Commitment of Traders Weekly Update

Rates Date 24 July 2026 Commitment of Traders

Weekly Update Andrew Fu ▪ In the week leading up to Tuesday, July 21, asset managers put on curve Strategist flattening exposure as they sold TU and FV while buying further out UST futures contracts. Their overall net DV01 exposure increased by $1.9 million. Leveraged funds also leaned on the long side as they increased Steven Zeng, CFA Strategist DV01 exposure, by $3.3 million. Net speculators decreased their total Treasury futures exposure by $2.1 million in DV01. Bhashkar Upadhyay ▪ Within the short-term rates market, leveraged funds favored 30-day fed Research Associate funds over 1M SOFR. Net speculator positions in 30-day fed funds increased by $0.6 million in DV01 while positions in 1M SOFR were flat. Asset managers decreased their total short-term rate exposure by $2.5 million in DV01 amid renewed geopolitical tensions. Dealers’ 3M SOFR positions continued to move off the all-time high levels of end-June.

Figure 1: Weekly DV01 Changes, $mm

Source: CFTC and Deutsche Bank

Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SEE APPENDIX 1 FOR FURTHER DETAILS.

24 July 2026 Commitment of Traders

The report has the latest figures as of Tuesday, July 21, 2026

Charts on the left side of the following pages show net speculative positions (the difference between gross long and short positions) in each contract held by speculative traders, or non-hedgers, as reported by the US Commodity Futures Trading Commission in its weekly Commitments of Traders Reports.

Charts on the right show net positions held by each of the four categories of traders (see table) as reported in the supplementary Traders in Financial Futures Reports. Each trader category may contain both speculators and hedgers.

Figure 2: Trader Classification

Source: Commodity Futures Trading Commission

Reportable Positions: Clearing members, futures commission merchants, and foreign brokers (collectively called reporting firms) file daily reports with the Commission. Those reports show the futures and options positions of traders that hold positions above specific reporting levels set by CFTC regulations. If, at the daily market close, a reporting firm has a trader with a position at or above the Commission’s reporting level in any single futures month or option expiration, it reports that trader’s entire position in all futures and options expiration months in that commodity, regardless of size. The aggregate of all traders’ positions reported to the Commission usually represents 70-90% of the total open interest in any given market. Please see here for relevant reporting levels.

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