Delta-One资金流与持仓：半导体资金流出持续，科技需求广泛；非必需消费品/金融及法币ETF资金流出，长期美国国债资金流入；管理资金买入布伦特原油

研报英文原文证据摘录

J P M O R G A N

Global Markets Strategy

17 August 2026

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Delta-One Flows & Positioning

Semis outflows continue amid broad Tech demand;

outflows from Discretionary/Financials and fiat ETFs,

inflows to long-dated USTs; Managed Money buys

Brent

In this publication, we analyze flow and positioning metrics for global futures and

US-listed ETFs across asset classes.

Weekly Highlights

Equity flows were near-average last week, though the Tech rotation we flagged last

week continued. Semis were again heavily net sold despite broad large-cap Tech

demand remaining strong: QQQ drew ~$3Bn of inflows while NDX futures saw ~

$7.5Bn of net buying. Regionally, Europe/India/Japan were net positive, but we saw

more selective EM risk-taking as Brazil and Latam witnessed strong outflows. In

futures, investors added to industrial metals while cutting exposure in Hang Seng,

longer-duration UST futures, and crypto. Finally, CFTC data shows Managed

Money added significantly to Brent long positions w/w (1.3z).

Global Equity Derivatives Strategy

Bram Kaplan, CFA AC

(1-212) 272-1215

J.P. Morgan Securities LLC

Daniel Motoc, CFA AC

(1-212) 622-0105

J.P. Morgan Securities LLC

Arda Sebuktekin

(1-212) 270-4397

J.P. Morgan Securities LLC

ETFs

Tony SK Lee

Asset classes: Equities ($25.6Bn, -0.1z) saw near-average inflows, Fixed

Income ($13.1Bn, 0.4z) and Commodities ($1.8Bn, 0.5z) drew strong inflows,

and Currency/Multi-asset (-$0.2Bn, -0.5z) saw outflows.

(852) 2800-8857

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Regions: The US ($17.7Bn, 0z) and International DM ($6.6Bn, 0z)

accounted for the bulk of equity inflows over the past week. Europe (0.8z),

India (0.7z), and Japan (0.5z) saw inflows, while Brazil (-2.8z) and Mexico

(-1.5z) witnessed large outflows.

Sectors: Tech ETFs saw continued outflows over the past week (-$3.4Bn,

…