Behind the Ticker

Brad Roth
  • 5.0 (8)
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Join Brad as he interviews entrepreneurs and experts in the wealth management industry, specifically around ETFs, on a weekly basis. Together, they go Behind the Ticker and delve into what drives these professionals on a daily basis. Discover how they achieved their success, learn about opportunities for disruption in the industry, and explore the challenges and obstacles they've faced along the way. Get ready for insightful conversations that uncover the stories behind the successes in wealth management.

  1. 5D AGO

    Bob Elliott - Unlimited Funds

    Bob Elliott, co-founder and CIO of Unlimited, returns to break down how his firm is bringing Vanguard-style indexing to the hedge fund world. After spending the bulk of his career at Bridgewater building proprietary investment strategies, Bob launched Unlimited on two truths the industry wouldn't say out loud — institutional hedge funds are largely no better than their peers over time, and managers take nearly all the alpha in fees. His solution: diversify across managers, cut fees to a fraction, and deliver it all through liquid ETFs. We get into the nuts and bolts of how Unlimited's third-generation replication technology actually works, why Bayesian machine learning picks up tactical alpha that older rolling regression approaches miss, and what separates strategies built by real money managers from those designed by academics and technologists. Bob walks through his full product suite — HFND, HFEQ, HFMF, and HFGM — explains why the 2X target return products are resonating with advisors, and makes the case for moving from 60-40 to 50-30-20. We also talk about the realities of growing a boutique ETF business on a guerrilla marketing budget and why the biggest risk for startup issuers is spending too much too fast. Learn more at unlimitedetfs.com. Read Bob's Substack "Non-Consensus" and follow him on social media at BobEUnlimited.

    39 min

  2. FEB 8

    David Auerbach - Hoya Capital - HOMZ & RIET

    David Auerbach, CIO of Hoya Capital, spent over a decade trading REITs at Green Street Advisors in Dallas before getting a front-row seat to the ETF industry's explosive growth at Esposito Securities. Now he runs two REIT-focused ETFs — HOMZ and RIET — managing over $135 million. In this episode, David breaks down the two biggest misconceptions advisors have about REITs: that they're all high yield and that they're all interest rate sensitive. He makes the case that most passive REIT ETFs are far more concentrated than people realize, with just a handful of large-cap names yielding 2–3% dominating the top holdings. David explains how RIET takes the opposite approach — overweighting small caps, mid caps, mortgage REITs, and REIT preferred stocks to deliver a 10%+ annualized monthly dividend across roughly 100 holdings with no single position above 1.5%. We also dig into the housing supply shortage driving the HOMZ thesis, why 4% on the 10-year Treasury is the magic number for REIT investors, and the current M&A wave that's seen 17 REITs merge or pursue strategic alternatives in just the past four months. David shares why private equity is scooping up REIT platforms trading below net asset value, how advisors should think about using HOMZ and RIET as complements to traditional exposure like VNQ, and why boring is exactly what you want from this corner of your portfolio.

    32 min

  3. FEB 1

    Raymond Micaletti - Relative Sentiment Technologies - MOOD ETF

    Raymond Micaletti built the MOOD ETF around a single idea: institutions consistently outperform retail traders, and you can measure the difference. After watching a relative sentiment indicator correctly call two major market bottoms while all his other signals failed, he stopped ignoring it and started building. In this episode, Ray breaks down how he uses Commitments of Traders data and sentiment surveys to construct signals across equities, bonds, commodities, and currencies. We dig into the structural advantages institutions have over retail, why his approach avoids the whipsaw problem that kills most tactical strategies, and where it can still get you in trouble. He also makes a strong case for pairing relative sentiment with trend following—two strategies that naturally offset each other's weaknesses. Website: www.relativesentiment.com ETF site: relativesentimentetfs.com Twitter: @relsenttech

    36 min

  4. 08/03/2025

    Sam Rahman & John McNamara - Hedgeye Asset Managment

    Sam Rahman and John McNamara joined Brad to discuss the launch and philosophy behind the HGRO ETF. Hedgeye, originally built on delivering institutional-quality macroeconomic research to a broader audience, has now extended into the asset management space with active ETF offerings. Sam, who previously managed public equity investments for the Fidelity family office, explained how HGRO fills a gap in the ETF landscape: it offers a concentrated, actively managed large-cap growth portfolio that emphasizes risk-adjusted returns. He emphasized that most large-cap growth ETFs are either over-diversified and benchmark-hugging or overly concentrated and thematic, leaving little in between. HGRO aims to provide thoughtful portfolio construction and institutional-quality research to everyday investors. The strategy focuses on three core themes: deep moat compounders, innovators and disruptors, and special situations. Sam described the selection process as conviction-driven but bounded by disciplined portfolio risk constraints, with max 3% active weights on both stock and sector levels. Sell decisions are typically driven by fundamental deterioration or technical breakdowns. John shared that HGRO is intended to be a core large-cap equity position in diversified portfolios and is gaining early traction among large RIAs. He also confirmed that Hedgeye has more ETF launches in the pipeline and plans to build on its highly engaged research community and media platform to drive continued growth.

    35 min

  5. 07/19/2025

    Seth Cogswell - Running Oak

    In this episode of Behind the Ticker, Brad Roth speaks with Seth Cogswell, Portfolio Manager at Running Oak Capital, about the firm’s flagship ETF—RUNN, the Running Oak Efficient Growth ETF. With a background that spans fundamental equity research and derivatives trading, Cogswell shares his journey to Running Oak and how the firm’s roots in separately managed accounts (SMAs) laid the foundation for its ETF strategy. Originally launched in 2009 for advisors seeking a smoother ride through market cycles, the strategy behind RUNN has delivered strong results with an emphasis on downside protection. Cogswell breaks down how RUNN combines a core equity portfolio of 30–50 high-conviction U.S. large-cap stocks with a tactical allocation to fixed income and cash equivalents. What sets RUNN apart is its ability to dynamically shift its allocation between risk-on and risk-off environments. The fund can reduce equity exposure as low as 30% or raise it up to 90%, based on a rules-based framework that evaluates macro indicators, valuation metrics, and market trends. This allows the fund to dial down risk during market stress and re-enter more aggressively during recovery phases. The equity sleeve of the portfolio focuses on quality companies with strong free cash flow and sustainable growth—avoiding overvalued, speculative names. Meanwhile, the fixed income sleeve remains flexible, emphasizing high credit quality and shorter durations when risk is elevated. Cogswell notes that RUNN is actively managed daily, with oversight to ensure discipline in both the equity and fixed income allocations. The team also maintains a consistent philosophy that prioritizes risk-adjusted returns and long-term capital appreciation rather than chasing short-term performance. Designed for use as a core equity holding or a risk-managed growth strategy, RUNN offers advisors and investors an efficient, transparent vehicle to navigate unpredictable markets. With a track record rooted in the firm’s SMA history and now offered in a more tax-efficient ETF format, the fund aims to deliver smoother performance without sacrificing long-term upside.

    38 min

  6. 07/13/2025

    Eric Lutton - Sound Income Strategies

    In this episode, Brad sits down with Eric Lutton, CIO of Sound Income Strategies, to discuss the firm’s actively managed ETF: FXED, and its unique approach to fixed income investing. Eric shares his professional journey from trading in the pits of Chicago to managing institutional assets and ultimately building out Sound Income’s fixed income platform. The firm has grown from managing $30M with one advisor to nearly $4B with over 100 advisors, all through organic growth. At the core of their approach is a clear focus on income generation—particularly for retirees and conservative investors looking to preserve capital and generate steady cash flow. Eric explains that FXED was created to solve two problems: making the firm’s core-plus fixed income strategy available to smaller accounts and addressing the lack of fixed income ETFs that combine traditional bonds with higher-yielding alternatives like BDCs, REITs, preferreds, and non-core bond ETFs. He outlines how the portfolio targets around 70-75% fixed coupon instruments and layers in non-traditional income-generating securities—especially those with lower correlation to investment grade bonds—to deliver better risk-adjusted returns than broad benchmarks like the Agg. He discusses their bottom-up selection process, focus on management quality in BDCs and REITs, and commitment to avoiding names with poor underwriting or operational risks. FXED is actively managed to allow dynamic rebalancing between investment-grade and high-yield allocations depending on market conditions. Eric makes the case that active management in fixed income still has an edge—unlike equities, where alpha is increasingly hard to find. The fund aims to outperform by overweighting stronger names and avoiding the losers—something passive indexes can’t do. He emphasizes that FXED is especially useful for retirees or near-retirees who need reliable income and want to avoid relying too heavily on equities for yield. With a target yield in the upper 6% range, the fund allows for reduced capital commitment to fixed income, freeing up room for growth investments or risk-free cash buffers elsewhere in the portfolio.

    26 min

  7. 06/29/2025

    Ryan Thomes - Hotchkis & Wiley

    In this episode of Behind the Ticker, Brad Roth interviews Ryan Thomes, Co-Portfolio Manager at Hotchkis & Wiley, to discuss the launch and strategy behind the firm’s newest ETF—HWSM, the Hotchkis & Wiley SMID Cap Diversified Value ETF. Ryan shares his career journey from investment consulting to portfolio management, explaining how his early due diligence work led him to join the very firm he once evaluated. Over the past 17 years at Hotchkis & Wiley, Ryan has been deeply involved in refining the firm’s value-based equity strategies and co-manages both the small-cap and SMID strategies. The conversation centers on the HWSM ETF, which launched in early 2024 and represents a natural extension of Hotchkis & Wiley’s long-standing small-cap value process. Although the ETF is new, the underlying investment methodology dates back over 20 years. Ryan breaks down the firm’s three-step process: proprietary quantitative modeling, human analyst review, and thoughtful portfolio construction. Unlike traditional quant screens, Hotchkis & Wiley’s models attempt to emulate how a human analyst would value companies based on normalized mid-cycle earnings rather than current market conditions. This combination of rigorous modeling and fundamental judgment allows them to focus on out-of-favor, under-followed stocks with long-term value potential. HWSM typically holds between 150–200 names, balancing diversification with high active share, and utilizes a tiered weighting system that ties directly to fundamental risk ratings. Analysts assess companies across three pillars—business quality, balance sheet strength, and corporate governance—and these scores directly impact the weightings in the portfolio. The fund is rebalanced biannually with monthly adjustments as needed, helping maintain both conviction and efficiency. Ryan explains that SMID caps—especially value names—are historically underappreciated and undervalued compared to large-cap growth, making them especially compelling today. Despite large-cap tech’s dominance over the past decade, he sees potential mean reversion in valuations that could favor smaller, overlooked companies. HWSM is positioned as either a core equity holding or a complement to growth-oriented SMID allocations, offering access to Hotchkis & Wiley’s institutional-quality research through a tax-efficient ETF vehicle.

    25 min

  8. 06/15/2025

    Kirk McDonald - Argent Capital

    In this episode of Behind the Ticker, host Brad Roth speaks with Kirk McDonald, Portfolio Manager at Argent Capital Management, about his unique path from Air Force pilot to managing the Argent MidCap ETF (ticker: AMID). McDonald shares how his firm’s mission to deliver both strong investment performance and top-tier client service inspired their move into the ETF space. With a deep-rooted philosophy focused on “enduring businesses,” Argent seeks companies with consistent cash flow growth, durable competitive advantages, and strong capital allocation by management. Kirk dives into the construction of AMID, which holds a concentrated portfolio of 40–50 midcap names with low turnover—around 20% annually. What differentiates Argent’s approach is the integration of both quantitative modeling and fundamental research, a methodology McDonald calls “quantamental.” This framework is built on 25 fundamental factors that guide stock selection, continually refined to ensure alignment with their long-term investing philosophy. Kirk shares a memorable analogy comparing portfolio candidates to pigs at a trough—emphasizing the constant drive to prioritize younger, hungrier contenders that can generate future outperformance. McDonald also breaks down key portfolio holdings, including Copart and Fortinet, and explains how AMID performs across different market cycles. While the strategy may lag during market regime shifts, it tends to outperform once trends stabilize. He stresses the importance of risk management, drawing from his aviation background to describe a systematic process embedded throughout the stock selection lifecycle. Finally, McDonald explains how AMID fits into broader client portfolios, describing midcap stocks as a “forgotten” asset class underrepresented in most investor allocations despite historically delivering strong returns. He also previews Argent’s growing ETF lineup, which now includes large cap and small cap offerings and will eventually expand to cover SMID and high-yield strategies.

    24 min
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About

Join Brad as he interviews entrepreneurs and experts in the wealth management industry, specifically around ETFs, on a weekly basis. Together, they go Behind the Ticker and delve into what drives these professionals on a daily basis. Discover how they achieved their success, learn about opportunities for disruption in the industry, and explore the challenges and obstacles they've faced along the way. Get ready for insightful conversations that uncover the stories behind the successes in wealth management.

Information

  • Creator
    Brad Roth
  • Years Active
    2023 - 2026
  • Episodes
    96
  • Rating
    Clean
  • Copyright
    © 2026 Behind the Ticker
  • Show Website
    Behind the Ticker

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