Contango and Roll Yield in Commodity ETFs
Contango explains why a commodity ETF can lose money while spot stays flat. See the roll trade, the arithmetic over twelve rolls, and real fund data.
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How Futures Margin Works: SPAN and Calls
How futures margin works: initial versus maintenance levels, SPAN scenario risk, the nightly variation margin cash move, and why intraday rates vanish.
How Continuous Futures Contracts Are Built
No single futures contract has a long history. Every futures chart is stitched. How continuous futures contracts get rolled, spliced and back adjusted.
How to Read the COT Report: Columns Explained
How to read the COT report: what every column means across the legacy, disaggregated and TFF tables, plus the net position math and its two real limits.
How to Read a Futures Symbol (ESZ6, CLF27)
Read any futures symbol on sight: root, month code, year digit. Worked examples for ESZ6, CLF27 and ZCK6, the full month table, and two traps to avoid.
When Is the COT Report Released?
The CFTC releases the COT report every Friday at 3:30 pm ET, measured as of Tuesday's close. See the schedule, the three-day lag, and how to read it.