Davi & Tedesco
US Quality Kings: Quality Investing Redefined
John Davi is the first recurring guest on Behind the Ticker , he was on previously to discuss Astoria's inflation ETF PPI, and this time he brings partner Frank Tedesco to talk about their newest launch: ROE, the Astoria US Quality Kings ETF. But before diving into the product, they open with a market discussion that captures the mood of late 2023: a year that defied nearly every consensus call on Wall Street.
2023: The Year Consensus Got It Wrong
John lays it out directly: "There were three big consensus calls going into 2023. One, there was going to be an economic recession. Two, there was going to be an earnings recession. And three, people were preparing for a death-comp left-tail risk for equities , a down 20% year." Astoria's counter-view: not all three would materialize, because consensus rarely does. They were right. The earnings recession showed up, but neither the economic collapse nor the equity crash played out.
"We're classic late-cycle," John says. "Crude oil rallying, people concentrated in a few select stocks , the Magnificent Seven. It just feels very late-cycle." Rather than making short-term tactical bets, Astoria's approach is longer-term strategic: "How do we build a portfolio for the next two, three years and make intelligent decisions where we think we're going to be compensated on a risk-adjusted basis?"
Their positioning pillars: real rates staying higher for longer (driven by a healthier consumer, tight labor markets, and sticky inflation), which translates to looking away from U.S. mega-cap tech, including inflationary-linked bets, being more active in fixed income, and maintaining liquid alternatives for asymmetric risk.
ROE: Equal Weight Meets Quality
The ROE ETF is built on two core premises backed by long-term data. First, equal weighting: "If you go back to 1999, the S&P 500 Equal Weight Index has fairly significantly outperformed the S&P 500 market-cap weighted index." With concentration risk at extreme levels , a handful of stocks making up an outsized portion of the cap-weighted index , equal weighting provides structural diversification.
Second, quality. Among all factor premiums, quality has shown the highest Sharpe ratio , "per unit of risk you're taking, you're getting a better return." It may not produce the highest absolute returns, but it delivers better predictability. "Higher quality companies outperform the market and lower quality companies underperform , you can look at the Fama-French data."
The construction is specific: 100 of the highest-quality U.S. stocks, sector-optimized to the broader large-cap universe. "If the market has 28% tech, we'll also have 28% tech in our ETF. But instead of three stocks making up 16-17% of that 28%, we'll have 28 different tech stocks each making up 1% of the total ETF." The starting universe is all U.S. listings, screened down to roughly 800 by minimum market cap ($5 billion), minimum free float (25%), and adequate average daily volume ($50 million over six months).
Quality Screening by Sector
The quality screening uses ROA, ROE, and return on invested capital, but the specific combinations differ by sector based on historical research. "Different combinations of those metrics through different periods such as one year or five year best define each sector," Frank explains. So the quality definition for a tech company isn't the same as for a utility , it's tailored to what actually predicts outperformance within each sector.
Rebalancing is annual for additions and deletions, with quarterly tolerance checks that bring positions back to 1% if they've drifted (say, to 1.25%). John emphasizes the approach is "systematic active, not like we're picking Ford versus GM , it's all rules-based. The actual implementation of it is active."
The Concentration Problem
The episode lands at an important moment in market history. The Magnificent Seven's dominance has created a market where most investors are far more concentrated than they realize. ROE represents a direct response: broad quality exposure without letting any single name dominate the portfolio. Equal weighting across 100 high-quality names, sector-aligned to the market, gives advisors a way to stay invested in equities while dramatically reducing single-stock concentration risk.
For Astoria, it's the second ETF in what's clearly a growing lineup , and given Davi's media presence (CNBC appearances, strong Twitter following), the distribution strategy mirrors what's worked for PPI: build the brand, build the audience, let the product speak for itself.
On the launch mechanics, John shares a revealing data point: Astoria seeded their first ETF with $50 million in eight days, drawn from their existing advisory business. The speed of that seed is unusual and reflects the advantage of having a built-in client base. But he's realistic about the distribution timeline beyond the seed: "People need to see a five-year track record, seven-year track record. It takes years." The grind of building awareness, managing the volume objection, and earning advisor trust is the same whether you seed with $50 million or $5 million , the starting line just looks different.
Key Takeaways
- John Davi is the first recurring guest on Behind the Ticker , he was on previously to discuss Astoria's inflation ETF PPI, and this time he brings partner Frank Tedesco to talk about their newest launch: ROE, the Astoria US Quality Kings ETF.
- But before diving into the product, they open with a market discussion that captures the mood of late 2023: a year that defied nearly every consensus call on Wall Street.
- John lays it out directly: "There were three big consensus calls going into 2023.
- And three, people were preparing for a death-comp left-tail risk for equities , a down 20% year." Astoria's counter-view: not all three would materialize, because consensus rarely does.
Listen to the full conversation on Spotify, Apple Podcasts, or YouTube.
Full Transcript
5,191 wordsMachine transcribed from Brad Roth's conversation with Davi & Tedesco, with speakers identified automatically. Timestamps link to that moment on YouTube. Lightly cleaned, otherwise unedited.
Welcome to Behind the Ticker. I'm Brad Roth, Chief Investment Officer of Thor Financial Technologies and Portfolio Manager of THLV, the Thor Low Volatility ETF. Behind the Ticker uncovers the inner workings of the ETF industry. We will interview portfolio managers and ETF service providers to dive deep into their work lives and their businesses. We will learn the inner workings of their strategies and what drives them as they continue to grow their company. Many of these individuals are entrepreneurs and will have unique and compelling insights to share as much goes on behind the ticker. Please note, nothing in this show is investment advice and it is meant solely for educational and entertainment purposes only.
Welcome to Behind the Ticker. Today we have John Davi, recurring guest John Davi, and Frank Tedesco. They are from Astoria. We talked to them a few weeks back about their ETF PPI and today we talk about their newest issue, ROE, which is the U.S. Quality Kings. We talk about the strategy. We also talk about markets in general. We kind of talk about that on the front end. Some of the things that may have surprised us this year, some of the things we might be looking at as we head into Q4 into 2024. So I hope you enjoy this episode with John Davi and Frank Tedesco.
John, welcome back to the show. Let's be back again, Brad. So today we have John Davi and he brought his partner in here, Frank Tedesco. We're going to talk about Astoria's newest ETF, the Quality Kings ROE ETF. It's your second fund. So I should say, first of all, John, congratulations on being the first recurring guest of the podcast and also congratulations on the new launch.
Thanks. Thanks so much.
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So before we get into the ETF, we've talked on a prior episode. If you didn't have the opportunity to listen to the last episode about their inflation ETF, we talked a lot about the firm and some of the different offerings they have. But this episode, since we already have that, we're going to talk about markets a little bit and then we're going to go into their newest offering. So Frank and John, both of you, what do you think is your opinion really of the state of the markets as we enter the fourth quarter? I think for me, at least, it's been a surprising year. We just got some news and some talk from the Fed yesterday and a rate hike decision, or I should say non-rate hike decision. But what's your opinion on the state of the financial markets
As we head into the fourth quarter?
Cool. Well, I'll lead. And just for background, when we talk investments in Astoria, we are really coming from the standpoint of being longer-term strategic in nature, not tactical. But we do take out active risk versus our benchmark. And I think that's a big problem. Not enough people make active bets in their portfolios. But our standpoint has been for a few years now that we thought real rates would be higher and higher for longer. Why? Mainly because the consumer has proven to be healthier, the labor market has proven to be secretly pretty tight, and inflation would be higher for longer. So really, that's kind of like the three pillars, I would say, that we've built our portfolio of construction. And what that translates into is this idea that you kind of got to look away
From US MedCap tech stocks, you got to include inflationary linked assets in your portfolio, you got to be more active in fixed income, and still have a need for liquid alts in your portfolio, because there's still a lot of asymmetric risks in the economy.
So what do you think has surprised you so far this year? if you were to ask me at the end of last year, if I thought that the S&P would be up double digits this year, I would have laughed. But here we are. And I guess that's what financial markets do to most people. So just kind of anything that's really surprised you? Are you kind of in the same boat as we are in terms of didn't really see the market accelerating like this in 2023?
We put together a year ahead outlook. And, there were three big consensus calls going into 2023. One was that there was going to be an economic recession. Two is there was going to be an earnings recession. And three, there was, people were preparing for like a DEFCON 5 left tail risk for equities, a down 20% year. So we said that we didn't think that there would be, all three consensus views, because the consensus views rarely pan out, but maybe one of those three. And I think it's proven that, we have this earnings recession. But certainly no DEFCON 5 down 20% move in the markets and, no bigger economic recession. So it's,
Everyone's been offside this year. I think like we're classic late cycle, like usually late in the cycle, you have, crude oil rallying, which it is, you have people concentrated in a few select number of stocks, which we certainly see with the magnificent seven. it just feels like very like late cycle. So I think like, we're definitely surprised, but we try and take like more of like a long term view than just like, okay, what's going to happen in the first couple quarters, rather than, rather than doing that, like we're thinking, okay, how do we build a portfolio for the next, two, three years? And how do we make, intelligent decisions, and, investments where we think we're going to be compensated
For them on a risk return basis? Yeah. So, the one thing I'm really surprised about, you touched on this, and I think we're going to touch on this a little bit in our discussion is the just basically seven to nine stocks leading almost all of the return this year. I know in my career so far, I haven't seen it be this concentrated. We're going to talk about ROE that is your ETF that does things in a little bit more equally weighted fashion. I want to hear your take on why you think that, that is a better way to do things. But before we transition over there, I think one of the things I find interesting, I'm not sure how many retail investors you really get to talk to, I get
To talk to a good bit of them, and they just seem tired. And they seem like now where rates are where they're at, they're very happy to be packing money into money market funds and treasuries and getting their five to five and a half percent yield and just saying, hey, look, I'm good with this. I need a break. So what do you think would need to happen in order to change that sentiment and see investors start to, flock back away from that safe yield at five, five and a half and start to getting, more concentrated in equities again? Well, I would say the Fed purposely does that,
Right? They jack front end rates to try and slow the economy to do exactly what they're trying to do, which is to take liquidity out. Because, when there's too much liquidity provided to the marketplace, i.e. what happened in March of 2020, post COVID, tons of stimulus, drop rates at zero to get the economy out of recession. it's always they put too much liquidity in and they have to curtail it. So we face the same sort of sentiment that you're referring to, which is that the number one question we get from advisors is like, why do I need to own stocks? Because I can get risk free clock, five and a quarter. But that's the reason why we're
Rallying, right? Because like, who's left to sell? And so that's why I think you have this like, virtuous, circular, kind of feedback loop. But what will it take is what we will eventually have, which was the economy will slow, there will be some, something will happen, whether it's either the consumer really does tap out, unemployment, spikes, people lose their jobs, or they could be like an oil shock. And, again, late cycle, right? So crude oil is at $7 a barrel on July 3rd of this year, day before July 4th, when everyone gets in a car. And, here we are now and crude oil is at $90. So, that move from 69 to 90 is, 30% move.
So that typically happens late in the cycle, commodities rallying as they happen.
Well, before we talk about the ETF, because that's what we're really here to talk about, I want to allow Frank, Frank, who's here has been waiting patiently. Frank, why don't you introduce yourself to everybody and give us a little bit about your background and where you came from?
Hi, Bud. Yes. And thank you for having me on with John. I joined Astoria back in 2020, in the midst of the pandemic. And I've been with them ever since I started as an intern when I was at Fordham University. And I've gotten the opportunity to be present for the launch of both of our ETFs, PPI and ROE. And I've had more responsibility, which is exciting with this new
Launch of ROE. Yeah, that's great. And you really coming out of college started a great place, it seems like the type of place that it's kind of probably all hands on deck and you got to learn a little bit of everything. And so let's talk about ROE. Again, congratulations. I knew you were coming out with something else, but I didn't know what it was. And so here it is. Can you tell me, at a very high level, what the strategy is trying to accomplish and what it is?
Yes. So we talked about it a little bit. There's a ton of concentration risk in the large cap indices, which makes us reluctant. And there's data that shows if you go back to 99, that the S&P 500 equal weighted index has fairly significantly outperformed the S&P 500 market cap weighted index. And, we understand that you can select different periods of time to show performance differences. But the bottom line is over time, equal weight has shown the ability to outperform. So that's the one premise that this ETF is grounded on. The other is quality. And quality is shown through the research of the factors to have a higher start ratio, which means that per unit of risk you're taking, you're getting a better return comparatively to the
Other factors. It may not achieve the same level of compound annual growth rate, and it's not the most volatile, but you get better predictability and higher quality companies outperform the market and lower quality companies outperform the market. You can look at the former French data. But those are the two premise premises that this fund is based on. So now the construction, it's 100 of the highest quality US stocks, and we sector optimized to the broader large cap universe. So what that means is if the market has 28% tech, for example, we'll also have 28% tech in our ETF. But instead of three stocks making up 16 or 17% of that 28, we'll have 28 different tech stocks, each making up 1% of the total ETF. And that goes for all of the sectors. That's super interesting. And I want to learn more
About that. So let's start at a higher level, which is you're getting, you're dwindling down, all the universe of US stocks. I believe I read it's between large cap as well as mid cap. Is that true? Mid cap is included as well. So how are you screening to get to these top 100 quality names? I'm assuming it's some top down approach. And then from there, you're doing some sort of rank and selection process. So can you talk about kind of this portfolio construction process to get you to, I'm not going to call it concentrated, but from the universe, it's fairly concentrated. So can you talk
About kind of how you get those names in there? Yes, great question. So we don't have a benchmark than actively managed ETF. So we don't, the starting universe is all US listing. And then we, from there, we want to get down to 800 by a minimum market cap of 5 billion, minimum free float there, 25% and up. And we need above, correct me if I'm wrong, John, I think 50 million average daily volume going past six months. So we want liquid stocks. We want stocks above 5 billion. So we'll have some mid caps in there too. And from those initial screens, we get down to around 800 stocks. And then from there, we use the quality metrics that best define each sector based on historical research. So the mainly it's ROE,
ROA and return on invested capital, but different combinations of those through different periods, such as one year or five year, best define each sector. So we filter the best quality stocks for each sector. And that's how we make those selections into this sector optimization.
Got it. And so we'll talk about the sector optimization in a second, but how often are you rerunning the screen? You're saying, the portfolio is active. Does it have a, does it have a scheduled rebalance or is this something that you guys are looking at daily? Like how are you, how are you putting this portfolio together and really sourcing these opportunities?
John, do you want to jump in? I would say it's an annual, ads and deletes for balance, quarterly kind of bring things back to tolerance. So, each stock gets 1%, at the start of the ETF. And then like every quarter we'll bring, if it went to 80 bps, it'll go back to 1%. If it went to 1.25, it goes back to 1%. The root key thing for us is like, it's systematic active, not like we're picking Ford versus GM, it's all rules based. The actual implementation of it, I would say is active. I spent 18 years on Wall Street trading floor. And if this fund got to be, let's say one day, $5 billion, right? You'd have all these hedge funds out there
That would try and game it because they publish an index methodology, got up your passive. You say you're going to trade on the close on the third Friday, March, June 7th deck. And all of a sudden, like you start to lose, hundreds of basis points because everyone knows your trade and they're going to front run you. So like when we were balanced, like we, we will, we don't have to do it like on the third Friday, March, June 7th deck, so that's why we wanted to make it active. Also, with a hundred stocks, I've also seen in my career, Enron goes to zero, WorldCom goes to zero. Like if there is some cataclysmic event in a single stock, we just didn't
Want to have to wait till like an annual balance to let's say kick it out. Like if something were to happen. But that's like, that's like our vision. Like our vision is like, quarterly share rebalance, annual stock portfolio, we're picking the highest quality stocks in the whole U.S. world. So anything else, Frank, you would add to that? No, I think you're right. But Brad, you said it wasn't concentrated. It is a hundred stocks, but it's called the quality kings because these are the kings of quality in their sector. So this makes up a hundred of the quality kings in the mid cap and large cap U.S. universe.
Right. Yeah. Well, I guess I was referring to not being concentrated in the sense that it's not 10 names, right? You definitely have some diversification in the portfolio. And so let's talk about the sector weighting, the sector and size weighting methodology. I think I understand it. It looks to me like you have broken down different market cap, we'll call them tranches or buckets, and each one of those buckets gets 10 names allotted to it. And then from there, you want to keep the sector weight in relation to kind of the index. So as you would mention, information technology is something like 24% of the, the U.S. large cap sector. So therefore, you want to maintain basically around that percentage. But to me, it looked like when you're doing your
Weighting, there's also a market cap tranche or size in which you're dividing out your holdings. Is that true? Can you make that crystal clear for me?
We want greater than a $5 billion market cap. So, that's the ideas that we want, the kind of the whole view that we have just to give the audience like this real strong, clear opinion about us. Like we have lived in a world for the last 10 years where it was all about deflation, low interest rates, quantitative ease and Fed dropping rates to zero. A lot of money was put into like tech, and they just created this like massive boom in like these like seven, eight technology consumer discretionary stocks. So much money went into passive indexation, so much money went into model portfolios, so many RAs launched, like so many firms like your firm, our firm, and it like it exacerbated these concentration of these seven mega cap stocks.
So what we've been saying is like, if you take out those seven stocks, like the rest of the U.S. equity market actually really attractive. It's, on average 15, 16 P ratio, which is not terrible, right? Once you include those seven stocks, forward earnings is like 2021, one, let's say. So like, our view is like, there's so many different, there's a lot of different opportunities out there in the, not only in the U.S. outside of those seven, but in the rest of the world. So like, let's get into the mid cap space. Let's get into like the large cap space. So we wanted things greater than 5 billion because we just wanted to like fill out our portfolio
To take advantage of what we think in the next few years, which is going to be like a rotation out of the tech into like the rest of the world. So, so that's like the filter is, greater than 5 billion, which is, let's see, right? Like that, that could wind up, cause like if you get through these like acute periods, like now, August, September, where you got a lot of volatility, the mega caps could do better. Right. But if markets brought now and there's full participation, then we would expect, the, the, the, the smaller tail to do better.
Yeah. And I, I guess like, as far as timing too, I feel I can say this, I don't know if you can say from a compliance perspective, but running an equal weight strategy right now seems to be the right thing. I know. Uh, and I, I, I read, um, some of the research you guys did as far as equal weight outperforming market cap weighted indexes. However, if you look historically, they're fairly correlated. And we had a massive correlation breakdown between equal weight and market cap weighted this year. So do you think this is an environment and where, or should I say, do you, do you think this is a good time for an advisor to start rotating back into, uh, equally weighted based indexes rather
Than market cap? Since the juice of that market cap weighted index seems it's, it's so out of whack from historical, as far as correlation standpoint, that now might be a good time and an equal weight might be the play going forward for the next, I don't know, 12 to 18 months.
I want to Frank answer that. Um, I would just say before, uh, I turn it to Frank, like we, okay. When I started my career in 1999, it was all about like internet stocks that are going up three, four, 500%. It was like the same server living in now where like the only thing people wanted to buy was tech and internet stocks. It dragged up the valuations of the indices. And you knew it was a bubble. Um, the difference between then and now is that you find those companies weren't necessarily like the most profitable in the world, but like you had too much concentration risk in tech. After that for me is when like factor investing really became prolific in a sense that
Literally firms are created after the late nineties bubble, right? Like WisdomTree was launched after that. Like Rob or not was, building a big business, like, cliff fastness. Like, so I feel like we're in that period now, but from our standpoint, Frank, like we don't tell advising, okay, put all your U S equity exposure and just a high quality strategy, like use this as a compliment. Um, but I'll let you, you drive that point home. Exactly. That's right. So like you said, when you started Astoria or since you started Astoria rather quality has been the ballast of our core U S equity position. And yes, concentration risk is a hot topic this year, but the reason that it's impacted our portfolio positioning is because so many ETFs are
Market cap weighted quality ETFs are market cap weighted. So you may not even realize, but your quality exposure may also be 20% the stocks that are leading the S&P 500 itself right now, because they are a quality company. So what we wanted to do was create an equal weighted ballast that can serve as a compliment to other growth strategies or other market cap weighted strategies that already have exposures to those stocks that are leading the market.
Yeah. I think, I think so. You touched on this a little bit. Go ahead, John.
Equally weighted over time. If you can hold it and you can be patient and keep your costs low, like equally weighted, Frank made a point that the S&P equally weighted index, which in fact says data, it goes back to 1999. Like that has outperformed the S&P index, substantially, right? It's like 50, 60%. Uh, it's not a few hundred basis points. Right. Uh, and we've had some really big mega tech rallies, right? But then like the bubble bursts and then there's like a broad net out of the market. And that's why I think you get that outperformance, right? So it impacts performance on it to get future results. Eric Belchunas from Bloomberg tweeted out like the Dow Jones and
Next DIA and ETF, just ETF, it's been around for 25 years, let's say 30 years, since that ETF was launched and that's price weighted, that's outperformed S&P, which I kind of believe that. And this is, I follow this stuff religiously. So the point is like, there's other alternative ways to like weigh your risk for your equities. You just have to be patient. So it's very in vogue right now what we're talking about. Um, I just don't think that we want to my optically say like, okay, just in this one quarter or two, like we think you should diversify away from mega cap because Google's at like excessive valuations, we want to use this as a
Compliment, as a tool to kind of harvest some of these premiums, factor premiums that we believe in, which is like, quality is a factor when you equally weight, distribute the risk to like the smaller, uh, cap ish stocks, the value ish stocks. So it's like the one, it's one way to express a lot of these factor views that are like near and dear to our heart as like multi-factor investors that we
Are at Astoria. Yeah, no, that's well, that's well put. And you've, you touched on this a couple of times and I just want to know how you're kind of driving conversations with investment advisors. Um, it sounds like to me, you want this to live beside kind of the large cap equity exposure inside of a model portfolio and help act as a compliment. Is that, is that accurate?
Yes, that's accurate. And the way that we're, the way that in our experience so far, advisors are adopting it is about, it's close to a third of their U S equity exposure. So it's like you said, it's a compliment. We're not asking anybody who are suggesting you replace your entire equity exposure, exposure with a quality equal weighted fund. It's just a good ballast and a good compliment because like I mentioned before, quality as a factor is first of all, our preference for, our, our largest U S equity position, but it's also got a better return per unit of risk. It's got a better start ratio than the other factors. So if you buy it and hold it, then, per the research in theory, it should, uh, have that service in your portfolio.
It's great. And so before I want to just take a, uh, a quick pivot, but before I do that, is there anything else about this strategy and ROE in particular that you think it's really important for investors to know? this, the fund is that has been out for a month. Um, I've seen some of the literature and things come out, but is there something you really want to drive home that investors or specifically like investment advisors, um, should be looking at as far as the
Strategy is concerned? Not from my side, Frank, you? No, I don't think so. Um, not on ROE side, but maybe about our portfolios. Uh, John, do you want to speak on that? we, we part of the reason, and just to give the audience some ideas like, we're not, um, we, we're the sub-advisor for the CTF and we have another, um, sub-advisor relationship, um, managing an inflation strategy. But, the real reason why we launched ROE is because, we had a need for it on our side. Um, rather than just trimming our index beta ETFs and, smart beta ETFs that we use to kind of build our strategic asset allocation portfolios, like we just felt like, okay, nothing out there existed in the format that we wanted it. So,
We're not going to issue another 10 ETFs just in trying to be the next biggest ETF issuer out there. It's just that we felt like, we needed it for our advisors. And, um, that was a real impetus, um, for us launching it.
Yeah. So let's talk about launch. Um, we're a single issuer, you guys were a single issuer. How did you approach this launch? Maybe a little bit different, differently than your first one, John, now that you know what you know about launching an ETF. Do you do anything differently this time?
We just have to have it out there because like, no matter what people like, well, I need one, three year track record, five year track record. Oh, I need, a half a billion, a hundred million. So you kind of just have to like issue the ETF and as long as it can like stay afloat and it's, net accretive, um, to your cashflow. Like it seems like a good risk award. the, the white labels firms and we use, ETF architect as our platform, uh, provider, they make this stuff like very cheap in general. Um, so it's like the, the costs have come down, obviously, right. We, I just explained that we live in this massive
Deflationary world the last 10 years. So if you told me 10 years ago, like that, a story would have two ETFs. Like it was just the, the big behemoths would launch ETFs, 10 years ago, but the fact that you have, a couple of thousand ETFs have been launched in the last two, three, four years. Like that just shows that like, if you've got a good strategy and you've got the, the, the ability to bring assets to the table and it could be net accretive, it does make sense if you can warehouse it, in your, if you have, if you believe in it. So I think our experience, uh, our first ETF, we've had a wonderful experience. Um, you know,
We work with access investments for that, inflation is a strategy that I think is very new to people. So like, you really need to like have dedicated, sales and market and then, they serve as the advisor for that fund. Um, something like ROE, it feels like, um, we knew we had the assets to bring to the table and, we crossed 50 million in eight days. Uh, and that's really hard, right. To get that kind of scale so quickly. So, now we just needed to live out there in the ecosphere and, hopefully, spreads remain tight volumes pick up and, people, it takes years, right. We know from our
Existing business that, we want a strategic asset allocation model portfolio. No one's buying on day one, year one or two, it takes, they need to see a five-year tracker, seven-year track record. So that's been our experience. I'm very positive.
Yeah. No, well, yeah. I noticed the assets, um, kind of day one and, congratulations on, a successful launch. Um, and I, I really appreciate, the both of you taking some time with me today to go over it. And before I let you go, I just want to give you the opportunity. Where can people learn more about ROE? Where can people learn more about, Astoria and, uh, get, get all the information they need to make an informed decision?
So you can find more information about ROE at AstoriaAdvisorsECF.com. And you can follow Astoria's LinkedIn page. We're active on theirs as well as John's Twitter, Astoria, at Astoria Advisors. We're very vocal on social media and posting about, the Fed, all that.
Good. Well, Frank, it was a pleasure to meet you, John. Thanks for coming on again. And, uh, guys, I hope to run into you next time. Unfortunately, I'm going to miss you this time in New York, but, maybe I'll catch you next time. Thanks for having us on, Brad. It was a pleasure. Yeah. Two to five. Bye.
Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye.
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