Delta-One Flows & Positioning: Flows turn cautious as AI concerns resurface: Semis/Momentum/HY weaken, while Memory/Commodities/Option-based ETFs attract inflows; UST futures sold

研报英文原文证据摘录

Delta-One Flows & Positioning: Flows turn cautious as AI concerns resurface: Semis/Momentum/HY weaken, while Memory/Commodities/Option-based ETFs attract inflows; UST futures sold

J P M O R G A N Global Markets Strategy

27 July 2026

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Delta-One Flows & Positioning

Flows turn cautious as AI concerns resurface: Semis/

Momentum/HY weaken, while Memory/Commodities/

Option-based ETFs attract inflows; UST futures sold

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

Flows were cautious last week as concerns around the AI trade resurfaced and J.P. Morgan Securities LLC

geopolitical headwinds persisted. Weakness was concentrated in Semis, Daniel Motoc, CFA AC

Momentum, and HY bonds, and sector flows reflected a cyclical to defensive (1-212) 622-0105

rotation. The bright spots were Memory, Option-based ETFs and Commodities: daniel.motoc@jpmchase.com

DRAM and Korea each drew ~$1Bn, both income- and hedging-oriented option J.P. Morgan Securities LLC

ETFs saw strong demand, and commodities were well bid across broad exposure and Arda Sebuktekin

precious metals. In futures, the main story was heavy selling across the UST curve. (1-212) 270-4397

arda.sebuktekin@jpmchase.com

CTAs likely trimmed US but added to EMEA equities and Brent w/w. J.P. Morgan Securities LLC

ETFs Tony SK Lee

(852) 2800-8857