Investing in the $14 trillion ETF BOOM | Jon Maier, JPMorgan
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 1 April 2026
⏱️ 25 minutes
🧾️ Download transcript
Summary
Jon Maier is the chief ETF strategist at JPMorgan Asset Management. He joins Phil Rosen on Full Signal to discuss the sea change underway in ETF flows, why active management is set up to outperform passive for the first time in years, how the Iran conflict is reshaping the macro outlook and what investors should actually do with their portfolios right now.
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Timestamps:
0:00 - Intro
0:20 - Iran conflict macro implications
1:20 - 66% of S&P stocks beating the index
3:10 - Breaking down $14T ETF market
6:00 - More ETFs than stocks
6:45 - Derivative income ETFs
8:20 - International vs. US rotation
12:05 - Bear sentiment and hedging strategies
14:30 - Rotation out of tech
15:40 - Should you go to cash right now?
18:20 - Active vs. passive long view
21:20 - How pullback compares to history
23:10 - JPMorgan Guide to ETFs
Disclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
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Transcript
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| 0:00.0 | What's up guys? On this episode of Full Signal, I sit down with John Mayer. He is the chief |
| 0:04.6 | ETF strategist at JPMorgan Asset Management. We get into the Iran conflict, the macro outlook |
| 0:10.6 | for investors this year, what ETF flows say about positioning, what clients are saying at JPMorgan, |
| 0:16.4 | and much more. I hope you enjoy this conversation. John, I would love to get into the Iran |
| 0:22.8 | conflict and your assessment of the near-term and long-term sort of macro implications that |
| 0:27.9 | you're seeing right now. Typically what we see in conflicts like this, if you look at 12 to 18 |
| 0:33.6 | months, the markets fully recover from a short-term conflict like we're experiencing |
| 0:40.4 | right now. |
| 0:41.5 | If the conflict is extended, that could change the story. |
| 0:45.6 | But at this point, and the market seems to be indicating that it's going to be a short-term |
| 0:50.8 | reaction. |
| 0:53.0 | Is it an overreaction? |
| 0:54.7 | It really depends on how long gasoline prices stay elevated. |
| 0:59.9 | Because the consumer is, some of the consumers are relatively strapped, but there is the |
| 1:05.5 | possibility for more stimulus, and that stimulus would be in the form of a tariff rebate. |
| 1:14.1 | So that's possible towards the end of the year as well to kind of offset what's going on |
| 1:18.6 | with the higher gasoline prices. |
| 1:20.7 | I think that makes sense. |
| 1:22.0 | John, let me ask you about the stock market right now. |
| 1:24.1 | You shared this great stat with me right before this. |
| 1:26.9 | 66% of S&P 500 stocks |
| 1:29.2 | are outperforming the index this year. That's a very unusually high number. And to me, |
... |
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