BarclayHedge estimates managed-futures industry assets at $353.74 billion at the end of the second quarter of 2026. The quarterly series moves with performance, flows and the managers who report to it, so a single quarter says little about direction. Over longer periods the industry has grown from a niche into a category of several hundred billion dollars.
How large is the managed-futures industry today?
BarclayHedge, now part of ION Analytics, publishes a quarterly estimate of assets managed by commodity trading advisors. Its latest public figure is $353.74 billion at the end of the second quarter of 2026. The estimate is built from assets reported by contributing CTA managers. [1]
| Period end | Assets ($bn) |
|---|---|
| 31 December 2020 | 301.5 |
| Q4 2025 | 364.78 |
| Q1 2026 | 425.5 |
| Q2 2026 | 353.74 |
Sources: BarclayHedge (ION Analytics) quarterly table, accessed 20 October 2026; year-end 2020 figure as cited in an SEC Form 10-K. Contributor-based estimates; later revisions and coverage changes are possible.
Why did the estimate move so much in 2026?
The series rose by about 17% between year-end 2025 and the first quarter of 2026, then fell by about 17% in the second quarter. Reported assets combine investment results, subscriptions, redemptions and changes in which managers report. The public table does not separate those effects. By sector, most of the movement sits in BarclayHedge's Diversified Traders category: $231.81 billion, then $288.84 billion, then $214.17 billion. [1]
A swing of that size within two quarters is a reason to read the series as a range of scale rather than as a precise measure of flows. Comparing one quarter with another does not establish that capital is entering or leaving the strategy.
Where do the assets sit by sector and style?
BarclayHedge also splits the total by trading sector and by style. At the end of the second quarter of 2026, diversified traders accounted for $214.17 billion, about 61% of the total, and systematic traders for $325.81 billion, about 92%. [1]
| Category | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
| Diversified traders | 231.81 | 288.84 | 214.17 |
| Financial / metals traders | 88.10 | 92.61 | 99.93 |
| Currency traders | 33.15 | 34.93 | 35.36 |
| Agricultural traders | 1.23 | 1.16 | 1.16 |
| Systematic traders | 334.25 | 392.39 | 325.81 |
| Discretionary traders | 14.52 | 15.62 | 14.67 |
Source: BarclayHedge (ION Analytics) quarterly table, accessed 20 October 2026. Sector and style are separate classifications; neither set sums exactly to the industry total.
Financial and metals traders and currency traders grew in each of the three quarters. The diversified category moved most, which is consistent with the swings in the total. The table does not say whether those moves came from results, flows or reporting coverage. [1]
How has the industry grown over longer periods?
A Form 10-K risk-factor disclosure filed with the US Securities and Exchange Commission in 2021 cites BarclayHedge for growth from an estimated $300 million in 1980 to approximately $301.5 billion at 31 December 2020. [2]
Set against the year-end 2025 figure of $364.78 billion, the 2020 snapshot implies annualised growth of about 3.9% over five years. That figure is our arithmetic on two published snapshots, not a reported growth rate. Reporting coverage and revisions may differ between the two dates. [1]
What does the managed-futures category include?
The BarclayHedge figure covers CTA assets across investment styles and investor types. It is broader than systematic trend following, which some institutional policies, such as SURS and the Hawaii EUTF, name as a separate line. It also does not show how much of the total belongs to pension funds, family offices or other investor groups. [1]
Our guide to what a CTA is explains the registration framework and the range of programmes the term covers.
What does an AUM figure measure in a futures programme?
Futures programmes post margin rather than paying the full value of each position. Four quantities can therefore differ for the same account: the capital an allocator commits, the notional value of the futures held, the margin posted with the clearing broker and the account's contribution to portfolio risk.
Reporting conventions differ between managers and between funds and managed accounts. When comparing programmes, or comparing an industry total with a portfolio weight, it helps to confirm which basis each figure uses.
- Is the reported AUM the capital committed, or a notional trading level?
- How much of a managed account is held as cash at the futures broker, and how much elsewhere?
- Is the programme's risk level stated per unit of committed capital or per unit of trading level?
Our articles on CTA managed accounts and separately managed accounts versus fund investment cover the structures in more detail.
What do the industry figures not show?
The estimates describe assets reported to one database. They are not portfolio weights, net flows or investment results, and they do not forecast future assets. For what allocators report holding, see hedge funds and managed futures in allocator portfolios and how institutions size a trend-following allocation.
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Frequently asked questions
How large is the managed-futures industry?
BarclayHedge estimates managed-futures industry assets at $353.74 billion at the end of the second quarter of 2026, based on assets reported by contributing CTA managers.
Has the managed-futures industry grown?
BarclayHedge's estimate was approximately $301.5 billion at year-end 2020 and $364.78 billion at year-end 2025. That is about 3.9% a year, calculated from two snapshots whose coverage may differ.
Is managed futures the same as trend following?
No. The industry figure covers CTA assets across styles. Trend following is one approach within it, and some institutional policies, such as SURS and the Hawaii EUTF, list it separately.
Why do quarterly managed-futures asset figures change so much?
Reported assets combine investment results, flows and changes in which managers report. The public table does not separate those effects.
For institutional investors. This article provides general information, not investment, tax or legal advice or a recommendation of any manager, strategy or structure. Industry asset estimates describe reported assets at stated dates and do not indicate future assets, allocations or results. Past performance is not necessarily indicative of future results.
Sources
- BarclayHedge (ION Analytics), CTA Industry Assets Under Management. Quarterly industry estimates based on assets reported by contributing CTA managers; table accessed 20 October 2026.
- Annual report on Form 10-K filed with the US Securities and Exchange Commission in 2021 (EDGAR accession 0001193125-21-094035), Risk Factors, citing BarclayHedge, Ltd., Fairfield, IA.