JPM-Delta-One Flows Positioning Strong ETF inflows to health care bonds gold crypto...-20251006

In this publication, we analyze flow and positioning metrics for global futures and US-listed ETFs across asset classes.

Weekly Highlights

• Futures Flows: Last week we saw large net selling (<-1.5z) in FTSE 100, UST Long Bond, GBP, and JPY futures, and large net buying (>1.5z) in Nikkei,KOSPI, CSI 500, Gasoil, and Gold futures. We also saw a large switch or spread trade that sold Brent (-3.7z) and bought WTI (2.4z) futures.

• CTAs: Based on key momentum signals, CTAs likely remain broadly long global equities. They likely bought front-end US rates and Natgas but sold a few other energy contracts last week and remain short EMEA/APAC rates, long precious metals, and have mixed exposure in global FX vs USD.

• CFTC Positioning: Updated data is unavailable as the CFTC announced that Commitments of Traders Reports will not be published during the government shutdown. See here for the latest published data (as of 9/23).

• ETF Flows: Last week, ETFs recorded near-average inflows into Equities ($18.2,0.1z) and strong inflows into Fixed Income ($13.5Bn, 1.7z), Commodities ($2.4Bn, 1.2z), and Currency/Multi-asset ($5.5Bn, 2.5z).

• Regionally, US ETFs saw moderately below-average inflows ($10.6Bn, -0.2z),while International DM ($5.9Bn, 1.5z), Brazil (3.1z), and MENA (2.8z) saw strong inflows last week.