#67 - Dave Mazza, Chief Executive Officer, Roundhill Investments: ETF Innovation, Portfolio Construction, and the Changing Role of Diversification (recorded 03/25/26)

In this episode of The Bull of Wall Street, Talley Leger is joined by Dave Mazza, Chief Executive Officer of Roundhill Investments, for a discussion on markets, ETFs, portfolio construction, and how investors may think about diversification in the current environment. Drawing on a long professional history together, Talley and Dave revisit the evolution of ETFs from early sector products to today’s more specialized and outcome-oriented strategies. They discuss the recent market backdrop, including the S&P 500 moving below its 200 day moving average, the role of energy and geopolitics, and why periods of volatility can create both risks and opportunities depending on an investor’s time horizon. The conversation also explores the technology trade, the Magnificent Seven, sector concentration, and why diversification across regions, market capitalizations, and asset classes may still matter even after periods when narrow leadership has dominated returns. Dave shares perspective on how Roundhill approaches product development, what makes a differentiated ETF issuer, and where innovation may continue across the industry. What You’ll LearnHow Dave thinks about the recent market pullback and the role of time horizon in portfolio decisionsWhy geopolitical headlines and oil prices may influence near-term market behaviorHow the Magnificent Seven fit into today’s broader market structureWhy diversification may still matter even after long periods of narrow market leadershipHow ETFs evolved from simple indexing tools into more specialized portfolio building blocksWhat distinguishes innovative ETF issuers from larger, more established providersHow financial advisors may think about core, satellite, and tactical portfolio construction Chapters01:02 Talley and Dave’s professional history and early ETF work03:06 Market pullback, the 200 day moving average, and time horizon08:42 Oil, inflation, rates, and comparisons to prior market periods15:46 The Magnificent Seven, tech concentration, and earnings strength21:22 Passive investing, ETFs, and market structure28:36 The history of smart beta, factor investing, and ETF development30:30 Replacing the traditional 60 40 portfolio using ETFs36:14 What separates successful ETF issuers from the rest39:46 The idea behind meme stock exposure and retail participation43:15 Advisor fee pressure and the role of product cost49:19 Where ETF innovation may go next53:07 Which ETF categories may face more pressure over time GuestsDave Mazza, Chief Executing Officer, Roundhill Investments SpeakersTalley Leger, Chief Market Strategist, The Wealth Consulting Group Follow usLinkedIn: The Wealth Consulting GroupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting Group If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better.Subscribe at bit.ly/wealthcg