Delta-One Flows & Positioning: Aggressive dip-buying in Semis and Korea ETFs; CTAs sell oil, cover JPY shorts post-intervention

Research evidence excerpt

Delta-One Flows & Positioning: Aggressive dip-buying in Semis and Korea ETFs; CTAs sell oil, cover JPY shorts post-intervention

J P M O R G A N Global Markets Strategy

03 August 2026

Delta-One Flows & Positioning

Aggressive dip-buying in Semis and Korea ETFs; CTAs

sell oil, cover JPY shorts post-intervention

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

Flows re-risked this week, with above-average equity buying across both ETFs and J.P. Morgan Securities LLC

futures. ETF investors aggressively bought the dip in Semis and Korea: SMH/ Daniel Motoc, CFA AC

SOXX/SOXL alone took a record ~$9.4Bn, and Korea logged its second-largest (1-212) 622-0105

weekly inflow on record. Financials also posted their strongest inflows in six months. daniel.motoc@jpmchase.com

Fixed Income ETFs inflows were weak, but rates futures saw heavy buying. J.P. Morgan Securities LLC

Commodity ETFs saw broad outflows, led by Oil products as crude sold off. CTAs Arda Sebuktekin

likely sold Brent on the pullback and covered JPY shorts after the joint Japan/US (1-212) 270-4397

arda.sebuktekin@jpmchase.com

intervention. J.P. Morgan Securities LLC

ETFs Tony SK Lee

(852) 2800-8857

• Asset classes: Equities ($30.8Bn, 0.3z) were above-average, Fixed Income tony.sk.lee@jpmorgan.com

($7.4Bn, -0.9z) was weak, Commodities (-$0.7Bn, -0.6z) saw outflows, and J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

Currency/Multi-asset ($0.5Bn, 0z) was near-average. Davide Silvestrini

• Regions: The US ($20.3Bn, 0.2z) saw modestly above-average inflows, while (44-20) 7134-4082