Delta-One Flows & Positioning: Strong inflows to Semis/AI and Space themes amid Iran deal optimism; continued outflows from EM and Ags; CTAs trim rates shorts, sell commodities

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Delta-One Flows & Positioning: Strong inflows to Semis/AI and Space themes amid Iran deal optimism; continued outflows from EM and Ags; CTAs trim rates shorts, sell commodities

J P M O R G A N Global Markets Strategy

15 June 2026

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Delta-One Flows & Positioning

Strong inflows to Semis/AI and Space themes amid Iran

deal optimism; continued outflows from EM and Ags;

CTAs trim rates shorts, sell commodities

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• Equities and rates were net bought last week across both ETFs and futures Daniel Motoc, CFA

on Iran deal optimism. The AI and Space themes stayed in focus: (1-212) 622-0105

Semiconductor ETFs pulled in >4z inflows, alongside strong demand for daniel.motoc@jpmchase.com

memory (DRAM, KORU) and space (NASA, ARKX). EM equity ETFs J.P. Morgan Securities LLC

continued to see outflows, led by China and Latam. Arda Sebuktekin

• ETF Flows: Equities ($35.9Bn, 0.8z) and Fixed Income ($12.3Bn, 0.4z) saw (1-212)arda.sebuktekin@jpmchase.com270-4397

strong inflows, Commodities (-$1.6Bn, -1.1z) saw outflows, and Currency/ J.P. Morgan Securities LLC

Multi-asset ($0.3Bn, -0.4z) recorded below-average inflows. Tony SK Lee

• Regionally, the US ($32Bn, 1.1z) drove the bulk of equity inflows last week. (852) 2800-8857