Wedbush ETF Tracks Leadership Execution Using Indiggo Index

Wedbush Asset Management launched the Wedbush ReturnOnLeadership U.S. Large‑Cap ETF (EXEQ) on Feb. 13, 2026. The fund tracks the total return performance of the Indiggo ReturnOnLeadership Index, which scores U.S. large‑cap companies on leadership execution across four dimensions.

Indiggo developed the ReturnOnLeadership (ROL) framework after two decades working with corporate leaders. The index combines qualitative and quantitative inputs, applies proprietary artificial intelligence and algorithms to assess leadership signals, and weights constituents by ROL score rather than by market capitalization.

Indiggo reports seven years of back-testing and performance data. The firm says the ROL Index returned a cumulative 157% since 2020, compared with a 129% cumulative return for the S&P 500 over the same period. Indiggo cites a cumulative annualized return of 17.9% for the ROL Index versus 15.5% for the S&P 500.

Janeen Gelbart, CEO of Indiggo, recalled that the company shifted focus to execution after finding leaders often set strategy but struggled with follow-through. She added the framework evaluates actions by leadership teams rather than individual executives: “We don’t look at who individual leaders are, we look at what they are doing collectively.”

The index assesses companies on four dimensions: Strategic Clarity; Connection to Purpose; Leadership Alignment; and Focused Action. Indiggo says the methodology blends qualitative assessment with quantitative data and AI-driven signal processing.

Wedbush began distributing ETFs in mid-2025 and had amassed about $1 billion across three funds by the end of that year. Cullen Rogers, EXEQ’s portfolio manager, noted discussions with Indiggo in 2024 centered on treating leadership execution as a measurable factor instead of a personality-based judgment. He described the ROL construct as a forward-looking factor for investors.

Wedbush describes EXEQ as early in its asset-raising phase. The ETF provides a tradable exposure to the ROL Index on a U.S. large-cap basis, with index constituents weighted by leadership execution scores.

Indiggo commercialized the ROL framework through a technology platform and corporate rankings following a 2020 partnership with a major business publication. The firm reported a correlation between higher ROL scores and stronger financial outcomes, which led to the creation of an investable index.