Delta-One Flows & Positioning: Dip-buying in Semis; Korea sees record ETF inflows; Futures de-risk while ETFs add; CTAs buy energy, trim equities

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Delta-One Flows & Positioning: Dip-buying in Semis; Korea sees record ETF inflows; Futures de-risk while ETFs add; CTAs buy energy, trim equities

J P M O R G A N Global Markets Strategy

20 July 2026

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Delta-One Flows & Positioning

Dip-buying in Semis; Korea sees record ETF inflows;

Futures de-risk while ETFs add; CTAs buy energy, trim

equities

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 were the dominant equity theme again last week: SOXX/ Daniel Motoc, CFA

SOXL/DRAM saw strong buying and Korea logged its largest weekly net (1-212) 622-0105

inflow on record. Futures and ETFs diverged: equity futures were heavily net daniel.motoc@jpmchase.com

sold amid the market weakness (-1.6z, led by NDX) while equity ETFs still J.P. Morgan Securities LLC

printed moderately above-average inflows. In rates, bond futures saw strong Arda Sebuktekin

net buying (1.5z) even as bond ETFs inflows were weak. Gasoline futures were (1-212) 270-4397

bid (~3z) on renewed Middle East tensions. CTAs likely trimmed equity arda.sebuktekin@jpmchase.com

exposure and bought energy futures.

Tony SK Lee

• ETF Flows: Equities saw above-average inflows ($32.3Bn, 0.4z), Fixed (852) 2800-8857

Income recorded weak inflows ($8.1Bn, -0.8z), Commodity flows were tony.sk.lee@jpmorgan.com