Zephyr's Adjusted for Risk

From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Roxanna Islam, Head of Sector and Industry Research at TMX VettaFi, about major ETF trends and what they mean for advisors. Islam explains VettaFi’s role in helping build and grow ETF products and highlights fast-growing areas including spot Bitcoin ETFs (launched January 2024) and the broader crypto ETF ecosystem, noting flow consolidation into larger funds like iShares’ IBIT amid a Bitcoin pullback, and differences versus Ether products. She also discusses the rapid growth of options-based ETFs, defined outcome/buffer ETFs, and a return to thematic investing such as AI infrastructure, space, and defense, including rising interest around SpaceX exposure. The conversation covers challenges of putting private markets/private credit into ETFs due to liquidity and transparency constraints, and clarifies tokenization as moving real-world assets onto blockchain rails, including a filing to tokenize the TBIL ETF. Zephyr can help financial advisors locate the best Crypto ETF strategies for their clients. Learn more here.Learn more about TMX VettaFi here. 00:00 Welcome and Setup 01:10 Meet Roxanna Islam 03:26 ETF Trends Overview 04:37 Crypto and Bitcoin ETFs 06:01 Options and Buffer ETFs 06:40 Thematic ETFs AI and Space 08:40 SpaceX Exposure via ETFs 11:02 Private Markets in ETFs 15:34 Bitcoin Pullback and Flows 21:45 Overcrowded Crypto Products 25:37 Tokenization Explained 28:40 What Advisors Should Do 30:18 Wrap Up and Resources Connect with Ryan Nauman: LinkedInX

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast from Lake Tahoe and interviews Jacob Ayres-Thomson, founder and CEO of 3AI, about how AI is shifting wealth management from understanding AI to implementing it for investing. Jacob explains 3AI’s “Alpha Intelligence,” which targets equity outperformance through predictive insights delivered for people, quant models, and AI-powered funds/indices. He describes his background in equities trading, stochastic asset modeling, and machine learning, and why humans struggle with stock picking due to noisy markets, insufficient data for reliable learning, and benchmark effects driven by market-cap concentration. They discuss AI’s role in increasing market efficiency, removing the analysis bottleneck by condensing vast data into forecasts and explainable research, and how advisors can use robust, statistically tested AI signals and indices, including products built with S&P Global.Learn more about Zephyr here.Learn more about 3AI here.00:00 Welcome to the Podcast01:18 Meet Jacob Ayres-Thomson02:00 What 3AI Does05:55 Why Stock Picking Is Hard08:24 Learning From Noisy Markets11:28 Speculation and Market Cycles14:28 Stocks as a Never Ending Game15:25 How AI Changes Investing17:38 Alpha Intelligence in Practice20:01 AI as the Analysis Engine21:14 Wrapping Up the AI Thesis22:03 AI Is Not One Thing23:39 Markets Get More Efficient25:44 Where Alpha Still Exists26:52 Humans Plus AI Together29:16 Alpha Intelligence Scoring29:59 Stock Specific Factor Weights33:47 Causality Versus Correlation37:30 Moneyball Investing Analogy39:26 Advisors Using AI Tools41:25 Due Diligence On Forecasts42:36 Where To Learn More44:34 Podcast Wrap UpConnect with Ryan Nauman:LinkedInX

Recorded live at the Exchange ETF conference in Las Vegas, host Ryan Nauman welcomes David Nicholas, founder and CEO of XFUNDS, to discuss what a strong multi-year equity run means for investors and how to prepare for potential selloffs. Nicholas explains why focusing only on capital appreciation can be risky, argues that true diversification means some parts of a portfolio will lag, and emphasizes drawdown as a practical risk measure compared with volatility alone. He describes how investors often underestimate their drawdown exposure and how income generation can help investors avoid selling during downturns. Nicholas outlines XFUNDS’ approach using option overlays such as put spread selling and iron condors to harvest volatility and generate income without fully capping upside, and discusses implementation, including equity and fixed-income sleeves, potential allocations, and where to learn more at nicholasx.com. Zephyr can help financial advisors create modern diversified portfolios. Learn more here. Learn more about XFUNDS here. 00:00 Show Welcome 00:36 Live From Vegas 01:33 Meet David Nicholas 02:28 Why Launch ETFs 03:55 Beyond Growth Focus 06:21 Drawdown Risk Matters 07:59 Measuring Risk Tolerance 09:32 Income As Hedge 10:04 Options Strategy Basics 11:54 Explaining To Advisors 13:15 Portfolio Fit And Allocation 16:41 Where To Learn More Connect with Ryan Nauman: LinkedIn X

Host Ryan Nauman welcomes Will Rhind, founder and CEO of GraniteShares, to discuss ETF innovation, the growth of active ETFs, and the rising use of derivatives in ETFs. Rhind explains how the SEC’s Derivatives Rule (18f-4) helped enable broader derivatives usage in funds, bringing strategies once limited to hedge funds and ultra-high-net-worth investors into ETF wrappers. The conversation focuses on autocallable strategies—popular in structured notes—designed to deliver attractive yield alongside defined downside protection, and why they resonate when markets are near all-time highs and investors prioritize capital preservation. Rhind highlights liquidity as a key advantage of the ETF structure versus traditional structured notes and discusses how advisors may use auto-callable ETFs as complements to fixed income, equity income, or alternatives.Learn more about Zephyr here.Learn more about GraniteShares here.00:00 Podcast Welcome Disclaimer01:10 ETFs Innovation Autocallables02:09 Meet Will Rhind GraniteShares04:09 Keeping Up With Trends05:59 Derivative Rule 18f-408:04 Autocallable Basics09:55 Why Now Downside Focus12:20 Liquidity ETF Wrapper Edge14:52 Advisor Allocation Playbook16:56 Wrap Up Where To Learn MoreConnect with Ryan Nauman:LinkedInX

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast featuring YieldMax ETFs strategist and CNBC contributor Mike Khouw to discuss the fast-growing trend of using options and other derivatives inside ETFs for drawdown management and enhanced income. Khouw shares his derivatives background, explains YieldMax’s approach to single-stock option income ETFs. They cover the macro backdrop (inflation, labor trends, and a potential new Fed chair), why cash flow matters for many investors, how options overlays tend to perform in different markets, and key advisor considerations and misconceptions around single-stock products, including concentration risk, taxes, and the tradeoff between distributions and price appreciation. Khouw directs listeners to yieldmaxetfs.com for fund details and holdings transparency.00:00 Welcome and Topic01:18 Meet Mike Khouw02:38 YieldMax Strategy Overview05:26 Cash Flow vs Growth12:50 Why Options Overlays16:05 Options ETF Boom Explained22:42 When Overlays Work Best30:43 Advisor Due Diligence33:44 Concentration and Tax Angles37:19 Portfolio Fit and Examples43:00 Where to Learn More43:38 Final Thanks and SubscribeConnect with Ryan Nauman: LinkedInX

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast during Financial Literacy Month and welcomes Alexis Rosenblum, Global Head of Sustainability and Social Responsibility at Capital Group. Rosenblum explains Capital Group’s mission, its employee-driven philanthropy program Capital Cares, and the firm’s focus on expanding access to investing and wealth-building. She details the Community Wealth Council, a 10-month fellowship that equips nonprofit leaders with financial education and pairs them with pro bono financial advisor mentors in a train-the-trainer model to address community-specific needs and build trust in financial services. Rosenblum shares research findings on barriers to wealth—limited resources, networks/trust, and knowledge plus the emotional stigma around money—and notes partnerships with The Practice Space and the Foundation for Financial Planning, including ways advisors can volunteer via FFP resources. Learn more about Zephyr here.Learn more about Capital Group here. 00:00 Podcast Kickoff 01:17 Meet Alexis Rosenblum 01:51 Capital Group Mission 04:42 Defining Community Access 05:25 Philanthropy Capital Cares 09:27 Community Wealth Council 13:32 Research Shaping Program 16:38 Trust and Wealth Barriers 22:16 Training and Partners 24:20 Nonprofits and Tailoring 26:55 Advisor Role and Joining 33:10 Mentorship Details 35:08 Movement and Wrap Up Connect with Ryan Nauman: LinkedIn

Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Michael Baron, co-president and portfolio manager at Baron Capital, to discuss the firm’s long-term growth investing philosophy and its expansion into ETFs. Baron explains that since 1982 the firm has focused on owning competitively advantaged businesses for years, emphasizing management quality, durable advantages, and valuations based on future earnings rather than near-term results. He describes how Baron Capital aims for consistency through market cycles by holding diversified types of growth companies. Baron outlines the rationale for launching five ETFs in December to complement their mutual fund lineup, citing investor demand for different vehicles and ETF benefits such as tax efficiency, tradability, and transparency, while keeping strategies core to the firm. He also notes mutual fund trading improvements and plans for additional ETFs. Zephyr can help financial advisors create modern diversified portfolios. Learn more here. Learn more about Baron Capital here. 00:00 Show Intro and Disclosures 00:37 Live From ETF Exchange 01:45 Baron Capital Philosophy 05:25 Growing Up Investing 10:34 Consistency Through Cycles 15:21 Why Launch ETFs Now 17:30 Inside the Five ETFs 20:52 Mutual Funds Learnings 23:12 Where to Learn More 24:23 Closing and Subscribe Connect with Ryan Nauman: LinkedIn

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and welcomes Shannon Rosic, Director of WealthStack Content and Solutions at Informa Connect and host of the WealthStack podcast, to discuss how advisors can get the most out of industry conferences, including Wealth Management Edge (June 9–11 in Boca Raton). Rosic explains WealthStack’s role in helping advisors cut through the growing WealthTech landscape and emphasizes the importance of advisor experience with technology. They explore how conferences have evolved from information delivery to community, hands-on learning, and serendipitous connections, and Rosic shares strategies to maximize ROI by planning ahead, prioritizing meaningful conversations, and following up afterward. Rosic also highlights key wealth management trends including AI implementation, advisor efficiency, personalization at scale, and increased niche specialization among advisors. Learn more about Zephyr here. Learn more about Wealth Management Edge here. Learn more about Wealth Management here. 00:00 Welcome and Sponsor 01:19 Meet Shannon Rosic 03:55 Wealth Tech Noise and Advisor Experience 06:16 Memorable Interviews and Gadget Girl 09:43 How Conferences Have Evolved 14:18 Why Attend in Volatile Markets 18:03 Wealth Management Edge Highlights 22:19 Conference ROI Plan and Follow Up 23:29 Top Trends AI Efficiency Personalization 27:09 CTO Think Tanks and AI Reality 29:49 Wrap Up and Where to Find More Connect with Ryan Nauman: LinkedIn

Live from Las Vegas, host Ryan Nauman welcomes DoubleLine Deputy CIO Jeffrey Sherman to discuss the macro backdrop and portfolio implications. Sherman outlines DoubleLine’s fixed-income focus and multi-wrapper approach across mutual funds, ETFs, and separate accounts. They cover the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment, and the challenge of financing large U.S. deficits and Treasury rollover needs. Sherman explains why 10-year yields rose during the war amid a repricing of inflation risk, why the Fed’s threshold for cuts has increased, and why he prefers the front end and belly of the curve over long bonds. They discuss tight credit spreads, risks emerging in loans/private credit, agency MBS opportunities and Fannie/Freddie uncertainty, the attractiveness of emerging markets as a way to bet against the dollar, and the role of gold in diversified portfolios. Zephyr can help financial advisors create modern diversified portfolios. Learn more here. Learn more about DoubleLine here.00:40 Walkup Music Banter 01:00 Live From ETF Exchange 01:23 Meet Jeffrey Sherman 01:41 Tahoe Small Talk 03:05 DoubleLine Overview 05:35 Macro Crosscurrents Fed 07:34 New Fed Chair Risks 10:52 Fed Independence Debt 13:21 Why Yields Rose 18:12 Credit Spreads Check 22:14 What Widens Spreads 23:15 Oil and Credit Spreads 24:47 Duration Strategy Today 27:28 Curve Positioning Playbook 28:35 Agency MBS Opportunity 30:51 Fannie Freddie Overhang 35:47 EM Debt as Dollar Hedge 38:32 Advisor Portfolio Takeaways 40:59 Gold and Dollar Outlook 41:44 Tahoe Banter and Wrap Connect with Ryan Nauman: LinkedIn

In this episode of Zephyr’s Adjusted for Risk, Ryan Nauman speaks with Pete McGratty, Executive Director of RIA Development at Verdence, about the evolution of wealth management and the shifting landscape of the independent channel. Pete outlines three phases of change, from early broker-driven models to the breakaway movement and today’s emerging split between traditional independent RIAs and large PE-backed consolidators. They discuss how scale is expanding service menus (technology, planning, tax, private investments) while differing values can recreate “wirehouse” behaviors inside independence. Pete frames a “four-legged stool” for evaluating firms—fiduciary alignment, proactive client relationships, planning, and investments—and explains how smaller firms can compete by leveraging community resources, succession solutions, and shared capabilities. The conversation also dives into private markets, especially private credit, emphasizing client fit, education, due diligence, and the risks of interval fund liquidity mismatches. Learn more about Zephyr here.Learn more about Verdence here. 00:00 Welcome and Sponsor 01:02 Meet Pete McGratty 03:07 Wealth Management Evolution 05:55 Third Wave of Independence 10:42 Consolidators vs RIAs 16:35 Ecosystem Choosing Sides 19:47 How Small RIAs Compete 23:17 Private Markets Opportunity 27:46 Interval Funds and Risks 33:23 Due Diligence Solutions 38:39 Wrap Up and Resources Connect with Ryan Nauman: LinkedIn

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with Aapryl's Bill Himpele and Cesar Gonzales to discuss why allocators should move beyond backward-looking performance reporting toward skill-based analytics. They explain that much apparent outperformance is driven by cyclical market and style exposures rather than repeatable manager skill, and describe Aapryl’s peer-relative methodology, including style-adjusted “passive portfolio” clones that separate exposure from skill and break skill into stock selection, timing, and consistency. The episode highlights Aapryl metrics such as the Aapryl Score (rank 1–5) and expected alpha, supported by ongoing quarterly testing and machine learning to form a forward-looking view. They also cover the Zephyr–Aapryl partnership embedding Aapryl analytics in the Zephyr dashboard, including coverage of SMA managers via Zephyr’s PSN database, to improve diligence, communication, transparency, and decision accountability. Learn more about Zephyr and investment risk management here.Learn more about Aapryl here.00:00 Welcome to the Podcast 01:15 Meet Bill and Cesar 03:46 Why Skill Beats Performance 07:30 Advisor and Allocator Impact 09:31 Aapryl Score and Expected Alpha 11:51 Peer Groups and Return Based Analysis 15:09 Zephyr Aapryl Partnership 20:26 Who Benefits and SMA Coverage 24:48 Transparency and Evidence Based Testing 27:57 Wrap Up and Where to Learn More Connect with Ryan Nauman: LinkedIn

Recorded live at the Exchange ETF Conference, host Ryan Nauman welcomes Christopher Getter, Managing Director and Portfolio Manager at Simplify Asset Management, to discuss why private credit has become a hot—and increasingly scrutinized—topic in wealth and asset management. Getter explains recent idiosyncratic blowups, AI-related disruption risks in tech-heavy private credit, and broader late-stage credit-cycle behavior as spreads tighten and managers reach for yield. He argues concerns are warranted but not comparable to 2008, noting private credit has already repriced with discounts to book value widening north of 20% while high yield spreads remain relatively tight. The conversation highlights liquidity and structure mismatches for retail investors, manager dispersion, and why private credit can offer floating-rate exposure and higher returns—alongside hidden volatility and drawdown risk. Getter also discusses liquid alternatives such as managed futures, currency strategies, and hedged high yield, emphasizing that advisors should look beyond labels, understand true exposures, and ensure investors are compensated for the risks taken.Learn how Zephyr can help financial advisors create modern diversified portfolios here.Learn more about Simplify Asset Management here.00:00 Welcome and Disclosures00:38 Live From ETF Exchange01:35 Meet Christopher Getter01:57 Simplify and Alt ETFs03:05 Why Private Credit Scrutiny05:09 Spreads and Pain Priced In08:05 Systemic Risk or Not08:50 Not Another 200809:48 Late Cycle Credit Behavior10:30 Retail Fit and Liquidity12:48 Private vs Public Credit14:56 Liquid Alternative Options17:25 High Yield With Hedge18:19 Advisor Due Diligence19:33 Wrap Up and Where to Learn MoreConnect with Ryan Nauman:LinkedInX

On Zephyr’s Adjusted for Risk Podcast, host Ryan Nauman welcomes David Lau, founder of DPL Financial Partners, to discuss how modern, low-cost, commission-free annuities can help address retirement income gaps as pensions decline and Social Security remains uncertain. Lau explains why annuities are polarizing—largely due to commissions driving higher costs, complexity, and surrender periods—and how DPL works with carriers and technology to bring over 100 commission-free products to fee-based and fee-only advisors. They cover key use cases including lifetime income, downside protection to manage sequence risk, and tax deferral for high earners, plus replacing older, higher-cost annuities. Lau also describes how commission-free annuities can help advisors differentiate with prospects, increase recurring fee revenue, improve firm valuation, and support independence by bringing annuity assets under management without maintaining a broker-dealer affiliation. Learn more about Zephyr here. Learn more about DPL Financial Partners here. 00:00 Welcome and Setup 01:33 Meet David Lau 04:32 Why Annuities Polarize 06:44 Commission Free Evolution 11:36 Retirement Income Benefits 14:16 Income Riders Explained 17:29 Suitability and Liquidity 20:18 Simple Products Not Sold 21:50 Advisor Use Cases 23:54 Practice Growth and Value 26:36 Independence Transition Hurdles 30:25 Planning Your Move 32:25 Wrap Up and Resources Connect with Ryan Nauman: LinkedIn X

On Zephyr’s Adjusted for Risk Podcast, market strategist Ryan Nauman interviews Thomas Martin, board member, partner, and senior portfolio manager at Globalt Investments, about the current market environment and portfolio positioning. Martin highlights the war involving Iran and potential disruption at the Strait of Hormuz as the key macro risk, primarily through its impact on oil prices and inflation, with possible recession implications if elevated prices persist. He explains Globalt’s approach as balanced and benchmark-aware, currently modestly overweight the U.S., underweight international equities, and holding Treasuries over credit due to insufficient compensation for credit risk, while managing duration near the market. He discusses using gold and silver as uncertainty hedges, trimming after spikes, the challenges of high index concentration, the sustainability of tech-led leadership, valuation pressures from AI disruption risk, and why P/E ratios remain a useful shorthand despite limitations. Zephyr helps Investment professionals shift through the noise. Learn more here.Learn more about Globalt Investments here. 00:00 Welcome to the Podcast 01:03 Meet Tom Martin 03:02 Biggest Macro Risk Oil 07:49 Portfolio Positioning Today 11:26 Why Underweight International 14:12 Balancing Risk and Upside 17:10 Market Broadening Beyond Tech 20:16 Valuations and PE Debate 24:54 Beating a Concentrated Index 28:50 AI Hype vs Real Winners 31:07 Wrap Up and Where to Learn More Connect with Ryan Nauman: LinkedIn X:

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Angie Herbers, founder of Herbers & Company. They discuss growth in wealth management and why capacity—defined as the ability to absorb additional growth without service quality decreasing—is the primary growth engine behind both organic growth and M&A. Herbers distinguishes capacity from productivity, explains why common benchmarks often miss differences in service models, and highlights the importance of the support ratio and investing in advisors rather than excessive support staffing. She argues firms can improve capacity by focusing first on client experience, then organizational and operational structure, and by clarifying a core service to avoid diluted offerings. They also discuss AI’s role in transforming support work and improving response and information quality.Learn more about Zephyr: https://informaconnect.com/zephyr/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk Learn more about Herbers & Company here: https://www.herbersandcompany.com/ 00:00 Welcome and Guest Intro 01:30 Angie Herbers Background 03:16 Growth Engines and Capacity 05:48 Why M&A Took Off 07:48 Defining Capacity Simply 10:26 Key Capacity Ratios 14:29 Support Ratio Strategy 19:30 Productivity vs Capacity 22:49 Why Capacity Gets Ignored 29:27 Boosting Capacity via Client Experience 35:20 Avoiding Service Dilution 42:43 AI and the Future of Capacity 46:10 Where to Learn More and Wrap Up Connect with Ryan Nauman: LinkedIn: https://www.linkedin.com/in/ryannauman1/ X: https://twitter.com/LkTahoeBadger