Delta-One Flows & Positioning: Memory theme remains strong; geopolitical hedging demand fades; Investors rotate from Energy/Materials to Discretionary/Tech/Financials/HC/Staples; ETF rebalance noise persists

研报英文原文证据摘录

Delta-One Flows & Positioning: Memory theme remains strong; geopolitical hedging demand fades; Investors rotate from Energy/Materials to Discretionary/Tech/Financials/HC/Staples; ETF rebalance noise persists

J P M O R G A N Global Markets Strategy

06 July 2026

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Delta-One Flows & Positioning

Memory theme remains strong; geopolitical hedging

demand fades; Investors rotate from Energy/Materials

to Discretionary/Tech/Financials/HC/Staples; 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• Memory/Semis continue to be the dominant equity theme, while Daniel Motoc, CFA

commodities/energy saw another week of strong outflows as geopolitical (1-212) 622-0105

hedging demand continues to fade. AI demand could be seen in strong inflows daniel.motoc@jpmchase.com

to DRAM/RAM (memory) as well as strong inflows to Tech sector funds, J.P. Morgan Securities LLC

though AI thematic funds saw outflows. CIBs continue to distort ETF flows, Arda Sebuktekin

as last week we saw the redemption leg for funds rebalancing around the (1-212) 270-4397

Russell Reconstitution (e.g. VONG, VONV, VTWO, IWD). arda.sebuktekin@jpmchase.com

• ETF Flows: Equities recorded below-average inflows ($20.3Bn, -0.3z), Fixed Tony SK Lee