Listen on The Move
The options income ETF industry just crossed $1 trillion in assets — and almost nobody is talking about the structural flaw buried inside every one of those products.
David Dziekanski, co-founder, CEO, and CIO of Quantify Funds, spent nearly two decades building ETFs — more than 75 of them — before he saw a gap so fundamental he had to build something entirely new. In this episode of Raise Your Average, Pierre Daillie and Mike Philbrick sit down with David to examine what covered call and derivative income ETFs get wrong, why most investors don't realize it, and how Quantify's Stacked Income fund family — powered by Return Stacked ETFs and Convexitas as options sub-advisor — attempts to deliver income, full upside exposure, and genuine diversification without asking investors to choose between them.
⏱ Chapters
00:00 — Introduction: The $1 trillion problem hiding in options income ETFs
03:00 — David Dziekanski: Career background, Tidal Financial Group, and the founding thesis of Quantify Funds
05:00 — The three design flaws of derivative income ETFs: income targeting, formulaic strategies, and lack of benchmarking
10:00 — Why covered call ETFs became popular — and why advisors accepted the trade-off for so long
13:00 — Delta drift explained: how a 0.74 delta on day one becomes 0.54 by month-end without any manager decision
17:00 — Negative alpha in plain sight: why most covered call products underperform even a T-bill + equity blend
20:00 — Convexitas's three-step options framework: implied vs. realized vol, skew profiling, and tenor selection
24:00 — The core thesis: income without sacrificing total return — ending the trade-off
27:00 — Return stacking as capital efficiency: A + B in a single dollar, and imposed diversification
30:00 — Distribution policy: why Quantify lowers payouts in drawdowns and tops up on rebounds
53:00 — Fee structure: 114 bps on 200% exposure = 57 bps unlevered, and why that beats the competition
55:00 — Daily trade transparency: how Quantify posts options rationale on X every trading day
59:00 — Building behavioral stickiness: transparency, distributions, and investor intuition
01:01:00 — The advisor conversation: aha moments and the covered call education gap
01:05:00 — Simplicity vs. complexity: blind spots are the cost of simple option strategies
01:09:00 — Quantify as "version 3.0" of options income — crawl, walk, run adoption framework
01:11:00 — BTGD, ISBG, ISSB: the Bitcoin + gold stacking thesis and currency debasement
01:15:00 — Gold, Bitcoin, and scarcity assets: what comes after the bazooka
01:22:00 — Closing: why the derivative income category exists, and where it needs to go
Links & Resources
Quantify Funds: quantifyfunds.com
Daily trade rationale: Quantify Funds on X (Twitter)
Return Stacked ETFs: returnstackedetfs.com
Convexitas: convexitas.com
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