Positioning

Who holds which side of the main futures markets: pension funds and other asset managers, hedge funds, speculators and commercial hedgers, each group’s net position as a share of the market, and how stretched it is against the past three years.

The CFTC counts positions each Tuesday and publishes them on Friday afternoon. This page holds positions as of Nov 3, 2026, read Nov 9, 6:28 AM ET.

Positions this week

CFTC Commitments of Traders · Nov 3, 2026

S&P 500, asset managers

+46.7% of OI

−0.5 pp on the week

Asset managers · 63th pct of 3 years · Nov 3

S&P 500, leveraged funds

−18.7% of OI

+1.8 pp on the week

Leveraged funds · 32th pct of 3 years · Nov 3

10-year note, leveraged funds

−38.0% of OI

−0.1 pp on the week

Leveraged funds · 42th pct of 3 years · Nov 3

Yen, leveraged funds

−3.9% of OI

0.0 pp on the week

Leveraged funds · 79th pct of 3 years · Nov 3

WTI crude, speculators

+1.1% of OI

−0.6 pp on the week

Managed money · 10th pct of 3 years · Nov 3

Gold, speculators

+26.0% of OI

−0.6 pp on the week

Managed money · 35th pct of 3 years · Nov 3

Net position is longs less shorts as a share of all open contracts. Positive is net long.

Stock indexes and volatility

Asset managers and leveraged funds

Contract	Group	Net contracts	% of open interest	On the week	3-year percentile
S&P 500 (E-mini)	Asset managers	928,584	+46.7%	−0.5 pp	63
	Leveraged funds	−372,318	−18.7%	+1.8 pp	32
Nasdaq-100 (E-mini)	Asset managers	73,137	+25.0%	+0.7 pp	35
	Leveraged funds	10,073	+3.4%	+2.5 pp	98
VIX futures	Asset managers	−35,514	−9.6%	+2.1 pp	13
	Leveraged funds	−31,479	−8.5%	−1.5 pp	40

Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Nov 3, 2026 · read Nov 9, 6:28 AM ET

Treasuries

Asset managers and leveraged funds

Contract	Group	Net contracts	% of open interest	On the week	3-year percentile
2-year Treasury note	Asset managers	1,876,612	+42.0%	+1.4 pp	29
	Leveraged funds	−1,450,892	−32.5%	−2.5 pp	92
10-year Treasury note	Asset managers	3,030,236	+51.0%	0.0 pp	100
	Leveraged funds	−2,262,310	−38.0%	−0.1 pp	42
Treasury bond	Asset managers	415,379	+21.5%	+1.2 pp	4
	Leveraged funds	−166,257	−8.6%	−0.6 pp	99

Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Nov 3, 2026 · read Nov 9, 6:28 AM ET

Currencies

Against the dollar: long the euro is short the dollar

Contract	Group	Net contracts	% of open interest	On the week	3-year percentile
Euro	Asset managers	144,925	+16.5%	−3.5 pp	1
	Leveraged funds	−78,559	−9.0%	−0.8 pp	1
Japanese yen	Asset managers	79,387	+20.9%	−3.5 pp	78
	Leveraged funds	−14,817	−3.9%	0.0 pp	79
British pound	Asset managers	−121,163	−49.3%	+1.5 pp	8
	Leveraged funds	26,663	+10.9%	+4.1 pp	33

Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Nov 3, 2026 · read Nov 9, 6:28 AM ET

Commodities

Speculators (managed money) and hedgers (producers and merchants)

Contract	Group	Net contracts	% of open interest	On the week	3-year percentile
WTI crude	Managed money	21,728	+1.1%	−0.6 pp	10
	Producers and merchants	369,347	+19.4%	0.0 pp	97
Natural gas	Managed money	−225,359	−13.4%	−1.1 pp	1
	Producers and merchants	−418	0.0%	+0.2 pp	92
Gold	Managed money	103,614	+26.0%	−0.6 pp	35
	Producers and merchants	−8,912	−2.2%	+0.2 pp	100
Copper	Managed money	34,890	+10.6%	−1.4 pp	37
	Producers and merchants	−55,218	−16.8%	+2.6 pp	85
Corn	Managed money	8,795	+0.5%	−3.9 pp	62
	Producers and merchants	−411,258	−21.4%	+3.5 pp	37
Wheat (Chicago)	Managed money	−87,126	−16.3%	−2.1 pp	51
	Producers and merchants	−6,500	−1.2%	+2.3 pp	61

Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Nov 3, 2026 · read Nov 9, 6:28 AM ET

S&P 500 futures

Net position, % of open interest, three years

-40%-20%0%20%40%60%Dec ’23JunDecJunDecJun

Asset managers
Leveraged funds

10-year Treasury futures

Net position, % of open interest, three years

-50%-25%0%25%50%75%Dec ’23JunDecJunDecJun

Asset managers
Leveraged funds

Asset managers are pension funds, insurers and mutual funds; leveraged funds are hedge funds and trend followers. In Treasuries, leveraged funds’ large net short is mostly the futures side of the cash-futures basis trade, not a bet on yields. A position at the edge of its three-year range is the one most likely to be unwound quickly if the market moves against it.

ARCANE reporting

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