Delta-One Flows & Positioning Rates futures selling pressures global bonds; Memory ETF demand accelerates; ETF investors buy Growth/China/Ags, sell Multi-factor/Korea/Crypto

Research evidence excerpt

Delta-One Flows & Positioning Rates futures selling pressures global bonds; Memory ETF demand accelerates; ETF investors buy Growth/China/Ags, sell Multi-factor/Korea/Crypto

J P M O R G A N Global Markets Strategy

18 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Delta-One Flows & Positioning

Rates futures selling pressures global bonds; Memory

ETF demand accelerates; ETF investors buy Growth/

China/Ags, sell Multi-factor/Korea/Crypto

In this publication, we analyze flow and positioning metrics for global futures and Global Equity Derivatives Strategy

ACUS-listed ETFs across asset classes. Bram Kaplan, CFA

(1-212) 272-1215

Weekly Highlights bram.kaplan@jpmorgan.com

J.P. Morgan Securities LLC

AC• Last week’s bond sell-off was evident in futures markets. Investors net sold Daniel Motoc, CFA

~$33Bn (-1.8z) of global fixed income futures, with the largest DV01 selling (1-212) 622-0105

flows in 10y USTs. Additionally, CTAs likely added to shorts across global daniel.motoc@jpmchase.com

rates. In contrast, Fixed Income ETFs took in above-average inflows (~ J.P. Morgan Securities LLC

$14Bn). Despite the bond move, flows skewed risk-on: Equity ETFs saw Arda Sebuktekin

robust inflows, investors continued to crowd into memory exposure (DRAM (1-212) 270-4397

+$3.6Bn, MUU +$0.8Bn) and thematic ETFs more broadly, and China equity arda.sebuktekin@jpmchase.com

and US growth ETFs posted strong inflows.

Tony SK Lee

• ETF Flows: Equities ($30Bn, 0.5z), Fixed Income ($14.1Bn, 0.9z), and (852) 2800-8857