Insight is Capital™ Podcast

What do advisors do when markets feel like a giant game of Jenga—top-heavy, fragile, and unpredictable with every move? Ahmed Farooq, Senior VP and Head of ETF Distribution at Franklin Templeton Canada joins us to explore how smart ETF design, active fixed income, and global diversification are helping advisors rebuild sturdier portfolios for an increasingly uncertain world. 🎧 Summary: In this episode, host Pierre Daillie welcomes Ahmed Farooq, for a wide-ranging, insight-packed conversation on the evolution of ETF usage by Canadian advisors. From navigating tariff turmoil and Mag-7 concentration risk to building smarter income solutions and global diversification strategies, Ahmed shares a front-line perspective from the road across Canada. He explains how Franklin Templeton is responding to market demand with low-cost passive offerings, factor-based ETFs like their Low Volatility High Dividend suite, and precision-focused actively managed fixed income solutions that are reshaping how advisors approach portfolio construction. With advisors seeking both protection and income, Farooq explains why it's time to get comfortable with complexity—because simplicity in this market can be costly. 💡 Key Takeaways:Regional Divergence in US Exposure Sentiment: Advisor views on US equity exposure vary widely across Canada—Eastern advisors are trimming, while Western clients remain overweight USD assets.Market Fragility Requires Smarter Diversification: Amid tariff threats, macro noise, and election risk, advisors are embracing factor-based strategies (like Low Volatility + High Dividend) to hedge downside without abandoning return potential.Mid-Caps Offer Shelter from MAG7 Storm: Franklin’s new FMID ETF (US Mid Cap Multifactor) helps diversify away from S&P 500 concentration by tilting toward locally domiciled, less globally exposed companies.Fixed Income: “Don’t Try This at Home” Advisors are outsourcing bond sleeve construction due to rate volatility, inverted curves, and term premium unpredictability. Ultra-short mandates like FHIS are seeing big inflows.Pricing Power for Portfolio Flexibility: Franklin’s razor-thin passive ETF fees (as low as 5 bps) free up advisors’ fee budget to allocate to alpha-seeking active or alternative strategies.Smart Beta 2.0 is Actually Just... Smarter Rules: Legacy “smart beta” is giving way to multi-layered, rules-based ETFs that integrate dividend sustainability, earnings quality, and volatility screens.Active Management is Back—for Good Reason: As bond markets become harder to read, advisors want precision, not guesswork. And they want active managers who justify their fees through measurable performance and risk control.⏱️ Chapters: 00:00 – Intro: Market Noise, Rate Cuts, and Tariff Whiplash 01:30 – Cross-Canada Advisor Sentiment on US Exposure 05:45 – Emotional Investing & Climbing the Wall of Worry 10:30 – Why Low Volatility + High Dividend ETFs Are Resonating 13:00 – Avoiding Dividend Traps: Earnings & Guidance Matter 18:20 – FMID: Mid-Cap US Multifactor as a MAG7 Antidote 24:00 – Are Mid-Caps More “Domestic”? Surprising Names & Thesis 28:00 – The Fixed Income Puzzle: Why Advisors Aren’t Going Long 33:00 – Ultra Short Flows & Advisor Reinvestment Fatigue 36:45 – Why Active Fixed Income Is in Demand Again 42:00 – Fixed Income Doesn’t Excite Advisors—That’s Why They Outsource It 44:45 – From “Smart Beta” to Smarter Rules-Based Strategies 48:00 – The Evolution of Active Fixed Income ETF Design 51:00 – The Fee Budget Shift: Where Active and Passive Coexist 55:00 – Franklin's Pricing Strategy and Competitive Edge 58:00 – Fee Budgeting: Making Room for Alternatives 01:01:00 – What's Ahead: Tariffs, Geopolitics & Diversifying for Multiple Outcomes 01:04:30 – Helping Advisors Build Resilient Models and Platforms 01:08:00 – Why Pricing, Platform Fit, and Analyst Buy-In Matter #ETFs #FranklinTempleton #FixedIncome #SmartBeta #DividendInvesting #PortfolioConstruction #ETFInvesting #AdvisorInsights #ActiveManagement #Markets2025 Copyright © AdvisorAnalyst.com

🎯 "Investors Aren’t Just Asking ‘Will I Have Enough?’—They’re Asking ‘Will I Be Okay?’" In this episode of Insight is Capital, we're joined by Sam Febbraro, Executive Vice President of Wealth Solutions at Canada Life and President & CEO of Canada Life Investment Management. With fresh insights from Canada Life’s 2025 Abacus Data survey in hand, Sam offers a compelling look at how Canadians are thinking about their investments, what’s driving client confidence (and where it breaks down), and why the role of the advisor has never been more important—or more human. 📝 Summary Sam Febbraro reveals how today’s investors are navigating a complex web of economic uncertainty, inflation pressures, and shifting priorities. It’s no longer just about performance—it’s about resilience, safety, and purpose. Drawing on the latest investor sentiment data, Sam explains why financial advisors must evolve from product-focused strategists to trusted navigators and educators. He outlines the power of segregated funds to deliver peace of mind and estate efficiency, underscores the importance of bridging the financial literacy gap, and calls on advisors to boldly articulate their value in a post-CRM3 world. 💡 Key Takeaways: ⏱️ Chapters: 00:00 – Opening quote: Scarcity vs. Precarity 01:40 – Meet Sam Febbraro: His role and perspective at Canada Life 03:10 – Key findings from the 2025 Abacus Data survey 04:20 – Why ROI isn’t enough: Rise of “Return on Life” 05:05 – Seg funds as guardrails: What clients are responding to 07:10 – Estate planning, resets, and creditor protection 08:20 – Tackling barriers to investing: Knowledge and confidence gaps 09:30 – What Canadians really want to understand about investing 11:00 – The importance of slowing down and teaching financial basics 12:10 – Talking about fees: Transparency, value, and trust 13:30 – The hidden superpower of the advisor: holistic planning 15:40 – CRM3 and the opportunity to reaffirm advisor value 16:40 – Why advisors are like a Board of Directors for families 17:10 – Safety, control, and purpose: The deeper investor needs 18:30 – Financial planning in an era of economic unease 20:00 – Advisors as calming voices in turbulent times 21:00 – Final thoughts: “Never forget the value you bring” 📌 #ValueOfAdvice, #SegregatedFunds, #InvestorConfidence, #FinancialPlanning, #CanadaLife

Chances are, you're already using carry strategies in your portfolio—without even realizing it. Problem is, if you’re not doing it deliberately, it might be doing more harm than good. 🔍 Episode Summary In this special episode of Raise Your Average, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the Return Stacked ETF suite, to unpack the misunderstood world of carry strategies. They dig into what carry really is—beyond just currency trades—and why most investors unknowingly take on carry risk without any plan to manage it. Adam breaks down how carry strategies work across currencies, bonds, equities, and commodities, and why combining them in a diversified portfolio can offer powerful, uncorrelated returns. He also explains how return stacking solves a long-standing advisor dilemma: how to add diversification without cutting into your core stock or bond holdings. Now, thanks to ETFs like RSSY and RSBY, retail investors can finally tap into strategies that used to be locked behind hedge fund doors. If you're an advisor or investor looking to build smarter, more resilient portfolios—without giving up performance—this conversation is a must. 💡 Key TakeawaysWhat Carry Really Means: It’s the income you get from holding an asset—like dividends, bond interest, or yield differentials between currencies.You’re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.Diversification That Works: A global, long/short carry strategy across multiple asset classes offers true diversification without piling on risk.Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.No Need to Sell Your Core Assets: With return stacking, you don’t have to sell stocks or bonds—you just add carry on top.Built-In Behavior Benefit: Carry becomes part of your total return, so it’s less likely to get cut when it’s underperforming.Realistic Return Potential: Expect 3–5% excess return over time at 10% volatility—similar to equities but with a different risk profile.Why This Matters: The macro space is still relatively inefficient—meaning carry has room to outperform without competition.⏱️ Chapters 00:00 – Intro: What Is Carry, Really? 01:00 – The Currency Carry Trade 101 04:00 – Beyond Currency: Carry Across Asset Classes 07:00 – Why Carry Happens Everywhere in Your Portfolio 10:00 – Absolute Return vs. Uncorrelated Return 12:00 – Accidental Carry Exposure (And How to Fix It) 14:00 – The Case for a More Deliberate Strategy 17:30 – How Return Stacking Solves the Diversification Dilemma 22:00 – Why RSSY and RSBY Are Built Differently 26:00 – Behavioral Bonus: Less Line-Item Regret 30:00 – What You Can Expect from Carry Over Time 33:00 – The Limits of Stock Picking & the Power of Macro 36:00 – Why Carry Could Be Retail’s Most Underused Advantage 40:00 – Where to Learn More and Take Action 📌 #ReturnStacking, #CarryStrategy, #ETFInvesting, #PortfolioDiversification, #AlternativeInvestments 🧠 Learn more at: https://returnstacked.com 📘 Read more at: https://investresolve.com 📊 ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry) 👍 Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.Copyright © AdvisorAnalyst

🎯 What if you could protect your portfolio during market crashes, boost returns, and still keep your core investments intact? That’s not a fantasy—it’s the power of trend following / managed futures via return stacking, and it's finally accessible to everyday investors. 🎙️ In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo, President of ReSolve Asset Management, co-creators of the Return Stacked ETFs suite, for a deep dive into one of investing’s best-kept secrets: managed futures. Long embraced by institutions for their ability to deliver uncorrelated, crisis-resistant returns, managed futures are finally breaking into mainstream portfolios—thanks to innovations in return stacking. Rodrigo breaks it all down: why trend following works, how behavioral biases create opportunities, and how stacking strategies like RSST and RSBT let you keep your equities and bonds while adding diversifiers like managed futures on top. It’s a smarter way to use leverage, designed not to chase returns, but to smooth them out—even in the roughest markets. Whether you're trying to improve performance, reduce downside, or ease your clients’ diversification anxiety, this episode gives you the tools to rethink how portfolios are built in the modern era. ✅ Key Takeaways:Trend following works because human behavior is predictable—anchoring, herding, and slow adjustments to new info create patterns to exploit.Managed futures offer rare benefits: real diversification, low correlation to stocks and bonds, and strong upside when markets tumble.Return stacking lets you “stack” strategies like managed futures on top of your core holdings, without having to sell your stocks or bonds.ETFs like RSST and RSBT make return stacking simple and accessible—bringing institutional tools to retail investors.You can use them to amplify returns or solve behavioral roadblocks—like line-item regret or clients abandoning good strategies at the wrong time.Leverage becomes your friend when applied to uncorrelated assets. Used correctly, it reduces drawdowns and improves compounding.⏱️ Chapters: 00:00 – Welcome & What This Episode Is About 01:00 – What Are Trend Following and Managed Futures? 03:00 – Why Trend Works: Human Psychology & Risk Dynamics 04:30 – Managed Futures = Real Diversification 06:00 – Crisis Alpha in Action: 2008 and 2022 08:00 – Why Retail Investors Missed Out (Until Now) 10:00 – How Institutions Use Return Stacking 12:00 – How RSST and RSBT Work (Mechanics Explained) 15:00 – Portfolio Use Cases & Applications 17:00 – Why Return Stacking Beats Stock Picking 20:00 – What Is “Defensive Leverage”? 24:00 – Better Compounding Math with Low Correlation 25:00 – Solving for Behavior: Make Diversification Easy to Hold 27:00 – Hiding the Line Item: Reduce Regret Risk 28:00 – What This Means for the Future of Portfolio Construction 🏷️ #ReturnStacking #ManagedFutures #PortfolioDiversification #InvestSmarter #ETFStrategiesCopyright © AdvisorAnalyst

Forget what you thought about merger arbitrage — it’s no longer out of reach for individual investors and advisors. In this episode, Corey Hoffstein, CIO at Newfound Research and co-creator of Return Stacked ETFs, joins us for a deep dive into merger arbitrage — a long-used institutional strategy that’s now accessible to retail and advisor portfolios via the RSBA ETF (Return Stacked Bonds & Arbitrage ETF) Corey explains that merger arbitrage isn’t just about betting on deals; it’s about systematically capturing a risk premium tied to time and deal closure uncertainty. With low correlation to stocks, bonds, and credit spreads, merger arb serves as a powerful diversifier — especially in today’s tight credit environment. The discussion covers how RSBA overlays this risk premium on top of core U.S. Treasuries, allowing investors to enhance returns without sacrificing their bond sleeve. Corey unpacks the return stacking framework, behavioral benefits, and why this method reduces "line item risk" while expanding portfolio breadth. This isn’t just theory — it’s a practical way for advisors and investors to get exposure to uncorrelated return streams, preserve core holdings, and finally access what institutions have done for decades. Chapters 00:00 – Introduction: Why Merger Arb is Timely 01:00 – What is Merger Arbitrage? Mechanics of the Strategy 03:00 – Risk Premium vs Arbitrage: What You’re Really Capturing 04:00 – How Merger Arb Correlates (or Doesn’t) with Stocks, Bonds, and Credit 05:30 – Why Tight Credit Spreads Make Merger Arb a Strong Alternative 07:00 – What RSBA Is and How It’s Constructed 08:30 – Bonds + Merger Arb = Corporate Bond Alternative? 10:00 – Return Stacking Explained: Keep Your Core Beta, Add a Layer 12:00 – Why Merger Arb Is Historically Undervalued by Advisors 13:30 – Behavioral Obstacles and Reducing Line Item Risk 15:00 – Breadth vs Depth in Diversification: Expanding Risk Premiums 16:30 – From T-Bills + Arb to Treasuries + Arb: A Better Structural Design 17:00 – Building a “Hyper Diversified” Portfolio with Return Stacking 18:30 – How Stacking Reduces Tracking Error and Behavioral Risk 19:30 – Democratizing Portable Alpha for Every Investor 20:00 – Closing Remarks: The Future of Diversification Is Here 💡 Key TakeawaysMerger arbitrage is a true, durable risk premium, not a speculative bet — it compensates investors for time and deal break risk post-announcement.RSBA combines Treasuries and merger arb into a single ETF, offering a compelling alternative to corporate credit without the same economic exposure.Return stacking allows investors to “add without subtracting”, enhancing portfolios with diversifiers while retaining core holdings.Behavioral issues like tracking error and client discomfort are reduced by maintaining traditional exposures while quietly layering on return streams.You no longer need to give up your bonds to get alpha. With ETFs like RSBA, you can have both — and do it with institutional-grade tools.More... Return Stacked ETFs RSBA #ReturnStacking #MergerArbitrage #CoreyHoffstein #InvestmentStrategies #alternativeinvesting Copyright © AdvisorAnalyst

In this episode, Pierre Daillie sit down with Eli Yufest, Executive Director of The Canadian ETF Association (CETFA), for a sharp and revealing conversation about the future of Canada’s ETF industry. Yufest gets right down to it: beyond the Canadian ETF industry's assets under management, more than $230 billion of Canadian investor capital has left the country—straight into U.S.-listed ETFs—and he’s sounding the alarm on what’s at stake if that trend continues. With ETFs now pushing close to $600 billion in assets under management at home, CETFA is stepping up with a full-court press—launching bold educational campaigns, ramping up advocacy efforts, and pushing for smart policy changes. From regulatory risks and investor misconceptions to a tidal wave of U.S. share-class products set to flood the market, this episode digs into the real pressures threatening Canada's investment ecosystem—and the plan to keep it thriving. What if the biggest threat to Canada’s financial future isn’t inflation or interest rates—but our own indifference to homegrown ETFs? 📌 Episode Snapshot: Newly appointed CETFA Executive Director Eli Yufest joins us to share his blueprint for growing and protecting Canada’s ETF industry. With a warning about the growing shift of Canadian dollars to U.S.-listed ETFs, Yufest outlines a two-pronged strategy: direct advocacy with regulators and an aggressive education push to reach everyday investors and financial advisors. The conversation covers looming CRM3 disclosure changes, why young Canadians are embracing ETFs, how innovation can unlock broader access, and what’s at risk if we fail to make the domestic market more competitive.Chapters:[00:01:00] – Meet Eli Yufest – from political campaigns to ETF advocacy [00:06:30] – What surprised Eli about the ETF industry [00:08:00] – Canada’s overlooked role as ETF innovator [00:09:30] – Why regulators and politicians are finally listening [00:11:00] – CETFA’s core mission: Grow the ETF industry [00:13:00] – The education gap: Jane & Joe Front Porch still don’t know what ETFs are [00:14:30] – Advisors: Still a huge ETF adoption lag [00:15:30] – ETF misconceptions: liquidity, costs, and innovation [00:17:30] – Gen Z, online brokerages, and the future of DIY investing [00:20:00] – The biggest threat: $230B in assets has left for the U.S. [00:22:00] – ETF share class tsunami: 1,200+ new U.S. products are coming [00:25:30] – Why Canada must act now—or lose its ETF market entirely [00:28:00] – Private equity ETFs and the democratization of access [00:33:00] – From hedge fund strategies to long-short: ETFs unlock it all [00:35:30] – CETFA’s behind-the-scenes policy influence and wins [00:39:00] – Expanding membership, strengthening industry alignment [00:41:30] – Drawing on a career in strategy and education to lead change #CanadianETFs #ETFInnovation #InvestorEducation #CapitalFlight #FinancialAdvocacy

In this episode, Mike Philbrick, CEO, ReSolve Asset Management (which jointly innovated Return Stacked Portfolio Solutions with Newfound Research) breaks down how systematic macro strategies can offer powerful diversification benefits—and how Return Stacked™ portfolios make it possible for investors to keep their traditional equity and bond allocations intact while layering on a return stream designed to thrive in challenging market environments. Mike and Pierre unpack the behavioral pitfalls of traditional diversification, the institutional roots of portable alpha, and how the RGBM ETF (Return Stacked™ Global Balanced & Macro ETF) helps solve the portfolio funding dilemma for Canadian investors.

Pierre Daillie and Mike Philbrick welcome Tony Dong—Lead ETF Analyst at ETF Central and founder of ETF Portfolio Blueprint— to the show to explore why investors may need to rethink their reliance on traditional portfolio diversifiers like long-term bonds. Dong pulls no punches, calling out the pitfalls of covered call ETFs, explaining how to think critically about buy-write strategies, and championing capital-efficient alternatives like return stacking, trend-following CTAs, and risk-managed overlays. The trio also dig into the strategic case for overlooked assets like Swiss equities and the Swiss franc, while sharing practical insights into investor behavior, rebalancing discipline, and building resilient portfolios in a stagflation-prone world.   🔖 Key Takeaways:Why blindly chasing high-yield covered call ETFs is a mistakeThe underrated power of trend-following as a crisis alpha toolHow to use return stacking for smarter diversificationWhy Switzerland may be the ultimate geopolitical safe havenThe behavioral traps investors fall into—and how to avoid them🕒 Chapters: 00:00 – Tony Dong’s Risk-First Origin Story 03:45 – The Problem with Index-Based Covered Call ETFs 08:30 – Gold, Volatility, and Opportunistic Buy-Write Strategies 13:10 – QYLD: A Yield Trap in Disguise? 19:45 – When Bonds Fail: Gold and Trend as Alternatives 23:20 – Leveraging Diversification with Return Stacking 28:00 – Retail’s Dangerous Love Affair with Leveraged ETFs 31:40 – The Rise of Structured Protection: Put Spread Collars 36:20 – Why Low Vol and Min Vol May Be Broken Concepts 39:10 – Trend Following: The Case for Buying the Shop, Not the ETF 43:00 – Behavioral Risk and Staying the Course with Alternatives 47:30 – How to Rebalance for Real-World Portfolios 53:00 – Investor Psychology, Crisis Alpha, and Staying Invested 57:00 – The Case for Switzerland: Stability, Strength, and Sanity Where to find Tony Dong ETF Portfolio Blueprint - https://etfportfolioblueprint.com Tony Dong, Lead ETF Analyst, ETF Central - https://www.etfcentral.com/author/tony-dong #InvestingStrategy #ETFs #TrendFollowing #ReturnStacking #PortfolioDiversification #CoveredCalls #QYLD #Alternatives #CapitalEfficient #Gold #BehavioralFinance #TonyDong #RaiseYourAverage

Canadian ETFs are booming—and behind the scenes, a quiet revolution is reshaping how advisors and investors build smarter, more efficient portfolios. In this episode, ETF industry leader Ronald Landry, Vice President, Head of Segment Solutions and Canadian ETF Services at CIBC Mellon joins us to explore what’s driving record ETF flows, the rise of covered calls and liquid alts, the accelerating evolution of Canada's ETF landscape, and the policy shifts that could transform the advisory business in 2025 and beyond. Landry shares over 30 years of industry insight, covering everything from: The two-year boom in covered call ETFs—and why yield remains kingHow alternative strategies are finally gaining traction after years of slow adoptionNew ETF-wrapped solutions making it easier than ever for advisors to close portfolio gapsThe regulatory innovations (like total cost reporting and ticker rule proposals) that could reshape the advisor-client conversationWhy Canada continues to lead global ETF innovation—and what the US is learning from our marketChapters 00:00 – The ETF Boom: Why 2025 Is Already One for the Record Books 02:00 – 30 Years of Insight: Ron Landry’s Unlikely Path to ETF Leadership 04:00 – Markets in Transition: What Record Q1 Flows Are Really Telling Us 08:00 – Central Banks in a Bind: Rates, Tariffs, and the Inflation Puzzle 09:30 – Single Stock ETFs, CDRs, and the Quest for Yield in Canada 12:00 – Built for Canadians: Why Homegrown ETFs Are Winning 14:00 – Crypto, Covered Calls, and the Real Drivers of Demand 16:00 – Alternatives Accelerating: The 53% Growth Story You Missed 19:00 – Advisors' Dilemma: Explaining Line Item Risk in a 60/40 World 21:00 – Regulation as Catalyst: CSA Reviews, Cost Transparency, and Ticker Labels 24:00 – From 6% to 20%: Canada’s ETF Market Is on a Tear 26:00 – The Rise of Dual-Structure Funds: ETF and Mutual Fund Hybrids 27:00 – Canada: The Quiet Giant of ETF Innovation 29:00 – One Rulebook to Rule Them All: The Secret to Canada’s ETF Advantage #ETFs #CanadianETFs #InvestingCanada #FinancialAdvisors #CoveredCalls #LiquidAlts #ETFInnovation #CIBCMellon #RonLandry #WealthManagement #PortfolioConstruction #FinancePodcast #InvestmentStrategies #YieldHunting

The most important tech story of the decade isn’t in Silicon Valley—it’s unfolding in Mumbai, Delhi, and Bangalore. In Part 2 of our in-depth conversation, Kevin Carter, founder of EMQQ Global, reveals why India’s digital transformation, powered by the India Stack, is not only revolutionary—it’s investable. We dive deep into the megatrends fueling India’s internet economy, explore explosive business models like 10-minute delivery, and uncover why investors are missing one of the greatest untold tech stories of our time. As Kevin puts it: "There's no developed or emerging country with anything like this... and the world has no idea it exists." 👇 CHAPTERS 00:00 – India’s human capital and the reverse brain drain 02:00 – Startup boom: From 500 to 120,000 startups 05:00 – Modi’s economic machete and $1T infrastructure plan 08:00 – The three megatrends redefining emerging markets 10:00 – The India Stack explained: Aadhaar, UPI, and digital identity 14:00 – Opening 800M bank accounts in 10 years 18:00 – Geo and the $12 smartphone revolution 20:00 – UPI: 16B instant transactions a month 22:00 – The death of cash: 95% to 20% in 7 years 24:00 – The trillion-dollar secret the world doesn't know 27:00 – Quick Commerce: Blinkit, dark stores, and 10-minute delivery 34:00 – Zomato's ecosystem and disruption beyond food 39:00 – India’s small cap exuberance and retail options boom 43:00 – Companies to watch: MakeMyTrip, FirstCry, InfoEdge 46:00 – Kevin’s final thoughts: Throw out the old EM model Where to find Kevin Carter, EMQQ GlobalKevin Carter on Linkedin - https://www.linkedin.com/in/thekevintcarter/ EMQQ Global - https://emqqglobaletfs.com/ #IndiaStack #EmergingMarkets #Fintech #DigitalIndia #UPI #Aadhaar #QuickCommerce #Blinkit #Zomato #EMQQ #KevinCarter #ModiEconomics #InvestInIndia #IndianStartups #DigitalTransformation #TechInvesting