JPM Delta One Flows

J P M O R G A N Global Markets Strategy 17 August 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

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 Global Equity Derivatives Strategy US-listed ETFs across asset classes. Bram Kaplan, CFA AC ( Weekly Highlights Equity flows were near-average last week, though the Tech rotation we flagged last J.P. Morgan Securities LLC week continued. Semis were again heavily net sold despite broad large-cap Tech Daniel Motoc, CFA AC 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 J.P. Morgan Securities LLC 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, Arda Sebuktekin ( longer-duration UST futures, and crypto. Finally, CFTC data shows Managed Money added significantly to Brent long positions w/w (1.3z). J.P. Morgan Securities LLC

ETFs Tony SK Lee ( • Asset classes: Equities ($25.6Bn, -0.1z) saw near-average inflows, Fixed J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Income ($13.1Bn, 0.4z) and Commodities ($1.8Bn, 0.5z) drew strong inflows, Morgan Broking (Hong Kong) Limited and Currency/Multi-asset (-$0.2Bn, -0.5z) saw outflows. Davide Silvestrini • 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), J.P. Morgan Securities plc 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 (-$3.4Bn, 4w US ETF Flows ($Bn) -1.4z), driven primarily by outflows from Semiconductors (SOXL/SMH/ 35 Equities 30.8 30.6 Fixed Income SOXX combined saw $3.9Bn of outflows). Discretionary and Financials 30 Other 25.6 25 also recorded >1z outflows.

• Styles: Multi-factor (1.5z) drew strong inflows, while Low Vol (-1.3z) and 10 5 9.2 7.9

3.5 7.4 3.9 1.5 Single Stock (-1.1z) saw notable outflows. 0 -0.2 -5 • Levered ETFs: Levered products saw outflows last week (-$0.9Bn, -0.5z), of 7/24 7/31 8/7 8/14

which roughly half came from SOXL. Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Finance L.P. • Fixed Income: Long-term gov’t bonds (1.8z), Inflation (1.2z), and 4w Global Futures Flows ($Bn) Aggregate/Multi-sector (0.7z) ETFs saw strong inflows over the past week. 60 43.2

• Commodities: Precious Metals drew inflows ($1.4Bn, 0.5z), driven by 40

inflows into Gold funds. Fiat ETFs saw strong outflows (-2.1z), as the 0 0.0 0.4 6.3

declining dollar drove outflows from UUP/USDU. -20 -6.0 -1.7 -9.3 Equities -40 Fixed Income -39.0 Futures -60 Commodities 7/24 7/31 8/7 8/14

Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg • Flows: We saw large net buying (>1.5z) in Nickel and Aluminum futures, and Finance L.P. Sum of futures in Tables 1-5. large net selling (<-1.5z) in Hang Seng, UST Ultra 10y, and Bitcoin futures. • CTAs: CTAs likely remain broadly long global equities and bought EM and China equities w/w. They likely remain short global fixed income (ex-China), long Copper and Ags, and bought Global FX vs USD w/w.

See page 21 for analyst certification and important disclosures.

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

• CFTC Positioning: Asset Managers sold USTs and cut NDX longs further last week, and they now hold historically low long positions in NDX (-1.6z). Leveraged Funds increased shorts in NDX/RTY but cut shorts in SPX/EM/EAFE. Managed Money bought Brent futures (1.3z) and sold Ags w/w.