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

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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

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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