JPM-Delta-One Flows Positioning ETF inflows into US equities agg bonds copper...-20260105

Futures Flows: Last week we saw large net selling in Silver futures (-2.9z) thatreversed the prior week’s large buying (+3.4z). Futures flows were otherwisefairly muted in the holiday-shortened week, apart from ~2z selling in Gasoilfutures.

CTAs likely remain broadly long global equities, biased short in global rates(apart from the US front-end), short Energy, long Metals, and have mixedexposures in Ags and global FX vs. USD, based on key signals.

CFTC Positioning: CFTC data has caught up, following delays from thegovernment shutdown. Asset managers have elevated net longs in US large cap& EM equities, and added to longs in NDX, EM, EAFE equities, and 10yTreasuries w/w. Leveraged funds increased shorts in NDX/EAFE futures, whileManaged Money bought energy but sold metals futures w/w.