Delta-One Flows & Positioning: Asia equity futures bid; ETF investors favor Memory/Semis/Real Estate, cut Commodities/Crypto; HFs sell NDX, buy SPX/RTY futures; ETF rebalance noise persists

研报英文原文证据摘录

Delta-One Flows & Positioning: Asia equity futures bid; ETF investors favor Memory/Semis/Real Estate, cut Commodities/Crypto; HFs sell NDX, buy SPX/RTY futures; ETF rebalance noise persists

J P M O R G A N Global Markets Strategy

29 June 2026

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Delta-One Flows & Positioning

Asia equity futures bid; ETF investors favor Memory/

Semis/Real Estate, cut Commodities/Crypto; HFs sell

NDX, buy SPX/RTY futures; ETF rebalance noise

persists

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• Last week’s flows leaned risk-on: equities saw above-average inflows and Daniel Motoc, CFA

Memory/Semis remained the dominant equity theme, while commodities/ (1-212) 622-0105

energy saw meaningful outflows, suggesting fading geopolitical hedging daniel.motoc@jpmchase.com

demand. Asian equities saw large futures buying, including Nikkei 225 (~ J.P. Morgan Securities LLC

$7.3Bn, 3z), KOSPI 200 (~$8.5Bn, 4z), and SET 50 (~$1.4Bn, 4.4z). AI Arda Sebuktekin

demand could be seen in strong inflows to DRAM (memory) and levered semis (1-212) 270-4397

exposure (both single stock and sector-level), alongside the strong NKY/ arda.sebuktekin@jpmchase.com

KOSPI futures buying, though thematic AI ETFs saw outflows.

Tony SK Lee

• ETF flows remained noisy due to CIBs (custom in-kind basket rebalances).