JPM Delta One Flows

J P M O R G A N Global Markets Strategy 10 August 2026

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Delta-One Flows & Positioning Semis sold despite strong QQQ/NDX demand; HC & Discretionary see inflows; IEF-to-TLT rotation; Managed Money/CTAs buy Commodities

In this publication, we analyze flow and positioning metrics for global futures and Global Equity Derivatives Strategy US-listed ETFs across asset classes. Bram Kaplan, CFA AC ( Weekly Highlights Last week’s flows were again broadly risk-positive, with strong inflows into J.P. Morgan Securities LLC equities, fixed income, and commodities, alongside continued demand for US Daniel Motoc, CFA AC exposure. Beneath the surface, weekly flows showed a notable rotation within the ( Tech complex, as Semis were heavily net sold despite QQQ ($9.1Bn, ~2z) and NDX J.P. Morgan Securities LLC futures ($11Bn, 2z) both seeing heavy net buying. In fixed income, investors appeared to extend duration, with a notable rotation out of IEF and into TLT, while HY Arda Sebuktekin ( Corporates, Munis, Inflation, and Loans also saw strong demand. Futures positioning was similarly constructive, with strong net buying in equity futures led by NDX and J.P. Morgan Securities LLC strong buying in commodity futures from both Managed Money and CTAs. Tony SK Lee ETFs ( J.P. Morgan Securities (Asia Pacific) Limited/ J.P. • Asset classes: Equities ($30.6Bn, 0.3z) and Currency/Multi-asset ($1.2Bn, Morgan Broking (Hong Kong) Limited 0.4z) saw above-average inflows last week, while Fixed Income ($16.1Bn, Davide Silvestrini 1.2z) and Commodities ($2.7Bn, 1z) drew strong inflows. ( • Regions: The US ($24.7Bn, 0.5z) recorded strong inflows last week, alongside J.P. Morgan Securities plc notable inflows into Canada (0.9z), Europe (0.5z), and CEEMEA (0.8z). International DM ($4.2Bn, -0.8z) saw weaker-than-average inflows, while Mexico recorded ~1z outflows. 4w US ETF Flows ($Bn) • Sectors: Sector flows showed a notable rotation within the Tech complex, 35 32.3 Equities 30.8 30.6 with Semiconductor ETFs seeing heavy outflows even as broader Nasdaq 30 Fixed Income Other 25 exposure remained well-supported. SOXX alone recorded ~$3Bn of net 20 16.1 15 outflows, while QQQ saw very strong inflows ($9.1Bn, ~2z). Outside Tech, flows rotated into Discretionary ($0.8Bn, 2.1z) and Health Care ($1.4Bn, 5 0.6 3.5

0 1.7z), while Energy (-$0.5Bn, -0.9z) saw above-average outflows. -5 -0.2

• Styles: Momentum ETFs saw strong outflows w/w (-1.8z), while Low Vol, Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Finance L.P. Volatility, Multi-factor, and Dividend ETFs all saw ~1z inflows. Single Stock ETFs (-$0.8Bn, -1.2z) also recorded strong outflows, with the bulk 4w Global Futures Flows ($Bn) concentrated in NVDA/MSFT/MU/PLTR funds. • Levered ETFs: Levered products saw outflows last week (-$1.3Bn, -0.8z),

with roughly half of the total coming from TQQQ (-$460Mn) and SPXL (- 0 0.0

-1.9 -1.7 -6.0 $200Mn). -20 -16.4 Equities -40 Fixed Income

• Fixed Income: HY Corporates, Munis, Inflation, and Loans ETFs saw >1z -60 7/17 -39.0

7/24 7/31 Commodities 8/7 inflows last week. We also saw a notable duration extension, with a large Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg rotation out of IEF (-$4.1Bn) and into TLT ($2.9Bn). Finance L.P. Sum of futures in Tables 1-5.

• Commodities: Broad Commodities (1.5z) and Energy (1.1z) saw strong inflows last week, while Precious Metals drew above-average inflows ($1.8Bn, 0.6z), primarily into GLD ($1.5Bn).

See page 21 for analyst certification and important disclosures.

Bram Kaplan, CFA AC Global Markets Strategy ( August 2026 JPMORGAN

• Flows: Equity futures saw strong net buying last week ($24Bn, 1.1z), including $11Bn of net buying in NDX futures. We also saw large net buying (>1.5z) in TOPIX, CSI 500/1000, FTSE Taiwan, UST Long Bond, and USD/BRL futures, and large net selling (<-1.5z) in Dow Jones, FTSE/JSE Top 40, Hang Seng…