Delta-One Flows & Positioning

Research evidence excerpt

Delta-One Flows & Positioning

J P M O R G A N Global Markets Strategy

13 July 2026

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Memory/Semis remain strong, broader US equity flows

weak; rates & Europe ETFs gain, China/Brazil sold;

CTAs sell rates/China

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• Memory/Semis remain the core equity theme: SOXX/SOXL/DRAM saw Daniel Motoc, CFA

strong buying, partly offset by outflows from levered single-stock Semis ETFs. (1-212) 622-0105

Outside that segment, flows look more cautious. Equity ETF demand stayed daniel.motoc@jpmchase.com

soft for a second week (just ~$4Bn into US equities ex-memory/semis/ARK J.P. Morgan Securities LLC

CIBs), and equity futures flipped to mild net selling (-0.6z). Meanwhile, rates Arda Sebuktekin

ETFs pulled in strong inflows, while energy remained under pressure despite (1-212) 270-4397

renewed Middle East tensions, with moderate outflows from energy equity/ arda.sebuktekin@jpmchase.com

commodity ETFs.

Tony SK Lee

• ETF Flows: Fixed Income saw strong inflows ($15.8Bn, 1.1z), Equities (852) 2800-8857

($21.3Bn, -0.3z) and Currency/Multi-asset ($0.3Bn, -0.2z) were modestly tony.sk.lee@jpmorgan.com

below-average, and Commodities saw mild outflows (-$0.1Bn, -0.3z) last J.P. Morgan Securities (Asia Pacific) Limited/ J.P.