
Behind the Ticker
Brad Roth
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Top 10 Behind the Ticker Episodes
Goodpods has curated a list of the 10 best Behind the Ticker episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Behind the Ticker for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Behind the Ticker episode by adding your comments to the episode page.

Adam Patti - VistaShares
Behind the Ticker
02/23/25 • 24 min
In a recent episode of Behind the Ticker, Adam Patti, founder and CEO of VistaShares, discussed the launch of the VistaShares Artificial Intelligence Supercycle ETF (ticker: AIS) and how it differentiates itself in the growing AI investment space. With over two decades in the ETF industry, Patti previously founded IndexIQ, one of the earliest issuers of liquid alternative ETFs, which was later acquired by New York Life. After spending several years outside the industry, Patti partnered with John McNeil of DVX Ventures to launch VistaShares, focusing on building high-quality thematic ETFs with a more thoughtful and targeted approach.
Patti explained that AIS is designed to provide pure exposure to the AI supercycle by focusing exclusively on the infrastructure driving artificial intelligence, particularly in data centers and semiconductors. Unlike many AI-themed ETFs that hold broad tech exposure dominated by the "Magnificent Seven" stocks, AIS takes a supply chain-driven approach, investing in companies that manufacture the essential components—such as GPUs, VRAMs, cooling systems, and fiber optic networks—needed to power AI. By analyzing the bill of materials for AI data centers and semiconductors, VistaShares identifies companies with substantial AI-driven revenue, ensuring that the fund is directly tied to AI growth rather than being diluted by large-cap tech names with only partial AI exposure.
AIS follows a rules-based, actively managed strategy that combines systematic supply chain analysis with an active overlay. The core portfolio is constructed based on a transparent, rules-driven methodology—one that VistaShares has filed for a patent on—ensuring that holdings are determined by their relevance to AI infrastructure rather than arbitrary weightings. The fund undergoes a semi-annual rebalance, but Patti emphasized that the active overlay allows for adjustments in response to new developments in the rapidly evolving AI space. The investment committee, which includes AI industry practitioners such as former Tesla president John McNeil and AI entrepreneur Sonny Madra, helps identify emerging trends, new players, and risks within the AI ecosystem before they become widely recognized.
Patti also highlighted the global nature of the AI supply chain, with AIS holding companies from the U.S., Taiwan, China, and Europe. Currently, about 60% of the portfolio is U.S.-based, with the remainder distributed across key AI manufacturing hubs. Looking ahead, VistaShares has the flexibility to expand the portfolio’s focus, potentially incorporating consumer-facing AI applications and energy solutions as the industry matures. However, for now, the fund remains centered on AI infrastructure, which Patti believes is still in the early stages of exponential growth, as evidenced by record-breaking capital expenditures from major tech firms.
For investors and advisors looking to incorporate AIS into portfolios, Patti suggested a 3-5% allocation within a core equity strategy, positioning it as a high-conviction growth satellite.

Garrett Stevens & Rich Malinowski - Exchange Traded Concepts
Behind the Ticker
11/17/24 • 25 min
In a recent episode of “Behind the Ticker,” Garrett Stevens and Rich Malinowski from Exchange Traded Concepts (ETC) discussed the firm’s unique position as the first white-label ETF issuer and its role in supporting clients from concept to launch. ETC, which has been operating for 13 years, has launched over 100 ETFs with a combined $7.5 billion in assets under management. The firm provides a turnkey platform for ETF issuers, handling everything from regulatory filings and portfolio management to marketing and website development, while also offering individual services for established funds.
Stevens highlighted a growing trend in the ETF industry: wealth management firms launching their own ETFs based on existing strategies. This shift allows advisors to offer tax-efficient, liquid, and operationally streamlined investment vehicles to their clients. He emphasized that these advisor-driven ETFs are often not marketed publicly but are used as tools to enhance the client experience and differentiate wealth management firms from competitors.
The conversation also touched on the growing popularity of actively managed ETFs, which now account for about 75% of new launches. Stevens explained that while thematic and passive ETFs dominated early growth, the focus is now shifting toward active strategies that allow for sector rotation, cross-asset class exposure, and unique management styles. He noted that active ETFs require a longer runway for success, as they often depend on performance to attract investors, contrasting with the quicker adoption of thematic passive products.
Rich Malinowski added insights on mutual fund-to-ETF conversions and semi-transparent ETF structures. He explained that while mutual fund conversions have slowed due to operational challenges and intermediary resistance, they remain an area of interest. Additionally, semi-transparent ETFs face hurdles related to their limited visibility for market makers and custodians, but Malinowski expects gradual acceptance as the industry adapts to these innovative products.
Both Stevens and Malinowski emphasized the importance of preparation and infrastructure for ETF issuers. They advised aspiring ETF managers to secure sufficient assets at launch, target a $30 million breakeven point, and build strong relationships with service providers to ensure operational success.

Sylvia Jablonski - Defiance ETFs
Behind the Ticker
09/21/24 • 28 min
In a recent episode of “Behind the Ticker,” Sylvia Jablonski, CEO & CIO of Defiance ETFs, shared her background in finance and the innovative strategies driving the firm’s success. Jablonski, who has a rich history in sales & trading and a decade of experience with ETFs, decided to join Matt Bielski to help launch Defiance, a company that aims to create ETFs targeting cutting-edge themes. Over the last four and a half years, Defiance has grown significantly, expanding its product lineup to include thematic, income, and leveraged ETFs.
Jablonski discusses the firm’s thematic approach, with a special focus on their quantum computing ETF, QTUM. Launched in 2018, QTUM was ahead of the curve in recognizing the potential of quantum computing, artificial intelligence, and machine learning. Jablonski explains that Defiance worked with Bluestar to construct an index that includes the top companies in quantum computing and AI, from major players like IBM and Hewlett-Packard to smaller, pure-play names like IonQ and D-Wave. The fund offers investors diversified exposure to the key sectors driving these transformative technologies.
The QTUM ETF targets companies that derive at least 50% of their revenue from supercomputing, machine learning, and AI. The fund holds around 70 equally weighted names and is rebalanced semi-annually, providing exposure to both large and small-cap companies. This includes established tech giants like Nvidia and Google, which act as a ballast for the fund, while also capturing the potential high growth of emerging players in quantum computing. Jablonski highlights that quantum computing’s ability to process data exponentially faster than traditional computers can revolutionize industries such as biotech, aerospace, and defense, making QTUM a powerful thematic play for long-term growth.
In addition to discussing QTUM, Jablonski touches on the overall strategy at Defiance, emphasizing the importance of speed, adaptability, and listening to market demands. She explains that Defiance’s ability to be nimble and respond quickly to trends has been key to their success. The firm has also built an in-house marketing and distribution platform, leveraging AI and digital marketing to efficiently promote its ETFs. This unique approach has allowed Defiance to punch above its weight, attracting attention in a competitive market without the extensive budgets of larger issuers.

Simeon Hyman - ProShares
Behind the Ticker
03/29/24 • 11 min
In the latest episode of Behind the Ticker, Brad Roth engages with Simeon Hyman from ProShares, delving into the intricate world of ETFs and the innovative strategies behind them. Hyman, with over three decades of experience in asset and wealth management, discusses his role at ProShares, a firm that manages around $65 billion across various ETF solutions. The conversation highlights Hyman's personal interests, such as music and outdoor activities, providing a glimpse into the individual behind the professional expertise.
A significant focus of the episode is on ISPY, ProShares' unique covered call ETF that leverages daily options, a novel approach aiming to optimize investor returns while generating income. Unlike traditional monthly covered call strategies that might cap gains early in the month, ISPY's daily options strategy seeks to capture the full potential of the S&P 500's performance. Hyman elaborates on the competitive yield and monthly distribution of ISPY, positioning it as an attractive option for investors looking to incorporate income generation into their equity portfolios. He also addresses the risk profile associated with ISPY, aligning primarily with the S&P 500, and outlines how the ETF can fit into investors' core equity holdings.
The conversation also touches on the broader ETF market, with Hyman speculating on the future of covered call ETFs and ProShares' commitment to innovation. For listeners interested in the intersection of investment strategy and innovation within the ETF space, this episode provides valuable insights into one of the leading firms in the industry and their approach to creating investment solutions that meet the evolving needs of investors.

Joanna Gallegos - BondBloxx
Behind the Ticker
08/10/24 • 39 min
In a recent episode of “Behind the Ticker,” Joanna Gallegos, co-founder of BondBloxx, shares her extensive background in ETFs and the innovative fixed income strategies her firm employs. Gallegos, who has been in the ETF industry her entire career, began at Barclays Global Investors during the early days of iShares before moving to JP Morgan to help start their ETF business. She co-founded BondBloxx in October 2021 with a team of experienced ETF professionals from firms like BlackRock, Vanguard, and JP Morgan, aiming to address the underdevelopment of fixed income products in the ETF market.
Gallegos explains that BondBloxx was created to bring more precision to fixed income investing through ETFs. The firm’s product line focuses on high-yield sector and credit rating ETFs, offering a range of tools that allow investors to tailor their exposure more precisely. The company identified a gap in the market for more specific fixed income products, particularly in the high-yield space, where traditional broad market exposures were no longer sufficient for the evolving financial landscape.
One of the standout products discussed is the BondBloxx CCC Rated US High Yield Corporate Bond ETF (ticker: XCCC). This ETF provides diversified exposure to over 220 bonds in the CCC rating category, which typically comprises about 10-11% of a broad high-yield index. Gallegos highlights that XCCC offers investors a significant yield pickup, with yields around 12%, and has shown impressive price appreciation in 2023. This ETF is designed to complement broad high-yield exposures by allowing investors to add a higher concentration of CCC-rated bonds, benefiting from their higher yields and potential price appreciation as interest rates decline.
Gallegos addresses common misconceptions about CCC-rated bonds, emphasizing that the current market fundamentals for high-yield bonds are strong, and the overall default rates are not above historical norms. She explains that the diversified nature of XCCC, with hundreds of bonds, mitigates individual default risks and offers a more stable investment compared to picking individual high-yield bonds. The ETF’s monthly rebalancing ensures it stays aligned with the ICE BofA CCC & Lower US High Yield Constrained Index, providing consistent exposure to the target credit rating.
For advisors and investors, Gallegos suggests that XCCC can be a valuable addition to an existing high-yield allocation, rather than a replacement. It allows investors to lean into the higher yield opportunities within the high-yield spectrum, especially in an environment where rates are expected to remain high for longer. This approach can enhance overall portfolio yield and performance, making XCCC a strategic tool for optimizing fixed income investments.

Burke Ashenden - Innovator ETFs
Behind the Ticker
06/06/24 • 25 min
In a recent episode of "Behind the Ticker," Burke Ashenden, Head of Capital Markets at Innovator ETFs, delves into the unique offerings of Innovator ETFs with host Brad. Ashenden, who started his career in ETF trading and later transitioned to the issuer side, shares his journey and how it led him to Innovator. Innovator ETFs, founded by industry veterans Bruce Bond and John Souther, focuses exclusively on Defined Outcome ETFs. This singular focus has made Innovator a leader in this niche, with a variety of products designed to offer downside protection and defined outcomes for investors.
Ashenden explains the core concept behind Innovator's Defined Outcome ETFs, which provide a buffer against market losses in exchange for a cap on upside gains. These ETFs are constructed using a basket of flex options, which offer customizable tenors and strikes, allowing for precise defined outcomes. The firm offers various buffers, including a 9%, 15%, and 30% buffer against market losses over different periods, such as quarterly or annually. Additionally, Innovator has expanded its offerings with 100% buffer ETFs, providing complete downside protection, which has been particularly appealing to advisors and investors looking to equitize cash without principal risk.
The conversation highlights the practical applications of these ETFs. Ashenden emphasizes their utility in different market environments, particularly for conservative clients or those wary of investing at market highs. The ETFs' ability to reset within the structure without triggering taxable events and their flexibility make them an attractive alternative to traditional fixed income, especially in a high-yield, low-tax environment. Ashenden points out that these products can be effectively used as a conservative equity allocation or even as a fixed income alternative, providing attractive caps with full downside protection.
Ashenden also discusses the strategic use of Innovator's model portfolios, which combine different Defined Outcome ETFs to create customized risk-return profiles. These models help advisors implement diversified and risk-managed portfolios. He underscores the benefits of Innovator's tools available on their website, which assist advisors in analyzing potential outcomes and historical performance. Innovator ETFs' commitment to Defined Outcome strategies and their innovative approach to structured products make them a compelling choice for advisors looking to navigate volatile markets with confidence.

Greg Reid - Westwood MDST
Behind the Ticker
04/21/24 • 28 min
The podcast episode of "Behind the Ticker" featuring Greg Reid, the president of Real Assets at Westwood, offers a detailed insight into his background, the firm’s operations, and the innovative strategies they employ. Greg Reid has a lengthy career in investment, dating back to 1987, and currently manages a team in Houston overseeing $2.3 billion in assets. Westwood, a public company based in Dallas, focuses on real asset management, particularly in the energy sector, with a strong emphasis on value equities and income-generating real assets.
In the episode, Reid discusses the launch of Westwood’s new ETF, the Westwood Enhanced Midstream Income ETF (MDST), which is particularly innovative due to its use of covered calls to enhance yield. This strategy aims to offer investors double-digit dividend yields by combining high-yielding stocks with covered call writing, which provides additional income and reduces portfolio risk.
Reid also elaborates on the construction of MDST’s portfolio, which selects stocks based on dividend yield and growth potential, aiming to optimize returns and manage risk. The fund’s strategy involves a rigorous selection process, leveraging in-house research to identify the best-performing stocks within the energy sector, focusing on midstream companies.
Marketing strategies for the ETF target high-net-worth individuals and RIAs, positioning it as an attractive option for those seeking income solutions within their investment portfolios. Reid’s approach underlines the importance of combining sophisticated financial instruments with strategic marketing to appeal to a broad audience, highlighting the balance between innovative financial products and practical investment solutions for retirement and income-focused portfolios.

Introduction to Behind the Ticker
Behind the Ticker
04/14/23 • 0 min
Welcome to Behind the Ticker. This show will uncover the inter-workings of the ETF industry. We will interview Portfolio Managers and ETF Service Providers to dive deep into their work lives and their business. Many of these individuals are entrepreneurs and will have unique and compelling insights to share, as much goes on, Behind the Ticker.

Springer Harris - Get ETF'd
Behind the Ticker
08/24/24 • 39 min
In a recent episode of “Behind the Ticker,” Springer Harris, the author of Get ETF’d: An Insider’s Guide to Starting and Running an ETF, shared his extensive experience in the ETF industry and the inspiration behind his book. Harris, who has spent his entire career at Teucrium, initially entered the finance industry without even knowing what an ETF was. After a brief stint in corporate PR, he found his passion for ETFs and has spent over 14 years as a portfolio manager and chief operating officer at Teucrium. As he engaged with aspiring ETF creators over the years, Harris found himself answering the same questions about launching and managing ETFs, which ultimately led him to write his book as a comprehensive guide for future ETF entrepreneurs.
Harris explains that Get ETF’d is aimed at educating asset managers and entrepreneurs about the intricacies of launching an ETF. His book walks readers through the entire process, from understanding industry terminology to selecting the right service providers, regulatory structures, and marketing strategies. He emphasizes the importance of planning, particularly the need for a three-year business plan to ensure the sustainability of a new ETF. Harris stresses that simply launching an ETF is not enough—entrepreneurs must be prepared to invest in marketing, build their brand, and stay committed for the long haul.
One of the key insights Harris provides is the distinction between different paths to launching an ETF. He discusses the advantages and drawbacks of building your own ETF business, partnering with a white-label provider, or creating a hybrid approach. While white-label solutions offer a faster and more cost-effective way to launch an ETF, they also come with trade-offs in terms of control and profitability. Harris advises entrepreneurs to evaluate their long-term goals and business plans before deciding which path to take.
Throughout the conversation, Harris emphasizes the importance of perseverance and adaptability in the ETF industry. He acknowledges that not every strategy will succeed, and closing an ETF can be a difficult but necessary decision. However, he encourages entrepreneurs to view such setbacks as learning experiences and to remain focused on their long-term vision. For more information on Harris’s book and his insights into the ETF industry, readers can visit his website at howtostartanetf.com or connect with him on LinkedIn.

Dan Petersen - New York Life
Behind the Ticker
03/15/25 • 25 min
In a recent episode of Behind the Ticker, Dan Petersen, Head of Product Management at New York Life Investments, discussed the firm’s international equity strategy and the mechanics behind the NYLI FTSE International Equity Currency Neutral ETF (ticker: HFXI). With over two decades in the industry, Petersen has held various roles in financial advisory and ETF distribution, playing a key role in the growth of IndexIQ before its acquisition by New York Life in 2015. Since then, he has focused on product development, helping expand the firm’s ETF offerings.
HFXI was designed to provide a balanced approach to international investing by hedging 50% of currency exposure while maintaining full equity market exposure. Petersen explained that historically, investors in international equities had to accept full currency exposure by default, which could add or detract significantly from returns depending on currency fluctuations. Fully hedged products emerged to remove this risk entirely, but many investors found it difficult to time when to hedge and when not to. HFXI was created to offer a middle ground—allowing investors to benefit from currency movements when favorable while reducing the risk of extreme fluctuations.
The fund achieves this partial hedge by using forward contracts that are rolled monthly, adjusting for changes in currency valuations. Petersen highlighted that currency exposure can have a substantial impact on performance, often contributing or detracting by as much as 600 to 1,000 basis points annually. By hedging half the exposure, HFXI aims to smooth out volatility while still allowing investors to participate in foreign currency strength when it occurs. This strategy is particularly beneficial in periods of global economic stability when foreign currencies tend to appreciate, as well as in risk-off environments where excessive currency exposure can compound equity drawdowns.
Petersen positioned HFXI as a long-term core allocation within international equity portfolios. Advisors can use it as a standalone replacement for unhedged international ETFs or pair it with traditional market-cap-weighted international funds to create a customized level of currency exposure. He also pointed out that international equities currently present a compelling valuation opportunity, with price-to-earnings ratios at historically attractive discounts compared to U.S. markets. Given the extreme valuation gap between U.S. and international stocks, he suggested that now may be an opportune time for investors to consider increasing international exposure.
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FAQ
How many episodes does Behind the Ticker have?
Behind the Ticker currently has 80 episodes available.
What topics does Behind the Ticker cover?
The podcast is about Markets, Entrepreneurship, Investing, Stock Market, Personal Finance, Podcasts, Finance, Trading, Business and Stocks.
What is the most popular episode on Behind the Ticker?
The episode title 'Joanna Gallegos - BondBloxx' is the most popular.
What is the average episode length on Behind the Ticker?
The average episode length on Behind the Ticker is 32 minutes.
How often are episodes of Behind the Ticker released?
Episodes of Behind the Ticker are typically released every 7 days, 1 hour.
When was the first episode of Behind the Ticker?
The first episode of Behind the Ticker was released on Apr 14, 2023.
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