Delta-One Flows and Positioning Weekly Update

Global equity ETF inflows were dominated by a major model rebalance favoring US equities, while Emerging Markets and Crypto faced heavy selling. Japan saw significant futures buying across equities and bonds.

Key Takeaways

• 1.Equity ETFs saw massive inflows of $45.8Bn, heavily influenced by a large-scale BlackRock model rebalance that rotated capital from international markets into US equities.
• 2.Emerging Markets experienced significant outflows, specifically led by Korea ($1.2Bn) and China ($0.7Bn), contrasting with strong US inflows.
• 3.Crypto ETFs faced heavy liquidation with $1.6Bn in outflows, while interest in thematic ETFs like Space and Memory remained high.

Table of Contents

• Weekly Highlights
• Global Equity Derivatives Strategy
• Futures Flows & Positioning
• Fixed Income Futures Flows & Positioning
• Interest Rates Futures Flows & Positioning
• Commodity Futures Flows & Positioning
• FX/Crypto Futures Flows & Positioning
• CTA Signals
• CFTC Futures Positioning
• ETF Flows
• Appendix

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