Delta-One Flows & Positioning Heavy US equity futures selling, offset by ETF inflows; continued inflows to memory theme; CTAs remain long equities, sell energy/precious metals

Research evidence excerpt

Delta-One Flows & Positioning Heavy US equity futures selling, offset by ETF inflows; continued inflows to memory theme; CTAs remain long equities, sell energy/precious metals

J P M O R G A N Global Markets Strategy

08 June 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

Heavy US equity futures selling, offset by ETF inflows;

continued inflows to memory theme; CTAs remain long

equities, sell energy/precious metals

Global Equity Derivatives Strategy

Bram Kaplan, CFA AC

(1-212) 272-1215

bram.kaplan@jpmorgan.com

J.P. Morgan Securities LLC

Daniel Motoc, CFA ACIn this publication, we analyze flow and positioning metrics for global futures and

(1-212) 622-0105

US-listed ETFs across asset classes. daniel.motoc@jpmchase.com

Weekly Highlights J.P. Morgan Securities LLC

Arda Sebuktekin

• US equity futures were heavily net sold last week (-$21Bn, -2z), around (1-212) 270-4397

80% of which came from selling of ES and NQ futures on Friday alone. arda.sebuktekin@jpmchase.com

However, these were largely offset by inflows into US equity ETFs. Following

Tony SK Lee

Friday’s sell-off, CTAs remain significantly long equities – CTA signals in (852) 2800-8857

the US are still broadly positive (though with a smaller downside cushion), and tony.sk.lee@jpmorgan.com

they likely remain long in Europe, Japan, and Korea equities. The memory J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

theme remains strong, with inflows to both DRAM and Korea. Friday’s Tech- Morgan Broking (Hong Kong) Limited