JPM Delta One Flows & Positioning

J P M O R G A N Global Markets Strategy 27 July 2026

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Delta-One Flows & Positioning Flows turn cautious as AI concerns resurface: Semis/ Momentum/HY weaken, while Memory/Commodities/ Option-based ETFs attract inflows; UST futures sold

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 were cautious last week as concerns around the AI trade resurfaced and J.P. Morgan Securities LLC geopolitical headwinds persisted. Weakness was concentrated in Semis, Daniel Motoc, CFA AC Momentum, and HY bonds, and sector flows reflected a cyclical to defensive ( rotation. The bright spots were Memory, Option-based ETFs and Commodities: J.P. Morgan Securities LLC DRAM and Korea each drew ~$1Bn, both income- and hedging-oriented option ETFs saw strong demand, and commodities were well bid across broad exposure and Arda Sebuktekin ( precious metals. In futures, the main story was heavy selling across the UST curve. CTAs likely trimmed US but added to EMEA equities and Brent w/w. J.P. Morgan Securities LLC

ETFs Tony SK Lee ( • Asset classes: Equities ($9.2Bn, -1.1z) and Fixed Income ($7.9Bn, -0.8z) saw J.P. Morgan Securities (Asia Pacific) Limited/ J.P. below-average inflows. Commodities posted strong inflows ($3Bn, 1.1z), Morgan Broking (Hong Kong) Limited while Currency/Multi-asset was near average ($0.5Bn, 0z). Davide Silvestrini • Regions: DM equity flows were soft in both the US ($2.4Bn, -1z) and ( Internationally ($4.5Bn, -0.7z). EM flows were above-average, led by Korea J.P. Morgan Securities plc ($1.1Bn, 1.4z), which was still strong but well below the prior week. • Sectors: Tech recorded very large outflows (-$6.9Bn, -3.2z) driven by ~ $6.5Bn of redemptions in Semis (mainly SMH/SOXX) and weakness in 4w US ETF Flows ($Bn) Software (IGV -$0.7Bn). Financials/Industrials also saw outflows, while 35 32.3 Equities

Health Care/Real Estate drew inflows. 30 Fixed Income Other 25 21.3 20.3

• Styles: Momentum (-1.5z) saw strong outflows; Growth and Value were also

soft, while Low Vol saw inflows. Option-based strategies continue to draw 10 8.1 9.2 7.9

3.5 5 strong demand, with call writing ($1.7Bn, +1.4z) and defined outcome 0 0.2 0.6

-1.4 ($0.7Bn, +1.1z) both posting strong inflows. -5 7/3 7/10 7/17 7/24

• Levered ETFs: Levered products saw above-average net inflows (~$0.9Bn, Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Finance L.P. 0.6z), led by TQQQ and TSLL, but with meaningful outflows from levered single-stock ETFs tied to NVDA, MU, and SNDK. 4w Global Futures Flows ($Bn) 60 48.4 Equities

• Fixed Income: Long-term USTs ($1.1Bn, 1.4z) drew strong inflows, while 40 Fixed Income Commodities

HY Corporates (-$0.7Bn, -1.1z) saw notable outflows.

• Commodities: Commodity ETFs recorded their strongest inflows since -

February. Flows were split between Broad Commodities ($1.5Bn, ~5z, led -40 -39.0

by PDBC/BCI) and Precious Metals ($1.5Bn, 0.5z, led by GLD). -60 7/3 7/10 7/17 7/24

Source: J.P. Morgan Equity Derivatives Strategy, Bloomberg Futures Finance L.P. Sum of futures in Tables 1-5.

• Flows: Heavy selling across the UST futures curve (~$56Bn net sold, -2.5z). Elsewhere, large net buying (>1.5z) in FTSE China A50, NIFTY 50, and Germany 30y; and large net selling (<-1.5z) in EM, Hang Seng, SSE50, UK

See page 21 for analyst certification and important disclosures.

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

10y, and Soybean futures. • CTAs: CTAs likely trimmed US equity longs w/w, as markets dipped and volatility rose, but bought EMEA and remain broadly long global equities (ex-China/India). They likely bought Brent following Iran escalation headlines. Positioning likely remains short global rates, precious metals, and global FX vs. USD, and long Ags. • CFTC Positioning: Asset Managers…