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

    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.

    29 min

  2. 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.

    34 min

  3. 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.

    23 min

  4. 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.

    29 min

  5. 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.

    33 min

  6. Jun 7

    A Forty-Year-Old Index That Still Outperforms in a Crisis | Jerry Prior, Mount Lucas

    Jerry Prior has spent nearly thirty years at Mount Lucas Management — a firm with roots in Commodities Corp, the legendary firm that launched Paul Tudor Jones, Louis Bacon, and the broader managed futures and global macro industry. Mount Lucas built the MLM Index in 1988 to give institutional investors a price-based benchmark for managed futures — the first of its kind — and four decades later, the strategy is still running largely unchanged, now wrapped inside KMLM, the KraneShares Mount Lucas Managed Futures Index Strategy ETF. In this episode, Jerry breaks down why managed futures exists as an asset class in the first place — the real economic risk transfer happening underneath these markets — and why trend following is the most efficient way to harvest that risk premium. We get into why KMLM deliberately holds no equity exposure when most competitors do, why the firm refuses to use the volatility targeting that defines the rest of the industry, and how the relative-volatility weighting structure has remained stable for twenty years. Jerry walks through the 2022 case study — long commodities, short bonds, up roughly 30% in a year when the 60/40 broke — and explains why the early 2026 environment is starting to look like a setup for the same playbook. He also makes a point most managed futures conversations miss: that liquidity in a diversifying strategy is itself a form of alpha for the advisor using it. If you've been trying to understand where managed futures fits in a modern portfolio — or why the original index from 1988 still works — this is the conversation.

    34 min

  7. May 31

    Why Most Momentum Funds Are Looking at the Wrong Data | Jon Clements, Market Desk

    Jon Clements built his career in equity research at Goldman Sachs, JP Morgan, and Guggenheim before co-founding Market Desk Research with his brother Matt in 2020. What started as a research and model portfolio platform serving 200 of the largest wealth managers in the country eventually became an ETF issuer — and FMTM, the Focused Momentum ETF, is the result. In this episode, Jon breaks down what actually makes FMTM different from legacy momentum products like MTUM and SPMO. We get into why Market Desk uses a six-month lookback instead of the academic standard of twelve, why the algorithm scores the quality and consistency of a stock's price path rather than just its trailing return, and why a concentrated, equal-weighted portfolio of 30 to 50 names ends up with only about 2% overlap with the S&P 500. Jon also takes on the skeptic's question head-on — isn't momentum just performance chasing? — and explains how a fund that stays fully invested with no cash, no shorts, and no hedging still manages risk through holdings selection in a drawdown. It's a genuinely substantive conversation about factor investing, what price data really tells you, and how to build a momentum strategy that behaves like a momentum strategy.

    32 min

  8. May 24

    40 Years of Active Management, Now in an ETF | Matt Camuso, Baron Capital

    Matt Camuso spent over a decade helping the industry's biggest asset managers enter the ETF wrapper — at State Street, JP Morgan, and BNY — before joining Baron Capital to do it from the inside. Baron is a firm with over 40 years of active management history, $47 billion in AUM, and a track record that includes the best-performing mutual fund of the past 25 years per Morningstar. In December 2025 they launched five ETFs at once. They're already approaching $800 million. In this episode, Matt breaks down what "old school active" actually means at a firm like Baron — the person-to-person company engagement, the pre-IPO access, the ownership mentality that drives average holding periods well beyond the stated three-to-five year target. We get into BCTK, the Baron Technology ETF, and specifically where it differentiates from a passive NASDAQ 100 exposure — small and mid cap access, global universe, and names like Coherent, Lumentum, and Axon that index rules simply can't hold early enough. Matt also walks through how SpaceX inside the Baron First Principles ETF became a brand-defining moment, what the distribution strategy looks like for a firm bringing 40 years of relationships into a new wrapper, and where he sees the active ETF industry heading.

    28 min
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5
out of 5
9 Ratings

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
    117
  • Rating
    Clean
  • Copyright
    © 2026 Behind the Ticker
  • Show Website
    Behind the Ticker

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