Corey Hoffstein and Adam Butler joins to unpack the mechanics of stacking returns inside an ETF — not as a branding exercise, but as a way to navigate the hard constraints of scale, structure, and investor behavior. They break down how Return Stacked blends top-down replication with a bottom-up trend engine, why most investors misunderstand what replication actually captures, and where the fault lines lie between mutual funds and ETFs. From margin management and bid-offer spreads to the limits of liquidity in a product built for growth, this conversation surfaces what it really means to package active strategies for a public wrapper — and what gets lost, or found, in the process.

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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE

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Episode TimeStamps:

02:08 - Introduction to Corey Hoffstein & Adam Butler

09:06 - How Hoffstein and Butler see the trend following industry going forward

12:24 - The possibilities and constraints of trading ETFs

20:52 - The philosophy behind their trading strategy

27:26 - How they calibrate their model to accommodate markets changes

32:03 - How they incorporate replication in their strategy

35:50 - Their process behind capturing beta

46:42 - The benefits of adding a longer tail for markets

49:25 - How much volatility can trend followers tolerate?

54:23 - How they maintain balance in their trend following portfolio

57:37 - Implementing different types of return streams

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PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:

1. eBooks that cover key topics that you need to know about

In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here

2. Daily Trend Barometer and Market Score

One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here

3. Other Resources that can help you

And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here

Disclaimer

OI16: Return Stacking: Form, Function & Friction ft. Corey Hoffstein and Adam Butler

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