Behind the Ticker offers investors a chance to get under the hood of newer or more niche ETFs. Brad Roth, Managing Partner and CIO of Thor Financial Technologies, talks strategy and the human side of investing and ETFs with the individuals bringing these funds to market. Roth sits down with Paul Marino, Chief Revenue Officer at Themes ETFs, to talk thematic investing via satellite portfolio positions, and opportunities both now and on the horizon for investors. They dig into two of the firm's funds, the T ...

Core Insights - The 2026 BBH Global ETF Investor Survey indicates a robust global demand for ETFs, with a notable shift towards active management and thematic ETFs [1] - Nearly all surveyed investors (96%) plan to increase their ETF exposure over the next 12 months, consistent with previous findings from February 2025 [1] Active Management Trends - In 2025, approximately 1,000 new active ETFs were launched, with 98% of professional investors intending to expand their exposure to actively managed ETFs in the coming year [1] - A majority of ETF investors (66%) believe that active management will be the most attractive investment approach over the next 12 months, compared to 34% favoring passive management [1] - Most investors (94%) anticipate that active ETFs will reach $10 trillion in assets within the next decade, with 77% expecting this milestone within seven years [1] Thematic Investing Growth - There is a significant interest in thematic investing, with 36% of surveyed investors looking to increase their exposure, marking a 17% increase from 2025 [1] - Specific strategies gaining traction include dividend/income ETFs (33%) and defined outcome ETFs (26%) [1] - Thematic ETFs linked to VettaFi indexes are highlighted as opportunities for investors seeking targeted exposure beyond broad market indices [1] ETF Market Preferences - The survey underscores a clear trend where investors are moving towards active management and high-conviction thematic strategies, moving away from broad market exposure [1] - The BBH report provides extensive data on various aspects of the ETF market, including regional allocation nuances and the maturation of fixed income ETFs [1] - The ETF wrapper remains the preferred investment vehicle for both institutional and retail investors navigating a complex macro environment [1]

Core Insights - The shift towards "physical AI" is driving significant growth in the robotics sector, with the ROBO Global Robotics and Automation Index ETF (ROBO) experiencing a surge in fund flows and performance [1] Fund Performance - ROBO's assets under management reached $1.7 billion, with a year-to-date increase of $452 million as of February 26, 2026, of which $255 million came from direct flows [1] - For the one-year period trailing February 25, ROBO returned 37.0%, significantly outperforming the SPY's 18.0% gain [1] - Year-to-date in 2026, ROBO has climbed 14.8%, while the broader market has only increased by 1.7% [1] Investor Sentiment - A VettaFi survey indicates that 74% of advisors have robotics or AI exposure in client portfolios, with an additional 19% seeking entry points [1] - Despite concerns over valuations, ROBO's multiples remain lower compared to the 2021 peak, with 95% of companies in the index projected to be profitable this earnings season [1] Macro Drivers - The demand for robotics is supported by a global labor shortage, with U.S. domestic robot shipments projected to reach a historical high of 40,000 units in 2026 [1] - Global robotics funding in the private sector reached $10.3 billion in 2025, the highest level in four years [1] - The U.S. is set to introduce a National Robotics Strategy in 2026, emphasizing the importance of automation for national security [1] Investment Focus - ROBO invests in global companies that are leading innovations in robotics, automation, and artificial intelligence (RAAI) [1] - Top holdings in the fund include Teradyne, IPG Photonics, Fuji, Jenoptik, and Fanuc as of February 25 [1]

Company Overview - Symbotic, Inc. specializes in robotics and automation solutions for supply chain and warehouse operations, known for its innovative technology that enhances efficiency and reduces costs for clients [1] - The company competes with other automation and robotics firms, focusing on maintaining a competitive edge through continuous innovation [1] Stock Performance - On February 5, 2026, Needham maintained a "Buy" rating for Symbotic, raising the price target from $70 to $75, indicating a positive outlook despite the current stock price of $53.48 [2] - Symbotic's stock price experienced a rally following the release of its first-quarter earnings report, reflecting positive investor sentiment despite mixed results [3] - Currently, SYM's stock price is $53.48, down 4.70% or $2.64, with trading between a low of $51.45 and a high of $56.28 for the day [4] Market Capitalization and Trading Activity - Symbotic has a market capitalization of approximately $33.77 billion, indicating its substantial size and presence in the industry [5] - The trading volume for the day is 4,048,652 shares on the NASDAQ exchange, suggesting active investor interest in the stock [5]

Company Overview - Nature's Miracle Holding Inc. has appointed Dr. Jinlong "Frank" Du as President of its Agricultural Business, aiming to enhance its position in the Controlled Environment Agriculture (CEA) market [1][5] - The company is focused on becoming an integrated supplier of products and services to the global CEA market, with plans to expand U.S. manufacturing of agricultural equipment [5][7] Leadership and Expertise - Dr. Du is a recognized leader in indoor growing and CEA, with over 20 years of experience and a track record of executing more than 300 large-scale smart greenhouse projects globally [2][3] - His expertise includes advanced horticultural lighting, energy-efficient systems, and high-yield crop production, which will be instrumental in driving the company's agricultural initiatives [2][5] Market Potential - The global CEA market is estimated to be approximately $90 billion in 2025 and is projected to exceed $200 billion by 2030, with a compound annual growth rate (CAGR) of about 14–16% [4] - Growth in the CEA market is driven by urbanization, food security concerns, water conservation, and the adoption of advanced technologies like IoT and automation [4] Strategic Goals - Under Dr. Du's leadership, the company aims to achieve approximately $50 million in agriculture-related revenue in 2026 [6] - The strategic focus includes offering "Made in USA" solutions to customers, enhancing the company's competitive edge in the CEA industry [5][6]

Group 1: Market Performance - The U.S. stock market had a positive performance in 2025, with the S&P 500 up more than 16%, the Nasdaq Composite up over 20%, and the Dow Jones Industrials up close to 13% [1] - The "Magnificent Seven" stocks, driven by the AI boom, performed well, although Amazon underperformed with a 5% increase, the lowest among these stocks [2] Group 2: Amazon's E-commerce Efficiency - Amazon's e-commerce business has become more efficient, historically generating significant revenue, often exceeding that of many S&P 500 companies in a fiscal year [4] - The company has invested heavily in robotics and automation, which has allowed it to cut costs and increase efficiency, projecting savings of up to $4 billion with nearly 40 robotic fulfillment centers by year-end [6] Group 3: Amazon's Business Segments - Amazon Web Services (AWS) is crucial to the company's overall business, accounting for about 18% of total revenue ($33 billion) but over 65% of total operating income ($11.4 billion) in Q3 [7] - The advertising business is Amazon's fastest-growing segment, expected to outpace AWS, with a year-over-year growth of 24% [8][9]

Group 1: ETF Industry Overview - The ETF industry experienced record net inflows of $1.49 trillion in 2025, setting a high benchmark for 2026 [1] - Specific market segments are being monitored for potential investment opportunities in 2026 [1] Group 2: Small-Cap ETFs - The S&P 600 Index rose only 6% in 2025, significantly underperforming the S&P 500 by over 1,000 basis points, although small-caps showed improvement in Q4 [2] - Small-cap ETFs faced net redemptions in 2025, with the iShares Russell 2000 ETF (IWM) and iShares Core S&P Small-Cap ETF (IJR) experiencing outflows of $4.6 billion and $2.7 billion respectively [3] - There is interest in whether the late December demand for small-cap ETFs will continue into 2026 [3] Group 3: AI and Thematic ETFs - AI-focused ETFs saw significant inflows, with the iShares A.I. Innovation and Tech Active ETF (BAI) attracting $7.6 billion in 2025, and the Dan Ives Wedbush AI Revolution (IVES) nearing $1 billion in assets shortly after its June launch [4] - The Range Nuclear Renaissance Index ETF (NUKZ) outperformed AI-themed funds with a 55% increase in 2025, driven by rising demand for nuclear energy as AI infrastructure expands [5] - The ROBO Global Robotics and Automation Index ETF (ROBO) gained 22% in 2025, with expectations for continued interest in robotics [5] Group 4: High Yield ETFs - Fixed income ETFs saw substantial net inflows of $439 billion in 2025, with U.S.-focused high yield ETFs performing strongly, such as the iShares Broad USD High Yield Corporate Bond ETF (USHY) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG), which rose 8.8% and 8.6% respectively [6] - High yield credit spreads ended 2025 at historically tight levels, yet 38% of advisors still view high yield corporate bonds as attractive [7] - The USHY ETF gathered $6.1 billion in 2025, although demand slowed in the latter half of the year, while HYG attracted $1.5 billion of its total $4.8 billion in December alone [7]

Core Viewpoint - Amazon's stock has underperformed compared to other tech giants, particularly in the context of the rising AI sector, despite its strong position in cloud infrastructure services [1][4]. Financial Performance - Amazon's share price has increased by approximately 43% over the last five years, which is significantly lower than the 86% total return of the Nasdaq Composite index [1]. - Year-to-date, Amazon's stock has risen only 3%, while the S&P 500 and Nasdaq have gained 16% and 20%, respectively [2]. Market Position - Amazon has been particularly affected by pandemic-related challenges and inflation, leading to its underperformance compared to other "Magnificent Seven" tech companies [4]. - Despite these challenges, Amazon maintains a leading position in the cloud infrastructure market, which is crucial for the ongoing AI trend [4]. Business Segments - The Amazon Web Services (AWS) segment has shown strong growth, and the e-commerce division has also returned to robust growth [6]. - The digital advertising business is expanding rapidly, benefiting from Amazon's status as the world's leading online retail platform [6]. Future Outlook - There are indications that Amazon's growth potential may be underestimated, particularly with the expected continued demand for AI-related services driving AWS expansion [7]. - Trends in robotics and automation could significantly enhance profitability for Amazon's e-commerce operations [7].

Core Viewpoint - Tesla may be facing a net loss in Q4 2025, with indications that the company is already unprofitable due to declining automotive sales and increasing operating expenses [1][12]. Automotive Sales Performance - Tesla's automotive revenue has declined year over year in both Q1 and Q2 of 2025, marking the first time since 2012 that the company has experienced two consecutive quarters of revenue declines [3]. - Despite a record Q3 automotive revenue of $21.2 billion, this was largely driven by the expiration of the $7,500 U.S. federal electric vehicle tax credit, which incentivized purchases in that quarter [3]. Industry Trends - Other automakers have reported significant declines in EV sales for November, with Ford down 60.8%, Hyundai down 58.8%, Kia down 62%, and Honda down 88.6% [4]. - If Tesla's vehicle sales decline by 50% year over year in Q4, automotive revenue could drop to approximately $9.9 billion, contributing to an overall revenue decline of about 10% to $17.9 billion [5]. Pricing and Revenue Impact - Tesla has introduced cheaper "Standard" versions of its Model 3 and Model Y, which are priced about $5,000 lower than their counterparts, potentially reducing revenue by over $1 billion if these models dominate sales [6][7]. - Even with a conservative estimate that only half of the sales will be the Standard versions, the revenue could still decrease by $600 million, leading to a total of $17.3 billion for Q4 [7]. Margin Analysis - Tesla's gross margin has been on a decline, peaking at 29.1% in Q1 2022 and falling to 18% in Q3 2025 [8]. - If the trend continues, the Q4 gross margin could drop to 17.2%, resulting in a gross profit of just under $3 billion based on the estimated revenue [9]. Operating Expenses - Operating expenses have increased significantly, totaling $3.4 billion in Q3, driven by SG&A, AI, and R&D projects [11]. - If operating expenses remain flat at $3.4 billion in Q4, they would exceed the gross profit estimate, leading to a potential operating loss of $400 million [12]. Optimistic Scenarios - Even under optimistic assumptions, such as lower EV sales decline and stable operating expenses, Tesla appears unprofitable for Q4 [13]. - If any optimistic assumptions fail, such as a larger decline in EV sales or increased R&D spending, the net loss could be significantly higher [14]. Future Outlook - There is a possibility that Tesla could report a smaller decline in sales or unexpected growth in non-automotive revenue, but the expectation is that Elon Musk will need to acknowledge the company's unprofitability during the Q4 earnings call [15].

Core Insights - The article highlights the emerging trend of photonics as a critical component in the infrastructure supporting AI, robotics, and industrial automation, which is gaining attention from investors [1][5] - Photonics technology offers significant efficiency gains by using light to transmit data, reducing energy consumption and heat generation compared to traditional copper wiring [3][4] Industry Overview - Traditional data centers face limitations due to energy waste and heat generation from copper wiring, which is a significant challenge for power-intensive applications like AI [2] - The shift to photonics, utilizing optical interconnects and fiber optics, allows data to be transmitted at the speed of light with minimal energy loss, enhancing performance per watt [3] Investment Opportunities - The article presents a "picks and shovels" investment strategy, focusing on hardware companies essential for AI and automation, such as Lumentum, Jenoptik, and Coherent, which have reported strong earnings [4] - ETFs like ROBO and THNQ provide diversified exposure to companies involved in the photonics infrastructure, which is crucial for the future of AI and robotics [5][7]