Lead-Lag Live

Preferred stock ETFs, MLPs, and monthly income investing take center stage in this Lead-Lag Live conversation. Michael A. Gayed, CFA, portfolio manager of the ATAC Rotation Fund and publisher of the Lead-Lag Report, sits down with Jay D. Hatfield, CEO and CIO of Infrastructure Capital Advisors (InfraCap) and portfolio manager of the InfraCap ETF suite, for a wide-ranging discussion on income investing, credit conditions, energy infrastructure, and the small-cap opportunity heading into the back half of 2026.
What we cover:
Why PFFA (Virtus InfraCap U.S. Preferred Stock ETF) sits at the center of a high yield preferred stock ETF strategy, and how PFFA compares against passive preferred baskets and PFFR.
AMZA (InfraCap MLP ETF) and where Jay sees midstream MLPs versus Alerian MLP ETF peers in a MLP ETF landscape reshaped by pipeline consolidation.
ICAP (InfraCap Equity Income Fund ETF) as an income vehicle for advisors comparing monthly dividend ETF options and best monthly income ETF candidates.
BNDS and SCAP for investment-grade credit and small cap value ETF exposure with active management.
Where credit spreads, rate expectations, and preferred securities set up for H2 2026 and 2027.
The small cap ETF and small cap value ETF opportunity Jay sees as index concentration peaks.
InfraCap ETFs discussed: PFFA, AMZA, ICAP, PFFR, BNDS, SCAP.
Guest: Jay D. Hatfield, CEO and CIO, Infrastructure Capital Advisors. Host: Michael A. Gayed, CFA, Lead-Lag Report and ATAC Rotation Fund.
For institutional and advisor inquiries on Infrastructure Capital's ETF suite, contact Craig Starr at Quasar Distributors LLC, 212-763-8336, Craig.Starr@icmllc.com. More at www.infracapfunds.com.
Subscribe to Lead-Lag Live for weekly conversations with the fund managers, economists, and strategists shaping asset allocation for financial advisors.
Disclosures: This conversation is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy any security. Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. Prospectuses are available at www.infracapfunds.com.
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

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Daniel Santiago from State Street Global Advisors joins Michael A. Gayed, CFA to unpack sector ETF investing in 2026 — the original SPDR product line, now the largest and most liquid sector suite on the market. We get into the Magnificent Seven concentration problem in the S&P 500, how State Street's GICS-based classification actually works (including why SpaceX classifies as communication services), sector dispersion versus style/factor dispersion, and how to think about sector rotation given where we are in the economic cycle.

For allocators, advisors, and anyone building portfolios who wants a cleaner framework for reading the tape sector by sector.

Guest: Daniel Santiago, Sector ETF Specialist, State Street Global Advisors (SPDR)
Host: Michael A. Gayed, CFA — Publisher, The Lead-Lag Report

Watch on YouTube: https://www.youtube.com/watch?v=alSfJtl1xCI
More: https://leadlagreport.com Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

Support the show

Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

Support the show

Support the show

Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

Support the show