Behind the Ticker

Brad Roth
  • 5.0 (9)
  • Investing
  • Updated Weekly

Behind the Ticker is hosted by Brad Roth, Founder & CIO of THOR Financial Technologies, a systematic investment firm with ETFs listed on the NYSE. Each week, Brad sits down with the sharpest minds in ETFs, asset management, and wealth technology — fund managers, CIOs, and the entrepreneurs building the next generation of investment products. From managed futures to structured credit, from factor investing to full downside mitigation — no topic is off limits. Brad also publishes The Signal, a daily market research brief for advisors and allocators. New episodes every week.

  1. 1d ago

    Real Small Cap Value Exposure | Elena Khoziaeva, Bridgeway

    Elena Khoziaeva is Co-CIO of Bridgeway Capital Management — a boutique systematic investment firm founded in Houston with a long history of factor-based investing and one of the more unusual missions in asset management. Bridgeway donates 50% of firm profits to the Bridgeway Foundation and caps its internal salary ratio at seven to one. Elena joined the firm in 1998 as partner number six and has spent 25 years building strategies grounded in academic theory and disciplined systematic research. In this episode, Elena walks through BSVO — the Bridgeway Omni Small-Cap Value ETF — and what it means to build a small cap value strategy that's deeper on both factors than the benchmarks that dominate the category. The strategy carries a 15-year track record inside a modern ETF wrapper (converted from a mutual fund in 2023), holds approximately 600 names for diversification within the asset class, and uses a multi-metric valuation screen that produces a natural quality tilt. Elena explains why running value across the universe rather than within sectors produces the fund's characteristic tilts toward financials and away from healthcare, how the sidestep screens are designed to remove fallen knives from a deep value portfolio, and why BSVO's 79% correlation to the S&P 500 delivers meaningfully better factor diversification than the Russell 2000 Value. She also makes the case for where small cap value sits right now — with the median book-to-market ratio versus the S&P at 2.8 versus a historical norm of 1.6, and a Q1 2026 that already showed the kind of rapid reversal small cap value tends to produce. Her framing: the tighter the spring, the more powerful the release.

  2. Jul 26

    Turning Down $1 Billion in Flows to Protect Retail Investors | Eva Ados, ERShares

    Eva Ados is Partner, COO, and Chief Investment Strategist at ERShares — a firm built on decades of academic research by founder Dr. Joel Schulman into what makes entrepreneurial companies successful and how the best VCs identify category leaders before the market catches on. Schulman famously identified Nvidia at $5 in 2005 and got into most of the Magnificent Seven early. That framework — the entrepreneur factor, or the VC lens applied to public markets — is now built into XOVR, the first ETF ever to combine public equity exposure with a genuine sleeve of private company holdings. In this episode, Eva walks through what XOVR actually owns beyond the SpaceX position that has dominated the media narrative — an 85% public equity portfolio built on the ER30 index and a 15% private sleeve currently holding SpaceX and Rocket Lab with more to come. She covers the four structural innovations that make the fund work: the crossover structure itself, the zero-zero SPV, the board-approved liquidity arrangement that allowed SpaceX to exceed the 15% illiquid cap, and the shareholder protection plan the firm built specifically to prevent arbitrage flows from diluting long-term retail investors. That last one is worth the price of admission on its own — Eva walks through how the firm turned away more than a billion dollars in creation flows the week before an IPO event, applied a 2% redemption fee on institutional creation orders, and repriced the SpaceX position multiple times through Q2 — all deliberate choices to prioritize retail investors over asset management revenue. Eva also gets into how ERShares uses revenue per employee as a screen for identifying which companies are actually monetizing AI, why Astera Labs and AppLovin were both picked up before they became household names, and what the fund is looking for next.

  3. Jul 19

    Why Your Emerging Markets ETF Isn't Actually Diversifying You | Young Jae Lee, Pictet

    Young Jae Lee is a Senior Investment Manager at Pictet Asset Management — a Geneva-based firm founded in 1805, still owned by its managing partners 220 years later, and one of the largest asset managers in Europe. Young Jae joined Pictet in 2010, spent his first seven years covering emerging market technology as an analyst, and now runs the strategy behind RISE — the Pictet Emerging Markets Rising Economy ETF. In this episode, Young Jae walks through a fundamental problem with how US investors get emerging market exposure today. The MSCI Emerging Markets benchmark is more than 70% Korea, Taiwan, and China. Its top five holdings — TSMC, Samsung, SK Hynix, Tencent, Alibaba — mirror the same technology-heavy concentration as the top five names in the S&P 500. Buying a passive emerging market fund alongside a US portfolio, he argues, doesn't diversify — it amplifies the risk you already have. RISE was built to solve that problem. The fund invests only in emerging market countries where the working-age population is growing, which structurally excludes Korea, Taiwan, and China and shifts the portfolio into India, Brazil, South Africa, Indonesia, Mexico, and others. Young Jae explains the demographic thesis grounded in the Solow Growth Model, why he calls population growth in emerging markets structurally equivalent to what AI is in developed markets, and how the fund's 60% quantitative screen and 40% fundamental conviction sleeve are designed to work together. He also drops one of the more surprising statistics you'll hear on the show — that more than half of the MSCI EM benchmark's total return has historically come from dividend yield — and explains why that reframes the case for value investing in emerging markets.

  4. Jul 12

    The Space ETF Built to Let the Winners Win | Nick Frasse, Van Eck

    Nick Frasse spent five years on Van Eck's internal wholesaler desk before making the uncommon move from sales into product management. He now covers the firm's thematic ETF lineup — semiconductors, robotics, data center supply chain, and most recently, space. In this episode, Nick walks through WARP, the Van Eck Space ETF, launched in May 2025 with 20 pure-play holdings and a 50% revenue threshold for inclusion. We get into why the index was deliberately written to be forward-looking and open-ended given how quickly the space industry is likely to evolve, what Van Eck learned from its European UCITS predecessor JEDI, and how the four building blocks — satellite communications, rocket and propulsion, earth observation and data, and space exploration — actually break down in the portfolio. Nick makes the mass-to-orbit case with real specificity: from $50,000 per kilogram in the shuttle era to under $200 with Starship — a shift that reframes space from a specialty sector into an economic unlock that touches shipping, communications, data, and industries that don't yet exist. He's also honest about the current revenue mix in the fund — still largely government-driven through prime and subprime defense contractors — and where he expects that mix to move as commercial applications scale. And he makes the case for a design philosophy that Van Eck has stuck to across its thematic lineup: build focused, pure-play, market-cap-weighted vehicles that let the winners win, and leave position sizing to the advisor.

  5. Jul 5

    Why 4% of Stocks Drive 100% of Returns — And How to Own Them | Keith Fitz-Gerald, One Bar Ahead

    Keith Fitz-Gerald has spent 45 years as a global investor, researcher, and strategist — starting at Wilshire Associates, building One Bar Ahead from a yellow pad in his dining room into a publication read by tens of thousands worldwide, and earning a quiet reputation as one of the most independent voices in the business. Suze Orman called him "someone you should pay attention to" on her podcast, and that recommendation triggered the kind of viral moment most publishers spend a career chasing. In this episode, Keith walks through the research that underpins his entire investment framework — the finding that roughly 4% of US publicly listed companies have contributed essentially 100% of the wealth created in the stock market over the past century — and what that means for how investors should actually allocate capital. We get into why he believes diversification has become a problem rather than a solution, how the structural changes in modern markets (passive flows, zero-DTE options, ETF cross-correlation, 24-hour trading) have eliminated the non-correlation that diversification was originally designed to capture, and why concentration in must-have companies is the path the industry's best investors have quietly taken for generations. Keith then breaks down FITZ — the Fitzgerald Must-Have Portfolio ETF, launched in May 2026 in partnership with Nicholas Wealth and David Nicholas. The fund holds 20 to 30 names selected through the 5D framework: digitalization, plus four other structural drivers Keith identifies as the foundation of the sixth wave of human economic evolution. He explains why companies like Walmart get classified as retail and missed by sector-driven allocators when they're actually among the most consequential tech companies on the planet, why Intel got cut from the portfolio, why he rebalances three times a year instead of four, and why he sees FITZ as a core equity holding rather than a satellite sleeve.

  6. Jun 28

    The First Autism Impact ETF — and 100% of Profits Go to the Cause | Sylvia Jablonski, Defiance ETFs

    Sylvia Jablonski is the CEO of Defiance ETFs — a firm that's grown from a handful of products in 2018 to over $13 billion in AUM across 80-plus ETFs, with launches happening on a weekly cadence. In this return appearance on Behind the Ticker, Sylvia walks through the firm's most personal product yet and the SpaceX launch on deck. The Defiance Autism Impact ETF (ticker ASD) launched on June 2nd, 2026, as the first ETF of its kind. The fund is built around the full value chain serving the autism community — drug development, genetic testing, behavioral therapies, educational platforms, assistive technology, digital health — and Defiance is donating 100% of net advisory profits to autism causes for the first two years, no less than 50% thereafter. Sylvia talks about the deeply personal story behind the fund, the investment case for a sector where one in 31 children is now diagnosed and the lifetime cost of care runs into the millions, and why institutional allocators are increasingly asking for products with a cause structurally built in. The conversation then shifts to SPCU — the firm's 2X long SpaceX ETF, set to launch alongside what may be the largest IPO in history. Sylvia covers how Defiance has been building space exposure for years across single-name, thematic, and basket products (UFOX, SPCL, JEDI, XOVL), why the space economy has gone from niche theme to mainstream so quickly, and how Defiance is positioning across an increasingly crowded category.

  7. Jun 21

    Stacking the Odds to 93%: Inside a Non-Directional Income Strategy | Carter Worth, Worth Charting

    Carter Worth spent 35 years on Wall Street — Value Line, Donaldson Lufkin & Jenrette, and a long series of major sell-side seats — before founding Worth Charting in 2021 to serve the largest institutional capital pools in the world. He's a regular on CNBC's Fast Money, and one of the more recognizable voices in technical analysis still operating at scale. In this episode, Carter breaks down WRTH — the Worth Charting Options Income ETF — and why selling both sides of an option, instead of buying them or running covered calls, is a structurally different way to generate income. He walks through how the fund stacks four probability filters on top of each other — short-dated, out-of-the-money, large cap only, non-biotech, sold only after outsized earnings moves — to reach approximately 93% odds that the options expire worthless. We also get into why the fund is fundamentally non-directional and bets only on a stock staying in a range for 15 to 20 sessions after a major move, how the cash-secured structure works to manage downside risk, why tail risk from acquisitions is more manageable than most investors assume, and how Carter and his team are thinking about distribution in what he calls the ETF Thunderdome. Carter also makes the case for why technical analysis is more relevant in a quant-and-AI-dominated market, not less — and why pattern recognition at the chart level is just the original version of what Renaissance was doing with 150 PhDs.

  8. Jun 14

    The Bitcoin ETF Built to Survive a Drawdown | Mike Willis, Cyber Hornet ETFs

    Mike Willis has spent 25 years on Wall Street — Smith Barney, Paine Webber, UBS — before founding Cyber Hornet ETFs to do two things that traditional asset management still hasn't done well: offer a founder-run alternative to the index giants that dominate corporate voting, and build a way for financial advisors to put crypto into client portfolios without the volatility blowing the relationship up. In this episode, Mike breaks down BBB — the Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF — and the methodology behind why 75/25 is the sweet spot, not 50/50 or 60/40. He walks through what the fund actually did during Bitcoin's up year in 2024, its down year in 2025, and the deep drawdown unfolding right now in 2026 — and how the monthly rebalance functions as a built-in buy-low-sell-high mechanism. We also get into the firm's transition from Bitcoin futures to spot, why Coinbase's early custody concentration kept Cyber Hornet in futures longer than competitors, and how the wrapper actually changes the conversation when an advisor is trying to satisfy a client who wants crypto exposure without taking the volatility calls themselves. Mike also covers INDEX, the firm's S&P 500 fund that pioneered shareholder voting input years before the major issuers offered any version of it — and why he wishes he had pushed harder on full pass-through voting when they had the first-mover lead.

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About

Behind the Ticker is hosted by Brad Roth, Founder & CIO of THOR Financial Technologies, a systematic investment firm with ETFs listed on the NYSE. Each week, Brad sits down with the sharpest minds in ETFs, asset management, and wealth technology — fund managers, CIOs, and the entrepreneurs building the next generation of investment products. From managed futures to structured credit, from factor investing to full downside mitigation — no topic is off limits. Brad also publishes The Signal, a daily market research brief for advisors and allocators. New episodes every week.

Information

  • Creator
    Brad Roth
  • Years Active
    2023 - 2026
  • Episodes
    120
  • Rating
    Clean
  • Copyright
    © 2026 Behind the Ticker
  • Show Website
    Behind the Ticker

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