Talk Your Book: A Better 60/40 Portfolio

Mar 10, 2025

JD Gardner, CIO and Founder of Aptus Capital Advisors, shares his insights into innovative investment strategies, focusing on options-based active ETFs. He discusses the shift towards riskier portfolios and the use of stock options for hedging. Misconceptions about option-based strategies are addressed, highlighting the importance of understanding risks. Gardner also introduces the 'D-Risk' ETF and two distinct strategies, DRSK and ACIO, that seek to balance risk with potential returns, reflecting on the need for investor education in today's market.

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INSIGHT

Usable Strategies

The best investment strategy is useless if investors won't stick with it.
Focus on creating a product people can understand and tolerate.

ANECDOTE

Initial Strategy Pitch

J.D. Gardner initially pitched a high-octane momentum strategy.
This proved difficult for advisors to grasp and recommend.

INSIGHT

Aptus' Focus

Aptus Capital Advisors focuses on two main areas: options-based active ETFs and OCIO services.
They aim to be a premier options-based provider.

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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by JD Gardner, CIO and Founder of Aptus Capital Advisors to discuss who Aptus is, shifting to riskier portfolios using options, using single stock options to hedge risk, misconceptions about option-based strategies, and much more!

Find complete show notes on our blogs...

Ben Carlson’s A Wealth of Common Sense

Michael Batnick’s The Irrelevant Investor

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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/

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Aptus Disclosures:

The opinions expressed in this podcast are those of Aptus Capital Advisors, LLC (“Aptus”) as of the date of publication and are subject to change without notice. Information in the podcast is provided for information purposes only and should not be considered investment advice or a recommendation to purchase or sell any particular security, product or service. Aptus reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information is based on data obtained from sources believed to be reliable but are not guaranteed as being accurate and do not purport to be a complete summary of the available data.

All investments involve risk, including loss of principal. Past performance is not indicative of future results.

This should not be construed as tax, accounting, or legal advice. Aptus does not provide accounting, tax, or legal advice. You should always consult with a professional in these areas with regard to specific tax, accounting, or legal questions and obligations.

Aptus Capital Advisors, LLC (“Aptus”) is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Aptus’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.

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