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/

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...