Jay explains the “be, beat, modify” equity framework — a simple but powerful way to think about building portfolios. ETFs are no longer just passive vehicles — they’re reshaping how investors approach equity markets in 2025. In this Ask Me Anything edition of The Bid, Jay Jacobs, U.S. Head of Equity ETFs at BlackRock, answers listener questions on active ETFs, thematic strategies, and the forces transforming global capital markets. This conversation offers a roadmap for investors navigating market volatility, megaforces, and the evolving ETF landscape. Key moments: 00:12 Understanding Equity Markets 00:48 Building a Portfolio: Be the Market 01:14 Enhancing Returns: Beat the Market 02:00 Managing Risk: Modify the Market 02:49 Factor Exposures in 2025 03:25 Systematic Strategies for Factor Rotation 03:55 Outcome-Oriented Strategies 🎧Check out the full episode on Spotify: open.spotify.com/show/56rc5KHG6Btk19lEAmw7I2 👉 Subscribe to The Bid podcast playlist for more insights...