JPM Delta One Flows

J P M O R G A N Global Markets Strategy 14 September 2026

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Delta-One Flows & Positioning Defensive tilt persists: weak equity flows, heavy rates futures selling, credit ETF outflows, memory still under pressure

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 stayed cautious last week. Equity ETFs flipped back to inflows but remained J.P. Morgan Securities LLC weak, while equity futures were essentially flat. Fixed income was the main pressure Daniel Motoc, CFA AC point: rates futures saw heavy net selling (~-$82Bn, -3z) while bond ETF inflows were ( light (~$5Bn, -1.5z). Within bond ETFs, corporates took the brunt (~3z selling) J.P. Morgan Securities LLC with sizeable outflows from both IG and HY. Most equity sectors posted outflows, and style flows also leaned defensive, with rotation into Low Vol and Defined Arda Sebuktekin ( Outcome. Memory remained under pressure – Korea saw 3M-high outflows and DRAM logged a third straight week of outflows. The geopolitics/energy complex was J.P. Morgan Securities LLC mixed, with another week of heavy buying in energy futures, but modest outflows Tony SK Lee from energy equities and inflows to inverse oil ETFs. The debasement trade paused ( as gold and crypto both posted moderate outflows. CTAs likely reduced equities and sold copper/US natgas/gold/European FX w/w. J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited ETFs Davide Silvestrini ( • Asset classes: Equities ($12.7Bn, -0.9z) and Fixed Income ($5.3Bn, -1.5z) saw weak inflows, while Commodities ($0.3Bn, -0.2z) and Currency/Multi-asset J.P. Morgan Securities plc ($0.7Bn, 0z) were near-average. • Regions: The US ($8.3Bn, -0.6z) and International DM ($3.8Bn, -0.9z) both 4w US ETF Flows ($Bn) drew weak inflows. At a country level, Korea (-$0.6Bn, -1.2z) stood out, 40 Equities 35.0 posting its largest outflow since May. Fixed Income 30 Other

• Sectors: Sector flows were broadly weak, with ~1z outflows from 20

Discretionary, Industrials, Materials, Real Estate, and Comm. Services. 3.7 5.3 1.0 0 The exception was Financials (0.7z), which drew above-average inflows. -10 -12.8 • Styles: Flows tilted risk-off, with strong inflows to Low Vol (1.7z) and Defined -20 8/21 8/28 9/4 9/11

Outcome (0.7z), and outflows from Single Stock ETFs (-0.7z). In thematics, Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg DRAM saw a third consecutive week of outflows (~-$0.3Bn). Finance L.P.

4w Global Futures Flows ($Bn) • Levered ETFs: Levered products saw moderate inflows last week ($0.6Bn, 80 Equities 0.3z), led by TQQQ (~$0.4Bn). 60 Fixed Income 54.3 Commodities 40

• Fixed Income: Corporates (-$4Bn, -3z) saw heavy outflows, spanning both

IG (-2.5z) and HY (-1.9z). Munis (-2.6z) had their largest outflow in over a -

-40 -31.7 year, though investors bought the dip in long-term Treasuries ($1.9Bn, 1.7z; -60 -80 mainly TLT). -100 -82.3 8/21 8/28 9/4 9/11

• Commodities: Energy saw above-average inflows, though nearly ⅔ went into Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Finance L.P. Sum of futures in Tables 1-5. the short oil ETF SCO. Precious Metals (-0.3z) saw their first outflows in six weeks. • Currency/Multi-Asset: Crypto (-0.3z) posted its first outflows in four weeks. Liquid Alts drew strong inflows ($0.7Bn, 1.8z), mainly into DBMF.

See page 21 for analyst certification and important disclosures.

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

• Flows: We saw large net buying (>1.5z) in SSE50, MSCI Singapore, Gasoline and TTF Natgas futures, and large net selling (<-1.5z) in MSCI EM, TOPIX, UST 2y/10y/Ultra Bond, Germany 2y/5y, SOFR/EURIBOR/SONIA and JPY futures. • CTAs: CTAs likely reduced equity exposure w/w as spot softened, and…