2026年全球资金流向与流动性复盘报告（英文版）

ThismaterialisneitherintendedtobedistributedtoMainlandChinainvestorsnortoprovidesecuritiesinvestmentconsultancyserviceswithinthe

territoryofMainlandChina.Thismaterialoranyportionhereofmaynotbereprinted,soldorredistributedwithoutthewrittenconsentofJ.P.Morgan.

Flows&Liquidity

RevisitingequitysupplyanddemandfromthecomingIPOs

•Thetypicaljumpinthefreefloatshareaftertheexpiryofthelock-upperiodinIPOsreflectsarathermechanicalreclassificationbyindexprovidersandisnotnecessarilytheresultofsellingbyinsidersorothershareholders.

•WhatiscertainisthattheinclusionoftheanticipatedbigthreeIPOsintoequityindiceswouldnecessitatesizeablepassivedemandfromindexinclusionandrebalancing.

•Weestimate$410bnoftotalpassivebuyingoncelockupperiodsexpire,mostlikelyduringH12026.This$410bnofbuyingbypassivefundscouldbeaccommodatedbyacombinationofcompaniesthemselvesreleasingpreviousrepurchasedsharesornon-strategicinvestorssellingtopassivefunds.

•Atindexlevel,theincreasedweightsofthenewlyincludedcompanieswouldcomeattheexpenseoftheweightsofthecompaniestheyreplaceaswellasthebiggesttechcompanieslikeMag7.Thatsaid,thisindexrebalancingwouldnotnecessarilyentailactualsellingofMag7stocksbypassivefundsifthepastyearspatternofstrongandsteadyinflowsintopassiveequityfundscontinuesgoingforward.

•TheYTDrotationawayfromChinesetechtowardsKoreaandTaiwantechcontinuesintheequityfuturesspace,withonlytentativesignsofapauseintheequityETFspace.

•Theunderperformancetrendofbothethereumandotheraltcoinsvs.bitcoinisunlikelytochangeunlessweseemeaningfulimprovementsinnetworkactivity,DeFiandrealworldapplications.

Seepage28foranalystcertificationandimportantdisclosures.

GlobalMarketsStrategy

NikolaosPanigirtzoglouAC

(44-20)7134-7815

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J.P.MorganSecuritiesplc

MikaInkinen

(44-20)77426565

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J.P.MorganSecuritiesplc

MinMoonAC

(1-212)272-8456

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MayurYeole

(9122)61573872

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(91-22)6157-5016

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J.P.MorganIndiaPrivateLimited

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CrossAssetFundFlowMonitor

Currentlevelshowsthelatestpercentileofweeklyflows;Minisdenotedby0andMaxby1.Asof6thMay26.

Source:Lipper,ICI,BloombergFinanceL.P.andJ.P.MorganFlows&Liquidity.

*USLLhistoricalflowsaremonthlyaveragesconvertedtoweeklyforcomparison.ChinaonshoreA-shareETFshavebeenexcluded.

CrossAssetPositioningMonitor

Currentlevelshowsthelatestpercentile,Minisdenotedby0andMaxby1.

Source:J.P.MorganFlows&Liquidity.

CrossAssetPositioningMonitoraggregatesacrossthe

variouspositionindicatorsofAppendixrangingfrom

positioningproxiesacrossvariousfuturescontracts,

momentumsignalsasproxiesofhowtrend-followingfunds/CTAsarepositioned,mutualfundbetasasproxiesofhowmutualfundmanagersarepositioned,riskparityfund

positioningandleverageproxies,hedgefundbetasas

proxiesofhowhedgefundmanagersarepositioned,clientsurveys,assetallocationestimatesofprivatenon-bank

investorsatgloballevel,shortinterestindicators,etc.

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•Wehavenotedpreviously

(F&L,

Feb26th)thattheclosetozeronetequityissuancethatunderpinsourbullish

equitydemand/supplyprojectionforthisyearisunlikelytochangeasaresultofthepotentialIPOsbythethree

biggestprivateAIcompanies.Thisinturnhasraised

questionsinourconversationsoverwhathappensafter

thecompaniesgopublic.Tolookatthisquestion,welookattheexperienceontheaftermathofcompanieslisting

viaIPOsintermsoftheevolutionoftheshareoffree

floattototalmarketcapandtheholdingsofinsiders,typi-callycompanyofficersanddirectorsaswellaslarge

shareholdersthatholdamorethan10%stake.

•WestartbylookingattenofthelargestIPOssince2010

fordataavailabilityoninsidershares,andlookatthefreefloatshareaswellasthepercentageshareofinsiderhold-ingsinthefirst12monthsaftertheIPO

.Figure

1

and

Fig-

ure2

showtheaverageofthefreefloatsharesandthe

individualfreefloatsharesoftheseIPOsrespectively,and

Figure3

and

Figure4

showtheaverageofinsidersharesandtheinsidersharefortheindividualcompaniesrespec-tively.

•Wemakethefollowingobservations.First,thefreefloatsharesnormallyincreaserelativelyslowlyuntillockups

expire,typicallyaround6monthsaftertheIPO.Second,thereisconsiderablevariationinlevelintermsofboth

freefloatsharesandinsidersharesatthecompanylevel,reflectingasignificantheterogeneityincapitalstructures.Thissuggeststhatwhilethereisacommontrendinthe

freefloatshare,wecannotgeneralisefromthishistoricalexperienceonwherethecomingthreelargeAIcompanyIPOswillsettlearoundintermsoftheleveloffreefloat

andinsidershares.Andthird,thereisonaverageatrendforamodestdeclineintheinsidersharesintheyearaftertheIPO,thoughatthecompanyleveltherearealsosignif-icantdifferences(formanycompaniestherehasbeenlit-tlereductionininsiderstakes).

Figure1:Averagefreefloatshares

xaxisdenotesnumberoftradingdaysaftertheIPO.In%.

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure2:Breakdownoffreefloatshares

xaxisdenotesnumberoftradingdaysaftertheIPO.In%.

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure3:AverageofInsidersshares

xaxisdenotesnumberoftradingdaysaftertheIPO.In%.

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure4:BreakdownofInsidersshares

xaxisdenotesnumberoftradingdaysaftertheIPO.In%.

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

•Isthetypicaljumpinthefreefloatshareaftertheexpiryofthelock-upperiodtheresultofsellingbyinsidersorothershareholders?Theanswertoourmindisno.

Instead,thejumpinthefreefloatshareaftertheexpiryofthelock-upperiodisrathermechanical.Thisisduetothefactthatoncethelock-upperiodsexpire,theholdingsofnon-insiders,i.e.non-strategicinvestorswithastakeof

4

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lessthan10%oremployeesotherthanthoseclassifiedasinsiders,arecountedtowardthefreefloatwhetherthey

sellorkeeptheirstakes.Thisiseffectivelyareclassifica-tioneffectbyindexproviders.Anargumentcouldalsobemadethattherehavebeenalreadyseveralopportunities

fornon-insiderstosellpartoftheirstakesinthebigthreeprivateAIcompaniesbeforelistingthroughstructured

tenderoffersorsecondarymarkettransactions,thoughinpracticethecapacityofthesesecondarymarketsmaybelimited.Andcompaniesthemselvesmayhavebeenwill-ingtorepurchasesomeoftheirsharesaheadofthelisting,perhapstoreleasetheseholdingsafterthelock-upperiodexpirytofacilitatepassivedemand.

•Indeed,whatiscertainisthattheinclusionoftheantici-

patedbigthreeIPOsintoequityindiceswouldnecessitatesizeablepassivedemandfromindexinclusionandrebal-ancing.Whilethevisibilityofcapitalstructuresislimited,itseemsthatthefreefloatofthesecompanieswould

eventuallylikelyincreasetoaround30%-50%afterthe6-monthlockupperiodsexpires,mostlikelyduringthefirsthalfof2027.Howmuchpassivebuyingcouldthisgenerate?

•OurcolleagueMinMooninequityindexresearchhas

outlinedsometimelinesofhowtheinclusionprocess

couldtakeplacefordifferentindexproviders,aswellas

somecalculationsofhowmuchpassivedemandcouldbecreatedatdifferentlevelsoffreefloatshareassumptions(see

LargeCapIPOsandPotentialIndexInclusion,

May11th).AssumingthethreeanticipatedIPOsaccountforacombinedmarketcapofaround$3.5tr,andthatatlistingaround4%oftheshareswouldbecountedtowardthefreefloat,thiswouldimplypassiverebalancingdemandof

around$40bnintotalwhentheyareinitiallyincludedinindices.Attheendofthelockupperiods(typically6

months)andassumingthatthefreefloatshareincreasestoaround40%,orthemid-pointofthe30%-50%range,thiscouldcreateadditionalpassiverebalancingdemand

of$370bnbringingthecumulativetotalrebalancingrelat-eddemandto$410bn.This$410bnofbuyingbypassivefundscouldbeaccommodatedbyacombinationofcom-paniesthemselvesreleasingpreviousrepurchasedsharesornon-strategicinvestorssellingtopassivefunds.At

indexlevel,theincreasedweightsofthenewlyincludedcompanieswouldcomeattheexpenseoftheweightsofthecompaniestheyreplaceaswellasthebiggesttech

companieslikeMag7.Thatsaid,thisindexrebalancing

wouldnotnecessarilyentailactualsellingofMag7stocksbypassivefundsifthepastyearspatternofstrongand

steadyinflowsintopassiveequityfundscontinuesgoingforwardasadisproportionateamountoftheseinflows

couldbedeployedintothenewlylistedcompaniestoreachtheincreasedweights.

•Whataboutthehistoricalexperienceattheindexlevel?

Figure5

showsthefreefloattototalmarketcapratiofortheS&P500andNasdaqcomposite.Thefreefloatsharehashistoricallybeenmorestable,whichreflectsthefact

thatbythetimecompaniesarelistedintheS&Ptheytendtobemorematureandestablished,therearestricterinclu-sioncriteria,andtheshareofinstitutionalholdingstendstobehigher.Thatsaid,therehasbeenagreaterconver-

genceovertimeasthefreefloatshareoftheNasdaqhasbeenrisingtowardsthatoftheS&Povertime.Inpart,thisislikelyduetothematuringofthetechsectorandinstitu-tionalisationofownership,aswellasincreasingoverlap

astheS&Phasbecomeincreasinglytechheavy.

•Thisprocesshasnotbeenlinear,however.Forexample,

from2020untillate2021,thefreefloatshareoftheNas-daqdeclinedsignificantlyamidatechIPOandSPAC

boomthatsawalotofnewlypubliccompanieswithsig-nificantstakesfromfoundersaswellasPEandVCinves-tors,andperhapswithincreasedstockrewardsforinsid-ersandemployeesamidthebullmarket.From2022to

2024,thisreversedaslockupperiodsexpired,allowing

founderstoselltoinstitutionalinvestorsandasstrategicinvestorholdingswereeithersoldorreclassifiedaspartofthefreefloat,asthemarketcorrectionreducedtech

weightssomewhatandasIPOactivitydriedup.The

inclusionoftheanticipatedthreeIPOsintoequityindicesatasomewhatmoreexpeditedtimelinecouldseeanotherdeclineinindexfreefloatratiosasthenewcompanies

enterequityindicesatlowerfreefloatratiosthanthecur-rentindexaverage.

Figure5:FreefloattototalmarketcapratiosfortheS&P500andNasdaqcomposite

In%.

100%

98%

96%

94%

92%

90%

88%

S&P500NasdaqComposite

060708091011121314151617181920212223242526

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

•Inall,thetypicaljumpinthefreefloatshareafterthe

expiryofthelock-upperiodinIPOsreflectsarather

mechanicalreclassificationbyindexprovidersandisnotnecessarilytheresultofsellingbyinsidersorothershare-

5

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holders.Thatsaidtheinclusionoftheanticipatedbig

threeIPOsintoequityindiceswouldnecessitatesizeablepassivedemandfromindexinclusionandrebalancing.Weestimate$410bnoftotalpassivebuyingoncethelock-upperiodsexpire,mostlikelyduringH12026.This$410bnofbuyingbypassivefundscouldbeaccommodatedbyacombinationofcompaniesthemselvesreleasingprevious-lyrepurchasedsharesornon-strategicinvestorssellingtopassivefunds.Atindexlevel,theincreasedweightsofthenewlyincludedcompanieswouldcomeattheexpenseoftheweightsofthecompaniestheyreplace,aswellasthebiggesttechcompanieslikeMag7.Thatsaid,thisindex

rebalancingwouldnotnecessarilyentailactualsellingofMag7stocksbypassivefundsifthepastyearspatternofstrongandsteadyinflowsintopassiveequityfundscon-tinuesgoingforward.

TheYTDrotationawayfromChinesetechtowardsKoreaandTaiwantechcontinuesintheequityfuturesspacewithonlytenta-tivesignsofapauseintheequityETF

space

•OneofthemostintenseflowsYTDhasbeentheinflow

impulseintoKoreanandTaiwaneseequities.Thisstrong

flowimpulsehasbeenseeninboththefuturesandequityETFspaces.Thisisshownby

Figure

6

to

Figure

9.

Figure

6

and

Figure

7

depictourfuturespositioningproxies

basedonopeninterestchangesforKOSPIandTAIEX/

FTSETaiwanequityfutures.Figure

8

andFigure

9

depictourcumulativeflowsas%ofAUMforKoreanandTai-

waneseoffshoreequityETFs.Overall

,Figure

6

and

Fig-

ure9

suggestthattheaccelerationofinflowsintoKoreanandTaiwaneseequitiesoverthepastfivemonthshasnotonlybeendrivenbyfuturesbasedinvestorssuchashedgefundsbutalsooffshoreretailinvestorsviaoffshoreETFs.

Figure6:OurfuturespositioningproxyforKoreanequityfutures

In000’sofcontracts.

200

180

KOSPI200PositionProxy

160

140

120

100

80

60

40

20

0

Jun-25Sep-25Dec-25Mar-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure7:OurfuturespositioningproxyforTaiwaneseequityfutures

In000’sofcontracts.

180

160

140

TAIEX(onshore)PositionProxy

FTSETaiwan(offshore)PositionProxy

120

100

80

60

40

20

0

-20

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

6

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GlobalMarketsStrategy

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Figure8:Cumulativeflowsas%ofAUMintooffshoreKoreaequityETFs

70%

KoreanEquityOffshoreETFs

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure9:Cumulativeflowsas%ofAUMintooffshoreTaiwanequityETFs

30%

25%

TaiwanEquityOffshoreETFs

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure10:OurfuturespositioningproxyforHSCEIfutures

In000’sofcontracts.

500

HSCEI(offshore)PositionProxy

400

300

200

100

0

-100

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure11:Cumulativeflowsas%ofAUMintooffshoreChina&HKequityETFs

15%

10%

5%

0%

-5%

China&HKEquityOffshoreETFs

Jan-25Apr-25Jul-25Oct-25Jan-26Apr-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

•Whathasbeenequallystrikingthisyearisthattheaccel-erationofinflowsintoKoreanandTaiwaneseequitieshascomeattheexpenseofChinatech,withourfuturesposi-tioningproxyforHSCEIfuturesonadownwardtrajecto-ryYTD.Thisisasharpreversalfromthesteepupward

trajectoryinHSCEIfuturespositionsoftheprevioustwo

years(Figure

10).A

broaderinvestorshifttowards

upstreamAIcompaniesmighthavebeenonereason

behindthisrotationawayfromChinesetechtowards

KoreaandTaiwantechand/orsimplyanincreaseincon-cernsaboutthemonetizationstrategiesofChineseAI

companies.Sofarthereislittlesignthatthisrotationis

abatinginthefuturesspace(Figure

6

,Figure

7

,Figure

10)

withonlytentativesignsofapauseintheequityETF

space(Figure

8

and

Figure

11).

7

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Theunderperformancetrendofboth

ethereumandotheraltcoinsvs.bitcoinisunlikelytochangeunlessweseemeaning-fulimprovementsinnetworkactivity,DeFiandrealworldapplications

•DespitethecryptomarketrecoverysincetheIranconflicterupted,ethereumunderperformedbitcoinasshownin

Figure

12.Thisunderperformanceisalsoseen

intheETFflowspace.WhilespotbitcoinETFshaverecovered

roughlytwo-thirdsoftheirpreviousoutflows,spotethere-umETFshavebarelyrecovered

athird(Figure

13).Look-

ingatCMEbitcoinandethereumfuturesasaproxyfor

institutionalpositioning,weseeasimilarpicture,withbit-coinfuturespositioninghavingrecoveredalmostallofitspreviousdrawdown

(Figure

14),

whileethereumfuturespositioningisstillsomewayfromfullyrecovering

(Fig-

ure

15).

Figure12:Ratioofethereumtobitcoin’smarketcap

60%

50%

40%

30%

20%

10%

0%

Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

Source:CoinMarketcap,J.P.MorganFlows&Liquidity.

Figure13:Spotbitcoinandethereumflowas%AUMfromOct10th2025onwards

Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26Apr-26May-26

0%

-2%

-4%

-6%

-8%

-10%

-12%

-14%

-16%

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure14:OurpositionproxybasedonopeninterestchangesinCMEbitcoinfuturescontracts

Innumberofcontracts.LatestdatauntilMay12th

75000

65000

55000

45000

35000

25000

15000

5000

-5000

-15000

Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

Figure15:OurpositionproxybasedonopeninterestchangesinCMEethereumfuturescontracts

Innumberofcontracts.LatestdatauntilMay12th

65000

55000

45000

35000

25000

15000

5000

-5000

Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

BitcoinEthereum

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

•Thereissomewhatlessdifferentiationwithmomentum

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tradershoweverasonourcalculationstheystillappeartobeslightlyunderweightbothbitcoinandethereum

(Figure

16)

,suggestingthatCTAsandcryptoquantfundshave

yettorebuildsignificantlongpositionssincetheOctober10th2025deleveragingevent.

Figure16:Ourproxyformomentumtraderspositioningonbitcoinandethereum

2.0

Bitcoin

Ethereum

1.5

1.0

0.5

0.0

-0.5-1.0

-1.5

Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

•Couldupcomingethereumupgradesboostitspricerela-

tivetobitcoin?Historically,upgradeshavenottranslatedintostrongeron-chainactivity;instead,theyhavereducedLayer2costs,leadingtolowernetworkfeesanddimin-

ishedtokenburn,whichinturnincreasednetsupplyandweakenedpricesupport.Theupcoming2026upgrades

(GlamsterdamandHegota)aimtoraisenetworkthrough-putandlowertransactioncostsonethereumchain,

strengtheningethereum'sscalabilityandbroaderutility.

However,itremainstobeseenwhetherthesecoming

improvementscansucceedinboostingnetworkactivityoratleastdriveenoughdemandgrowthtooffsetthecontin-uedreductioninethereum'sburnmechanismandresultingnetsupplyincrease.Asmentionedinourpreviouspubli-cations,ethereumupgradesoverthepreviousthreeyearshadfailedtosucceedinboostingnetworkactivity.

•Altcoinsexethereumhavebeensimilarlyunderperform-

ingbitcoinsince2023(Figure

17)be

causeofmore

adverseliquidityconditions,lowermarketdepthand

breadth,lackofDeFigrowth,hacksandsecuritybreach-es.Allthesefactorshaveerodedconfidenceinthebroad-eraltcoinecosystemanddiscouragedthedeploymentoffreshcapital.

Figure17:Ratioofaltcoins(exethereum)tobitcoin’smarketcap

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25Jan-26

Source:CoinMarketcap,J.P.MorganFlows&Liquidity.

•Inall,bothethereumandotheraltcoinshavebeenunder-performingbitcoindespitethecryptomarketrecovery

sincetheIranconflict.Andthisunderperformancetrendthatstartedin2023isunlikelytochangeunlessweseemeaningfulimprovementsinnetworkactivity,DeFiandrealworldapplications.

9

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Appendix

ChartA1a:Globalequity&bondfundflows

$bnperyearofNetSales,i.e.includesnetnewsales+reinvesteddividendsfor

MutualFundsandETFsglobally,i.e.forfundsdomiciledbothinsideandoutsidetheUS.FlowscomefromICI(worldwidedatauptoQ4’25).Datasincethenarea

combinationofmonthlyandweeklydatafromLipperandBloomberg.

1600

1400

1200

1000

800

600

400

200

0

-200

-400

-600

13551330

1119

EquityBonds

1135

913

1024

864

849

723

757

673

698

576462

351

630

691

503

480

411

494

294

234

228

202

342296282

140

196

119100

67

11

6699

-212-172

-324

060708091011121314151617181920212223242526

Source:ICI,LSEGLipper,BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.

ChartA1b:QuarterlyBalanced/Mixedfunds&MMFsflowsworldwide

AsofMar-26

MIN

MAX

Turnoverratio

Vol(tr)

y/ychng

Equities

EMEquity

DMEquity

1.1

1.5

$1.6

$14.5

104%

52%

GovtBonds

USTcash

USTfuturesJGBs

Bundfutures

12.3

0.9

44.5

1.6

$20.3

$23.6

¥4,727

€14.9

7%

18%

5%

18%

Credit

USHG

USHY

USConvertibles

1.2

0.6

3.8

$1.0

$0.2

$0.04

17%

3%

18%

Commodities

Gold

Oil

Copper

88.7

99.7

3.0

$2.9

$6.1

$0.9

109%

-3%

106%

DigitalAssets

CMEBitcoin

CMEEthereum

112.3

103.1

$0.074

$0.033

-33%

60%

$bnperquarterofNetSales,i.e.includesnetnewsales+reinvesteddividendsforMutualFundsandETFsglobally,i.e.forfundsdomiciledbothinsideandoutsidetheUS.DatacomefromICI(worldwidedata)andaretillQ4’25.

1500

1000

500

0

-500

-1000

1475152307

1295

627

145

82

301

404

MMFsflows

Balanced/Mixedfunds

900

708671

598

456

546

150193

12617386

2

276196157259175100

-48

-70

-79

-151

-58

-182

-289

-646-711

080910111213141516171819202122232425

Source:ICI,J.P.MorganFlows&Liquidity.

ChartA2:Fundflowindicator

DifferencebetweenflowsintoEquityandBondfunds:$bnperweek.DifferencebetweenflowsintoEquityvs.Bondfundsin$bnperweek.FlowsincludeMutualFundandETFflowsglobally,i.e.fundsdomiciledbothinsideandoutsidetheUS(source:Lipper).Thethinbluelineshowsthe4-weekaverageofdifferencebetweenEquity

andBondfundflows.Dottedlinesdepict±1StDevofthebluelinesince2009.The

thickblacklineshowsasmoothedversionofthesameseries.ThesmoothingisdoneusingaHodrick-PrescottfilterwithaLambdaparameterof100.ChinaonshoreA-

shareETFshavebeenexcluded.

20

10

0

-10

-20

Lastobservation:6-May-26

091011121314151617181920212223242526

Source:LSEGLipper,J.P.MorganFlows&Liquidity.

TableA2:Tradingturnovermonitor

VolumesaremonthlyandTurnoverratioisannualised(monthlytradingvolume

annualiseddividedbytheamountoutstanding).USTCashisprimarydealer

transactionsinallUSgovernmentsecurities.USTfuturesarefromBloomberg

FinanceL.P.JGBsareOTCvolumesinallJapanesegovernmentsecurities.Bunds,

Gold,OilandCopperarefutures.GoldincludesGoldETFs.Min-Maxchartisbased

onTurnoverratio.ForBundsandCommodities,futurestradingvolumesareused

whiletheoutstandingamountisproxiedbyopeninterest.Thediamondreflectsthe

latestturnoverobservation.ThethinbluelinemarksthedistancebetweentheminandmaxforthecompletetimeseriessinceJan-2005onwards.Y/Ychangeischangein

YTDnotionalvolumesoverthesameperiodlastyear.

*Datawithonemonthlag

Source:BloombergFinanceL.P.,FederalReserve,Trace,JapanSecuritiesDealerAssociation,WFE,J.P.MorganFlows&Liquidity.

10

NikolaosPanigirtzoglouAC(44-20)7134-7815

nikolaos.panigirtzoglou@

J.P.MorganSecuritiesplc

MikaInkinen(44-20)77426565

mika.j.inkinen@

J.P.MorganSecuritiesplc

MinMoonAC(1-212)272-8456

min.k.moon@

J.P.MorganSecuritiesLLC

MayurYeole(9122)61573872

mayur.yeole@

J.P.MorganIndiaPrivateLimited

GlobalMarketsStrategyFlows&Liquidity

13May2026

ETFFlowMonitor(asof13thMay)ChartA3:GlobalCrossAssetETFFlows

CumulativeflowsintoETFsasa%ofAUM

Equity

Bonds

60%

50%

Commodity

40%

30%

20%

10%

0%

-10%

-20%

Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26

Source:BloombergFinanceL.P.,J.P.MorganFlows&Liquidity.ChinaonshoreA-shareETFshavebeenexcluded.

ChartA5:GlobalEquityETFFlows

CumulativeflowsintoglobalequityETFsasa%ofAUM

EM

35%

US

30%

Europ