Behind the Ticker

In a recent episode of “Behind the Ticker,” Howard Chan, founder of Kurv Investment Management, discussed his unique approach to ETFs and how his firm leverages institutional-grade strategies to benefit all investors. Chan, who began his career as an engineer, transitioned to finance after stints at Goldman Sachs and PIMCO, where he led the ETF business in Europe. After returning to the U.S., Chan was inspired by discussions with advisors to launch Kurv Investment Management with a mission to make tax-efficient, institutional-grade strategies accessible to a broader range of investors.

Kurv’s focus on tax efficiency and institutional-grade strategies is central to its product design. Chan explains that while many institutional strategies are highly effective, they are often tax-inefficient for retail investors. Kurv’s goal is to bring these sophisticated strategies to all investors while minimizing tax implications. One way the firm achieves this is by incorporating techniques such as volatility risk premia and other derivatives, previously only available to the largest institutions, into their ETFs.

A key highlight of the conversation is Kurv’s innovative technology-focused ETF, the KQQQ ETF (also referred to as “KQs”). This fund targets strategic exposure to the largest technology companies, aiming to deliver asymmetric upside while mitigating downside risk through dynamic covered call strategies. Chan explains that KQQQ is designed for investors who seek growth in technology but are also concerned about the sector’s inherent volatility. The ETF combines momentum signals with a dynamic covered call strategy to capture upside during growth phases and generate income during periods of market correction or sideways trading.

Chan further discusses how KQQQ leverages smart security selection by focusing on 15 to 20 of the most dominant technology names, including companies that have fundamentally changed their industries through technological innovation. The fund dynamically overweights stocks showing positive momentum and deploys covered call strategies on those exhibiting negative momentum, creating a balanced approach that seeks to maximize returns while protecting against downside risk. The strategy offers a way for advisors and investors to maintain tech exposure in their portfolios with added income and downside mitigation.

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In a recent episode of “Behind the Ticker,” Joanna Gallegos, co-founder of BondBloxx, shares her extensive background in ETFs and the innovative fixed income strategies her firm employs. Gallegos, who has been in the ETF industry her entire career, began at Barclays Global Investors during the early days of iShares before moving to JP Morgan to help start their ETF business. She co-founded BondBloxx in October 2021 with a team of experienced ETF professionals from firms like BlackRock, Vanguard, and JP Morgan, aiming to address the underdevelopment of fixed income products in the ETF market.

Gallegos explains that BondBloxx was created to bring more precision to fixed income investing through ETFs. The firm’s product line focuses on high-yield sector and credit rating ETFs, offering a range of tools that allow investors to tailor their exposure more precisely. The company identified a gap in the market for more specific fixed income products, particularly in the high-yield space, where traditional broad market exposures were no longer sufficient for the evolving financial landscape.

One of the standout products discussed is the BondBloxx CCC Rated US High Yield Corporate Bond ETF (ticker: XCCC). This ETF provides diversified exposure to over 220 bonds in the CCC rating category, which typically comprises about 10-11% of a broad high-yield index. Gallegos highlights that XCCC offers investors a significant yield pickup, with yields around 12%, and has shown impressive price appreciation in 2023. This ETF is designed to complement broad high-yield exposures by allowing investors to add a higher concentration of CCC-rated bonds, benefiting from their higher yields and potential price appreciation as interest rates decline.

Gallegos addresses common misconceptions about CCC-rated bonds, emphasizing that the current market fundamentals for high-yield bonds are strong, and the overall default rates are not above historical norms. She explains that the diversified nature of XCCC, with hundreds of bonds, mitigates individual default risks and offers a more stable investment compared to picking individual high-yield bonds. The ETF’s monthly rebalancing ensures it stays aligned with the ICE BofA CCC & Lower US High Yield Constrained Index, providing consistent exposure to the target credit rating.

For advisors and investors, Gallegos suggests that XCCC can be a valuable addition to an existing high-yield allocation, rather than a replacement. It allows investors to lean into the higher yield opportunities within the high-yield spectrum, especially in an environment where rates are expected to remain high for longer. This approach can enhance overall portfolio yield and performance, making XCCC a strategic tool for optimizing fixed income investments.

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In a recent episode of “Behind the Ticker,” Taylor Krystkowiak, co-founder of ThemesETFs, shared insights into his career and the innovative strategies behind ThemesETFs. Krystkowiak, who has worked at various firms ranging from Fortune 500 companies to boutique asset managers, brought his extensive experience in macroeconomic analysis and investment strategy to ThemesETFs. The firm, founded by Jose Gonzalez, focuses on providing thematic and fundamental investment strategies at competitive price points, offering a range of ETFs that cater to current market demands.

ThemesETFs aims to differentiate itself by offering niche investment strategies at about 40% lower fees compared to the category average. Their first batch of ETFs includes sectors like artificial intelligence, cybersecurity, cloud computing, banks, airlines, and European luxury brands. Krystkowiak emphasizes that their goal is to provide investors with targeted exposure to specific market sectors while minimizing fees to enhance overall portfolio performance. By offering a variety of investment options, ThemesETFs seeks to cater to investors’ diverse needs and preferences.

A focal point of the discussion was the Global Systematically Important Bank ETF (GSIB). GSIB targets the 28 globally systemically important banks, often referred to as “too big to fail” institutions. These banks are held to higher regulatory standards to ensure financial stability, making them more resilient during economic downturns. Krystkowiak highlights that GSIBs have outperformed other banks and the broader market, especially during rising interest rate environments. Since January 2022, GSIBs have shown a return of over 35%, compared to a 7% decline in the broader banking sector and modest gains in major indices.

Krystkowiak explains that GSIB’s success is attributed to their lower exposure to commercial real estate, higher capitalization, and better liquidity. These banks have also benefited from increased customer deposits and diversified income streams, such as investment banking and wealth management fees. With a quarterly rebalancing strategy, GSIB maintains an equal-weight exposure to all 28 banks on the Financial Stability Board’s list, ensuring a balanced investment approach.

In terms of positioning within a portfolio, Krystkowiak suggests that GSIB can replace broad financial sector exposure or even serve as a core equity growth component. The ETF offers a way to diversify growth beyond tech-heavy names, providing stability and performance amidst market volatility. ThemesETFs employs a lean business model, utilizing artificial intelligence for efficient outreach and distribution, which allows them to offer lower fees to investors.

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In a recent episode of “Behind the Ticker,” Will Rhind, founder and CEO of GraniteShares, discussed the innovative approach behind the GraniteShares NASDAQ Select Disruptors ETF, ticker DRUP. GraniteShares, an ETF issuer with around $8 billion in assets under management, offers a diverse range of ETFs including physical gold, income strategies, broad equity strategies, and leveraged and inverse ETFs on single stocks like Tesla and Nvidia. DRUP focuses on capturing the top 50 most disruptive equities in the U.S. market, identified through a unique methodology developed in partnership with NASDAQ.

Rhind explains that the concept of “disruption” is integral to DRUP’s strategy. Disruption is measured through various factors including the value of a company’s patent portfolio, the amount of money spent on R&D, and gross margins. Companies from the NASDAQ are scored and ranked based on these factors, with the top 50 making it into the portfolio. This approach ensures that the ETF includes companies at different stages of disruption, from infancy to maturity, thereby capturing a broad spectrum of innovative firms.

One of the standout features of DRUP is its focus on quality alongside disruption. By incorporating factors like gross margins and margin growth, the ETF aims to include not just disruptive companies, but also those with a sustainable competitive advantage or “moat.” This ensures that the portfolio includes companies that are not only innovative but also financially robust. An example Rhind mentions is the inclusion of companies with high-value patent portfolios, which typically indicate a strong competitive edge in their respective fields.

Rhind also highlights the fund’s quarterly rebalancing and its adjusted free float market cap weighting, which prevents any single company from dominating the portfolio. Interestingly, despite the absence of several “MAG7” stocks like Nvidia, Tesla, Apple, and Amazon, DRUP has achieved impressive performance. This underscores the effectiveness of its unique methodology, which selects companies based on their disruption potential rather than their current market popularity.

In terms of positioning within a diversified portfolio, Rhind suggests that DRUP can replace technology or innovation sleeves that advisors might already hold, such as QQQ. It can also serve as a replacement for other thematic or innovation-based strategies, offering a fresh and robust approach to innovation investing. GraniteShares markets DRUP as a unique, methodology-driven ETF that offers a better way to invest in innovation, emphasizing its differentiated approach and strong performance.

For more information about GraniteShares and the DRUP ETF, investors can visit GraniteShares.com, where they can find detailed information about the funds, contact options, and additional resources. GraniteShares is also active on social media platforms like LinkedIn and Twitter, providing regular updates and insights into their range of investment products.

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In a recent episode of “Behind the Ticker,” Tim Kramer, founder of CNIC Funds, shares his extensive background in the energy industry and the innovative approach behind CNIC’s latest offering. Kramer, who has been in the energy sector since 1997, brings a wealth of experience from working with various energy companies and a private equity firm where he managed commodity exposure. This diverse background led him to identify a gap in the market: the lack of electricity in commodity indexes. To address this, Kramer and his team created the first-ever electricity index and subsequently launched the AMPD ETF (ticker: AMPD) in May 2023.

Kramer explains that CNIC’s electricity index is a groundbreaking development, given that electricity is the most consumed commodity in the U.S. but was previously absent from major commodity indexes like the Bloomberg Commodity Index (BCOM) and the Goldman Sachs Commodity Index (GSCI). The AMPD ETF provides direct exposure to electricity futures, which are traded on the Intercontinental Exchange (ICE). By including electricity in an investable format, CNIC aims to offer investors a new way to diversify their portfolios and hedge against inflation, given electricity’s significant impact on CPI and overall economic activity.

One of the unique aspects of the AMPD ETF is its carbon-neutral status. Kramer elaborates on the use of carbon offsets in the fund, ensuring that its operations align with environmental sustainability goals. The ETF purchases carbon offsets corresponding to the electricity futures it holds, making it compliant with SFDR Article 8 standards in Europe. This approach not only addresses investor concerns about environmental impact but also positions the ETF as a forward-thinking product in the commodities market.

Kramer also highlights the strategic and tactical benefits of investing in the AMPD ETF. Strategically, it provides long-term exposure to the electrification of America, encompassing trends like AI, electric vehicles, and increased demand for renewable energy. Tactically, it offers a compelling investment due to current market conditions, where demand for electricity is rising, supply is constrained, and the grid’s reliability is increasingly volatile. Moreover, the fund’s structure, which parks a significant portion of its assets in three-month treasuries, allows investors to earn a risk-free rate while maintaining full notional exposure to electricity futures.

As CNIC Funds continues to grow, Kramer emphasizes their approach to marketing and distribution, focusing on partnerships with established platforms to leverage their exclusivity on the electricity index data. This strategy aims to maximize the fund’s reach and capitalize on the unique market position of offering the first electricity-focused commodity ETF. For more information, investors can visit CNIC’s website at CNICFunds.com, where they can access white papers, podcasts, and other educational resources about the AMPD ETF and the broader electricity market.

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In a recent episode of “Behind the Ticker,” Meb Faber, CEO and CIO of Cambria Investments, shares insights into his career journey and the innovative investment strategies employed by his firm. Faber, who has a background in engineering and biotech, founded Cambria Investments and has led the firm to manage approximately $2.5 billion in assets. Based in Manhattan Beach, California, Cambria is known for its quantitative, rules-based investment approach. Over the past decade, the firm has launched 15 funds, attracting over 150,000 investors worldwide.

Faber emphasizes Cambria’s commitment to launching funds that fill gaps in the market. The firm’s investment philosophy revolves around creating ETFs that either don’t exist or are implemented significantly better or cheaper than existing options. This approach has led to the development of a diverse range of ETFs, all backed by substantial academic and practitioner research. Faber’s passion for educating investors is evident through Cambria’s free research service, the Idea Farm, which curates valuable investment insights for over 100,000 subscribers.

A significant portion of the discussion centers around Cambria’s Shareholder Yield ETFs, particularly SYLD, which focuses on U.S. stocks. Shareholder yield goes beyond traditional dividend yield by incorporating net stock buybacks, providing a more comprehensive measure of a company’s return to shareholders. Faber explains that the methodology behind these ETFs includes screening for companies with high shareholder yield, favorable valuation metrics, and strong financial health. The final selection process also considers intermediate-term momentum to avoid value traps.

The Shareholder Yield ETFs, including SYLD, FYLD (foreign developed markets), and EYLD (emerging markets), are designed to offer investors high-quality, cash-generating businesses at attractive valuations. These funds aim to provide superior risk-adjusted returns compared to traditional dividend-focused strategies. Faber highlights the current undervaluation of international and emerging market stocks, making them attractive investments given their potential for significant returns.

Faber also touches on Cambria’s trend-following strategies, which serve as a premier diversifier in portfolios. These strategies have proven effective during market downturns, offering protection and opportunities for gains in various market conditions. The firm continues to innovate and expand its ETF offerings, guided by the principle of creating products that Faber and his team would invest in themselves. For more information about Cambria and its range of ETFs, investors can visit CambriaFunds.com.

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In a recent episode of “Behind the Ticker,” John McHugh, founder of WealthTrust Asset Management, shared his extensive experience in portfolio management and the innovative strategies his firm employs. McHugh, who began his career at Merrill Lynch in 1988 and later joined Oppenheimer and Wells Fargo Advisors, eventually founded WealthTrust in 2015. His motivation stemmed from a desire to manage portfolios on a discretionary basis and offer superior performance, which he has successfully achieved with WealthTrust’s long-term growth portfolio outperforming the S&P 500 65% of the time since 2000.

WealthTrust Asset Management provides a wide range of portfolio management services across six turnkey asset management platforms. The firm manages 12 different strategies, including small-cap, mid-cap, fixed income, and large-cap portfolios, as well as two balanced portfolios. WealthTrust is notable for its GIPS (Global Investment Performance Standards) compliance, a testament to its rigorous performance measurement and presentation standards. McHugh emphasizes the firm’s commitment to educating advisors and their clients through webinars and collaborative presentations, highlighting the importance of understanding their investment methodology.

A significant focus of the podcast was on WealthTrust’s flagship ETF, WLTG (WealthTrust Long-Term Growth ETF). This ETF employs a growth-at-reasonable-price strategy, competing with benchmarks like the Russell 1000 but with a stronger growth orientation. McHugh detailed the rigorous screening process used to identify companies with high-quality earnings and dividends, aiming to construct a portfolio of 25 to 30 large-cap and mega-cap stocks. The selection process relies heavily on quantitative analysis, including earnings quality, dividend quality, and quantitative rankings that signal the likelihood of companies beating earnings estimates.

In addition to its fundamental analysis, WLTG incorporates an AI-driven momentum overlay, which enhances the portfolio’s performance by identifying stocks with strong momentum. This dual approach allows WealthTrust to dynamically adjust its holdings based on market trends, ensuring the portfolio remains well-positioned for growth while managing risk. McHugh highlighted the flexibility of the ETF to shift between growth and value stocks and even include passive ETFs or defensive assets like treasuries and gold during market downturns.

WealthTrust’s innovative approach to portfolio management and the WLTG ETF provides a compelling option for advisors and investors seeking to enhance their large-cap growth exposure. McHugh’s extensive experience and commitment to rigorous analysis and education underscore the firm’s dedication to delivering superior investment solutions. For more information about WealthTrust and their ETF offerings, visit their websites at WealthTrustETF.com and WealthTrustAM.com.

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In a recent episode of “Behind the Ticker,” Andrew Skatoff, founder of Bancreek, shared insights into his journey and the innovative investment strategies his firm employs. Skatoff, who graduated from Columbia Business School’s value investing program in 2009, began his career in the family office world, where he developed a deep understanding of long-term capital compounding. This experience led him to create a strategy focused on investing in structurally advantaged businesses, which he later spun out into Bancreek in 2021 to serve other family offices and investors.

Skatoff explains that Bancreek’s investment approach is heavily data-driven, relying on a combination of fundamental and quantitative factors to identify businesses with long-term compounding potential. The firm employs a chief data scientist and utilizes sophisticated modeling and simulation techniques to analyze a vast array of data. This quantitative approach allows Bancreek to identify companies with unique competitive advantages, such as robust distribution pipelines, significant brand equity, and strong network effects, which can sustain growth and compounding over long periods.

Bancreek has launched two ETFs to bring their investment strategy to a broader audience: BCUS, which focuses on US large-cap companies, and BCIL, which targets international large-cap companies excluding the US. Both ETFs are constructed using a proprietary ranking system that identifies and weights approximately 30 top businesses based on their structural advantages. This methodology aims to provide investors with a diversified portfolio of high-quality, growth-oriented companies. The ETFs are refreshed monthly to ensure they reflect the latest data and insights from Bancreek’s quantitative models.

Skatoff also discusses the challenges and opportunities of entering the ETF market. He emphasizes that Bancreek’s unique value proposition lies in its ability to apply quantitative analysis to long-term investing, differentiating it from other short-term or momentum-driven strategies. To promote their ETFs, Bancreek focuses on education and transparency, offering data visualization tools and resources on their website to help investors understand their investment process. By engaging with advisors and attending industry conferences, Bancreek aims to build awareness and demonstrate the potential of their innovative approach to portfolio management.

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In a recent episode of “Behind the Ticker,” Danielle Gilbert, head of business development at Panagram, discusses her career path and the innovative structured credit solutions offered by Panagram. Gilbert began her career in structured credit at UBS and spent 18 years on the sell side. In that role, she met the investment team at Eldridge. Panagram provides a deep dive into the complexities and benefits of structured credit and CLOs (collateralized loan obligations). Panagram, launched in 2021, leverages its expertise in structured credit to offer institutional-grade investment strategies to a broader audience through ETFs.

Gilbert explains that structured credit involves creating diversified pools of contractual cash flows from various assets like mortgages, credit cards, and corporate loans. CLOs, a subset of structured credit, bundle senior secured loans from large corporations into different tranches of bonds with varying risk levels. These tranches, ranging from AAA to equity, offer investors tailored risk and return profiles. Unlike the subprime mortgage products that contributed to the 2008 financial crisis, CLOs are backed by higher quality, senior secured loans with historically low default rates and high recovery rates.

Panagram manages about $17 billion in assets, with more than half invested in CLOs. Their investment approach focuses on high-quality CLO managers and active management to optimize returns. Gilbert highlights that CLOs offer floating rate exposure, providing a hedge against rising interest rates and adding diversification to fixed income portfolios. The two ETFs Panagram launched in 2023, CLOZ and CLOX, provide different levels of exposure to CLO tranches. CLOZ focuses on BBB and BB tranches, offering higher yields around 9%, while CLOX targets AAA tranches for more conservative investors.

Gilbert emphasizes the importance of education in promoting these products to advisors and individual investors unfamiliar with structured credit. Panagram’s strategy includes educational seminars, webinars, and one-on-one discussions to demystify CLOs and highlight their benefits in portfolio diversification and income generation. By providing access to institutional-grade CLO investments through ETFs, Panagram aims to offer investors better yield opportunities with strong historical performance and lower correlation to traditional fixed income and equity markets.

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In a recent episode of “Behind the Ticker,” Yang Tang, co-founder of Arch Indices, discusses his career journey and the innovative approach his firm takes in constructing investment portfolios. With a background in commodity sales and macro solutions at major financial institutions like Barclays, Morgan Stanley, and Citi, Tang brings a wealth of experience to Arch Indices. The firm, founded in August 2022, aims to build better portfolios through a unique methodology focused on risk-adjusted contributions, departing from traditional market cap or equal-weighted strategies.

Tang explains the core principles behind Arch Indices’ approach, which revolves around variance optimization, a concept rooted in modern portfolio theory. This methodology emphasizes creating portfolios that achieve specific investment goals, such as income generation or total return, with the least amount of volatility. Unlike traditional methods that rely on expected returns, Arch Indices uses market-observed volatility and correlation to dynamically adjust portfolios. Their recursive optimization technique further refines this process, continually adjusting asset allocations to maximize returns while minimizing risk.

One of the standout products from Arch Indices is their ETF, VWI (Arch Indices Income ETF), which combines dividend-paying stocks and bond ETFs to deliver high income with low volatility. The ETF aims to provide investors with the highest possible income while minimizing fluctuations in portfolio value. Tang highlights the dynamic nature of the ETF, which rebalances quarterly to adapt to changing market conditions, ensuring that the portfolio remains optimized for both yield and risk. This approach allows the ETF to maintain a high yield, typically around 6.8%, while keeping volatility low.

Tang discusses the practical applications of the VWI ETF for different types of investors. He notes that the ETF is particularly well-suited for retirement-focused advisors and individuals, offering a stable income stream with lower volatility, which is crucial for managing sequence of returns risk in retirement planning. Additionally, the ETF can serve as a core holding within a broader portfolio, providing a foundation of income and stability while allowing for the inclusion of other growth-oriented assets. Tang also mentions that Arch Indices offers the strategy through SMAs via a partnership with Quorus, catering to clients who prefer a more tailored approach.

Overall, Tang emphasizes the importance of staying invested and managing risk effectively, particularly in volatile markets. The VWI ETF and Arch Indices’ broader strategy provide a robust solution for investors seeking to balance income generation with risk management. The firm’s innovative approach to portfolio construction, rooted in rigorous mathematical optimization, sets it apart in the competitive ETF landscape.

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