{"id":1327,"date":"2025-07-17T18:55:00","date_gmt":"2025-07-17T18:55:00","guid":{"rendered":"http:\/\/11b7ca81-3a18-4efc-b1d8-b7ae0cf8301b"},"modified":"2025-07-17T18:55:00","modified_gmt":"2025-07-17T18:55:00","slug":"etfs-that-overlay-carry-adding-alpha-to-portfolios-without-subtracting-core-exposure-with-adam-butler","status":"publish","type":"episode","link":"https:\/\/advisoranalyst.com\/podcast\/episode\/etfs-that-overlay-carry-adding-alpha-to-portfolios-without-subtracting-core-exposure-with-adam-butler\/","title":{"rendered":"ETFs That Overlay Carry: Adding Alpha to Portfolios Without Subtracting Core Exposure with Adam Butler"},"content":{"rendered":"<p>Chances are, you&#8217;re already using carry strategies in your portfolio\u2014without even realizing it. Problem is, if you\u2019re not doing it deliberately, it might be doing more harm than good. <\/p>\n<h3>\ud83d\udd0d Episode Summary<\/h3>\n<p>In this special episode of <em>Raise Your Average<\/em>, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.returnstacked.com\/\">Return Stacked ETF suite<\/a>, to unpack the misunderstood world of carry strategies. They dig into what carry really is\u2014beyond just currency trades\u2014and 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 <em>without<\/em> 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&#8217;re an advisor or investor looking to build smarter, more resilient portfolios\u2014without giving up performance\u2014this conversation is a must.<\/p>\n<p>\ud83d\udca1 Key Takeaways<\/p>\n<ul>\n<li>What Carry Really Means: It\u2019s the income you get from holding an asset\u2014like dividends, bond interest, or yield differentials between currencies.<\/li>\n<\/ul>\n<ul>\n<li>You\u2019re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.<\/li>\n<\/ul>\n<ul>\n<li>Diversification That Works: A global, long\/short carry strategy across multiple asset classes offers true diversification without piling on risk.<\/li>\n<\/ul>\n<ul>\n<li>Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.<\/li>\n<\/ul>\n<ul>\n<li>No Need to Sell Your Core Assets: With return stacking, you don\u2019t have to sell stocks or bonds\u2014you just add carry on top.<\/li>\n<\/ul>\n<ul>\n<li>Built-In Behavior Benefit: Carry becomes part of your total return, so it\u2019s less likely to get cut when it\u2019s underperforming.<\/li>\n<\/ul>\n<ul>\n<li>Realistic Return Potential: Expect 3\u20135% excess return over time at 10% volatility\u2014similar to equities but with a different risk profile.<\/li>\n<\/ul>\n<ul>\n<li>Why This Matters: The macro space is still relatively inefficient\u2014meaning carry has room to outperform without competition.<\/li>\n<\/ul>\n<h3>\u23f1\ufe0f Chapters<\/h3>\n<p>00:00 \u2013 Intro: What Is Carry, Really?01:00 \u2013 The Currency Carry Trade 10104:00 \u2013 Beyond Currency: Carry Across Asset Classes07:00 \u2013 Why Carry Happens Everywhere in Your Portfolio10:00 \u2013 Absolute Return vs. Uncorrelated Return12:00 \u2013 Accidental Carry Exposure (And How to Fix It)14:00 \u2013 The Case for a More Deliberate Strategy17:30 \u2013 How Return Stacking Solves the Diversification Dilemma22:00 \u2013 Why RSSY and RSBY Are Built Differently26:00 \u2013 Behavioral Bonus: Less Line-Item Regret30:00 \u2013 What You Can Expect from Carry Over Time33:00 \u2013 The Limits of Stock Picking &amp; the Power of Macro36:00 \u2013 Why Carry Could Be Retail\u2019s Most Underused Advantage40:00 \u2013 Where to Learn More and Take Action<\/p>\n<p>\ud83d\udccc <span>#ReturnStacking<\/span>, <span>#CarryStrategy<\/span>, <span>#ETFInvesting<\/span>, <span>#PortfolioDiversification<\/span>, <span>#AlternativeInvestments<\/span>\ud83e\udde0 Learn more at: <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/returnstacked.com\">https:\/\/returnstacked.com<\/a>\ud83d\udcd8 Read more at: <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/investresolve.com\">https:\/\/investresolve.com<\/a>\ud83d\udcca ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry)\ud83d\udc4d Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.<\/p>\n<p>Copyright \u00a9 AdvisorAnalyst<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chances are, you&#8217;re already using carry strategies in your portfolio\u2014without even realizing it. Problem is, if you\u2019re not doing it deliberately, it might be doing more harm than good. n<\/p>\n<h3>\ud83d\udd0d Episode Summary<\/h3>\n<p>nIn this special episode of <em>Raise Your Average<\/em>, Pierre is joined by Adam Butler, Chief Investment Officer at ReSolve Asset Management, co-creators along with Newfound Research of the <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.returnstacked.com\/\">Return Stacked ETF suite<\/a>, to unpack the misunderstood world of carry strategies. They dig into what carry really is\u2014beyond just currency trades\u2014and why most investors unknowingly take on carry risk without any plan to manage it.nnAdam 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 <em>without<\/em> 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.nnIf you&#8217;re an advisor or investor looking to build smarter, more resilient portfolios\u2014without giving up performance\u2014this conversation is a must.n<\/p>\n<p>\ud83d\udca1 Key Takeaways<\/p>\n<ul>\n<li>What Carry Really Means: It\u2019s the income you get from holding an asset\u2014like dividends, bond interest, or yield differentials between currencies.<\/li>\n<\/ul>\n<ul>\n<li>You\u2019re Already Exposed (Probably): Many portfolios contain carry trades by accident, especially when investing internationally.<\/li>\n<\/ul>\n<ul>\n<li>Diversification That Works: A global, long\/short carry strategy across multiple asset classes offers true diversification without piling on risk.<\/li>\n<\/ul>\n<ul>\n<li>Now in ETF Form: Carry strategies were once only for institutions. Now anyone can access them through ETFs like RSSY and RSBY.<\/li>\n<\/ul>\n<ul>\n<li>No Need to Sell Your Core Assets: With return stacking, you don\u2019t have to sell stocks or bonds\u2014you just add carry on top.<\/li>\n<\/ul>\n<ul>\n<li>Built-In Behavior Benefit: Carry becomes part of your total return, so it\u2019s less likely to get cut when it\u2019s underperforming.<\/li>\n<\/ul>\n<ul>\n<li>Realistic Return Potential: Expect 3\u20135% excess return over time at 10% volatility\u2014similar to equities but with a different risk profile.<\/li>\n<\/ul>\n<ul>\n<li>Why This Matters: The macro space is still relatively inefficient\u2014meaning carry has room to outperform without competition.<\/li>\n<\/ul>\n<h3>\u23f1\ufe0f Chapters<\/h3>\n<p>n00:00 \u2013 Intro: What Is Carry, Really?nn01:00 \u2013 The Currency Carry Trade 101nn04:00 \u2013 Beyond Currency: Carry Across Asset Classesnn07:00 \u2013 Why Carry Happens Everywhere in Your Portfolionn10:00 \u2013 Absolute Return vs. Uncorrelated Returnnn12:00 \u2013 Accidental Carry Exposure (And How to Fix It)nn14:00 \u2013 The Case for a More Deliberate Strategynn17:30 \u2013 How Return Stacking Solves the Diversification Dilemmann22:00 \u2013 Why RSSY and RSBY Are Built Differentlynn26:00 \u2013 Behavioral Bonus: Less Line-Item Regretnn30:00 \u2013 What You Can Expect from Carry Over Timenn33:00 \u2013 The Limits of Stock Picking &amp; the Power of Macronn36:00 \u2013 Why Carry Could Be Retail\u2019s Most Underused Advantagenn40:00 \u2013 Where to Learn More and Take Actionnn<\/p>\n<p>\ud83d\udccc <span>#ReturnStacking<\/span>, <span>#CarryStrategy<\/span>, <span>#ETFInvesting<\/span>, <span>#PortfolioDiversification<\/span>, <span>#AlternativeInvestments<\/span>nn\ud83e\udde0 Learn more at: <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/returnstacked.com\">https:\/\/returnstacked.com<\/a>nn\ud83d\udcd8 Read more at: <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/investresolve.com\">https:\/\/investresolve.com<\/a>nn\ud83d\udcca ETFs: RSSY (Stocks + Carry) | RSBY (Bonds + Carry)nnn\ud83d\udc4d Like, comment, and subscribe if you want more tools to stack your returns without breaking your portfolio.<\/p>\n<p>Copyright \u00a9 AdvisorAnalyst<\/p>\n","protected":false},"author":1,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"categories":[18],"tags":[],"_links":{"self":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1327"}],"collection":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode"}],"about":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/types\/episode"}],"author":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/comments?post=1327"}],"version-history":[{"count":0,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1327\/revisions"}],"wp:attachment":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media?parent=1327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/categories?post=1327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/tags?post=1327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}