Managed Futures 101
What Are Managed Futures?
Investment management professionals have been using managed futures for more than 30 years. More recently, institutional investors such as corporate and public pension funds, endowments and trusts, and banks have made managed futures part of a well-diversified portfolio. In 2002, it was estimated that over $45 billion was under management by trading advisors. The growing use of managed futures by these investors may be due to increased institutional use of the futures markets. Portfolio managers have become more familiar with futures contracts. Additionally, investors want greater diversity in their portfolios. They seek to increase portfolio exposure to international investments and nonfinancial sectors, an objective that is easily accomplished through the use of global futures markets.
The term managed futures describes an industry made up of professional money managers known as commodity trading advisors (CTAs). These trading advisors manage client assets on a discretionary basis using global futures markets as an investment medium. Trading advisors take positions based on expected profit potential. Managed futures do not include futures accounts where futures are used in risk management programs or hedge funds. Those funds may have as their purpose to dynamically adjust the duration of a bond portfolio or to hedge the currency exposure of a foreign equity portfolio.
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Four Benefits of Managed Futures?
Managed futures, by their very nature, are a diversified investment opportunity. Trading advisors have the ability to trade in over 150 different markets worldwide. Many funds further diversify by using several trading advisors with different trading approaches. The benefits of managed futures within a well-balanced portfolio include:
- opportunity for reduced portfolio volatility risk
- potential for enhanced portfolio returns
- ability to profit in any economic environment
- opportunity to participate easily in global markets
1. Reduced Portfolio Volatility Risk The primary benefit of adding a managed futures component to a diversified investment portfolio is that it may decrease portfolio volatility risk. This risk-reduction contribution to the portfolio is possible because of the low to slightly negative correlation of managed futures with equities and bonds. One of the key tenets of Modern Portfolio Theory, as developed by the Nobel Prize economist Dr. Harry M. Markowitz, is that more efficient investment portfolios can be created by diversifying among asset categories with low to negative correlations.
Past performance is not indicative of future results.
2. Potential for Enhanced Portfolio Returns While managed futures can decrease portfolio risk, they can also simultaneously enhance overall portfolio performance. For example, Chart 1 shows that adding managed futures to a traditional portfolio improves overall investment quality. This is substantiated by an extensive bank of academic research, beginning with the landmark study of Dr. John Lintner of Harvard University, in which he wrote that "the combined portfolios of stocks (or stocks and bonds) after including judicious investments . . . in leveraged managed futures accounts show substantially less risk at every possible level of expected return than portfolios of stocks (or stocks and bonds) alone." When viewed as an independent investment, managed futures have compared favorably with U.S. stocks and bonds, as well as international stocks, over the past decade.
In addition, the potential for higher returns using managed futures compares well with other asset classes in terms of risk. One way to compare risk is to measure the magnitude of the worst cumulative loss in value of an investment from any peak in performance to the subsequent low. This worst-case, peak-to-valley scenario is called a drawdown in the futures industry. Managed futures outperformed U.S. and international stocks during the worst peak-to-valley drawdowns of the S&P 500, the NASDAQ, and the MSCI Europe, Australia, and Far East (EAFE) Index. 1Lintner, John, "The Potential Role of Managed Commodity Financial Futures Accounts (and/or Funds) in Portfolios of Stocks and Bonds," Annual Conference of Financial Analysts Federation, May 1983.
Past performance is not indicative of future results.
3. Ability to Profit in Any Economic Environment Managed futures trading advisors can take advantage of price trends. They can buy futures positions in anticipation of a rising market or sell futures positions if they anticipate a falling market. For example, during periods of hyperinflation, hard commodities such as gold, silver, oil, grains and livestock tend to do well, as do the major world currencies. During deflationary times, futures provide an opportunity to profit by selling into a declining market with the expectation of buying, or closing out the position, at a lower price. Trading advisors can even use strategies employing options on futures contracts that allow for profit potential in flat or neutral markets.
4. Ease of Global Diversification The establishment of global futures exchanges and the accompanying increase in actively traded contract offerings have allowed trading advisors to diversify their portfolios by geography as well as by product. For example, managed futures accounts can participate in at least 150 different markets worldwide, including stock indexes, financial instruments, agricultural and tropical products, precious and nonferrous metals, currencies and energy products. Trading advisors thus have ample opportunity for profit potential and risk reduction among a broad array of noncorrelated markets.
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The Efficiencies of the Futures Markets...
Domestic and international corporations, banks, insurance companies, mutual fund managers and trading firms use the futures markets to manage their continuous exposure to price changes. Futures markets make it possible for these hedgers to transfer that risk exposure to other market participants. Speculators assume risk in anticipation of making a profit; in doing so, they add liquidity to the market. In a market without these risk-takers, hedgers would find it difficult to agree on a price, because sellers or short hedgers want the highest possible price while buyers or long hedgers want the lowest possible price. When speculators enter the marketplace, the number of ready buyers and sellers increases, and hedgers are no longer limited by the hedging needs of others.
In addition to providing liquidity, speculators help to ensure the stability of the market. For example, by selling futures when prices are high, speculators decrease demand and help to lower prices. By purchasing futures when prices are low, they add to demand and help to raise prices. The volatile price swings that might otherwise occur are thus tempered by active trading.
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...Benefit Those Who Use Managed Futures
Managed futures trading advisors can benefit from the structural efficiencies of the futures markets. Liquid markets facilitate entering and exiting market positions. For example, the average daily trading volume in the 10-year U.S. Treasury note futures contract is currently about 600,000 as of mid 2003. With a notional value of $100,000 per contract, this volume represents an average daily transfer of about $60 billion. This depth of liquidity usually allows traders to enter or exit the Treasury note futures market at the minimum price change of one tick.
Traders in futures may benefit from transaction costs lower than those for comparable cash market transactions. For example, the transaction fee charged for one stock index contract is substantially less than the transaction fee for trading an equal dollar amount of stock. Typically, this cost is 1/10 to 1/20 of the comparable cash market execution cost. Lower market impact costs also benefit the futures trader. Large-block equity orders sent to the stock exchange often create a supply-demand imbalance that increases the bid-ask differential and the cost of the trade. The effect of a comparable dollar order executed in the futures market is usually less significant. This is understandable when one considers the greater liquidity of stock index futures, where the daily dollar volume is concentrated in a single standardized contract representing a basket of stocks. In contrast, the daily dollar volume at a stock exchange is distributed over many stocks.
The disciplined use of leverage enables traders to control large dollar amounts in the futures markets with a comparatively small amount of capital. To ensure performance of the terms of the futures contract, both the buyer and seller are required to deposit a performance bond margin in an account at their brokerage firms. (Note that in the futures industry, the term margin represents a security deposit, whereas in the stock market, margin represents a down payment.) The amount of daily maintenance margin required by brokerage firms fluctuates with the daily value of the futures position.
Past performance is not indicative of future results
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Evaluating Risk From an Investor's Perspective.
Investors should understand that there are risks associated with trading futures and options on futures. The Commodity Futures Trading Commission (CFTC) requires that prospective customers be provided with risk-disclosure statements which should be carefully reviewed. Past performance is not necessarily an indicator of future results. Potential investors will want to become familiar with industry definitions for evaluating the risk-return element of managed futures performance. The following equations, with some variations, are often used. Measure of Volatility Standard Deviation: The dispersion (distance) of observations (performance data) from the mean (or average) observation. This measure is often expressed as a percentage on an annualized basis. Measure of Capital Loss Largest Cumulative Decline or Maximum Drawdown: The largest cumulative percentage (peak-to-valley) decline in capital of a trading account or portfolio. This measure of risk identifies the worst-case scenario for a managed futures investment within a given time period. Measure of Risk-Adjusted Return Sharpe Ratio: A ratio that represents a rate of return adjusted for risk, calculated as follows:
ANNUAL RATE OF RETURN - RISK-FREE RATE OF RETURN / ANNUALIZED STANDARD DEVIATION
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Types of Investment Opportunities
According to Managed Account Reports (MAR), in mid- 2003, it was estimated that over $45 billion was under management by futures trading advisors worldwide. Currently, there are three primary categories of managed futures.
Individual Accounts are usually opened by institutional investors or high net worth individuals. These funds usually require a substantial capital investment so that the advisor can diversify trading among a variety of market positions. An individual account enables institutional investors to customize accounts to their specifications. For example, certain markets may be emphasized or excluded. Contract terms may include specific termination language and financial management requirements.
Private Pools commingle money from several investors, usually into a limited partnership. Most of these pools have minimum investments ranging from approximately $25,000 to $250,000. These futures partnerships usually allow for admission-redemption on a monthly or quarterly basis. The main advantage of private pools is the economy of scale that can be achieved for middle-sized investors. A pool also may be structured with multiple trading advisors with different trading approaches, providing the investor with maximum diversification. Because of lower administrative and marketing costs, private pools have historically performed better than public funds.
Public Funds or Pools provide a way for small investors to participate in an investment vehicle usually reserved for large investors.
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Participants in the Managed Futures Industry.
There are several types of industry participants qualified to assist interested investors. Keep in mind that any of these participants may, and often do, act in more than one capacity.
Commodity Trading Advisors (CTAs) are responsible for the actual trading of managed accounts. There are over 800 CTAs registered with the National Futures Association (NFA), which is the self-regulatory organization for futures and options markets. The two major types of advisors are technical traders and fundamental traders. Technical traders may use computer software programs to follow pricing trends and perform quantitative analysis. Fundamental traders forecast prices by analysis of supply and demand factors and other market information. Either trading style can be very successful, and many advisors incorporate elements of both approaches.
Futures Commission Merchants (FCMs) are the brokerage firms that execute, clear, and carry CTA-directed trades on the various exchanges. Many of these firms also act as CPOs and trading managers, providing administrative reports on investment performance. Additionally, they may offer customers managed futures funds to help diversify their portfolios.
Commodity Pool Operators (CPOs) assemble public funds or private pools. In the United States, these are usually in the form of limited partnerships. There are more than 1,500 CPOs registered with the NFA. Most commodity pool operators hire independent CTAs to make the daily trading decisions. The CPO may distribute the product directly or act as a wholesaler to the brokerdealer community.
Investment Consultants can be a valuable institutional investor resource for learning about managed futures alternatives and in helping to implement the managed fund program. They can assist in selecting the type of fund program and management team that would be best suited for the specific needs of the institution. Some consultants also monitor day-to-day trading operations (e.g., margins and daily mark-to-market positions) on behalf of their institutional clients.
Trading Managers are available to assist institutional investors in selecting CTAs. These managers have developed sophisticated methods of analyzing CTA performance records so that they can recommend and structure a portfolio of trading advisors whose historic performance records have a low correlation with each other. These trading managers may develop and market their own proprietary products or they may administer funds raised by other entities, such as brokerage firms.
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Assessing Performance From an Investor's Perspective.
There are several indexes that measure managed futures performance. Investors may wish to review each index to determine which one provides the most appropriate performance criteria for their needs.
The following is a list of some of the more familiar indexes:
Managed Futures Indexes* (Actively Managed)
Barclay CTA Index
MAR (Managed Account Reports) Indexes
MLM (Mount Lucas Management) Index
Commodity Market Indexes (Passive)
MLM (Mount Lucas Management) Indexes
Commodity Research Bureau Index (CRB Index)
Goldman Sachs Commodity Index (GSCI)
Dow Jones-AIG Commodity IndexSM (DJ-AIGCISM)
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How the Fee Structure for Managed Futures Works.
Total management fees in the managed futures industry tend to be higher than those in the equities market. These fees, however, may be partially offset by the lower commission costs for comparable dollar transactions in the futures industry. While management fees do vary by the type of managed futures account and may be negotiable, there is a general fee structure. Investors should understand that performance information for a managed futures account or fund is almost always expressed net of all such fees. Typically, the trading advisor or trading manager is compensated by receiving a flat management fee based on assets under management in addition to a performance "incentive" fee based on profits in the account.
The performance fee is almost always calculated net of all costs to the account, such as management fees and commissions. The performance fee is thus based on net trading profits, which are usually paid only if the account or fund exceeds previously established net asset values. A few trading managers assume the "netting risk," whereby the performance results of all trading advisors in the account are netted before the investor is charged a performance fee. The trading manager assumes the netting risk by paying each CTA according to his or her individual performance. In addition to management and performance fees, an account or fund pays transaction costs or brokerage commissions. These expenses reflect the cost of executing and clearing futures and generally are calculated on a per-round-turn basis.
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Investor Safety is Paramount in the Futures Market.
Protecting the interests of all participants in the futures market is the responsibility of exchange and industry members as well as federal regulators. Working together, they ensure the financial and market integrity required by investors.
A brief overview of the Chicago Board of Trade (CBOT®) and it's clearing service provider will illustrate why the credit risk of exchange-traded products is minimal for futures investors.
The Market Integrity of the CBOT... CBOT rules and regulations are designed to support competitive, efficient, and liquid markets. These rules and regulations are reviewed continuously by the CBOT and are periodically amended to reflect the needs of market users. Making sure that these trading practices and regulations are followed is the responsibility of the CBOT's Office of Investigations and Audits (OIA). The OIA staff works to prevent trading irregularities and investigate possible violations of exchange and industry regulations. The activities of the department include daily on-site surveillance of trading activity, continuous monitoring of member firms' trading practices with state-of-the-art technology, and prompt, thorough investigations of any customer complaints.
...Combined with the Financial Integrity of Clearing Clearing operations are another mechanism used by exchanges to uphold the integrity of the futures markets. The clearing service provider (CSP) for the CBOT acts as a guarantor to clearing member firms for trades it maintains, reconciles all clearing member firm accounts each day to ensure that all gains have been credited and all losses have been collected, and sets and adjusts clearing member firm margins for changing market conditions.
The CSP settles the account of each member firm at the end of the trading day, balancing quantities of contracts bought with those sold. In clearing trades, the CSP substitutes itself as the opposite party in each transaction, essentially eliminating counterparty credit risk. It interposes itself as the buyer to every clearing member seller and the seller to every clearing member buyer and becomes, in effect, a party to every clearing member transaction. Because of this substitution, it is no longer necessary for the buyer (or seller) to find the original seller (or buyer) when one wishes to offset a position. The market participant merely executes an equal and opposite transaction, usually with an entirely different party, and ends up with a net zero position.
One of the most important financial safeguards in ensuring performance on futures contracts is the clearing margin, which clearing member firms must maintain against their position in each commodity. These margins are set by the CSP margin committee and governors. They are separate from the margins that individual holders of commodities accounts are required to deposit with brokers by exchange regulation.
The CSP settles its accounts daily. As closing or settlement prices change the value of outstanding futures positions, the CSP collects from those who have lost money as a result of price changes and credits the funds immediately to the accounts of those who have gained. Thus, before each trading day begins, all of the previous day's losses have been collected and all gains have been paid or credited. In this way, the CSP maintains very tight control over margins as prices fluctuate and ensures that sufficient margin money is on deposit at all times.
Source: Chicago Board of Trade Publication: "Managed Futures: Portfolio Diversification Opportunities
© 1996, 1999, 2002, 2003 Board of Trade of the City of Chicago. All rights reserved.
The information in this publication is taken from sources believed to be reliable, but it is not guaranteed by the Chicago Board of Trade as to accuracy or completeness, nor any trading result, and is intended for purposes of information and education only. The Rules and Regulations of the Chicago Board of Trade should be consulted as the authoritative source on all current contract specifications and regulations.
"Dow JonesSM," "The Dow®," "Dow Jones Industrial AverageSM," "DJIASM" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by the Board of Trade of the City of Chicago, Inc. (CBOT®). The CBOT futures and futures options contracts based on the Dow JonesSM Averages are not sponsored, endorsed, sold, or promoted by Dow JonesSM, and Dow JonesSM makes no representation regarding the advisability of trading in such contracts.
"Dow JonesSM," "AIG®," "Dow Jones-AIG Commodity IndexSM," and "DJ-AIGCISM" are service marks of Dow Jones & Company, Inc. and American International Group, Inc., as the case may be, and have been licensed for use for certain purposes by the CBOT®. The CBOT Dow Jones-AIG Commodity Index futures and futures options are not sponsored, endorsed, or sold by Dow Jones, AIG, American International Group, or any of their respective subsidiaries or affiliates, and none of Dow Jones, AIG, American International Group, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such products.
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Some Commodity Trading Advisors (CTA's) Found in the Stark 300 Report or Barclay's CTA Rankings...
| Abraham Trading Company Diversified Program
ACE Investment Strategists Diversified Premium
ACE Investments Strategists, LLC Stock Index Premium
Adobe Asset Mgt, LLC Financial Futures
Adobe Asset Mgt, LLC Financial Futures
Discretionary 5X Program
AIS Futures Management LLC MAAP (3X - 6X) Program
AIS Futures Management LLC MAAP (2X - 4X) Program
Alder Capital Alder Capital 20
Alder Capital Alder Capital 10
ALH Capital Corp Stock Index
ALH Capital Corporation Financial Program
Allied Irish Capital Management Equity Indices
Allied Irish Capital Management Foreign Exchange
Allied Irish Capital Management World Financial
Alterama, Inc. Trendoscil Program
Ansbacher Investment Mgt, Inc. Option Program
Appleton Capital Management 10% Risk Program
Appleton Capital Management 25% Risk Program
Appleton Capital Management Global Opportunity Pgm
ARA Portfolio Management Co., LLC Commodities Pgm
Arch Capital Management, Inc. 1X Program
Argus Capital Management, LLC S&P
Stock Index Option Writing Program
Ashley Capital Management, Inc.
Global Financial Program
AtreeCap Managed Futures Ltd. Diversified
Attain Portfolio Advisors LLC Strategic Diversified Program
Badger Investment Group Index Program
BAM Asset Management, LLC Program 1
BC Capital Management Indices Trading Program
Beach Capital Management Ltd Discretionary Program
Beach Capital Management Ltd Systematic Program
Beacon Management Corp Meka Program
Beacon Management Corp Meka MV Program
Beacon Management Corp Currency Program
Beacon Management Corp Enhanced Financial Program
Bell Fundamental Futures LLC Standard Program
Broadstone Fund Management Ltd 4XiM
Currency Momentum Program
Brown Asset Mgt, LLC Option Volatility Program
Bullfrog Capital Management Fundamental
C View Limited 1X Program
C View Limited 3XL Program
Calaveras Trading & Investments, LLC.
Leveraged Extended 2X Program
Calaveras Trading & Investments, LLC.
Leveraged Standard Program (2x)
Campbell & Company Financial, Metals & Energy
Campbell & Company Global Diversified Large Portfolio
Capital Fund Management Discus Managed Futures Pgm
Capital Management Group Forex Program
Capricorn Advisory Management, Ltd Capricorn FX3x
Capricorn Advisory Management, Ltd
Capricorn Systementum FX2x
CARAT Capital LLC Non-Linear Financial Program
CARAT Capital LLC Non-Linear Commodities Program
CARAT Capital LLC Non-Linear Stock Index Program
CEC Capital, LLC OCEAN Program
Censura Futures Management Inc.
Technical Entry/Option Writing Program
Chesapeake Capital Corporation Diversified Program
Chickasaw Capital, Inc. Basic Diversified Program
Chickasaw Capital, Inc. International Perspective Program
Chickasaw Capital, Inc. Harbinger Program
Chickasaw Capital, Inc. Institutional Program
ClaraVista Capital Management, Inc. Quadrant
ClaraVista Capital Management, Inc. Polaris
Clarke Capital Management, Inc. Global Basic Program
Clarke Capital Management, Inc. Global Magnum Program
Clarke Capital Management, Inc. Millennium Program
Clarke Capital Management, Inc. Worldwide Program
Clarke Capital Management, Inc. Orion Program
Clarke Capital Management, Inc. FX-plus Program
Clarke Capital Management, Inc. Energy Only Program
Clarke Capital Management, Inc. Jupiter Program
Commodity Capital Inc Futures Trading Program
Conservative Concept Inc Index Option System (IOS)
Conservative Concept Inc. DTS Program
Coral Rock Investments, Inc. 10X Leveraged Program
Covenant Capital Mgt of Tennessee, LLC Original Program
Crescent Bay Capital Management, Inc.
Premium Stock Index Program
CRT Currency Exchange Ltd Currency Program
Cutler Investment Corporation Cutler Trading Program
DEC Capital, Inc. Commodity Alternatives
Dekker Capital Management, LLC Global Diversified Futures
Dekker Capital Management, LLC Global Diversified
Diamond Capital Management Option Trading
District Capital Management Diversified Program
District Capital Management Select Program
Dofin Asset Management OptionSelector
Dolphin Capital Management Global Diversified II Program
Dolphin Capital Management Global Diversified Program
Dominion Capital Management, Inc. Global Financial Pgm
Dominion Capital Management, Inc. Forex Program
Dreiss Research Corp Diversified Program
Drury Capital Inc Financial Strategy Program
Drury Capital, Inc. Diversified Program
Dunn Capital Management Financial Tops Program
Dunn Capital Management World Monetary Assets Program
Dunn Capital Management Combined Financial Program
Dynex Corporation Conservative Currency Strategy
Dynex Corporation Tetra High Beta
Ebisu Portfolio Management Pty Limited
Ebisu Diversified Futures System
Eckhardt Trading Company Standard Program
Eckhardt Trading Company Global Financial Program
Eckhardt Trading Company Higher Leveraged Program
Eclipse Capital Management, Inc. Global Monetary Program
Eickelberg & Associates, Inc. Phoenix Program
EMC Capital Management EMC New Program
EMC Capital Management, Inc. EMC 2XL New Program
EMC Capital Management, Inc. EMC Classic Program
Estlander & Ronnlund Capital Mgt Ltd Global Volatility
Estlander & Ronnlund Capital Mgt Ltd Global XL Program
Estlander & Ronnlund Capital Mgt Ltd. Global Markets
Fall River Capital LLC Global Strategies Program
Fall River Capital LLC Global Strategies Higher Leverage Pgm
Fall River Capital LLC Salt River Bonds
Farr Investments, LLC Axel Aggressive Growth Program I
FGI Asset Management Ltd FGI Global Diversified
First Southeastern Capital Mgt LLC Financial/Currency 2X Pgm
First Southeastern Capital Mgt LLC Diversified Program
Fitrol Investment Management Managed Futures Program
FM Barrron & Associates, LLC FMB FXM Program
Full Cup, Inc. FCI Alpha Plus
Futures Truth Co MSS ( Multiple Systems Strategy)
FuturesOne FuturesOne Speculative Ag Program
FX Concepts Trading Advisor, Inc Fixed Income Program
FX Concepts Trading Advisor, Inc Developed Market Currency Program
FX Concepts Trading Advisor, Inc Global Currency Program
Georgica Capital, LLC Trend 1 Program
Global Advisors L.P. Discretionary Program (exchange traded only)
Global Eurofund Management Ltd. FX2000
Guarda Capital Management, Inc. Diversified Trading Pgm
Guarda Capital Management, Inc. Low-Volatility Institutional Program
Haar Capital Management LLC Discretionary Commodity Trading Program
Hamer Trading Inc Intraday Stock Index Program B
Hamer Trading Inc Diversified Program (Proprietary Trading)
Hamer Trading Inc Lowry Program
Hamer Trading Inc Stock Index Program A
Hansen Capital Mgt, Inc Managed Accont Program
Hathersage Capital Management LLC Daily Currency Program
Hathersage Capital Management LLC Long Term Currency
Hawksbill Capital Management Global Diversified Program
Hawksbill Capital Management Global Diversified Half Leverage
Hill Financial Group HTD - Select Program
Hill Financial Group Tactical Diversified Program - Proprietary Trading
Hirst Investment Management Inc. Currency Program
Hyman Beck & Company Global Portfolio
Hyman Beck & Company FastTrac Portfolio
IFX Capital Management Zenith IFX Program
IFX Capital Management Zenith IFX Plus Program
| Integrated Managed Futures Corp
IMFC Diversified Program
Jaguar Investments Ltd Commodity Trading Program
Jaguar Investments Ltd Metals Trading Program
John Locke Investments Cyril Systematic
John LoSordo & Company Global Diversified
John W. Bennett & Company Standard Program
John W. Henry & Company Original Investment Program
John W. Henry & Company Global Diverisified Portfolio
John W. Henry & Company JWH Global Analytics -
Family of Programs
John W. Henry & Company Financial & Metals Portfolio
John W. Henry & Company Global Financial & Energy Portfolio
John W. Henry & Company Worldwide Bond Program
John W. Henry & Company International Foreign Exchange Program
John W. Henry & Company G-7 Currency Program
John W. Henry & Company Dollar Program
John W. Henry & Company Strategic Allocation Program
JPD Enterprises, Inc. Global Diversified Program
Keener Capital Management LLC Shockwave Program
Kelly Angle Inc. Genesis Program
Lambay Capital Limited Short Term FX
Lane Capital Management, LLC Global Macro
LJM Partners Ltd Delta Neutral Option Writing
Lone Wolf Investments LLC Diversified Program
Marathon Capital Growth Partners System Diversified Program
Marathon Capital Growth Partners System Financial Program
Marathon Capital Growth Partners System CFE Program
Marathon Capital Growth Partners System FX Program
Marathon Capital Growth Partners Macro Strategic Program
Marathon Capital Growth Ptrs Plus Program
Marshall Capital Group Diversified Program
Marvin Capital Silverstream Forex Program
MD Trading Group Options Advisor Premium Trading
Merit Alternative Investments GmbH MERIT Futures Portfolio
Merit Alternative Investments GmbH GPS Program
Meyer Capital Management, Inc. Diversified Program
Michael N Trading Company Ltd. Financial Futures Program
MIGFX Managed Growth
MIGFX Institutional Growth
Millburn Ridgefield Corporation Millburn Currency Program
Millburn Ridgefield Corporation Millburn Diversified Program
Mobius Asset Management New Diversified Program
Mobius Asset Management Custom Program
Mobius Asset Management Combo Program
Mobius Asset Management Energy Weighted Program
Monarch Capital Management FX Multi-Strategy Program
Mondiale Asset Management Ltd Mondiale
Leveraged Trading Program
Mondiale Asset Management Ltd Mondiale Trading Program
Muirlands Capital Mgt, LLC Diversified Program - Combined Client & Proprietary Trading
Muirlands Capital Mgt, LLC Diversified Program - Client Trading
Muirlands Capital Mgt, LLC Diversified Program - Proprietary Trading
Mulvaney Capital Management Managed Futures Program
Northfield Trading L.P. Diversified Program
NuWave Investment Corp NuWave Combined Futures Portfolio (2x)
NuWave Investment Corp. Combined Portfolio
NuWave Investment Corp. Electronic Futures Portfolio
OptionVue Research, Inc. Swing 500 Program
Orion Capital Management Index Program I
Pardo Capital XT-99 Program
Peter Norman Oldacre BroadLeaf Equivalence
Trading System - Proprietary
Potomac Portfolios, LLC Managed Account Program
Qualia Financial Services, LLC Index Program
Qualia Financial Services, LLC Adaptive S&P Program
Qualia Financial Services, LLC Adaptive S&P 2 Program
Quantitative Investment Mgt LLC Quantitative Global Program
Quay Capital Management Quay Forex Futures Program
Quay Capital Management Quay Forex Interbank Pgm
Quay Capital Management Druid Futures Program
Quay Capital Management Druid 2XL Futures Program
RAM Management Grp, Ltd MRTP 1X Conservative Pgm
RAM Mgt Grp, Ltd MRTP Aggressive Program
RangeWise, Inc. RangeWise
Red Oak Advisors, Inc.
Red Rock Capital Management, Inc. Diversified Pgm
Rivoli Fund Management Rivoli Managed Account Pgm
Ross Beck Ross Beck, CTA Managed Account Program - Indices
Roy Funds, The Systematic Equity Indices Mid-Cap
Roy Funds, The Systematic Equity Indices Large-Cap
Satori Trading LLC Currency Program
Saxon Investment Corporation Diversified Program
Saxon Investment Corporation Aggressive Diversified Program
Scully Capital Management, LLC Poniente Program
Scully Capital Management, LLC Mistral Program
SeaQuest Capital Management SeaQuest Diversified Plus Program
SeaQuest Capital Management SeaQuest Currency Pgm
Shaffer Asset Management, LLC Diversified II Program
Shaffer Asset Management, LLC FX Program
Sharmac Capital Sharmac Managed Account Program
Signal Research & Trade Ltd Energy & Financial
Program (Proprietary) Signal Research & Trade Ltd. Energy & Financial Program
Sindel Asset Management LLC Diversified
SMI Management & Research Managed Futures Program
Smith Point Investment, Ltd Aggressive Program
Smith Point Investment, Ltd Regular Program
SoundView Capital Management, LLC Managed Account Program
Spectrum Asset Management LLC Global Diversified Program
Spectrum Asset Management LLC FX Program
SSARIS Advisors, LLC Diversified Trading Program
Steadfast Resource Associates Steadfast Index & Physical Options
Stewart Capital Management Small Cap. Agriculture
Strategic Ag Trading Grain Program
Strategic Ag Trading Balanced Program
Strategic Ag Trading Adjusted Program
Sunrise Capital Management, Inc. Expanded Diversified Pgm
Sunrise Capital Management, Inc. Diversified Program
Sunrise Capital Management, Inc. Currency Program
Sunrise Capital Management, Inc. CIMCO - Diversified Financial Program
Synergy Capital Management SCM Currency Portfolio
Transtrend B.V. Diversified Enhanced Risk JPY
Transtrend B.V. Diversified Enhanced Risk CHF
Transtrend B.V. Diversified Enhanced Risk USD
Transtrend B.V. Diversified Enhanced Risk Euro
Transtrend B.V. Diversified Standard Risk USD
Transtrend B.V. Diversified Standard Risk Euro
Trend Management USA TM Global Macro Dynamic Pgm
Trident Asset Management Global Diversified Program
Trident Asset Management Global Currency Program
Tucson Asset Management, Inc. Domestic 2X Program
Tucson Asset Management, Inc. Global Program
Tucson Asset Management, Inc. Macro Program
Vaca Capital Management, LLC Vaca Global Diversified Program
Valu-Trac Investment Management Ltd Strategic 4X Pgm
Villano Capital Management, Inc. Global Diversified
Wallwood Consultants Ltd Forex Managed Accounts
Winton Capital Management Ltd Diversified Program
Winton Capital Management Ltd Currency Program
Wizard Trading, Inc. Global Diversified Program
Yutaka Futures Co., Ltd Arbitrage Program
Zenith Resources Index Option
Zephyr Asset Mgt Moderate Program
Zephyr Asset Mgt Aggressive Program
ZeroVector.COM BillionZ Program
Risk Disclosure Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Traderview is not affiliated with, nor does it endorse any trading system or other similar service. Traderview does not guarantee or verify any performance claims made by such systems or services.