Delta

Latest edition · July 20, 2026

JPM Delta One Flows

This report covers global flow and positioning metrics for futures and US-listed ETFs. It highlights a market divergence with significant futures de-risking, buying in semiconductors, and record inflows into Korea.

The report details a week of volatile market activity marked by heavy net selling of equity futures, notably the NDX, contrasted by sustained inflows into US equity ETFs. Semiconductor and memory stocks remained a primary focus, benefiting from strong buying interest, and Korea saw record ETF inflows of $3.3Bn. Meanwhile, CTAs reduced long exposure to equities and rotated into energy futures, spurred by geopolitical concerns in the Middle East.

Key takeaways from the latest edition

• 1.Memory/Semis were the dominant equity theme with strong buying, while Korea logged its largest weekly net inflow on record.
• 2.Equity futures were heavily net sold amid market weakness, while bond futures saw strong net buying.
• 3.CTAs likely trimmed equity exposure and bought energy futures as prices rose on tensions in the Middle East.

What this series covers

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

Edition archive

• JPM Delta One Flows

  July 20, 2026

• JPM Delta-One Flows & Positioning

  June 29, 2026

• JPM Delta-One Flows & Positioning Heavy US equity futures selling, offset by ETF inflows; continued inflows to memory theme; CTAs remain long equities, sell energy:precious metals

  June 8, 2026

• JPM Delta-One Flows & Positioning US Equity ETF Inflows and Korea:China Outflows Accelerate; Model Rebalance Skews Style Flows; Sector & Bond Rotation; Japan Futures Bought

  June 1, 2026