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

1. Defining merger arbitrage as a risk premium for bearing deal break risk and the time value of money
2. The concept of Return Stacking to add diversifying strategies without selling core assets
3. Comparing the idiosyncratic nature of merger arbitrage risk to the more cyclical credit risk found in corporate bonds
4. Utilizing a combination of Treasuries and merger arbitrage as a direct alternative to corporate bond allocations
5. Addressing the behavioral challenges of traditional diversification by reducing tracking error against standard benchmarks
6. The argument for merger arbitrage as a persistent and unique risk premium, distinct from alpha-seeking strategies
7. Overcoming the historical packaging and adoption challenges of merger arbitrage funds for financial advisors
8. 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...

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

1. Defining Carry beyond the traditional currency trade to include yields from stocks, bonds, and commodities
2. The strategy of diversifying Carry across multiple global asset classes to create a smoother return profile
3. The mechanics of a long/short global Carry portfolio that maximizes risk-adjusted yield across markets
4. Carry's role as an uncorrelated diversifier to traditional stock and bond portfolios and its complementary relationship with Trend following
5. The concept of Return Stacking as a method to add diversifying strategies without selling core assets
6. Using Return Stacking to overcome behavioral biases like investor regret and the reluctance to diversify away from equities
7. The democratization of institutional strategies through ETFs like RSSY and RSBY, which stack Carry on core holdings
8. The operational complexity and data-intensive nature of Carry strategies, explaining their historical inaccessibility to retail investors
9. Setting long-term return expectations for Carry and viewing periods of underperformance as building potential energy
10. 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...

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.

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...

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...

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.

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.

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