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Beta Siller Advisory

Equities

Positioning in equity index futures

CFTC Traders in Financial Futures, futures only · report of 6 Oct 2026, positions as of Tuesday · weekly history from 2006 · no index levels

Asset managers are net long in 7 of 8 equity index futures (net short: VIX), CFTC report of 6 Oct 2026. At a 3-year extreme (index ≤ 10 or ≥ 90): asset managers in Dow (91, 3-year high zone), asset managers in VIX (0, 3-year low zone), leveraged funds in Russell 2000 (9, 3-year low zone) and leveraged funds in VIX (96, 3-year high zone).

S&P 500 · asset mgrs▼ 0.8 pp 1W
Net, % of open interest06 Oct
+46.9%
3Y index 61 · LF −21.5%
Nasdaq-100 · asset mgrs▲ 0.2 pp 1W
Net, % of open interest06 Oct
+26.0%
3Y index 61 · LF −6.8%
Dow · asset mgrs▲ 3.6 pp 1W
Net, % of open interest06 Oct
+20.5%
3Y index 91 (3-year high zone) · LF −4.4%
Russell 2000 · asset mgrs▲ 1.4 pp 1W
Net, % of open interest06 Oct
+10.7%
3Y index 34 · LF −24.8%
Nikkei · asset mgrs▲ 4.1 pp 1W
Net, % of open interest06 Oct
+31.4%
3Y index 38 · LF −8.2%
MSCI EAFE · asset mgrs▲ 0.3 pp 1W
Net, % of open interest06 Oct
+53.0%
3Y index 87 · LF +0.1%
MSCI EM · asset mgrs▼ 0.9 pp 1W
Net, % of open interest06 Oct
+46.6%
3Y index 72 · LF +4.3%
VIX · asset mgrs▼ 2.5 pp 1W
Net, % of open interest06 Oct
−18.3%
3Y index 0 (3-year low zone) · LF +1.2%

Net positions by trader type

Contracts and % of open interest · 3Y index = position within its 3-year range · ≤ 10 or ≥ 90 in bold
ContractOpen interestAsset managersLeveraged fundsDealers
Net% OI1W3Y idxNet% OI1W3Y idxNet% OI1W3Y idx
E-mini S&P 500 (CME)2
6 Oct 2026
1,932,227+906,615+46.9+2,61261−415,087−21.5−42,59831−600,841−31.1+6,14761
Nasdaq-100 mini (CME)3
6 Oct 2026
283,586+73,798+26.0+4,05461−19,212−6.8+5,51165−72,562−25.6−14,32028
Dow Jones (DJIA x $5, CBOT)4
6 Oct 2026
95,576+19,622+20.5+4,68791−4,167−4.4+1,28946−21,854−22.9−6,09816
E-mini Russell 2000 (CME)5
6 Oct 2026
425,152+45,495+10.7+5,72734−105,317−24.8+9,2379+61,393+14.4−16,29885
Nikkei Stock Average, yen (CME)
6 Oct 2026
20,996+6,584+31.4+32338−1,725−8.2−1,41219−1,331−6.3−1,58939
MSCI EAFE (ICE Futures U.S.)
6 Oct 2026
493,234+261,530+53.0+2,99587+482+0.1−10,78259−271,535−55.1+6,31511
MSCI Emerging Markets (ICE Futures U.S.)
6 Oct 2026
1,059,025+493,828+46.6−12,43872+45,535+4.3+12,63647−544,728−51.4−52722
VIX futures (CFE)6
6 Oct 2026
441,261−80,614−18.3−14,1140+5,494+1.2+12,96196+71,707+16.3+1,74384
ContractAsset mgrsLev. fundsDealers
% OI3Y% OI3Y% OI3Y
S&P 5002+46.961−21.531−31.161
Nasdaq-1003+26.061−6.865−25.628
Dow4+20.591−4.446−22.916
Russell 20005+10.734−24.89+14.485
Nikkei+31.438−8.219−6.339
MSCI EAFE+53.087+0.159−55.111
MSCI EM+46.672+4.347−51.422
VIX6−18.30+1.296+16.384
Source: U.S. Commodity Futures Trading Commission (CFTC), Traders in Financial Futures. · Calculations: Global Macro Expert

History

Weekly net position by trader type · gaps in the CFTC data are shown, not filled
Asset managersLeveraged fundsDealers
Source: U.S. Commodity Futures Trading Commission (CFTC), Traders in Financial Futures. · Index names are trademarks of their owners and identify the futures contracts only. No index levels are shown.

Full breakdown per contract

Long, short and spreading positions of all five trader groups, latest report
E-mini S&P 500 (CME) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries201,165802,00642,129−600,841+6,147−31.1
Asset managers / institutional1,106,717200,10299,323+906,615+2,612+46.9
Leveraged funds113,223528,31048,436−415,087−42,598−21.5
Other reportables72,78774,479330−1,692+30,052−0.1
Non-reportable positions248,117137,112–+111,005+3,787+5.7
Open interest1,932,227CFTC market name: E-MINI S&P 500 - CHICAGO MERCANTILE EXCHANGE · code 13874A · 1061 weekly reports since 13 Jun 2006
Nasdaq-100 mini (CME) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries48,831121,3932,876−72,562−14,320−25.6
Asset managers / institutional111,72737,9294,536+73,798+4,054+26.0
Leveraged funds51,34970,5616,809−19,212+5,511−6.8
Other reportables15,4277,7740+7,653+4,776+2.7
Non-reportable positions42,03131,708–+10,323−21+3.6
Open interest283,586CFTC market name: NASDAQ MINI - CHICAGO MERCANTILE EXCHANGE · code 209742 · 1061 weekly reports since 13 Jun 2006
Dow Jones (DJIA x $5, CBOT) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries41,60363,457400−21,854−6,098−22.9
Asset managers / institutional23,2153,5931,412+19,622+4,687+20.5
Leveraged funds13,66117,828460−4,167+1,289−4.4
Other reportables54300+543+250+0.6
Non-reportable positions14,2828,426–+5,856−128+6.1
Open interest95,576CFTC market name: DJIA x $5 - CHICAGO BOARD OF TRADE · code 124603 · 1061 weekly reports since 13 Jun 2006
E-mini Russell 2000 (CME) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries107,27245,8792,525+61,393−16,298+14.4
Asset managers / institutional154,689109,19428,725+45,495+5,727+10.7
Leveraged funds83,927189,24414,170−105,317+9,237−24.8
Other reportables2,37411,5060−9,132+1,001−2.1
Non-reportable positions31,47023,909–+7,561+333+1.8
Open interest425,152CFTC market name: RUSSELL E-MINI - CHICAGO MERCANTILE EXCHANGE · code 239742 · 478 weekly reports since 15 Aug 2017
Nikkei Stock Average, yen (CME) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries4,5655,896404−1,331−1,589−6.3
Asset managers / institutional7,067483164+6,584+323+31.4
Leveraged funds3,0364,76115−1,725−1,412−8.2
Other reportables000000.0
Non-reportable positions5,7459,273–−3,528+2,678−16.8
Open interest20,996CFTC market name: NIKKEI STOCK AVERAGE YEN DENOM - CHICAGO MERCANTILE EXCHANGE · code 240743 · 1061 weekly reports since 13 Jun 2006
MSCI EAFE (ICE Futures U.S.) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries24,699296,23439,225−271,535+6,315−55.1
Asset managers / institutional328,07566,54535,263+261,530+2,995+53.0
Leveraged funds44,67444,1922,041+482−10,782+0.1
Other reportables3,3531,820103+1,533+949+0.3
Non-reportable positions15,8017,811–+7,990+523+1.6
Open interest493,234CFTC market name: MSCI EAFE - ICE FUTURES U.S. · code 244041 · 800 weekly reports since 14 Jun 2011
MSCI Emerging Markets (ICE Futures U.S.) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries63,878608,60610,374−544,728−527−51.4
Asset managers / institutional714,804220,97683,437+493,828−12,438+46.6
Leveraged funds130,76285,2279,716+45,535+12,636+4.3
Other reportables15,94631,766203−15,820+935−1.5
Non-reportable positions29,9058,720–+21,185−606+2.0
Open interest1,059,025CFTC market name: MSCI EM INDEX - ICE FUTURES U.S. · code 244042 · 800 weekly reports since 14 Jun 2011
VIX futures (CFE) · full breakdown, 6 Oct 2026
Trader typeLongShortSpreadingNet1W chg% OI
Dealers / intermediaries104,23532,52826,824+71,707+1,743+16.3
Asset managers / institutional40,224120,83864,690−80,614−14,114−18.3
Leveraged funds89,53584,04184,851+5,494+12,961+1.2
Other reportables3,7301,0133,502+2,717+395+0.6
Non-reportable positions23,67022,974–+696−985+0.2
Open interest441,261CFTC market name: VIX FUTURES - CBOE FUTURES EXCHANGE · code 1170E1 · 1020 weekly reports since 29 Aug 2006

Notes, definitions and sources

  1. Net position = long minus short (spreading excluded), in contracts. Net % of open interest = net / open interest × 100. 3-year index = (net − 3-year low) / (3-year high − 3-year low) × 100 over the last 156 weekly reports including the latest; 0 = most short, 100 = most long; 10 or below and 90 or above are flagged. 1W = change versus the previous report. All Global Macro Expert calculations from the CFTC figures; futures only, positions as of Tuesday, published by the CFTC on Friday.
  2. E-mini S&P 500 (CME): Micro E-mini S&P 500 (CFTC 13874U, reported since Jul 2020) is a separate CFTC series and is not included.
  3. Nasdaq-100 mini (CME): Micro E-mini Nasdaq-100 (CFTC 209747, reported since Aug 2020) is a separate CFTC series and is not included.
  4. Dow Jones (DJIA x $5, CBOT): Micro E-mini DJIA (CFTC 124608, reported since Jul 2022) is a separate CFTC series and is not included.
  5. E-mini Russell 2000 (CME): Shown from 15 Aug 2017. The CME history of 13 Jun 2006 – 16 Sep 2008 (119 reports) is not shown, to avoid a nine-year gap; the ICE Russell 2000 Mini (CFTC 23977A, Jul 2008 – Jun 2018) is a separate series and is not spliced in. Micro E-mini Russell 2000 (CFTC 239747, reported since Nov 2021) is not included.
  6. VIX futures (CFE): Reports are missing for some weeks between Dec 2008 and Jun 2009; the gaps are shown, not filled.
  7. USD notional values are not shown: they would require index levels, which are licensed.
  8. Index names are trademarks of their owners and identify the futures contracts only. No index levels are shown.
  9. Legacy view by large speculators across 26 futures markets: Intelligence · Positioning.