Core Plus Total Return ETF Strategy

This ETF-only strategy leverages 22 years of research and fixed income expertise to re-imagine the way fixed income should be managed.

Benchmark: 100% Bloomberg US Aggregate Bond Index

Inception Date: 12/23/2020

Nasdaq Fund Network Ticker: RBACPX


“Go-anywhere” ETF-based fixed income allocation strategy that invests across fixed income market segments. Prioritization is total return with a secondary mandate of generating income. Managing within risk parameters will be a focus of our approach. Over time, and under normal market conditions, the portfolio should consistently be invested in a mix of quality/maturity/asset classes to pursue our objective. Strategic policy guidelines are in place to provide an additional layer of risk-management.

Asset Allocation Guidelines

The strategy’s allocation is based on a long-term neutral policy of 100% fixed income but has the flexibility to add up to 50% non-US fixed income and up to 30% cash.

Exposure guardrails are +/- 30% of benchmark weights for US fixed income sectors:

  • Corporates

  • Treasuries

  • Mortgages

  • Municipals

Portfolio Construction

Strategic and Tactical

Top down and bottom-up research process to determine strategic and tactical direction of risk.

Cyclical vs. Defensive

High quality vs. low quality, credit vs. rates.


Relative and absolute duration targeting based on macro indicators, liquidity and rate cycles.


Fundamental and macro models to determine optimal asset class and region allocations.

Yield Curve

Rich/Cheap analysis across maturities and asset classes based on fundamental and historical relative value analysis.


Quantitative techniques and scenario analysis to determine upside/downside.


  • Utilize 5-15 ETFs to achieve desired exposures

  • Maximize contribution from top-down macro-economic views

  • Minimize portfolio risk through asset class portfolio risk measurement

  • Minimize stock-specific risk through usage of ETFs

  • Manage overall portfolio risk by “x-raying” the underlying holding of the ETFs