Delta-One Flows & Positioning: Memory bought, Semis sold; China equity/bond futures buying; rebalances skew ETF flows

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Delta-One Flows & Positioning: Memory bought, Semis sold; China equity/bond futures buying; rebalances skew ETF flows

J P M O R G A N Global Markets Strategy

22 June 2026

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Delta-One Flows & Positioning

Memory bought, Semis sold; China equity/bond futures

buying; rebalances skew ETF flows

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• ETF flows were distorted by CIBs: Several index families ran quarterly Daniel Motoc, CFA

rebalances around last Friday’s quad-witching, prompting multiple ETFs to (1-212) 622-0105

execute custom in-kind basket rebalances (‘CIBs’) that skewed reported flows. daniel.motoc@jpmchase.com

Last week, we saw large inflows into VO, VB, VXF, VTV, COWZ, and others J.P. Morgan Securities LLC

from the apparent creation leg of these rebalances, which will likely reverse Arda Sebuktekin

this week as the redemption leg is executed. At the same time, we saw large (1-212) 270-4397

outflows tied to the redemption leg of ARK CIBs flagged last week, and some arda.sebuktekin@jpmchase.com

funds (e.g. SCHD, IJR, MOAT, etc.) may have completed both legs last week.

As a result, separating signal from noise in equity ETF “flows” is unusually Tony SK Lee

(852) 2800-8857

difficult this week. tony.sk.lee@jpmorgan.com