage as a direct alternative to corporate bond allocations
Addressing the behavioral challenges of traditional diversification by reducing tracking error against standard benchmarks
The argument for merger arbitrage as a persistent and unique risk premium, distinct from alpha-seeking strategies
Overcoming the historical packaging and adoption challenges of merger arbitrage funds for financial advisors
Democratizing institutional investment concepts like portable alpha for a wider audience

Definitions

Alpha: refers to returns above that of a passive market benchmark

Tracking error is the variability in the difference between a strategy’s returns and the investor’s benchmark returns.

Beta: How much an investment moves vs. a benchmark (like the market).

Duration refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk.

A Basis Point is equal to 0.01% and is commonly used to express changes in interest rates, fees, or investment returns. For example, 50 basis points equals 0.50%.

Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements. Stacking does not guarantee outperformance and diversification does not guarantee a profit or prevent a loss.

Merger-Arbitrage Risk. Merger-arbitrage investing involves the risk that the outcome of a proposed event, whether it be a merger, reorganization, or other event, will prove incorrect and that the Fund’s return on the investment will be negative, or that the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information (including complete disclaimers) about the Funds, please visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/. Read the prospectus or summary prospectus carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Fund and the Fund’s Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Fund. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Fund’s Subsidiary. Foreside Fund Services, LLC is the distributor for the Fund. Foreside is not related to Tidal, Newfound, or ReSolve.

Adam Butler: Stacking Diversified Carry Strategies with RSSY & RSBY ETFs

Fri, 23 Jan 2026 12:15:00 -0400

In this exclusive interview, Adam Butler provides a comprehensive exploration of diversified Carry strategies, a concept traditionally confined to institutional investors. He begins by defining Carry—the expected return on an investment if its price remains unchanged—and explains its mechanics across equities, bonds, currencies, and commodities. The discussion highlights how combining these various Carry sources offers powerful diversification benefits. Adam then connects this to the concept of Return Stacking, explaining how ETFs like Return Stacked® U.S. Stocks & Futures Yield (RSSY) and Return Stacked® Bonds & Futures Yield (RSBY) seek to broaden access to sophisticated strategies by incorporating them alongside traditional stock and bond allocations.

Topics Discussed

Defining Carry beyond the traditional currency trade to include yields from stocks, bonds, and commodities
The strategy of diversifying Carry across multiple global asset classes to create a smoother return profile
The mechanics of a long/short global Carry portfolio that maximizes risk-adjusted yield across markets
Carry's role as an uncorrelated diversifier to traditional stock and bond portfolios and its complementary relationship with Trend following
The concept of Return Stacking as a method to add diversifying strategies without selling core assets
Using Return Stacking to overcome behavioral biases like investor regret and the reluctance to diversify away from equities
The democratization of institutional strategies through ETFs like RSSY and RSBY, which stack Carry on core holdings
The operational complexity and data-intensive nature of Carry strategies, explaining their historical inaccessibility to retail investors
Setting long-term return expectations for Carry and viewing periods of underperformance as building potential energy
The argument for seeking returns in less efficient macro markets compared to the highly competitive micro world of stock picking

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. This and other important information about the Return Stacked® ETF lineup is contained in their respective prospectus', which can be obtained by calling 1-844-737-3001 or clicking here.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

ETFs are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. While the shares of ETFs are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns. There is no guarantee that the Fund will achieve its objective.

Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Funds and the Funds’ Subsidiary.

Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.

ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary.

Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Tidal, Newfound, or ReSolve.

Rodrigo Gordillo: Stacking Managed Futures with RSST and RSBT

Tue, 06 Jan 2026 06:45:00 -0400

In this episode, Rodrigo Gordillo, President of ReSolve Asset Management and Co-Founder of Return Stacked ETFs, delves into the history, mechanics, and benefits of managed futures strategies. Gordillo recounts the evolution from the original turtle traders to modern systematic approaches in trend following. He explains the behavioral finance underpinnings that make these strategies effective, including concepts like anchoring and cascading effects. The conversation covers the diversification benefits of managed futures, their non-correlation with traditional asset classes, and their performance in different market regimes. Gordillo also introduces return stacking and portable alpha concepts, illustrating how these methods can provide both diversification and potential outperformance without significantly increasing portfolio risk. The discussion includes practical examples and the mechanics behind ETFs like RSST and RSBT.

00:00 Introduction to Managed Futures

01:24 Understanding Trend Following

03:11 Behavioral Finance and Trend Following

04:12 Benefits of Investing in Managed Futures

07:46 Challenges of Diversification

10:30 Return Stacking Explained

13:19 Mechanics of RSST and RSBT

21:06 Practical Use Cases for Return Stacking

23:45 Conclusion and Further Learning

Definition of terms used:

S&P 500: A market-capitalization-weighted index that tracks the performance of approximately 500 leading U.S. publicly traded companies, widely used as a benchmark for the overall U.S. equity market.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here (https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/) Read the prospectus or summary prospectus carefully before investing.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. Toroso Investments, LLC (“Toroso”) serves as investment adviser to the Funds and the Funds’ Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary. Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Toroso, Newfound, or ReSolve.

E20. ETF Showdown: Our Best Return Stacked® Ideas for 2026

Fri, 19 Dec 2025 07:15:00 -0400

In a special roundtable discussion, Rodrigo Gordillo, Corey Hoffstein, Mike Philbrick, and Adam Butler each present their top investment idea for 2026, centered around a specific Return Stacked® ETF. The conversation explores a range of compelling theses, from the role of scarce assets like gold and Bitcoin to the strategic use of alternatives such as trend following and merger arbitrage. This forward-looking analysis delves into the evolving landscape of portfolio construction, the importance of capital efficiency, and the broader implications of ongoing monetary and fiscal debasement.

Topics Discussed

• The investment case for stacking scarce assets like gold and Bitcoin on stocks (RSSX) as a hedge against permanent monetary debasement

• Utilizing bonds as a portfolio ballast and stacking managed futures strategies like trend and carry for diversification (RSBT & RSBY)

• The argument for replacing corporate credit exposure with a combination of Treasuries and merger arbitrage (RSBA) due to tight credit spreads

• Using a global stock and bond fund (RSSB) to create capital efficiency for adding low-volatility alternatives or tactical cash positions

• The increasing institutional adoption of Bitcoin, signaling its potential shift from a fringe asset to a foundational portfolio component

• A defense of holding bond duration for its predictable long-term returns and its role as a diversifier during cyclical recessions

• The complementary nature of trend and carry strategies as different ways to harvest risk premia in managed futures

• Merger arbitrage as a unique and defensible risk premium that is structurally uncorrelated with traditional equity and credit risk

• The paradigm shift in portfolio construction for retail investors enabled by the accessibility of Return Stacking strategies

RSST– https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/

RSBT– https://www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/

RSSY– https://www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/

RSBY– https://www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/

RSBA– https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/

RSSB – https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/

RSSX– https://www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/

BTGD– https://quantifyfunds.com/stackedbitcoingoldetf/btgd/

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted above.

Definitions

Beta: How much an investment moves vs. a benchmark (like the market).

NASDAQ 100: Index of 100 big non-financial companies listed on Nasdaq.

Mag 7: A nickname for seven mega-cap U.S. tech/growth stocks that have dominated index performance in recent years: Apple, Microsoft, Alphabet (Google), Amazon, Nvidia, Meta, Tesla.

AGG (the “Agg”): Broad U.S. investment-grade bond market benchmark/ETF. Duration refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk.

A Basis Point is equal to 0.01% and is commonly used to express changes in interest rates, fees, or investment returns. For example, 50 basis points equals 0.50%.

ICE corporate index: A benchmark that tracks corporate bonds (from ICE).

Sharpe ratio: Return earned per unit of risk.

Coupon: The interest a bond pays each year (based on face value).DisclaimersThe performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above.

Exposures to gold and bitcoin will be done via exchange traded funds and futures contracts, hence the fund does not invest directly in bitcoin or any other digital asset, and does not invest directly in gold or gold bullion.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Return Stacked® ETFs. This and other important information about the ETFs is contained in their prospectuses, which can be obtained by calling 1-844-737-3001 or clicking here. The prospectuses should be read carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Bitcoin Investment Risk: The Fund’s indirect investment in bitcoin, through futures contracts and Underlying Funds, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, bitcoin faces potential government restrictions. The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Blockchain Technology Risk: Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.

Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Funds and the Funds’ Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.

ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Return Stacked® Bonds & Managed Futures ETF, the Return Stacked® U.S. Stocks and Managed Futures ETF, the Return Stacked® U.S. Stocks & Futures Yield ETF, the Return Stacked® Bonds & Futures Yield ETF, and their respective Subsidiaries.

Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.

Quantify Chaos Advisors, LLC (“Quantify”) has entered into a brand licensing agreement with Newfound Research LLC (“Newfound”) and ReSolve Asset Management SEZC (Cayman) (“ReSolve”), granting the Quantify the right to use the “STKd” brand, a derivative of Return Stacked®. Neither the Trust nor the Adviser is a party to this agreement. In exchange for the branding rights, Quantify will pay Newfound and ReSolve a fee based on a percentage of the Fund’s unitary management fee.

The Return Stacked® ETF suite is distributed by Foreside Fund Services, LLC, Member FINRA/SIPC. Foreside is not related to Tidal , Newfound, or ReSolve.

E19. STACKED UNPACKED: Managed Futures Trend: “Don’t Call it a Comeback”

Mon, 10 Nov 2025 09:55:00 -0400

Rodrigo Gordillo, Corey Hoffstein, and Adam Butler review the Q3 2025 performance of their ETF suite, drawing from the latest Return Stacked® ETFs Quarterly Performance Report. The discussion explores the strategies and use cases for each capital-efficient fund, from the core stock/bond RSSB to the newer gold and Bitcoin-focused RSSX. They delve into the underlying mechanics of the stacked strategies, including trend following replication, merger arbitrage, and the concept of portable alpha. This quarterly analysis provides a detailed look at how each fund has performed and is positioned within the broader framework of Return Stacking.

Topics Discussed

• An overview of the Return Stacking ETF suite's growth to over one billion dollars in assets under management

• The capital efficiency and diverse use cases of the RSSB fund, which provides 100/100 exposure to global stocks and bonds

• A detailed look at the blended replication approach used to track the trend following managed futures category in RSST and RSBT

• The role of the futures yield (carry) strategy as a low-correlation diversifier to trend following

• Positioning the RSBA merger arbitrage fund as an alternative to traditional corporate credit, especially with credit spreads at historic lows

• Managing exposure to gold and Bitcoin in the RSSX fund through an active inverse volatility weighting strategy

• The practical benefits of pre-stacked solutions for advisors, such as simplified implementation and automated rebalancing

• A review of recent performance drivers, including the resurgence in trend following and the lifecycle of merger arbitrage deals

RSST– https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/

RSBT– https://www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/

RSSY– https://www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/

RSBY– https://www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/

RSBA– https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/

RSSB – https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/

RSSX– https://www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/

BTGD– https://quantifyfunds.com/stackedbitcoingoldetf/btgd/

Definitions

A Basis Point is equal to 0.01% and is commonly used to express changes in interest rates, fees, or investment returns. For example, 50 basis points equals 0.50%.

Duration refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk.

Standard Deviation is a statistical measure of how much an investment’s returns vary from its average over time, indicating the degree of volatility or risk

*The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted above.

** Investors should carefully consider the investment objectives, risks, charges and expenses of the Return Stacked® ETFs. This and other important information about the ETFs is contained in their prospectuses, which can be obtained by calling 1-844-737-3001 or clicking here. The prospectuses should be read carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Funds and the Funds’ Subsidiary.

Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. Bitcoin Investment Risk: The Fund’s indirect investment in bitcoin, through futures contracts and Underlying Funds, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, bitcoin faces potential government restrictions. The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis. Blockchain Technology Risk: Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Derivatives Risk: Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. Digital Asset Risk: Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Gold Investment Risks: The Fund will not invest directly in gold but will gain exposure through gold futures contracts and Underlying Funds. These investments are subject to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Leverage Risk: As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts to gain long and short exposure across four major asset classes (commodities, currencies, fixed income, and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. New Fund Risk: The Fund is a recently organized with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk: The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Underlying Fund Risk: The Fund’s investment strategy, involving indirect exposure to bitcoin and gold through one or more Underlying Funds, is subject to the risks associated with bitcoin as well as gold. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds. Bond Risks. The Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury securities, broad-based bond ETFs, and investments in U.S. Treasury and fixed income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by Fund (or underlying ETFs) to vary inversely to such changes. Credit Risk: Credit risk refers to the possibility that the issuer of a security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.

The Return Stacked® ETF suite is distributed by Foreside Fund Services, LLC, Member FINRA/SIPC. Foreside is not related to Tidal, Newfound, or ReSolve.

Stacking Strategic Gold & Bitcoin on Top of Stocks with RSSX ETF

Thu, 23 Oct 2025 02:30:00 -0400

Strategic Diversification with Gold and Bitcoin using Return Stacked U.S. Stocks & Gold/Bitcoin Ticker (RSSX).

00:00 Introduction to Strategic Gold and Bitcoin Stacking

01:32 The Case for Gold and Bitcoin Diversification

02:47 Understanding Return Stacking and Portable Alpha

04:33 Position Sizing for Gold and Bitcoin

05:59 RSSX ETF: Gold and Bitcoin Overlay

08:53 Implementation and Rebalancing Strategies

14:29 Behavioral and Regulatory Perspectives

Description:

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here (https://www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/) Read the prospectus or summary prospectus carefully before investing.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. Toroso Investments, LLC (“Toroso”) serves as investment adviser to the Funds and the Funds’ Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary. Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Toroso, Newfound, or ReSolve.

Definitions:

Alpha: refers to returns above that of a passive market benchmark

Tracking error is the variability in the difference between a strategy’s returns and the investor’s benchmark returns.

E18. Managed Futures-Why Now! Positioning, Energy, De-Dollarization, and Portfolio Blind Spots

Fri, 10 Oct 2025 00:00:00 -0400

In this episode, Rodrigo Gordillo, Mike Philbrick, and Adam Butler from ReSolve Asset Management Global explore the timely relevance of managed futures, examining why the current macroeconomic environment may be particularly favorable for these strategies. They discuss recent drawdowns, the uncorrelated nature of trend and carry strategies, and the importance of diversification. The conversation also covers the benefits of strategic overlaying in portfolios, the impact of policy shocks, and the potential for managed futures to add value in various market conditions, including inflationary periods.

E17. STACKED UNPACKED: Quarterly Live Q&A

Mon, 18 Aug 2025 08:00:00 -0400

In this episode, Corey Hoffstein and Adam Butler take you inside the latest Q2 commentary on the Return Stacked® ETF suite. They break down key strategies behind ETFs like RSSX, RSSB, RSBT, and RSST—covering everything from performance differentials in trend strategies to the mechanics of trend model replication.

You’ll hear sharp analysis of return stack carry funds, year-to-date performance, and how they behave in multi-asset portfolios. The hosts also explore fixed income sector positioning, the role of energy exposure, and why merger arbitrage deserves a closer look as a diversifier. The episode wraps with the new RSSX ETF, blending U.S. stocks, gold, and Bitcoin to meet evolving market demands.

*The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted above.

RSSX does not invest directly in Bitcoin or Gold.

For prospectus, performance and risks visit the fund pages.

RSST – https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/

RSBT – https://www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/

RSSY – https://www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/

RSBY – https://www.returnstackedetfs.com/rsby-return-stacked-bonds-futures-yield/

RSBA – https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/

RSSX – https://www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/

BTGD – https://quantifyfunds.com/stackedbitcoingoldetf/btgd/

Forside Fund Services, LLC Distributor.

(0:00) Introduction to the Get Stacked Investment Podcast and symposium announcement

(5:49) Overview of new ETFs: RSSX, RSSB, RSBT, and RSST

(10:29) Performance differentials in RSSB and trend strategies

(18:00) Performance tracking and replication strategy of trend models

(23:42) Analysis of performance drivers in trend strategy

(29:22) Year-to-date return of the trend model and currency trends

(31:17) Introduction to return stack carry funds and strategy primer

(36:12) Performance and correlation of carry strategy since inception

(39:15) Energy potential in portfolio and fixed income sector analysis

(44:43) Combining trend and carry strategies in portfolio construction

(48:59) Comparison with GSAM cross asset carry index

(52:25) Bonds and merger arbitrage strategy introduction and explanation

(56:37) Merger arbitrage as a diversifier and comparison with corporate bonds

(59:53) Introduction and rationale behind RSSX: US stocks, gold, and Bitcoin ETF

(1:07:37) Closing remarks and symposium reminder

E16. From Fringe to Foundational: The Case for Bitcoin in the Modern Portfolio

Thu, 31 Jul 2025 07:00:00 -0400

In this episode, Rodrigo Gordillo, President of ReSolve Asset Management Global, and Mike Philbrick, CEO of ReSolve Asset Management Global unpack Ric Edelman’s bold argument for allocating 10–40% of a portfolio to Bitcoin. They explore how Bitcoin is evolving from a fringe asset to a foundational one, discuss its role alongside gold, and examine the structural shifts—from regulatory clarity to ETF innovation—that are driving institutional adoption. If you're rethinking diversification in a changing economic landscape, this conversation delivers the key insights.

(0:00) Introduction to the Get Stacked Investment Podcast

(2:45) Introduction of podcast hosts and disclaimers

(3:33) Bitcoin as a digital hard currency compared to gold

(7:22) Regulatory clarity and adoption of Bitcoin in portfolios

(10:01) Evolving landscape for Bitcoin in traditional finance

(13:11) Risk premium of non-cashflow assets

(20:05) Benefits and methods of return stacking with Bitcoin

(24:34) Behavioral biases in long-term Bitcoin allocation

(26:28) Portfolio construction and the Bitwise paper on Bitcoin

(31:16) Adjusting portfolios for inflation expectations

(33:15) Risk budgeting with alternative assets like gold and Bitcoin

(37:10) Using volatility as a heuristic for allocation

(39:06) Global adoption and diversification with real assets

(41:13) Research resources and concluding remarks

E15. Stacking Returns Without Sacrificing Core Exposure: Introducing RSSX

Fri, 27 Jun 2025 07:00:00 -0400

Investors seeking exposure to alternatives like gold and Bitcoin face a tough tradeoff: diversify or stay fully invested in stocks and bonds. What if you didn’t have to choose?

In this episode, we unveil Return Stacked® U.S. Stocks & Gold/Bitcoin (RSSX) - an ETF designed to deliver long-term capital appreciation by stacking diversified exposures on top of traditional equity allocations.

Discover how RSSX leverages capital-efficient strategies to provide $1 of exposure to U.S. large-cap stocks plus $1 of exposure to a Gold/Bitcoin mix - all for every $1 invested. We’ll walk through the mechanics, behavioral advantages, and real-world application of the latest return-stacking innovation.

Whether you're an advisor looking to optimize client portfolios or an investor seeking smarter diversification, this session is a must-listen.

*For the RSSX prospectus and risk disclosures, visit: https://www.returnstackedetfs.com/rssx-return-stacked-us-stocks-gold-bitcoin/

**Exposures to gold and bitcoin will be done via exchange-traded funds and futures contracts, hence the fund does not invest directly in bitcoin or any other digital asset, and does not invest directly in gold or gold bullion.

***Standard deviation measures the volatility of an investment's returns, indicating how much they typically vary from the average.

****Investors should carefully consider the investment objectives, risks, charges, and expenses of the Return Stacked® U.S. Stocks & Gold/Bitcoin ETF. This and other important information about the ETF is contained in the prospectus, which can be obtained by calling 1-844-737-3001 or clicking here. The prospectus should be read carefully before investing.

*****Quantify Chaos Advisors, LLC ("Quantify") has entered into a brand licensing agreement with Newfound Research LLC ("Newfound") and ReSolve Asset Management SEZC (Cayman) ("ReSolve"), granting the Quantify the right use the "STKd" brand, a derivative of Return Stacked®. Neither the fund trust nor the investment adviser is a party to this agreement. In exchange for the branding rights, Quantify will pay Newfound and ReSolve a fee based on a percentage of the fund's unitary management fee.

Distributed by Foreside Fund Services, LLC.

(0:00) Introduction to Return Stacking Symposium and Podcast

(2:02) Introduction of hosts and guest speaker with overview of ReturnsTac Suite of Funds

(3:29) Discussion on US Stocks and Gold Bitcoin ETF (RSSX) and diversification strategies

(7:11) Explanation and practical implementation of return stacking

(11:34) Strategy design for gold and Bitcoin allocation

(24:12) Portfolio implementation with RSSX, strategy overview, and rebalancing

(26:23) Q&A introduction, sponsor message, and rebalancing frequency

(27:28) Borrowing costs, allocation structure, and risk weighting

(34:22) Comparison between RSSX and BTGD, and impact of borrowing costs

(39:25) Risk premium expectations for gold and Bitcoin

(45:50) Tax efficiency, ETF liquidity, and fee structure

(49:11) Portfolio sizing, volatility, and currency hedging

(52:15) Hedged ETF costs, drawdowns, and portfolio impact

(55:30) Upcoming resources and gold investment skepticism

(57:51) Portfolio construction, hedging benefits, and closing remarks

E14. Reimagining the 60/40 Portfolio, Hard Assets, Bitcoin as Digital Gold & Asset Allocation Strategies

Thu, 26 Jun 2025 07:00:00 -0400

In this episode hosts Mike Philbrick and Rodrigo Gordillo welcome Mark Valek, partner at Incrementum AG and co-author of the acclaimed In Gold We Trust report. Mark, a seasoned macro investor with decades of expertise at the intersection of gold, monetary policy, and systemic risk, offers deep insights into the evolving roles of gold and Bitcoin. The discussion covers a diverse range of topics including macro investing, fiscal dominance, central bank gold accumulation, innovative portfolio allocations, and the emergence of Bitcoin as digital gold.

(0:00) Introduction and Event Announcement

(3:04) Introduction of Guest Mark Valek

(3:50) "The Big Long" Concept and Central Banks' Role

(7:55) Sanctions Impact on Trust and Rise in Gold Purchases

(11:33) Fiscal Dominance and Gold's Monetary Role

(22:10) Gold Price Stability Amid Quantitative Tightening

(28:28) Inflation and Gold Market Projections

(33:13) Gold Allocation in Diversified Portfolios

(41:31) Gold vs. Bitcoin: Asset Comparison

(45:47) Bitcoin Adoption and Market Outlook

(51:27) Integrating Gold and Bitcoin in Investment Strategies

(53:26) Rethinking the Traditional Investment Portfolio

(55:37) Exploring Alternative Assets

(58:15) Structuring the New Age Portfolio

(59:54) Closing Insights on Portfolio Performance

(1:00:13) Guest Information and Incrementum Insights

(1:01:40) Outro and Listener Engagement

E13. In Gold We Trust 2025 - The Big Long

Fri, 06 Jun 2025 07:00:00 -0400

Return Stacked is back with a deep dive into the world of alternative assets, featuring Mike Philbrick—CEO of ReSolve Asset Management and co-founder of Return Stacked ETFs, and Rodrigo Gordillo, President of ReSolve Asset Management and co-founder of Return Stacked ETFs, both of whom are recognized voices in asset management and diversification. In this engaging episode, Mike and Rodrigo explore a broad range of topics, including gold’s structural fundamentals, bitcoin’s emerging role, portfolio diversification techniques, behavioral biases, and the macro trends shaping global investment strategies.

(0:00) Event invitation and podcast introduction

(2:30) Episode focus: Gold, Bitcoin, and precious metals

(3:03) Historical perspective on gold and its value

(5:34) Gold's market dynamics and institutional interest

(10:36) Structural reasons for gold's performance and public participation

(17:01) Integrating gold into portfolios and comparison with other asset classes

(23:27) Future prospects for gold mining stocks

(24:33) Bitcoin as the digital counterpart to gold

(26:13) Bitcoin vs. gold: Volatility and allocation strategies

(30:34) Return stacking in portfolio construction

(33:28) Rebalancing strategies with gold and Bitcoin

(36:03) Institutional adoption of Bitcoin and gold

(38:18) Behavioral finance in commodity investing

(44:06) Incorporating non-correlated assets into portfolios

(49:32) Developing intuition for emerging asset classes

(51:01) Audience questions on volatility and leverage

(55:28) Managing risk and avoiding excessive leverage

(56:22) Seasonal gold investment strategies

(57:00) Leveraging borrowing costs for capital efficiency

(58:38) Diversifying with return stacking across asset classes

(59:01) Contact information and episode disclaimer

(59:48) Closing remarks and next steps

E12. Rafael Ortega: Using Return Stacking To Build an All-Terrain Portfolio

Fri, 30 May 2025 07:00:00 -0400

In this episode, Rodrigo Gordillo sits down with Rafael Ortega, a distinguished Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management. Known for pioneering innovative portfolio solutions in Spain—from the classic permanent portfolio to advanced return stacking and off-road strategies—Rafael discusses a wide range of topics including diversification, structural risk balancing, leveraging, regulatory hurdles, and the future of portable alpha in today’s dynamic markets.

(0:00) Event announcement: Return Stacking Symposium at Cboe Global Markets

(0:44) Introduction to the Get Stacked Investment Podcast and Guest Rafael Ortega

(3:40) Discussion on return stacking and balanced portfolio approaches

(5:09) Rafael Ortega's journey from engineering to investment management

(8:56) Exploring Harry Brown’s permanent portfolio concept

(12:16) Asset performance across different economic cycles

(17:52) Building a community around structural diversification

(22:49) Rafael Ortega on the challenges and opportunities with conservative strategies

(26:40) Risk balancing and the impact of volatility on returns

(32:04) Understanding the concept of return stacking

(34:14) Tackling operational and compliance challenges in investment management

(37:02) Examining the role of leverage in diversified portfolios

(40:23) Comparing drawdown recovery: S&P 500 vs. diversified portfolios

(45:07) Educating investors on the value of diversification

(47:21) Debunking misconceptions about all terrain portfolios

(48:09) The long-term benefits of a more efficient portfolio

(52:43) Managing emotions during market downturns

(54:53) Resilience of leveraged portfolios

(57:00) Predicting the mainstream adoption of diversifiers

(59:30) Tailoring investment strategies to different investor profiles

(1:01:00) Growing interest in return stacking and portable alpha

(1:03:04) Navigating regulatory challenges in investment strategies

(1:06:26) Prospects for the long-term adoption of return stacking

(1:07:42) Closing remarks and Rafael Ortega's online presence

(1:09:19) Outro and call to action

E11. Discover RGBM ETF: Diversification That Clients May Actually Stick To

Wed, 14 May 2025 07:00:00 -0400

As financial advisors, we know clients struggle to stay the course with liquid diversifying investments, especially when 60/40 portfolios have been strong.

RGBM ETF offers a solution: a 100% global balanced strategy stacked with an additional 100% systematic macro strategy.

This 2 for 1 combination is designed to help deliver the diversification your clients may need in a solution they can actually stick to. In this podcast, we explore how RGBM’s unique 'return stacking' approach can improve portfolio resilience and client outcomes. Learn how it minimizes the behavioral challenges of owning diversifying assets.

(0:00) Event invitation, speaker announcements, and registration details

(0:46) Podcast introduction, purpose, and disclaimer

(2:03) Introduction of hosts and overview of ReturnsTact funds

(3:14) Return Stack Global Balanced and Macro ETF (RGBM) discussion

(3:50) Explanation and benefits of return stacking

(11:29) Practical implementation and key components of RGBM

(14:08) Tax efficiency and systematic versus fundamental macro

(16:46) Risk management and historical performance of systematic macro

(21:19) Behavioral aspects and balanced allocation in RGBM

(24:11) Capital efficient exposure to global equities and bonds

(29:52) Conditional correlation and deploying investment dollars

(32:09) Strategies for competitive returns and managing alternatives

(35:01) Using RGBM for younger clients and rebalancing benefits

(40:32) Long-term objectives and underlying markets of RGBM

(43:05) Differences between RGBM and hedge fund strategies

(45:01) Historical performance and future plans for Resolve's products

(48:35) Closing remarks and resources

(49:51) Product brief importance and final points

(50:55) Encouragement to rate and review the podcast

E10. Live Q&A - Managed Futures Trend & Carry Flash Update

Fri, 21 Mar 2025 14:30:00 -0400

Join us for an engaging live session as Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global, Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Asset Management Global, discuss recent macroeconomic events and their impact on managed future strategies, specifically trend following and multi-asset carry models. In this video, the panel analyzes key market-moving stories from the past few weeks, including European regulatory reforms, German fiscal stimulus, and international tariff battles. They also explore the recent performance and adjustments in their systematic strategies, providing valuable insights for advisors and investors navigating today's volatile market environment.

(0:00) Introduction and guest Adam Butler

(2:15) Macroeconomic environment and market analysis

(4:25) German fiscal stimulus and European policy changes

(6:32) Volatility and major market moves

(13:27) Multi-asset carry strategies and market impact

(26:17) Risks and performance of carry strategies

(34:13) Trend following managed futures discussion

(36:46) Adjustments and reactions in trend following strategies

(43:06) Trend vs. carry strategy comparison

(46:38) Market headlines and investment principles

(50:01) Client expectations and strategy management

(51:55) Mean reversion and investment energy concepts

(53:33) Advisor-client communication in volatile markets

(55:10) Dealing with sensitive clients and diversification importance

(57:26) Strategy non-correlation and regulatory insights

(59:30) Closing remarks and listener engagement

E9. Discover the Return Stacked® Bonds & Merger Arbitrage ETF (RSBA)

Tue, 18 Feb 2025 18:30:00 -0400

In today’s ever-evolving investment landscape, finding compelling alternatives to traditional fixed income is critical for building resilient portfolios.

Enter RSBA, a first-of-its-kind ETF that combines U.S. Treasuries with a merger arbitrage strategy to offer what we believe is a smarter approach to fixed-income diversification.

Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.

Stacking does not guarantee outperformance and diversification does not guarantee a profit or prevent a loss.

For additional disclosures and risks, visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/.

Distributed by Foreside Fund Services, LLC.

(0:00) Introduction and Overview of Return Stacking

(4:02) The Problem Return Stacking Solves and Historical Performance Insights

(8:14) Comparing Old vs. New World Investment Approaches

(10:06) Exploring Stacking for Outperformance and Diversification

(12:10) Deep Dive into RSBA ETF and Merger Arbitrage

(15:54) Analyzing Merger Arbitrage Performance During Market Drawdowns

(18:41) Merger Arbitrage vs. Credit Risk Premium and Bond Strategies

(22:15) Understanding Merger Arbitrage and Its Legal Aspects

(28:40) Alpha Beta Merger Arbitrage Index: Objectives and Mechanics

(30:59) Insights on Portfolio Construction and Leverage Strategy

(35:51) Deal Evaluation and Weight Adjustment in Merger Arbitrage

(39:41) Q&A Session: Addressing Volatility and Tax Efficiency

(42:46) Merger Arbitrage's Correlation with Other Investment Strategies

(48:43) Comparing Different Styles of Merger Arbitrage Funds

(51:04) Quantitative vs. Discretionary Approaches in Merger Arbitrage

(54:13) Discussing Expected Drawdowns and Legal Constraints

(56:41) Closing Remarks and Final Thoughts on Investment Strategies

E8. Return Stack Anything: Portable Alpha with RSSB

Thu, 16 Jan 2025 07:00:00 -0400

Finding alpha is notoriously difficult.

Instead of trying to pick stocks better, what if you simply added the return of high-conviction, alternative strategies on top of your asset allocation?

That’s the opportunity portable alpha unlocks for allocators.

Join us for an exclusive podcast where we reveal how capital-efficient ETFs can be used to “port” the returns of any alternative investment on top of your asset allocation.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds. Read the prospectus or summary prospectus carefully before investing.

For additional disclosures and risks, visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds.

Distributed by Foreside Fund Services, LLC.

(0:00) Introduction of hosts and podcast

(0:31) Overview of return stack suite of ETFs and market demand

(2:29) Introduction to RSSB, portable alpha, and diversification strategies

(9:08) Financing costs, leveraging with futures, and benefits of portable alpha

(17:38) RSSB's construction, capital efficiency, and practical applications

(23:14) Comprehensive look at stacking strategies and live demonstration

(27:10) Rebalancing, portfolio drift, and systematic macro strategies

(29:47) Performance evaluation and impact of adding 20% stacks

(32:43) Diversified alternatives and live audience interactions

(36:26) Market neutral/long-short equity stack examples

(38:44) Visualization and behavioral benefits of return stacking

(47:12) How to use Portfolio Visualizer for individual strategies

(48:02) Final thoughts on market outperformance with stacking

(50:00) Extended audience Q&A on ETF specifics and bond considerations

(52:08) US vs global bonds in RSSP and stacking pros & cons

(55:03) Line item risk and behavioral aspects in portfolio construction

(57:27) Closing remarks and resources for further learning

E7. Elevate Your Return Stacks with the Combined Power of Trend and Carry

Mon, 09 Dec 2024 13:00:00 -0400

In today's complex market environment, finding genuine diversification and consistent returns has become increasingly challenging. What if you could harness two of the least correlated strategies to traditional portfolios available to investors today?

Join us for an exclusive podcast where Rodrigo Gordillo, Portfolio Manager and co-founder of Return Stacked ETFs, reveals how combining trend following and carry strategies as stacks may create a whole that is much greater than the sum of their parts.

(0:00) Introduction and systematic macro strategies overview

(1:44) Intuitive understanding of trend, carry, and futures markets

(7:35) Combining trend and carry strategies: Benefits and theories

(16:21) Trend following and futures yield measurement

(20:24) Trend and carry strategies comparative analysis

(25:02) Non-correlation of carry and trend with traditional assets

(27:19) Strategy performance: Conditional correlations and calendar year returns

(30:45) Carry strategy performance in various market conditions

(34:16) Trend managers and volatility, carry in bear markets

(42:47) Introduction to return stacking and implementation challenges

(47:09) Behavioral and statistical benefits of return stacking

(53:43) Traditional vs. return stacked portfolios comparison

(56:38) Leveraging, diversification, and final thoughts on return stacking

(1:00:30) Practical implementation and key takeaways

(1:01:07) Audience Q&A session

(1:08:20) Central bank policies and bond allocation in stack strategies

(1:12:57) Wrap-up, final questions, and recent strategy performance

(1:14:39) Closing remarks, apologies, and sign-off

Bonus Interview-Return Stacked ETFs: What You Need To Know

Thu, 05 Dec 2024 20:00:00 -0400

In this episode of ETF Spotlight, host Neena Mishra discusses Return Stacking with Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management. The conversation delves into the concept of Return Stacking, also known as Portable Alpha, which uses leverage to enhance returns and diversify portfolios.

...

The RSSB performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the RSSB standardized performance the most recent month-end performance, visit the Fund’s website at Global Stocks & Bonds - Return Stacked ETF (returnstackedetfs.com).

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here (https://www.returnstackedetfs.com/). Read the prospectus or summary prospectus carefully before investing.

Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

RSST Inception Date: 09/05/2023

RSST Expense Ratio: 0.98%

Definitions:

Beta: for the purposes of this presentation "beta" is broadly defined as the returns achieved by the broad market index of a particular asset class.

Alpha: refers to returns above that of a passive market benchmark

Correlation measures the relationship between the price movements of two assets or securities, expressed as a value between -1 (means the two assets move in perfect opposition) and +1 (the two assets move in perfect unison).

S&P 500 Index is an abbreviation for the Standard & Poor’s 500, a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

**Bloomberg US Aggregate Bond Index is an index that covers the broad U.S. investment grade, US dollar-denominated, fixed-rate taxable bond market.

Société Générale Trend Index is designed to track the largest trend following commodity trading advisors (“CTAs”) in the managed futures space net of underlying fees. The index does not represent the entire universe of all CTAs. Actual rates of return may be significantly different and more volatile than those of the index

Morningstar Systematic Trend Index refers to a type of alternative investment strategy that focuses on following and capitalizing on price trends in financial markets. Investments in this category employ a systematic, rules-based approach, often relying on quantitative models to identify and act on trends across multiple asset classes, including equities, bonds, commodities, and currencies. These strategies, sometimes known as "managed futures" or "trend-following" strategies, typically aim to generate returns by riding persistent market movements, whether upward or downward, and are designed to profit in a variety of market conditions, making them potentially valuable for diversification within a portfolio.

Toroso Investments, LLC (“Toroso”) serves as investment adviser to the Funds and the Funds’ Subsidiary.

Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.

ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary.

Foreside Fund Services, LLC is the distributor for the Funds.

Foreside is not related to Toroso, Newfound, or ReSolve.

(0:00) Introduction by Nina Mishra and topic overview

(0:55) Accessibility of return stacking for retail investors

(2:30) Benefits and practical example of return stacking

(6:29) Risks, historical financial crises, and volatility management

(10:35) Deep dive into flagship fund RSST and its strategy

(23:31) Overview and integration of other ETFs in traditional portfolios

(30:16) Additional resources and key ETF tickers

(31:29) Call to action, disclaimer, and legal information

E6. Saving Delta’s Pension with Portable Alpha - Jonathan Glidden

Wed, 04 Dec 2024 21:30:00 -0400

In this episode, we delve into the world of portable alpha and risk management with Jon Glidden, a seasoned investor with over a decade of experience. Jon shares his journey from his early days in Newport News, Virginia, to his current role in managing billions of dollars. We explore the intricacies of portable alpha, the role of hedge funds, and the importance of governance buy-in.

(0:00) Introduction of Jonathan Glidden and his background in portable alpha strategies

(1:35) Podcast introduction, disclaimer, and hosts

(2:43) Sponsor: returnstack.com

(3:11) Jonathan's professional journey in portable alpha for Delta's pension plan

(14:27) Evaluating alpha sources and hedge funds suitability

(22:50) Challenges and reframing of hedge fund investments with a focus on high residual information ratio

(26:01) Leverage limits and risk management in portable alpha

(29:53) Alpha validation and lessons from 2008

(39:02) Gaining stakeholder buy-in and impact of overfunding on strategy

(46:30) Adjusting derivatives and hedging in portable alpha management

(49:11) Day-to-day complexities and liquidity management in pension portfolios

(54:11) The effect of market conditions on pension fund performance and scalable strategies

(58:50) Advice and importance of liquidity management during market shocks

(1:06:11) Key lessons and concluding thoughts

E5. Diversification 2.0: Mastering the Art of Portable Alpha

Fri, 18 Oct 2024 14:30:00 -0400

Portable alpha (or as we like to call it: Return Stacking) has become increasingly popular in the financial media (including recent notes from industry giants like BlackRock, Russell Investments, and AQR) but many advisors are left asking: What does portable alpha mean? How might it benefit clients? How can I implement it?

At Return Stacked Portfolio Solutions we have made it our mission to thoughtfully and transparently help allocate into a portable alpha framework for client portfolios.

Join us for this deep dive podcast with Corey Hoffstein, CIO of Newfound Research, and Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global.

Key Points

Portable alpha strategies allow investors to pursue excess returns by separating beta from alpha and layering diversified alternative investments on top of core asset exposures.
Return stacking can mitigate behavioral biases and improve portfolio diversification by adding rather than replacing traditional stock and bond allocations with alternative strategies.
Effective implementation of portable alpha and return stacking involves using pre-stacked fund solutions or capital-efficient strategies, ensuring liquidity, and maintaining a prudent safety buffer to manage risks.

(0:00) Introduction of the portable alpha concept and podcast overview

(1:11) Host and guest introductions with regulatory disclaimer

(2:00) Historical context and key topics of portable alpha strategies

(5:20) Poll questions on portable alpha usage

(6:57) Detailed explanation of portable alpha by Corey Hoffstein

(10:49) Challenges in finding alpha across market segments

(12:16) PIMCO's historical bond strategy and application to equities

(19:32) Using S&P 500 futures for exposure and risk management

(23:39) Summary of portable alpha's potential and comparison to traditional approaches

(27:16) Introduction to funding problems and managed futures trend following

(31:19) Performance of diversified portfolios and behavioral timing issues

(35:06) Benefits of stacking alternatives on core portfolios and pre-stacked solutions

(40:09) Practical implementation of return stacking and key takeaways

(41:23) Q&A on implementing portable alpha and return stacking

(45:11) Lessons from 2008 and modern portable alpha approaches

(49:19) Addressing leverage and risk in fund structures

(52:06) Modern portfolio theory fundamentals and managing risks in alpha strategies

(55:23) Optimal stack size and active risk budgeting

(58:07) Return stacking viability in various interest rate environments

(1:00:18) Final thoughts and additional resources

(1:00:47) Contact information and content follow-up

(1:02:01) Call to action for ratings and reviews

E4. Live Q&A – Return Stacking During Market Corrections

Sun, 18 Aug 2024 12:00:00 -0400

Join Corey Hoffstein, Rodrigo Gordillo, and Mike Philbrick for a special live episode of the Get Stacked podcast, aired on August 6, 2024. This episode dives deep into recent significant market events, discussing the Nikkei's historic 12.5% drop, the yen's trend reversals, and market volatility.

Trend following strategies generally act as second responders in a crisis, providing more prolonged multi-week, multi-month type of protection compared to first responders like long volatility or put options.
The return stacked portfolio aims to maximize returns while minimizing risk by combining diversifying strategies like trend following and carry, though these strategies will sometimes correlate and other times offset each other, depending on market conditions.
When considering adding return stacking strategies to a portfolio, it's important to balance the potential for higher returns with the increased tracking error and risk tolerance, typically suggesting allocations in the 20-30% range to avoid looking too idiosyncratic compared to traditional benchmarks.

(0:00) Introduction to crisis alpha and trend following

(1:22) Podcast introduction, disclaimers, and live Q&A invitation

(4:28) Market events, macro thesis, and volatility in return stacking

(13:46) Defense leveraging and correlation nuances in portfolio management

(24:01) Comprehensive discussion on trend following strategies

(28:32) Historical perspective and recent market trends

(33:17) Equity roles and crisis alpha in diversified trend mandates

(42:30) Exploring futures yield and managed futures carry strategies

(46:49) In-depth analysis of carry factor across asset classes

(51:13) Portfolio positioning with diversification and correlation strategies

(57:30) Case studies of trend and carry under various market conditions

(1:00:08) Strategies for optimal return stacking allocation

(1:03:49) Risk tolerance assessment for return stacking

(1:05:35) Review of historical trend index returns and correlations

(1:06:24) Housekeeping and closing remarks

E3. Stacking In Higher Rate Environment, Taxes, Trend Replication Update

Thu, 01 Aug 2024 16:45:00 -0400

In this episode, the Get Stacked team, consisting of Rodrigo Gordillo, Corey Hoffstein, Adam Butler and Mike Philbrick delve into the intricacies of Return Stacking, market trends, and the impact of taxes on investment strategies. They provide detailed insights into their research and findings, discussing the implications of their work for the investment landscape.

Key Points

Higher interest rates do not necessarily reduce the efficacy of return stacking, as the strategy focuses on excess returns over the risk-free rate.
Tax considerations are significant when dealing with managed futures and commodities within return stacking strategies, but proper asset location can help mitigate tax burdens.
Combining top-down and bottom-up replication methods in trend-following strategies significantly reduces tracking error, providing a more reliable replication of the SocGen CTA Trend Index.

(0:00) Introduction to the topic of risk-free rates and episode overview

(2:36) Return stacking in a higher interest rate environment and tax considerations

(4:15) Trend replication research and fundamentals of excess returns

(10:18) Leveraging futures contracts for portfolio construction

(17:31) Importance of non-correlated return streams in investing

(21:38) Deep dive into tax implications of return stacking

(25:18) Tax efficiency comparison: Stacked strategies vs. traditional funds

(32:23) Enhancing trend replication strategies and decision-making

(37:36) Top-down vs. bottom-up approaches in trend replication

(42:01) Correlation, tracking error, and trend definition analysis

(50:54) Realized tracking error and volatility weighting in models

(56:26) Optimizing gross returns and turnover in trend models

(1:02:12) Trend lookback periods and their impacts pre- and post-2008

(1:07:28) Market-specific contributions to trend-following performance

(1:13:34) WTI crude, commodities, and correlation dynamics in trend models

(1:18:00) Sponsor: XY Capital

(1:18:37) Using extensive data for model training and market replication

(1:22:05) Universe selection's impact on tracking error and ensemble methods

(1:30:31) Validating design principles and preview of the next episode

(1:32:27) Additional resources for listeners and closing remarks

E2. Secrets of Private Equity, Cocoa Trends & Optimal CTA Portfolio Weights

Thu, 06 Jun 2024 18:00:00 -0400

Corey Hoffstein, Adam Butler, and Michael Philbrick join Rodrigo Gordillo to discuss trend replication, private equity's role in modern portfolios, and the impact of large AUM on trend following. They explore balancing alpha generation with risk management, optimal allocation, and leveraging through treasury futures.

Key Points

Private equity returns are often equivalent to 150% levered equity returns, providing implicit leverage without additional risk for institutional investors.
Trend replication strategies can effectively capture significant market trends even with a limited number of futures contracts, as seen with the performance of trend-following CTAs during the recent cocoa market rally.
Futures contracts provide the total return of the underlying asset minus the embedded financing cost, making them an efficient tool for implementing leverage in investment strategies.

(0:00) Introduction to private equity returns

(1:03) Welcome and podcast introduction

(2:23) Introduction of hosts and guests

(3:32) Discussion on trend replication and recent market trends

(8:35) Impact of large AUM on trend following performance

(21:09) Balancing alpha generation and risk management in trend following

(25:55) The significance of independent bets in managed futures portfolios

(32:28) Discussion on optimal allocation to trend following strategies

(38:16) Trend following as a critical portfolio component

(53:25) Discussing leverage in the cheapest way possible through treasury futures

(54:54) Call to action: rating, review, and sharing the podcast

E1. Enter the New World of Return Stacking - Inaugural Episode!

Wed, 01 May 2024 20:00:00 -0400

In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.

Topics Discussed

The difficulties of beating the large cap U.S. equities market and the need for diversification
The shift in conversations about return stacking from risk management to creating excess returns
The potential of diversification in generating consistent positive excess returns
The idea of dictum in the markets and the difference between behavioral time and statistical time
The concept of risk parity and the importance of maintaining balance in portfolio risk
The role of trend following in risk management and return stacking
The potential of stacking strategies in enhancing portfolio returns
The structural challenges in implementing return stacked strategies in portfolios
The importance of diversification in ensuring investment success

This episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.

Key Points

Investors seeking to outperform benchmarks can consider stacking strategies that utilize macro inefficiencies rather than competing with other stock pickers in highly efficient markets like large-cap US equities.
Return stacking can be used to create more resilient, all-weather portfolios by diversifying across various asset classes and strategies, including alternatives like managed futures and carry, to address different economic regimes and reduce dependency on stock and bond performance.
The concept of glide path reimagined through return stacking reveals that diversification and moderate use of leverage can significantly increase the likelihood of not running out of money in retirement, depending on one's financial situation and years from expected death.