Get Stacked Investment Podcast

Ani Yildirim
  • 4.7 (13)
  • INVESTING
  • UPDATED WEEKLY

Join Corey Hoffstein and Rodrigo Gordillo as they explore the world of return stacking with insights from leading experts and real-world applications. Break away from traditional portfolio construction and rethink successful investing.

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

    FEB 9

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

    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 assetsThe utility of the RSSB global stocks and bonds ETF as a versatile tool for capital efficiency and creating portfolio overlaysA detailed breakdown of the trend-following replication strategy, which combines top-down and bottom-up models to track a managed futures indexAnalysis of the challenging market environment for trend following, marked by policy-driven whipsaws and unexpected economic newsAn in-depth case study on the multi-asset carry strategy's underperformance, using crude oil to explain the impact of rapid shifts in market expectationsPositioning the merger arbitrage strategy (RSBA) as an attractive, uncorrelated alternative to traditional credit investmentsThe dynamic, risk-parity approach to the gold and Bitcoin overlay in the RSSX ETF for hedging against inflation and currency debasement riskDiscussion 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. RSST – https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/RSBT – https://www.returnstackedetfs.com/rsbt-return-stacked-bonds-managed-futures/RSSY – a href="https://www.returnstackedetfs.com/rssy-return-stacked-us-stocks-futures-yield/" rel="noopener noreferrer"

    1 hr
  2. Mike Philbrick: Stacking Systematic Macro (RGBM)

    JAN 29 · BONUS

    Mike Philbrick: Stacking Systematic Macro (RGBM)

    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.

    17 min
  3. Corey Hoffstein: Stacking Merger Arbitrage with the RSBA ETF

    JAN 23 · BONUS

    Corey Hoffstein: Stacking Merger Arbitrage with the RSBA ETF

    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 moneyThe concept of Return Stacking to add diversifying strategies without selling core assetsComparing the idiosyncratic nature of merger arbitrage risk to the more cyclical credit risk found in corporate bondsUtilizing a combination of Treasuries and merger arbitrage as a direct alternative to corporate bond allocationsAddressing the behavioral challenges of traditional diversification by reducing tracking error against standard benchmarksThe argument for merger arbitrage as a persistent and unique risk premium, distinct from alpha-seeking strategiesOvercoming the historical packaging and adoption challenges of merger arbitrage funds for financial advisorsDemocratizing 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...

    18 min
  4. Adam Butler: Stacking Diversified Carry Strategies with RSSY & RSBY ETFs

    JAN 23 · BONUS

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

    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 commoditiesThe strategy of diversifying Carry across multiple global asset classes to create a smoother return profileThe mechanics of a long/short global Carry portfolio that maximizes risk-adjusted yield across marketsCarry's role as an uncorrelated diversifier to traditional stock and bond portfolios and its complementary relationship with Trend followingThe concept of Return Stacking as a method to add diversifying strategies without selling core assetsUsing Return Stacking to overcome behavioral biases like investor regret and the reluctance to diversify away from equitiesThe democratization of institutional strategies through ETFs like RSSY and RSBY, which stack Carry on core holdingsThe operational complexity and data-intensive nature of Carry strategies, explaining their historical inaccessibility to retail investorsSetting long-term return expectations for Carry and viewing periods of underperformance as building potential energyThe 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...

    32 min
  5. Rodrigo Gordillo: Stacking Managed Futures with RSST and RSBT

    JAN 6 · BONUS

    Rodrigo Gordillo: Stacking Managed Futures with RSST and RSBT

    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.

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

    12/19/2025

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

    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...

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

    11/10/2025 · BONUS

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

    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...

    1h 5m
  8. Stacking Strategic Gold & Bitcoin on Top of Stocks with RSSX ETF

    10/23/2025 · BONUS

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

    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.

    19 min
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4.7
out of 5
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About

Join Corey Hoffstein and Rodrigo Gordillo as they explore the world of return stacking with insights from leading experts and real-world applications. Break away from traditional portfolio construction and rethink successful investing.

Information

  • Creator
    Ani Yildirim
  • Years Active
    2024 - 2026
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © Newfound Research LLC. 2025 All rights reserved.
  • Show Website
    Get Stacked Investment Podcast

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