Based on our Q1 2026 commentary for the Return Stacked ETF suite, Corey Hoffstein and Adam Butler provide a detailed analysis of the strong quarter for trend following and carry, with a particular focus on the energy complex's impact. The conversation also explores the unique diversification benefits of merger arbitrage and provides a three-year retrospective on the efficacy of their trend replication models.

Topics Discussed

• Overview of the Return Stacked ETF suite's growth and the core concept of capital efficiency
• In-depth look at the trend following strategy, highlighting its three-year success in replicating the managed futures category beta
• Analysis of the Carry strategy's strong Q1 performance, primarily driven by geopolitical events affecting the energy markets
• Discussion of the Merger Arbitrage strategy as a unique diversifier against traditional credit risk
• Examination of the RSSX ETF, which stacks a risk-balanced overlay of gold and Bitcoin on U.S. equities
• Demonstration of the new Portfolio Visualizer tool for modeling and understanding Return Stacking concepts
• Explanation of why broad market diversification, not just shorting equities, provides crisis alpha in trend strategies
• Discussion on the complementary relationship between Trend and Carry strategies in different market environments

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.

For prospectus and performance and risks visit the fund pages.

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

RSIT - https://www.returnstackedetfs.com/rsit-international-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/

RSSX does not invest directly in Bitcoin or Gold.

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.

The Return Stacked® U.S. Stocks & Gold/Bitcoin ETF is distributed by Foreside Fund Services, LLC, Member FINRA/SIPC. Foreside is not related to Tidal, Newfound, or ReSolve.

Definitions:

Duration: refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk. Beta: how much an investment moves vs. a benchmark (like the market). Alpha: refers to returns above that of a passive market benchmark SocGen: is a common abbreviation for Société Générale S.A. Trend Index: tracks returns from trend-following strategies, aiming to capture gains from sustained market price movements across assets. FTSE 100 Index: Financial Times Stock Exchange 100 Index DAX index: Deutscher Aktienindex is the benchmark stock market index of the Frankfurt Stock Exchange Nikkei 225 or Nikkei Stock Average is the leading stock market index for the Tokyo Stock Exchange (TSE) Alpha merger Index: tracks returns from merger arbitrage strategies, aiming to capture deal-related profits independent of the broader market.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

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. Cayman Subsidiary Risk: By investing in the Fund’s Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund’s Prospectus, is not subject to all the investor protections of the 1940 Act. Commodity Risk: Investing in physical commodities is speculative and can be extremely volatile. Commodity-Linked Derivatives Tax Risk: The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a registered investment company (RIC), the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Internal Revenue Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service, the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. Commodity Pool Regulatory Risk: The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and the Commodity Futures Trading Commission rules. Because the Fund is subject to additional laws, regulations, and enforcement policies, it may have increased compliance costs which may affect the operations and performance of the Fund. 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. 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. Equity Market Risk: By virtue of the Fund’s investments in equity securities, equity ETFs, and equity index futures agreements, the Fund is exposed to equity securities both directly and indirectly which subjects the Fund to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. 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.

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 RSST, RSBT, RSSY, RSBA, RSSB, RSSX and RSIT.

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

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 or the Advisor is a party to this agreement. In exchange for the branding rights, Quantify will pay Newfound and Resolve a fee based on the percentage of the Fund’s unitary management fee.

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

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.

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.

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

RSIT - https://www.returnstackedetfs.com/rsit-international-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/

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.

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

1. Defining systematic macro as a data-driven, rules-based strategy across global assets.
2. The vulnerability of traditional 60/40 stock-bond portfolios to inflationary shocks.
3. The funding dilemma and behavioral challenges when adding alternatives by selling core assets.
4. Introducing Return Stacking to layer diversifying strategies on top of core holdings.
5. Applying the institutional concept of portable alpha to individual investor portfolios.
6. The mechanics of using a capital-efficient ETF to achieve greater than 100% exposure.
7. Reducing behavioral tracking error by preserving an investor's familiar core allocations.
8. 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.

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 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.

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 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.

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/

RSIT - https://www.returnstackedetfs.com/rsit-international-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.

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.

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.

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/

RSIT - https://www.returnstackedetfs.com/rsit-international-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.

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.

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.

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.

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.