CFTC Commitments of Traders · CME · code 146021

Ether (Ethereum) COT Report

Positions in CME ether futures (50 ETH) as of Tuesday Oct 13, 2026, released by the CFTC on Friday Oct 16, 2026. Next report: positions as of Oct 20, 2026, scheduled for release on Friday Oct 23, 2026 at 3:30 p.m. ET.

CFTC Commitments of Traders report as of Oct 13, 2026

Large speculators, net
+2,407
+130 on the week
Net as % of open interest
+9.4%
Open interest 25,543
4-week change in net
-748
vs Sep 15, 2026
3-year COT index
58
At or above 74% of weeks since Oct 17, 2023

What changed this week

In the week to Tuesday Oct 13, 2026, large speculators (non-commercial traders) in CME ether futures added to their net long by 130 contracts to 2,407. Their 3-year COT index stands at 58, on a scale where 0 is the lowest net position of the past 3 years (-1,554 on Jun 10, 2025) and 100 the highest (+5,281 on Aug 11, 2026). In the Traders in Financial Futures report, leveraged funds were net short 6,283 contracts, a weekly change of +1,666. Commercial hedgers were net short 2,614, a weekly change of +173. Open interest fell by 2,138 to 25,543 contracts.

Positions by trader group

Contracts · Oct 13, 2026
Trader groupReportLongShortNetNet, w/wNet % OI3-yr COT index
Large speculators (non-commercial)Legacy22,75820,351+2,407+130+9.4%58
Commercials (hedgers)Legacy2132,827-2,614+173-10.2%43
Small traders (non-reportable)Legacy766559+207-303+0.8%28
Leveraged fundsTFF2,9279,210-6,283+1,666-24.6%70
Asset managers & institutionalTFF1,7322,403-671-82-2.6%31
Dealers & intermediariesTFF17,9999,699+8,300-788+32.5%49
Other reportablesTFF1721,725-1,553-493-6.1%57
  • Large speculators (non-commercial): Reportable traders that do not qualify as commercial hedgers for this commodity.
  • Commercials (hedgers): Reportable traders whose futures positions in this commodity are hedges as defined in CFTC Regulation 1.3.
  • Small traders (non-reportable): Open interest left after subtracting all reportable positions; positions below the CFTC reporting levels.
  • Leveraged funds: Typically hedge funds and money managers, including registered CTAs and CPOs.
  • Asset managers & institutional: Pension funds, endowments, insurers, mutual funds and managers whose clients are mainly institutional.
  • Dealers & intermediaries: The sell side: large banks and dealers in securities, swaps and other derivatives.
  • Other reportables: Reportable traders that fit none of the three categories above, e.g. corporate treasuries and central banks.

Large speculators' net position, last 5 years

Contracts, weekly
Oct 19, 2021: -1,097 contractsOct 26, 2021: -1,573 contractsNov 2, 2021: -1,568 contractsNov 9, 2021: -1,405 contractsNov 16, 2021: -1,195 contractsNov 23, 2021: -1,292 contractsNov 30, 2021: -1,357 contractsDec 7, 2021: -850 contractsDec 14, 2021: -537 contractsDec 21, 2021: -713 contractsDec 28, 2021: -802 contractsJan 4, 2022: -637 contractsJan 11, 2022: -488 contractsJan 18, 2022: -294 contractsJan 25, 2022: -347 contractsFeb 1, 2022: -263 contractsFeb 8, 2022: -481 contractsFeb 15, 2022: -330 contractsFeb 22, 2022: -206 contractsMar 1, 2022: -332 contractsMar 8, 2022: -146 contractsMar 15, 2022: -220 contractsMar 22, 2022: -597 contractsMar 29, 2022: -792 contractsApr 5, 2022: -730 contractsApr 12, 2022: -539 contractsApr 19, 2022: -598 contractsApr 26, 2022: -176 contractsMay 3, 2022: -196 contractsMay 10, 2022: +288 contractsMay 17, 2022: +289 contractsMay 24, 2022: +184 contractsMay 31, 2022: -41 contractsJun 7, 2022: +306 contractsJun 14, 2022: +442 contractsJun 21, 2022: +482 contractsJun 28, 2022: +374 contractsJul 5, 2022: +348 contractsJul 12, 2022: +443 contractsJul 19, 2022: -148 contractsJul 26, 2022: -232 contractsAug 2, 2022: -287 contractsAug 9, 2022: -467 contractsAug 16, 2022: -441 contractsAug 23, 2022: -195 contractsAug 30, 2022: +33 contractsSep 6, 2022: -256 contractsSep 13, 2022: -235 contractsSep 20, 2022: +356 contractsSep 27, 2022: +421 contractsOct 4, 2022: +101 contractsOct 11, 2022: +237 contractsOct 18, 2022: +2 contractsOct 25, 2022: -582 contractsNov 1, 2022: -728 contractsNov 8, 2022: -403 contractsNov 15, 2022: +129 contractsNov 22, 2022: +660 contractsNov 29, 2022: +389 contractsDec 6, 2022: +236 contractsDec 13, 2022: -48 contractsDec 20, 2022: +244 contractsDec 27, 2022: +451 contractsJan 3, 2023: +455 contractsJan 10, 2023: -534 contractsJan 17, 2023: -894 contractsJan 24, 2023: -647 contractsJan 31, 2023: -669 contractsFeb 7, 2023: -803 contractsFeb 14, 2023: -483 contractsFeb 21, 2023: -961 contractsFeb 28, 2023: -990 contractsMar 7, 2023: -367 contractsMar 14, 2023: -676 contractsMar 21, 2023: -1,130 contractsMar 28, 2023: -1,028 contractsApr 4, 2023: -1,082 contractsApr 11, 2023: -1,025 contractsApr 18, 2023: -1,445 contractsApr 25, 2023: -858 contractsMay 2, 2023: -272 contractsMay 9, 2023: -365 contractsMay 16, 2023: -127 contractsMay 23, 2023: -34 contractsMay 30, 2023: -522 contractsJun 6, 2023: -162 contractsJun 13, 2023: +208 contractsJun 20, 2023: +159 contractsJun 27, 2023: -1,176 contractsJul 3, 2023: -1,178 contractsJul 11, 2023: -806 contractsJul 18, 2023: -561 contractsJul 25, 2023: -415 contractsAug 1, 2023: -60 contractsAug 8, 2023: -60 contractsAug 15, 2023: +315 contractsAug 22, 2023: +897 contractsAug 29, 2023: +811 contractsSep 5, 2023: +1,282 contractsSep 12, 2023: +1,528 contractsSep 19, 2023: +1,272 contractsSep 26, 2023: +1,409 contractsOct 3, 2023: +593 contractsOct 10, 2023: +1,006 contractsOct 17, 2023: +1,336 contractsOct 24, 2023: +466 contractsOct 31, 2023: -486 contractsNov 7, 2023: -737 contractsNov 14, 2023: -1,057 contractsNov 21, 2023: -798 contractsNov 28, 2023: -985 contractsDec 5, 2023: -1,349 contractsDec 12, 2023: -1,112 contractsDec 19, 2023: -743 contractsDec 26, 2023: -922 contractsJan 2, 2024: -933 contractsJan 9, 2024: -510 contractsJan 16, 2024: -1,273 contractsJan 23, 2024: -827 contractsJan 30, 2024: -817 contractsFeb 6, 2024: -661 contractsFeb 13, 2024: -1,000 contractsFeb 20, 2024: -1,423 contractsFeb 27, 2024: -1,532 contractsMar 5, 2024: -1,523 contractsMar 12, 2024: -1,376 contractsMar 19, 2024: -1,183 contractsMar 26, 2024: -641 contractsApr 2, 2024: -242 contractsApr 9, 2024: -298 contractsApr 16, 2024: -431 contractsApr 23, 2024: -110 contractsApr 30, 2024: +168 contractsMay 7, 2024: -149 contractsMay 14, 2024: -265 contractsMay 21, 2024: -1,156 contractsMay 28, 2024: -1,205 contractsJun 4, 2024: -1,258 contractsJun 11, 2024: -417 contractsJun 18, 2024: -433 contractsJun 25, 2024: -332 contractsJul 2, 2024: -202 contractsJul 9, 2024: -87 contractsJul 16, 2024: -502 contractsJul 23, 2024: -601 contractsJul 30, 2024: -273 contractsAug 6, 2024: +99 contractsAug 13, 2024: +14 contractsAug 20, 2024: -19 contractsAug 27, 2024: +335 contractsSep 3, 2024: +266 contractsSep 10, 2024: -418 contractsSep 17, 2024: -621 contractsSep 24, 2024: -860 contractsOct 1, 2024: -606 contractsOct 8, 2024: -57 contractsOct 15, 2024: -735 contractsOct 22, 2024: -368 contractsOct 29, 2024: -673 contractsNov 5, 2024: +324 contractsNov 12, 2024: -908 contractsNov 19, 2024: -614 contractsNov 26, 2024: -209 contractsDec 3, 2024: -731 contractsDec 10, 2024: -739 contractsDec 17, 2024: -46 contractsDec 24, 2024: -310 contractsDec 31, 2024: -209 contractsJan 7, 2025: +1,097 contractsJan 14, 2025: +735 contractsJan 21, 2025: +437 contractsJan 28, 2025: +946 contractsFeb 4, 2025: +490 contractsFeb 11, 2025: +602 contractsFeb 18, 2025: +1,147 contractsFeb 25, 2025: +833 contractsMar 4, 2025: +652 contractsMar 11, 2025: +429 contractsMar 18, 2025: +873 contractsMar 25, 2025: +1,134 contractsApr 1, 2025: -25 contractsApr 8, 2025: +1,217 contractsApr 15, 2025: +1,034 contractsApr 22, 2025: +802 contractsApr 29, 2025: +215 contractsMay 6, 2025: +773 contractsMay 13, 2025: +601 contractsMay 20, 2025: +156 contractsMay 27, 2025: -714 contractsJun 3, 2025: -873 contractsJun 10, 2025: -1,554 contractsJun 17, 2025: -784 contractsJun 24, 2025: -1,333 contractsJul 1, 2025: -142 contractsJul 8, 2025: -880 contractsJul 15, 2025: -949 contractsJul 22, 2025: -533 contractsJul 29, 2025: -419 contractsAug 5, 2025: +378 contractsAug 12, 2025: +1,137 contractsAug 19, 2025: +636 contractsAug 26, 2025: +2,114 contractsSep 2, 2025: +2,039 contractsSep 9, 2025: +2,487 contractsSep 16, 2025: +2,255 contractsSep 23, 2025: +3,420 contractsSep 30, 2025: +3,588 contractsOct 7, 2025: +1,748 contractsOct 14, 2025: +3,382 contractsOct 21, 2025: +3,626 contractsOct 28, 2025: +3,632 contractsNov 4, 2025: +3,281 contractsNov 10, 2025: +4,029 contractsNov 18, 2025: +3,232 contractsNov 25, 2025: +2,940 contractsDec 2, 2025: +2,813 contractsDec 9, 2025: +2,891 contractsDec 16, 2025: +3,405 contractsDec 23, 2025: +3,065 contractsDec 30, 2025: +3,108 contractsJan 6, 2026: +2,049 contractsJan 13, 2026: +2,451 contractsJan 20, 2026: +2,657 contractsJan 27, 2026: +2,238 contractsFeb 3, 2026: +2,355 contractsFeb 10, 2026: +2,837 contractsFeb 17, 2026: +3,250 contractsFeb 24, 2026: +2,804 contractsMar 3, 2026: +2,314 contractsMar 10, 2026: +2,240 contractsMar 17, 2026: +2,147 contractsMar 24, 2026: +2,137 contractsMar 31, 2026: +2,899 contractsApr 7, 2026: +2,728 contractsApr 14, 2026: +1,566 contractsApr 21, 2026: +2,129 contractsApr 28, 2026: +2,541 contractsMay 5, 2026: +1,229 contractsMay 12, 2026: +436 contractsMay 19, 2026: +3,568 contractsMay 26, 2026: +4,558 contractsJun 2, 2026: +4,617 contractsJun 9, 2026: +3,782 contractsJun 16, 2026: +3,492 contractsJun 23, 2026: +3,911 contractsJun 30, 2026: +3,919 contractsJul 7, 2026: +3,908 contractsJul 14, 2026: +3,172 contractsJul 21, 2026: +3,915 contractsJul 28, 2026: +5,087 contractsAug 4, 2026: +5,073 contractsAug 11, 2026: +5,281 contractsAug 18, 2026: +4,333 contractsAug 25, 2026: +2,915 contractsSep 1, 2026: +1,613 contractsSep 8, 2026: +2,670 contractsSep 15, 2026: +3,155 contractsSep 22, 2026: +2,359 contractsSep 29, 2026: +2,736 contractsOct 6, 2026: +2,277 contractsOct 13, 2026: +2,407 contracts

COT index by lookback (large speculators)

LookbackCOT indexPercentileRange lowRange high
26 weeks4127%+436 May 12, 2026+5,281 Aug 11, 2026
52 weeks4129%+436 May 12, 2026+5,281 Aug 11, 2026
3 years5874%-1,554 Jun 10, 2025+5,281 Aug 11, 2026
All history (since 2021)5886%-1,573 Oct 26, 2021+5,281 Aug 11, 2026

0 = lowest net position of the lookback, 100 = highest. Percentile = share of weeks in the lookback with a net position at or below this week's.

Positioning extremes

Large speculators (Legacy, non-commercial)
WindowHighest netLowest net
Past 52 weeks+5,281 Aug 11, 2026+436 May 12, 2026
Past 3 years+5,281 Aug 11, 2026-1,554 Jun 10, 2025
Past 5 years+5,281 Aug 11, 2026-1,573 Oct 26, 2021
Since Apr 6, 2021+5,281 Aug 11, 2026-1,573 Oct 26, 2021
Leveraged funds (TFF)
WindowHighest netLowest net
Past 52 weeks-2,703 Feb 24, 2026-21,252 Oct 14, 2025
Past 3 years+96 Oct 17, 2023-21,252 Oct 14, 2025
Past 5 years+1,022 Jan 17, 2023-21,252 Oct 14, 2025
Since Apr 6, 2021+1,022 Jan 17, 2023-21,252 Oct 14, 2025

Weekly history, last 3 years

Download full history (CSV)
Report dateLarge specs netw/wLeveraged funds netCommercials netOpen interest3-yr index
2026-10-13+2,407+130-6,283-2,61425,54358
2026-10-06+2,277-459-7,949-2,78727,68156
2026-09-29+2,736+377-8,083-3,25527,39263
2026-09-22+2,359-796-10,617-3,11529,98557
2026-09-15+3,155+485-7,722-3,34928,41369
2026-09-08+2,670+1,057-7,286-3,15126,56462
2026-09-01+1,613-1,302-5,325-2,07024,61946
2026-08-25+2,915-1,418-8,385-2,96026,86865
2026-08-18+4,333-948-4,395-4,52822,68486
2026-08-11+5,281+208-3,998-5,38421,970100
2026-08-04+5,073-14-3,205-5,22520,431100
2026-07-28+5,087+1,172-5,396-5,19523,853100
2026-07-21+3,915+743-7,053-4,35023,66789
2026-07-14+3,172-736-7,961-3,42822,53977
2026-07-07+3,908-11-7,309-4,04921,74689
2026-06-30+3,919+8-4,691-3,99821,47589
2026-06-23+3,911+419-4,977-3,99426,00789
2026-06-16+3,492-290-6,752-3,54726,11082
2026-06-09+3,782-835-4,651-3,91825,13886
2026-06-02+4,617+59-4,321-4,03225,516100
2026-05-26+4,558+990-7,504-3,65830,856100
2026-05-19+3,568+3,132-8,335-3,84133,06292
2026-05-12+436-793-10,404-3,52631,74936
2026-05-05+1,229-1,312-13,593-1,52430,40850
2026-04-28+2,541+412-11,641-2,71727,77773
2026-04-21+2,129+563-10,683-2,44331,00566
2026-04-14+1,566-1,162-11,949-1,87134,35456
2026-04-07+2,728-171-10,027-2,81528,64877
2026-03-31+2,899+762-10,311-2,94628,46380
2026-03-24+2,137-10-11,002-2,39635,84666
2026-03-17+2,147-93-13,989-2,36538,57766
2026-03-10+2,240-74-11,148-2,48735,25968
2026-03-03+2,314-490-7,767-2,27334,35769
2026-02-24+2,804-446-2,703-2,84537,08878
2026-02-17+3,250+413-5,525-3,39633,15486
2026-02-10+2,837+482-5,749-2,88933,81479
2026-02-03+2,355+117-8,234-2,52033,72370
2026-01-27+2,238-419-12,905-2,43940,41968
2026-01-20+2,657+206-11,450-3,03136,57075
2026-01-13+2,451+402-15,001-2,90437,33672
2026-01-06+2,049-1,059-15,371-2,44937,92065
2025-12-30+3,108+43-11,863-3,21233,63584
2025-12-23+3,065-340-12,179-3,36139,06583
2025-12-16+3,405+514-11,839-3,67641,07489
2025-12-09+2,891+78-14,978-3,23742,33280
2025-12-02+2,813-127-10,416-3,07338,89578
2025-11-25+2,940-292-10,472-3,35441,36480
2025-11-18+3,232-797-12,597-3,46542,86486
2025-11-10+4,029+748-16,591-4,37143,217100
2025-11-04+3,281-351-13,027-3,72243,22993
2025-10-28+3,632+6-19,967-4,03553,183100
2025-10-21+3,626+244-20,489-4,11748,616100
2025-10-14+3,382+1,634-21,252-3,86445,83096
2025-10-07+1,748-1,840-20,062-2,34843,25164
2025-09-30+3,588+168-18,960-3,84843,169100
2025-09-23+3,420+1,165-16,045-3,76142,940100
2025-09-16+2,255-232-16,175-2,74438,20994
2025-09-09+2,487+448-13,693-3,08236,993100
2025-09-02+2,039-75-14,835-2,60237,91598
2025-08-26+2,114+1,478-18,989-2,78043,853100
2025-08-19+636-501-13,980-1,15437,38171
2025-08-12+1,137+759-18,304-1,90436,93687
2025-08-05+378+797-12,776-81030,26563
2025-07-29-419+114-12,331-18833,82137
2025-07-22-533+416-13,181+13438,61233
2025-07-15-949-69-15,447+51630,81220
2025-07-08-880-738-13,268+43125,91422
2025-07-01-142+1,191-11,299-8724,31446
2025-06-24-1,333-549-11,105+1,11027,8697
2025-06-17-784+770-10,682+50323,71525
2025-06-10-1,554-681-11,005+1,02723,3870
2025-06-03-873-159-10,058+43322,16422
2025-05-27-714-870-11,934+23923,39227
2025-05-20+156-445-9,463-39120,03655
2025-05-13+601-172-9,338-70619,71470
2025-05-06+773+558-4,276-82013,57375
2025-04-29+215-587-5,357-46213,66757
2025-04-22+802-232-5,060-48515,45776
2025-04-15+1,034-183-5,046-98714,33884
2025-04-08+1,217+1,242-4,113-1,15414,94490
2025-04-01-25-1,159-5,807-6116,90649
2025-03-25+1,134+261-6,462-1,15418,84287
2025-03-18+873+444-5,392-92418,80679
2025-03-11+429-223-6,369-52619,26964
2025-03-04+652-181-7,796-72618,57571
2025-02-25+833-314-10,124-94820,13377
2025-02-18+1,147+545-9,613-1,13421,21488
2025-02-11+602+112-10,412-66820,26270
2025-02-04+490-456-11,477-69822,27666
2025-01-28+946+509-8,109-1,12219,88381
2025-01-21+437-298-8,329-78920,12864
2025-01-14+735-362-6,834-1,03517,42774
2025-01-07+1,097+1,306-5,457-1,43018,02686
2024-12-31-209+101-5,085-7317,44043
2024-12-24-310-264-6,216-10419,75440
2024-12-17-46+693-6,753-55222,48649
2024-12-10-739-8-6,337+18818,76226
2024-12-03-731-522-5,287+10514,79826
2024-11-26-209+405-4,547-30514,11043
2024-11-19-614+294-3,097+8511,94430
2024-11-12-908-1,232-3,618+36310,78120
2024-11-05+324+997-1,947-4697,21461
2024-10-29-673-305-2,597+3437,03129
2024-10-22-368+367-2,482+207,26239
2024-10-15-735-678-2,811+3516,41327
2024-10-08-57+549-2,157-786,19849
2024-10-01-606+254-1,850+4486,08731
2024-09-24-860-239-2,375+6446,48923
2024-09-17-621-203-2,103+4476,71831
2024-09-10-418-684-1,974+3756,20437
2024-09-03+266-69-2,094-2855,93959
2024-08-27+335+354-1,946-4196,97762
2024-08-20-19-33-2,493-1917,33750
2024-08-13+14-85-2,877-3376,83651
2024-08-06+99+372-2,351-2826,70354
2024-07-30-273+328-1,977-1066,24342
2024-07-23-601-99-1,616-317,66131
2024-07-16-502-415-1,880-186,77235
2024-07-09-87+115-1,651-3026,46248
2024-07-02-202+130-1,029-2916,46144
2024-06-25-332+101-1,125-1737,45040
2024-06-18-433-16-1,011-1537,32737
2024-06-11-417+841-529-2307,08837
2024-06-04-1,258-53+81+3576,32310
2024-05-28-1,205-49-81+5846,54412
2024-05-21-1,156-891-803+4835,96413
2024-05-14-265-116-914-434,32642
2024-05-07-149-317-965-2064,41146
2024-04-30+168+278-539-4695,15556
2024-04-23-110+321-899-3245,12647
2024-04-16-431-133-542-595,64437
2024-04-09-298-56-815-1915,98441
2024-04-02-242+399-458-3356,49843
2024-03-26-641+542-302-1087,18030
2024-03-19-1,183+193-201+5117,36613
2024-03-12-1,376+147-1,252+5867,2396
2024-03-05-1,523+9-1,067+7677,4712
2024-02-27-1,532-109-1,406+7426,5641
2024-02-20-1,423-423-1,837+8096,7495
2024-02-13-1,000-339-2,030+3476,44918
2024-02-06-661+156-2,363+1605,66829
2024-01-30-817+10-1,894+2475,14124
2024-01-23-827+446-1,175+2696,13624
2024-01-16-1,273-763-1,814+5326,55610
2024-01-09-510+423-1,382-1145,85334
2024-01-02-933-11-1,224+2975,54821
2023-12-26-922-179-651+2995,62121
2023-12-19-743+369-1,034+2125,13727
2023-12-12-1,112+237-859+5115,19315
2023-12-05-1,349-364-1,333+7716,3737
2023-11-28-985-187-1,591+4405,74819
2023-11-21-798+259-860+2195,31925
2023-11-14-1,057-320-1,004+4395,38517
2023-11-07-737-251-886+1404,61027
2023-10-31-486-952-945+1044,12735
2023-10-24+466-870-568-6764,72166
2023-10-17+1,336+330+96-1,3005,35894

Year-by-year history (large speculators)

YearReportsAverage netHighestLowestLast reportAvg open interest
202641+2,970+5,281 Aug 11+436 May 12+2,40729,478
202552+1,253+4,029 Nov 10-1,554 Jun 10+3,10829,648
202453-539+335 Aug 27-1,532 Feb 27-2097,903
202352-303+1,528 Sep 12-1,445 Apr 18-9224,433
202252-97+660 Nov 22-792 Mar 29+4513,943
202139-894-396 Jul 13-1,573 Oct 26-8023,831

About this data

Source: the U.S. Commodity Futures Trading Commission's Commitments of Traders reports, read from the CFTC's public reporting API. Contract: CME ether futures (50 ETH), CFTC contract market code 146021. Every figure is in contracts and comes from the futures-only reports: the Legacy report (dataset 6dca-aqww) for large speculators, commercials and small traders, and the Traders in Financial Futures report (dataset gpe5-46if) for leveraged funds, asset managers and dealers.

Net position = long minus short contracts; spreading positions are excluded. Weekly changes for the Legacy groups are the CFTC's own; for the TFF groups they are the difference from the previous report. The COT index and percentiles are AlphaScala calculations over the stored weekly history, which starts on Apr 6, 2021 (289 reports). The data describes what traders held on each Tuesday; it is not a forecast or a recommendation. See the methodology for how AlphaScala sources data.

FAQ

What does the Ether (Ethereum) COT report show?

The CFTC's weekly Commitments of Traders report breaks down open interest in CME ether futures (50 ETH), CFTC contract code 146021, by type of trader. This page uses two of its reports: the Legacy report, which splits reportable traders into commercial and non-commercial, and the Traders in Financial Futures report, which splits them into dealers, asset managers, leveraged funds and other reportables. Both are the futures-only versions, so options positions are not included. The latest report here holds positions as of Oct 13, 2026.

When is the COT report released?

The CFTC collects positions as of the close of business on Tuesday and generally publishes them on Friday at 3:30 p.m. Eastern time. A federal holiday between the Tuesday and the Friday delays the release, typically to the following Monday (Veterans Day, Thanksgiving and Christmas weeks, for example), and the CFTC lists those dates on its release schedule in advance; a Monday holiday such as Columbus Day does not. Publication stops during a lapse in federal funding, with the missed reports released afterwards. AlphaScala checks for the new report on Friday evening and again on Monday (UTC).

Who counts as a large speculator in the COT report?

In the Legacy report, a reportable trader is classified as commercial in a commodity if it uses futures in that commodity for hedging as defined in CFTC Regulation 1.3. Traders generally get that classification by filing CFTC Form 40, and CFTC staff can reclassify them. Every other reportable trader is non-commercial, the group COT readers call large speculators. A trader can be commercial in one commodity and non-commercial in another, but not both in the same commodity.

What are leveraged funds and asset managers in the COT report?

In the Traders in Financial Futures report, leveraged funds are typically hedge funds and other money managers, including registered commodity trading advisors (CTAs), registered commodity pool operators (CPOs) and unregistered funds the CFTC identifies. Asset managers are institutional investors: pension funds, endowments, insurance companies, mutual funds and managers whose clients are mainly institutional. Dealers are the sell side, mostly large banks and dealers in securities, swaps and other derivatives.

What are non-reportable positions?

The CFTC sets a reporting level for each contract, and clearing members, futures commission merchants and foreign brokers report every trader at or above it. Non-reportable positions are what is left of open interest after subtracting all reportable positions, so the number of those traders and whether they are hedgers is unknown. They are usually read as small traders.

How is the COT index calculated?

COT index = (current net position − lowest net position in the lookback) ÷ (highest − lowest) × 100, using the weekly net position of large speculators (longs minus shorts; spreading positions are left out). 0 is the most net short, or least net long, of the lookback and 100 the most net long. AlphaScala shows 26-week, 52-week and 3-year versions, plus a percentile: the share of weeks in the window with a net position at or below the current one. Both describe positioning relative to its own history; neither is a forecast.

More COT reports and related pages