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.

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.

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