#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 Learn

How Dave thinks about the recent market pullback and the role of time horizon in portfolio decisions
Why geopolitical headlines and oil prices may influence near-term market behavior
How the Magnificent Seven fit into today’s broader market structure
Why diversification may still matter even after long periods of narrow market leadership
How ETFs evolved from simple indexing tools into more specialized portfolio building blocks
What distinguishes innovative ETF issuers from larger, more established providers
How financial advisors may think about core, satellite, and tactical portfolio construction

Chapters

01:02 Talley and Dave’s professional history and early ETF work

03:06 Market pullback, the 200 day moving average, and time horizon

08:42 Oil, inflation, rates, and comparisons to prior market periods

15:46 The Magnificent Seven, tech concentration, and earnings strength

21:22 Passive investing, ETFs, and market structure

28:36 The history of smart beta, factor investing, and ETF development

30:30 Replacing the traditional 60 40 portfolio using ETFs

36:14 What separates successful ETF issuers from the rest

39:46 The idea behind meme stock exposure and retail participation

43:15 Advisor fee pressure and the role of product cost

49:19 Where ETF innovation may go next

53:07 Which ETF categories may face more pressure over time

Guests

Dave Mazza, Chief Executing Officer, Roundhill Investments

Speakers

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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