Delta-One Flows & Positioning

Latest edition · August 3, 2026

JPM Delta One Flows

Global equity flows turned positive this week with record inflows into semiconductor ETFs and strong futures buying. Commodity ETFs faced with broad commodity outflows, particularly in energy.

Market flows for the week of August 3, 2026, were characterized by aggressive equity re-risking. Semiconductor ETFs received record inflows totaling approximately $9.4 billion, while the Korean market also saw significant interest. Futures markets mirrored this trend, with substantial net buying in equity and fixed income. Conversely, broad-based outflows were observed in commodity ETFs, particularly in energy-linked products, as CTAs adjusted positions in Brent and JPY following recent market interventions.

Key takeaways from the latest edition

• 1.ETF investors aggressively bought the dip in Semiconductors and Korea.
• 2.Flows re-risked this week with above-average buying in equities (ETFs and futures).
• 3.CTA signals indicate continued selling in oil on the pullback and covering JPY shorts following intervention.

What this series covers

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

Edition archive

• JPM Delta One Flows

  August 3, 2026

• JPM Delta-One Flows & Positioning

  July 27, 2026

• JPM Delta-One Flows & Positioning Memory:Semis remain strong, broader US equity flows weak; rates & Europe ETFs gain, China:Brazil sold; CTAs sell rates:China

  July 13, 2026

• JPM Delta-One Flows & Positioning Memory theme remains strong; geopolitical hedging demand fades; Investors rotate from Energy:Materials to Discretionary:Tech:Financials:HC:Staples; ETF rebalance noise persists

  July 6, 2026

• JPM Delta One Flows

  July 6, 2026