Delta-One Flows & Positioning: Record Semis Inflows With Pivot to Unlevered; Munis/Mid-Term USTs Bid, Utilities/Money Market/Gold Sold; CTAs De-Risk US/Japan/Brazil

J.P. Morgan's Global Equity Derivatives Strategy team analyzes cross-asset flow and positioning metrics for global futures and US-listed ETFs. Semiconductor ETFs attracted a record ~$12.7bn, surpassing the prior $9.3bn record from late July, with a clear pivot toward unlevered products as SOXX, SOXL and SMH drew $6.5bn, $2.8bn and $2.6bn respectively. Regionally, Canada saw strong inflows while Brazil was quiet ahead of the runoff election; non-tech sectors were broadly weak, led by Utilities, Materials, Financials and Staples. In fixed income, Munis posted a fourth straight week of strong inflows at $4.4bn, medium-term government bonds drew $2.8bn, and Money Market ETFs flipped to $0.9bn of outflows. Gold was sold, with GLD losing $2.3bn. In futures, equities and rates each saw roughly 1z of net buying; CTA signals point to de-risking in US and Japan equities as volatility picked up, and to additional pressure on Brazil assets.