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Ultra T-Bond
Short exposure sits in the 5th percentile. The lead participant net position changed +11.3K contracts over the latest week.
Positions as of21 Jul 2026Released 25 Jul 2026
01
Positioning history
Current exposure in its own range.
Positioning historyUltra T-Bond exposure is measured against its own history.Lead participant rolling z-score
2026-07-21-1.25σ
02
Participant structure
Who carries the reported exposure.
ParticipantNet contractsRelative size
Asset managers+1.1M
Dealers−233.9K
Leveraged funds−899.2K
Non-reportables+27.9K
Other reportables−8K
CFTC participant categories vary by report family. The primary positioning series uses managed money for physical commodities and leveraged funds for financial futures.
03
Comparable states
What followed similar positioning.
| Positioning bucket | N | 4W positive | 8W positive | 12W positive | Avg 12W |
|---|---|---|---|---|---|
| z ≥ 2.0 (extreme long) | 22 | 72.7% | 72.7% | 59.1% | -0.82% |
| 1.5 ≤ z < 2.0 | 18 | 44.4% | 44.4% | 55.6% | -1.05% |
| 1.0 ≤ z < 1.5 | 49 | 63.3% | 77.6% | 77.6% | -3.37% |
| neutral (−1.0 < z < 1.0) | 144 | 50.7% | 45.8% | 45.8% | +0.13% |
| −1.5 < z ≤ −1.0 | 85 | 52.9% | 61.2% | 41.2% | -0.01% |
| −2.0 < z ≤ −1.5 | 98 | 50.0% | 45.7% | 41.1% | -1.19% |
| z ≤ −2.0 (extreme short) | 57 | 36.8% | 26.3% | 42.1% | -1.02% |
Overlapping historical observations. Periods and sample sizes are shown so the comparison can be read in context.