JPM Delta One Flows

J P M O R G A N Global Markets Strategy 03 August 2026

Delta-One Flows & Positioning Aggressive dip-buying in Semis and Korea ETFs; CTAs sell oil, cover JPY shorts post-intervention

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 Flows re-risked this week, with above-average equity buying across both ETFs and J.P. Morgan Securities LLC futures. ETF investors aggressively bought the dip in Semis and Korea: SMH/ Daniel Motoc, CFA AC SOXX/SOXL alone took a record ~$9.4Bn, and Korea logged its second-largest ( weekly inflow on record. Financials also posted their strongest inflows in six months. J.P. Morgan Securities LLC Fixed Income ETFs inflows were weak, but rates futures saw heavy buying. Commodity ETFs saw broad outflows, led by Oil products as crude sold off. CTAs Arda Sebuktekin ( likely sold Brent on the pullback and covered JPY shorts after the joint Japan/US intervention. J.P. Morgan Securities LLC

ETFs Tony SK Lee ( • Asset classes: Equities ($30.8Bn, 0.3z) were above-average, Fixed Income J.P. Morgan Securities (Asia Pacific) Limited/ J.P. ($7.4Bn, -0.9z) was weak, Commodities (-$0.7Bn, -0.6z) saw outflows, and Morgan Broking (Hong Kong) Limited Currency/Multi-asset ($0.5Bn, 0z) was near-average. Davide Silvestrini • Regions: The US ($20.3Bn, 0.2z) saw modestly above-average inflows, while ( International DM ($5.5Bn, -0.4z) was moderately below-average. EM J.P. Morgan Securities plc ($5.0Bn, 1.5z) was strong, led by Korea ($2Bn, 2.6z - 2nd largest ever, primarily into EWY). However, India and MENA each saw ~1z outflows. • Sectors: Tech saw record inflows ($10.9Bn, 3.9z) as aggressive dip-buying 4w US ETF Flows ($Bn) hit Semis (SMH +$4.3Bn, SOXX +$2.7Bn, SOXL +$2.4Bn). Flows were 35 32.3 Equities 30.8 front‑loaded in the week (Mon-Wed), and flipped to outflows by Friday. 30 Fixed Income Other 25 21.3 Financials ($1.6Bn, 1.7z) also drew strong inflows (mainly XLF), while 20 15.8 15 Materials saw >1z outflows.

• Styles: Dividend, Low Vol, and Call/put writing each saw ~1z inflows. Single 0 0.2 0.6

-0.2 Stock ETFs recorded ~1z outflows, led by MSFT- and MU-linked products. -5 7/10 7/17 7/24 7/31

Thematic flows were near-average; DRAM (~$0.3Bn) posted its second- Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg lowest weekly inflow since launching in April. Finance L.P.

4w Global Futures Flows ($Bn) • Levered ETFs: Levered products pulled in strong net inflows (~$2.3Bn, 1.4z), 60 driven by SOXL (+$2.4Bn) and TQQQ (+$0.8Bn), partially offset by outflows from levered single-stock funds.

• Fixed Income: Short-term USTs and HY each saw ~1z inflows, while Money - Market ETFs saw ~1z outflows. -40 -16.4 Equities Fixed Income -39.0 Commodities • Commodities: Outflows were broad-based, led by Energy (-1.5z), mostly -60 7/10 7/17 7/24 7/31

from USO (-$0.4Bn). Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Finance L.P. Sum of futures in Tables 1-5. Futures

• Flows: Strong net buying in both Equities ($28.9Bn, 1.4z) and Fixed Income ($43.2Bn, 1.3z). We saw ~3z buying in S&P 500, plus large net buying (>1.5z) in TOPIX, HSCEI, FTSE Taiwan, UST 2y and Korea 10y futures, but large net selling (<-1.5z) in Nikkei 225, Copper, Corn and JPY futures. Oil futures flows were near-average. • CTAs: CTAs likely remain broadly long global equities and short fixed income

See page 21 for analyst certification and important disclosures.

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

(both ex-China). They likely sold Brent on this morning’s drop, covered JPY shorts after the Japan/US joint intervention, covered GBP shorts post-BOE, and sold Ags w/w. • CFTC Positioning: Asset Managers were moderate buyers of US equity futures w/w, and remain historically underweight the front-end and overweight the back-end of the UST curve. Leveraged Funds covered shorts in NDX (+1.8z) and UST Ultra Bond (+1.8z), but added to UST 10y shorts. Managed Money bought WTI (1.7z) and Corn, and sold Copper.