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Recorded on location at the Exchange ETF Conference, Zephyr market strategist Ryan Nauman speaks with Mark Marifian, Head of Product at Tortoise Capital, about why energy belongs in portfolios and common misconceptions that it’s only about crude prices or big integrated oil companies. Marifian explains the breadth of energy sub-sectors, highlights midstream’s fee-based, repeatable cash flows, and discusses how energy infrastructure can provide income and inflation protection through contract and tariff adjustments linked to PPI. They cover how allocators may bucket energy within income, real assets, or core/satellite equity exposures, and why energy’s small S&P 500 weight may create opportunity. Marifian also outlines MLPs’ role, introduces Tortoise’s TMLP ETF, and discusses data-center/AI-driven demand, energy security, and an oil “sweet spot” range of $60–$90.

Learn more about Zephyr here.

Learn more about Tortoise Capital here.

00:00 Welcome and Disclosures

00:41 Energy in the Spotlight

01:28 Meet Mark Marifian

02:50 Why Energy Belongs in Portfolios

05:13 Misconceptions and Energy Subsectors

07:11 Energy’s Small S&P Weight

08:23 Where Energy Fits in Allocation

10:21 MLPs Explained and Income Potential

11:26 How to Access MLPs with TMLP

12:50 Future Demand from AI and Security

15:12 Oil at $100 and the Forward Curve

17:17 The Sweet Spot for Oil Prices

18:32 Wrap Up and Where to Learn More

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Mike Willis, CEO and co-founder of Cyber Hornet ETFs, discussing why consistently beating the market is difficult and how advisors can add value through asset allocation, discipline, and client coaching. Willis shares his background from wirehouses to launching an RIA and creating investment products to make his strategies accessible to smaller investors, including why he shifted to using the S&P 500 as a portfolio backbone after underperforming in 2013–2014. He explains Cyber Hornet’s 75/25 approach—75% S&P 500 with a 25% crypto “kicker” (Bitcoin, Ethereum, Solana, or XRP) rebalanced monthly—to buffer volatility while gaining crypto exposure, and discusses crypto “winter,” technical patterns, scarcity fundamentals, regulatory clarity, and the still-low adoption of crypto by financial advisors.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Cyber Hornet ETFs here.

00:00 Podcast Kickoff

01:30 Meet Mike Willis

02:26 Advisor Value Beyond Alpha

03:55 Why Build a Fund Platform

05:33 From Active to Index Core

06:33 Adding a Crypto Kicker

08:51 The Index Ticker Story

14:09 Why Crypto Beats Options

15:26 Bitcoin Adoption Waves

18:38 Crypto Winter Explained

24:08 What Ends the Downturn

27:23 Advisor Adoption Outlook

29:32 Wrap Up and Resources

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Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Sal Esposito, Head of ETFs at Zacks Investment Management, to discuss why market leadership driven by mega-cap tech and AI is shifting back toward fundamentals. Esposito explains Zacks’ disciplined process focused on earnings, analyst estimate revisions, and balance sheets, calling 2026 a “prove it” year for AI as investors look under the hood for real results. They cover how Zacks applies its Zacks Indicator model across products, why active management can add value in small/mid caps and international equities, and how geopolitical uncertainty and interest-rate expectations can affect market breadth and international performance. Esposito also shares updates on Zacks’ growing ETF lineup, including international exposure.

Zephyr can help financial advisors locate the best ETF strategies for their clients. Learn more here.

Learn more about Zacks Investment Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Conference

01:37 Meet Sal Esposito

02:04 Zacks ETF Growth Story

03:05 AI Hype vs Fundamentals

04:30 Prove It Year for AI

08:05 Earnings Driven Process

10:42 International ETF Expansion

12:21 Small Mid Cap Active Edge

16:08 International Outlook 2026

19:37 Active Defense in Downturns

20:30 Where to Learn More

20:46 Closing and Subscribe

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Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with guest Edison Byzyka, Chief Investment Officer of Credent Wealth Management, a $4.5B fee-only RIA headquartered in northeast Indiana. They discuss today’s macro uncertainty (Iran conflict, oil, inflation) while emphasizing skepticism and reliance on data such as economic surprise indices, forward inflation expectations, labor resilience, and high-yield spreads that don’t signal major distress. Byzyka explains how Credent defines risk primarily as drawdowns rather than benchmark-relative volatility, aiming for positive risk-adjusted returns over three-year cycles including tax and accounting alpha. He highlights key current risks: difficulty monetizing AI-related capex and lofty forward earnings expectations in mega-cap AI names, which may pressure market-cap-weighted indices and favor equal weight. They cover valuation implications for five-year returns, question fixed income’s stabilizing role, and describe using structured notes and selective constituent selection to mitigate downside while maintaining upside participation, concluding that active management and partial illiquidity may become more important in portfolio construction.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Credent Wealth Management here.

00:00 Welcome to the Podcast

01:13 Meet Edison Byzyka

01:32 Credent Wealth Overview

03:51 Big Ten Sports Banter

06:03 Macro Uncertainty Check

10:40 Markets vs the Headlines

11:46 Defining Investment Risk

16:05 Biggest Risks Right Now

19:08 AI Capex and ROI Questions

20:20 AI Risks And Rotation

21:14 Advisor Focus And Flows

23:21 Mitigating With Selection

25:12 Structured Notes Surge

29:21 Valuations And Equal Weight

32:21 Rethinking Fixed Income

35:36 Bond Alternatives With Notes

37:37 Portfolio Construction Outlook

39:24 Closing And Resources

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From Lake Tahoe on Zephyr’s Adjusted for Risk Podcast, host Ryan welcomes back Sal Gilbertie, CEO of Teucrium ETFs, to discuss row crop investing and how corn, soybeans, wheat, and sugar can impact portfolios. Gilbertie explains how energy and fertilizer costs—especially amid Middle East conflict and potential LNG disruptions—affect crop economics and planting decisions, and why grains often trade near cost of production with historically limited downside at breakeven levels (corn around $4, trading near $4.40). He outlines the “golden grain cycle” (breakeven, disruption-driven spike, then replanting and normalization), notes steady long-term global demand, and describes grains’ diversification benefits, citing an agricultural index that outperformed the S&P 500 during multiple drawdowns. He also explains sugar’s volatility via Brazil’s ethanol-versus-sugar production economics and shares how advisors can research Teucrium resources to gain exposure via ETFs.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Teucrium here.

00:00 Welcome and Sponsor

01:04 Meet Sal Gilbertie

01:39 Teucrium and Grain ETFs

03:03 Macro Forces on Grains

04:05 Fertilizer and Crop Rotation

05:58 Supply Levels and Breakevens

08:47 Portfolio Benefits of Grains

11:51 Golden Grain Cycle Explained

14:35 Wheat Sugar and Global Producers

15:54 Fertilizer Inflation and 2027

18:28 Timing Grain Allocations

19:45 Corn Supply Pile

21:20 Seasonal Price Patterns

22:02 Portfolio Diversifier Case

24:28 Why Grains Get Ignored

27:50 Advisor Allocation Tactics

29:36 Sugar Ethanol Link

33:28 How To Get Exposure

35:28 Closing Thanks

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On location at the Exchange at 2026 ETF conference, host Ryan Nauman welcomes Ed Lopez, Head of Product Management at VanEck and host of the Trends with Benefits podcast, to discuss emerging markets after strong 2025 performance. Lopez explains how diversification benefited investors in 2025 as emerging market equities rose over 30% and emerging market debt returned around 17%, but notes recent risk-off sentiment tied to the Iran conflict and a move back into the U.S. dollar. He outlines longer-term reasons to be constructive on emerging markets, including central bank diversification away from the dollar since Russia’s invasion of Ukraine, comparatively stronger fiscal positions, and more attractive valuations. They discuss why U.S. investors remain underweight EM, common misconceptions, China’s large index weight, and using ETFs—including ex-China, country, smart beta, and active ETFs—to be more selective, highlighting India-focused approaches.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about VanEck here.

00:00 Welcome and Disclosures

00:38 On Location at Exchange

00:55 Why Emerging Markets Now

01:21 Sponsor and Guest Intro

02:24 Ed Lopez and VanEck

03:37 Macro Risks and EM Outlook

07:19 Why Investors Underweight EM

09:04 Beyond Diversification Returns

10:17 China Weight and EM Options

12:40 Active ETFs and Smart Beta

14:01 EM Misconceptions Explained

15:32 Best Ways to Get EM Exposure

16:36 Where to Learn More Wrap Up

17:21 Final Thanks and Subscribe

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From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes Paul Baiocchi, Head of Fund Strategy at SS&C ALPS Advisors, to discuss why commodities have returned to focus amid strong gold and silver performance in 2025 and the Iran conflict’s impact on markets. They explore what recent geopolitical and even weather-driven disruptions reveal about fragile global supply/demand, how energy and other constrained inputs (fertilizer, aluminum, helium, copper) can provide diversification—including periods of negative correlation to the S&P 500—and why many portfolios lack exposure given low energy/materials weights. Paul argues secular forces like AI-driven data center buildouts, electrification, and rising electricity demand create long-term support for commodities and related equities, and outlines implementation approaches spanning commodity baskets, dynamic strategies, and thematic allocations across energy, materials, utilities, renewables, and nuclear.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about SS&C ALPS Advisors here.

00:00 Welcome to the Podcast

01:06 Meet Paul Baiocchi

02:20 Alps Advisors and ETFs

05:33 Iran Conflict Lessons

09:59 Why Commodities Get Ignored

16:52 AI Electrification Demand

22:02 Commodities Supercycle Case

24:26 Portfolio Allocation Framework

28:38 Smarter Commodity Exposure

33:29 Implementation and Products

35:56 Wrap Up and Resources

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Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast from Lake Tahoe and interviews David Chan, Head of Investor Relations at Homestead Capital, an institutional manager focused on U.S. farmland and agricultural investments. Chan explains Homestead’s origins, its farmland equity approach and newer credit strategy lending to farmers, and key themes shaping farmland: income durability, inflation linkage, land scarcity, active management potential, and a flight to quality driven by water security—highlighting California’s Sustainable Groundwater Management Act and resulting value bifurcation. They break down farmland returns into income (lease or operating) and appreciation, distinguish permanent crops (e.g., almonds, pistachios, citrus, wine grapes) from row crops (e.g., corn, wheat, soy), and discuss ways to invest via direct ownership/funds, public vehicles, and credit. Chan addresses misconceptions, benchmarks (NCREIF Farmland Index), liquidity and complexity, current bear markets in permanent crops tied to pandemic-era oversupply, and geopolitical impacts such as fertilizer pricing and potential E15 ethanol policy boosting corn demand.

Learn more about Zephyr here.

Learn more about Homestead Capital here.

00:00 Welcome and Setup

01:13 Meet Homestead Capital

02:55 Personal Farming Roots

04:39 Farmland Themes Today

10:40 How Farmland Returns Work

12:43 Permanent vs Row Crops

15:31 Ways to Invest in Farmland

17:26 Finding Deals Now

19:40 Why Permanent Crops Slump

23:58 Common Farmland Myths

27:31 Risk and Benchmarks

30:32 Liquidity and Complexity

32:51 Geopolitics and Fertilizer

37:06 Wrap Up and Contact Info

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During this clip of Ryan Nauman's conversation with DoubleLine's Deputy CIO Jeffrey Sherman, the two discuss the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment.

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Host Ryan Nauman speaks with Kara Pagliuca, board member of Women in ETFs and senior director of global strategic partnerships at S&P Dow Jones Indices, about the evolving demographics of the investment management and ETF industry. Pagliuca shares her career path, WE’s mission to connect, support, and inspire professionals across the ETF ecosystem, and how the organization promotes mentorship, leadership, speaking opportunities, and broader representation in media and conference panels. They discuss progress in women reaching executive roles, the importance of intentional hiring and promotion, and how confidence, early education, visible role models, and sponsors can help women enter and advance in a male-dominated field.

Learn more about Zephyr here.

Learn more about Women in ETFs (WE) here.

00:00 Podcast Welcome

00:53 Live From Exchange

01:37 Meet Kara Pagliuca

03:12 Women In ETFs Mission

04:18 A Personal Discrimination Story

05:36 Why ETFs Focus

07:21 Progress For Women Leaders

09:17 Building Confidence Early

12:23 Wealth Transfer And Advisors

14:04 What Drives Change

15:09 More Work To Do

17:01 Advice For Career Growth

20:40 Closing And Resources

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