EM Money Trail Non-ETF outflows exacerbate even as ETFs return

研报英文原文证据摘录

EM Money Trail Non-ETF outflows exacerbate even as ETFs return

J P M O R G A N Global Markets Strategy

15 May 2026

EM Money Trail

Non-ETF outflows exacerbate even as ETFs return

EM equity fund flows remained negative (-$1.9bn), easing somewhat from last Emerging Markets Equity Strategy

ACweek (-$2.9bn). Notably, ETF flows posted a strong comeback (+$2.7bn) after Rajiv Batra

outflows last week (-$1.5bn). Meanwhile the sell-off in non-ETFs (-$4.7bn, from - (65) 6882-8151

$1.4bn) accelerated sharply amid a prolonged diplomatic limbo over the Middle East rajiv.j.batra@jpmorgan.com

conflict. Among regional funds, Asia ex-Japan saw decent inflows (+$779mn) after J.P. Morgan Securities Singapore Private Limited

two weeks of sell-off and LatAm saw marginal inflows of +$19mn. Conversely, Emy Shayo Cherman AC

GEMs regional funds saw outflows worsen (-$2.6bn, from -$455mn). Redemptions (55-11) 4950-6684

emy.shayo@jpmorgan.com

in EMEA widened slightly (-$108mn; -$93mn last week). EM ex-China funds saw Banco J.P. Morgan S.A.

marginal outflows (-$14mn). YTD, EM equity funds are +$67.8bn, of which ETFs are AC Anindita Gandhi

+$80.7bn, whereas non-ETFs are -$12.9bn. (91-22) 6157-3248

Large redemptions in Korea, sell-off in most other markets. Korea reverted to a anindita.gandhi@jpmorgan.com

J.P. Morgan India Private Limited

heavy sell-off of -$16bn, the highest in history, after a brief respite last week (+

CEEMEA Equity Strategy

$3.3bn). Taiwan also flipped to outflows (-$1.3bn) after inflows last week (+$2.6bn).

India extended outflows to a third week (-$1.5bn) and Brazil extended outflows to a David Aserkoff, CFA

fourth week, though easing from last week (-$689mn, -$1.1bn last week). Qatar (- (44-20) 7134-5887

david.aserkoff@jpmorgan.com