About Us
Our Approach
Equable Shares exchange traded funds are managed by Teramo Advisors, an investment firm specializing in defensive strategies. Equable Shares leverages a defensive equity strategy that is designed to deliver income, seek long-term capital appreciation, and downside risk mitigation. Equity exposure is designed to track the S&P 500 Index, while call options written by the Fund seek to generate income and mitigate downside risk. Additional downside risk mitigation may come from a put spread that seeks to protect against significant market declines.
Our Team
Ronald A. Santella
Founder, CEO & CIO
- 40+ years in financial markets
- Founded SAM Investments, a hedge fund focused on convertible bond and volatility arbitrage
- Served as CEO of Fox River, an institutional brokerage firm
Ronald A. Santella
Founder, CEO & CIO
Ron Santella is the Founder, Chief Executive Officer and Chief Investment Officer of Equable Shares. He brings more than 40 years of experience in the financial markets as an investor, entrepreneur and business executive, with a background spanning options trading, arbitrage strategies, hedge fund management and institutional brokerage.
He began his career in 1985 as a listed options trader at O’Connor & Associates in Chicago. In 1986, he joined Grace Brothers as Head Trader and Portfolio Manager for arbitrage strategies. In 1990, he founded SAM Investments, a hedge fund focused primarily on convertible bond and volatility arbitrage, which he managed through 2005.
In 2005, Mr. Santella established a family office to invest his own capital alongside a limited number of partners. In 2008, he became Chief Executive Officer of Fox River Execution, an institutional brokerage firm based in Geneva, Illinois. Fox River was acquired by SunGard in July 2010.
From 2011 through 2018, Mr. Santella invested his own capital in alternatives, real estate and franchises.
In 2018, he founded Equable Shares, an asset management firm focused on developing hedged investment strategies for wealth advisors and their clients. Equable Shares' flagship product is HEDG, an actively managed strategy designed to provide exposure to the S&P 500 while seeking to reduce volatility and downside risk through a systematic options-based approach.
Chris Lauro
Senior Managing Director, Sales
- 20+ years of experience in sales and client service
- Developed and executed strategic sales initiatives across multiple investment vehicles and asset classes
- Experience with retail and institutional investors
Chris Lauro
Senior Managing Director, Sales
Mr. Lauro joined Equable Shares in January 2020 and currently serves as Senior Managing Director in Sales. He has over 20 years of sales and client service experience within the financial services industry.
Prior to joining Equable, Chris spent almost 2 years as the Head of Key Accounts & Director of Business Development for Penn Capital for both institutional and retail clients. Previous to Penn, he held several sales & sales management positions at Legg Mason, where he was responsible for the development and execution of the firm’s strategic sales initiatives across multiple client segments, investment vehicles and asset classes. Before Legg Mason, Mr. Lauro began his career at Morgan Stanley, holding several sales and product roles within the Consulting Group.
Mr. Lauro holds a BS in Economics/Finance from State University of New York at Cortland. He was a member of the varsity hockey team where he was twice named to the SUNY All Academic team.
Matt Mullen
Chief Operating Officer
- 10+ years of experience in finance and accounting
- Sr. Assistant Director of Finance for one of Marriott's top fee producing hotels
- Experience in financial statement analysis, internal audit & management operations
Matt Mullen
Chief Operating Officer
Mr. Mullen has over 10 years of experience in finance and accounting, stemming from professional sports to the hospitality industry. Prior to joining Teramo Advisors in March of 2024, Matthew served as the Sr. Director of Finance for the JW Marriott Marco Island Resort. In his role, Matthew was responsible for overseeing the entire balance sheet and internal auditing procedures.
Matthew also has a unique sports industry background where he worked for the New York Mets and Philadelphia Flyers. Within this field, he had expanded roles in finance, operations and management where he developed many client relationships and contracts.
Matthew has a B.S. in Accounting from St. Joseph's University and a M.S. in Sports Administration from Arkansas State University.
Cody Lambert
Chief Compliance Officer
- Compliance and operations experience with an ETF issuer
- Experience as a Managing Member of a real estate investment group
- 3+ years of service in the United States Navy as a Surface Search and Rescue Swimmer
Cody Lambert
Chief Compliance Officer
Cody Lambert is the Chief Compliance Officer of Teramo Advisors. He brings a background in ETF compliance and operations, real estate investment, and service in the United States Navy.
He attended the United States Naval Academy and served with honors in the United States Navy as a Surface Search and Rescue Swimmer.
Mr. Lambert then served as a Managing Member of Annapolis Capital Partners, a boutique real estate investment group focused on hospitality-related assets. He created and implemented the firm's investment strategies and managed its operations. He also led the firm's intern program, training and developing new personnel.
In April 2023, he joined Teramo Advisors, the manager of Equable Shares, as an Operations Associate. Since joining, he has worked as part of the firm's compliance team while supporting its operations. As Chief Compliance Officer, he administers Teramo's compliance program.
Mr. Lambert holds a bachelor's degree in Business and Computational Sciences from Liberty University.
Stone Fritz
Associate Director, Operations
- Multiple years of experience in the technology research space.
- Experience in client and relationship management.
- Led a global peer-to-peer mentoring program.
Stone Fritz
Associate Director, Operations
Mr. Fritz has multiple years of experience in the technology research space. Prior to joining Teramo Advisors in August 2025, he was a Senior Specialist at Gartner, the world’s leading research and advisory firm. In this role, Stone was responsible for driving client retention by managing the end-to-end delivery of successful client engagements.
In addition to his primary responsibilities, Stone led a global peer-to-peer mentoring program, supporting early career success for new hires.
Stone holds a B.A. in Psychology from Ave Maria University.
Partners & Service Providers
The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the fund and may be obtained by calling 888-244-7144 or by visiting www.equableshares.com. Read carefully before investing.
Equable Shares Funds are distributed by Quasar Distributors, LLC and Teramo Advisors, LLC is the Adviser.
Investing involves risk. Principal loss is possible. The Fund invests in options on indexes or equity securities. Options are instruments that derive their performance from underlying equity securities, also referred to as “derivatives.” Derivatives can be volatile and the Fund could experience a loss if its derivatives do not perform as anticipated, or are not correlated with the performance of their underlying security or index, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. The Fund’s investments may not be readily sold at the desired time or price, and may be sold at a lower price or may not have a sufficient market to be sold at all. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. The Fund is a “fund of funds.” The term “fund of funds” is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including closed-end funds and money market funds.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.