Wedbush Debuts EXEQ ETF Tracking Leadership Index

Wedbush launched the Wedbush ReturnOnLeadership U.S. Large‑Cap ETF (EXEQ) on Feb. 13, 2026. The fund tracks the Indiggo ReturnOnLeadership Index, which ranks and weights U.S. large‑cap companies by a measured score of collective leadership execution rather than by market capitalization.

Indiggo’s ReturnOnLeadership framework evaluates how leadership teams execute strategy across four dimensions: Strategic Clarity, Connection to Purpose, Leadership Alignment and Focused Action. The framework combines qualitative signals with proprietary AI and algorithms to produce a score for each company.

Janeen Gelbart, Indiggo’s chief executive, said the firm shifted to measuring execution after finding intent did not always lead to consistent delivery. She recalled work begun in 2020 to rank large U.S. companies by leadership scores and observed a correlation between higher leadership scores and stronger financial outcomes. “What we came across as a team is that leaders want to do the right thing, but when it came to execution – it was often a shambles,” she recalled.

Indiggo reports the ROL Index has outperformed the S&P 500 in back‑tested and live performance. Since 2020, the index produced a cumulative return of 157 percent versus 129 percent for the S&P 500, and an annualized return of 17.9 percent compared with 15.5 percent for the S&P. Indiggo also reports seven years of back‑testing for the index construct.

Wedbush’s ETF unit opened in June 2025 inside a 70‑year‑old parent company. The issuer has gathered roughly $1 billion across three funds since launch. Cullen Rogers, portfolio manager for EXEQ, said discussions with Indiggo began in 2024 and described the ROL construct as adding a leadership‑execution factor to factor investing by measuring execution frameworks rather than individual personalities.

Rogers noted EXEQ is in early stages as the firm seeks to raise assets and build the product narrative. Gelbart emphasized Indiggo assesses collective leadership behavior rather than focusing on individual leaders. “We don’t look at who individual leaders are, we look at what they are doing collectively,” she said.

EXEQ offers a way for investors to access U.S. large‑cap stocks selected and weighted by a leadership execution score. The fund joins other factor and thematic ETFs that use qualitative corporate attributes to construct investable indices.