JP Morgan ETF strategist on international flows, metals, and dollar (with Dominic Chu)

Yields

NDX

RUT

Oil

explicit

implicit

JPMorgan 9.0
Investment Bank $3170.00B
John Mayer 8.5

JP Morgan ETF strategist on international flows, metals, and dollar (with Dominic Chu)

metals

Now this year you're hearing lots of... conversations about metals. There's been a metal frenzy. that certainly plays into possible... weakening of the dollar the dollar debasement. Mentioned in context of current year trends and record flows into metals ($216B, 100%+ increase).

1/13/2026 2:12:43 PM	medium term up	20 days later	-0.60%	-0.60%
12/12/2025 1:23:20 PM	long term up	60 days later	+17.36%	+17.36%
12/10/2025 9:48:13 PM	short term up	5 days later	+1.03%	+1.03%
11/18/2025 1:29:07 PM	medium term sharp up	20 days later	+8.23%	+12.34%
9/30/2025 10:13:15 PM	short term sharp up	5 days later	+2.67%	+4.01%

Asks what's driving renewed interest in international markets.

Dominic Chu
John Mayer

Record-breaking ETF year with $1.4T flows. This year, conversations about metals frenzy playing into possible weakening of the dollar/dollar debasement.

Flows into metals exceeded $216B last year, over 100% increase. David Kelly anticipates further room to run for international due to AI, lower rates, shareholder-friendly policies, and weakening dollar leading investors to diversify from US-centric portfolios.
Asks about growth in active management and when we'll see active ETFs for global markets.

Dominic Chu
John Mayer

Active ETF flows hit $470B, 60% increase. 80% of new funds last year were active. Seeing meaningful flows into international active funds like JIVE (value) and JADE (EM).

Believes this is the next iteration of the ETF marketplace as new competitors enter.
Asks which geographies clients are focusing on.

Dominic Chu
John Mayer

Seeing lot of interest in Europe, particularly with lower interest rates. EM exposure as dollar weakens.

Investors reallocating portfolios, realizing a market shift/regime change is going on, and not being exposed to international would not serve portfolio.
Asks how AI intersects with global markets and which geographies benefit.

Dominic Chu
John Mayer

AI story is broadening out, international markets benefiting. European companies benefit from fiscal stimulus and weakening dollar.

Asian countries like South Korea and China will benefit, but also Europe due to improved efficiencies. Seeing capex playing out, driving innovation.
Asks what excites him most about international markets in 2026.

Dominic Chu
John Mayer

Active manager makes sense in international markets. JP Morgan spends $1B+ on research/tech.

Passive indexes weighted to few top names; active PM can find value opportunities and avoid traps. Active management will grow as ETF market evolves.

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