Delta-One Flows & Positioning

This report details institutional flow and positioning, highlighting concentrated demand in semiconductors amid broader equity caution and fixed-income inflow.

Key Takeaways

• 1.Semiconductor equities (SOXX/SOXL/DRAM) remain a core market theme with strong buying, contrasting with broader cautiousness in US equity ETF flows.
• 2.Fixed income ETFs saw robust inflows ($15.8Bn), while commodities saw mild outflows.
• 3.CTA signals indicate they remain significantly long US and global equities, while notably selling China.

Table of Contents

• Delta-One Flows & Positioning
• Weekly Highlights
• Global Equity Derivatives Strategy
• Futures Flows & Positioning
• CTA Signals
• CFTC Futures Positioning
• ETF Flows
• Appendix

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