# Russell 2000 futures positioning | PIER20 benchmarks

Are hedge funds net long or net short Russell 2000 futures, and how does it compare with asset managers?

The Russell 2000 futures positioning measures Leveraged funds and Asset managers net positioning in Russell 2000 futures, each as a percentage of open interest. The primary cohort (leveraged funds: hedge funds, CTAs) is typically net short equity index futures because it uses them to hedge long cash equity exposure, while the comparator (asset managers: pension and mutual funds) is typically net long. A reading of +30% means the cohort is net long by 30% of open interest; −30% means net short by the same share. It is a gauge of speculative conviction and commercial hedging, not a directional trade signal.

As of **4 August 2026**, the latest readings are Leveraged funds at **-20.4%** and Asset managers at **1.5%**. The Leveraged funds line is up 7.0 pp over the past year and below its long-run median of -8.3%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Leveraged funds | -6.4% | -20.4% | -27.4% | 14.9% |
| Asset managers | 37.9% | 1.5% | -23.2% | 37.9% |

## Last 24 readings

| Date | Leveraged funds | Asset managers |
|---|---|---|
| 24 Feb 2026 | -9.2% | 14.2% |
| 3 Mar 2026 | -9.1% | 14.9% |
| 10 Mar 2026 | -10.8% | 11.1% |
| 17 Mar 2026 | -11.2% | 9.2% |
| 24 Mar 2026 | -12.2% | 8.1% |
| 31 Mar 2026 | -9.9% | 3.9% |
| 7 Apr 2026 | -9.2% | 1.6% |
| 14 Apr 2026 | -12.5% | 4.4% |
| 21 Apr 2026 | -13.6% | 3.6% |
| 28 Apr 2026 | -15.8% | 4.8% |
| 5 May 2026 | -13.0% | -3.5% |
| 12 May 2026 | -14.1% | -2.2% |
| 19 May 2026 | -16.0% | -0.5% |
| 26 May 2026 | -16.1% | -1.4% |
| 2 Jun 2026 | -17.7% | -2.4% |
| 9 Jun 2026 | -18.7% | -4.1% |
| 16 Jun 2026 | -17.2% | 3.0% |
| 23 Jun 2026 | -14.6% | 1.4% |
| 30 Jun 2026 | -21.1% | 2.0% |
| 7 Jul 2026 | -17.8% | -0.1% |
| 14 Jul 2026 | -21.7% | 1.9% |
| 21 Jul 2026 | -17.9% | -0.2% |
| 28 Jul 2026 | -17.9% | 0.2% |
| 4 Aug 2026 | -20.4% | 1.5% |

## How to read this benchmark

**What a positive or negative reading means.** A positive Net/OI means the cohort holds more long contracts than short; negative means the opposite. The magnitude shows how concentrated the position is relative to the market's total open interest. Because the series is normalized by open interest, it stays comparable as the contract grows or shrinks over the full history. Extremity is judged against the cohort's own historical range (see the percentile cell), not against a universal threshold. Observed ranges differ sharply between contracts.

**Why net position divided by open interest.** Raw long and short contract counts grow with market participation, so they trend upward over time and cannot be compared across the full history. Dividing the net position by open interest produces a bounded percentage that is invariant to the market's size. This is the standard normalization used in CFTC's own published percentages and in most practitioner positioning work.

**Why leveraged funds are usually net short.** Leveraged funds (hedge funds, CTAs and other speculative accounts) are structurally net short equity index futures because index futures are the cheapest, most liquid way to hedge long cash equity exposure. A short futures position offsets a long stock portfolio, so the cohort's net-short reading reflects hedging demand as much as directional bearishness. Asset managers (pension funds, mutual funds) sit on the other side: they are structurally net long, using futures to gain efficient beta exposure. The divergence between the two is the classic speculator-versus-institutional positioning split, not a measure of overall market sentiment.

**Reading the divergence.** When leveraged funds' net-short position grows larger (more negative) while asset managers hold steady, speculators are adding hedges, often a risk-off signal even if the index is rising. When leveraged funds move toward net long, they are expressing explicit bullish conviction rather than just lifting hedges. Extremes in either direction, judged by percentile, mark crowded positioning that raises reversal risk.

**Limitations.** The CFTC reports aggregate positions across all traders in a category, so the reading reflects the net of many independent strategies and cannot isolate any single fund's view. Positioning is a Tuesday-close snapshot published with a three-business-day lag. Net short does not always mean bearish. Leveraged funds hedge long cash, so a larger net short can reflect more hedging rather than more bearishness. Treat the chart as context for speculative positioning, not investment advice.

## How this benchmark is used

**Crowding and contrarian risk assessment.** When positioning reaches historical extremes (judged by percentile, not a fixed threshold), the cohort is crowded on one side, which raises the risk of a sharp reversal if the consensus view breaks. Portfolio risk managers track these extremes as early-warning signals, particularly in smaller markets where a few large funds can dominate open interest.

**Macro regime confirmation.** Trend-following and macro funds cross-reference positioning against price action. A move accompanied by rising net longs has speculative support; a move that pushes positioning into extremes while price stalls is a classic exhaustion pattern. Positioning is one input alongside price, fundamentals and flows.

## Frequently asked questions

**What is the current russell 2000 futures positioning?**

As of 4 August 2026, the latest readings are Leveraged funds at -20.4% and Asset managers at 1.5%. The Leveraged funds line is up 7.0 pp over the past year and below its long-run median of -8.3%.

**How often is this benchmark updated?**

This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

**What data sources does this chart use?**

The chart is built from Leveraged funds and Asset managers, sourced from the CFTC Commitments of Traders report.

**What does Russell 2000 futures positioning measure?**

It measures whether leveraged funds and Asset managers are net long or net short Russell 2000 futures, each as a share of total open interest. The CFTC publishes the underlying data weekly. A positive reading means the cohort is net long; negative means net short.

**What is a high or low reading?**

Net/OI ranges differ sharply between contracts, so extremity is judged by the percentile cell against the cohort's own history, not by a fixed percentage threshold. A reading in the top or bottom decile of the full sample marks a historically large position for that specific contract.

**How often is the data updated?**

Weekly. The CFTC reports positions as of Tuesday close and publishes them on Friday afternoon, US Eastern time, with a roughly three-business-day lag.

**Is a net-long reading bullish for Russell 2000?**

Not necessarily. Net long means the cohort is positioned for upside, but extreme net longs can mark tops when the crowded position unwinds. Positioning is one input alongside price and fundamentals; it is not a standalone directional signal.

## Methodology

- Formula: ((Leveraged funds long − short) / open interest) × 100, in %
- Frequency: Weekly
- Sources: Leveraged funds (russell-2000:leveraged) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=239742; Asset managers (russell-2000:assetManager) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=239742. Data via the CFTC Commitments of Traders report.
- Data through: 4 August 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/russell-2000-futures-positioning
Disclaimer: research software output, not investment advice.