US Ultra Long

2% complete

We are neutral the WN calendar spread

100:98.24

{WNWN Comdty gip10}

30yr

4% complete

We are slightly bullish the US roll

100:100

{usus Comdty gip10}

10yr

3% complete

We are slightly bullish the TY roll as positioning remains unchanged and the previous rolls richened in the last week of the roll month

100:99.6

{tyty Comdty gip10}

Ultra 10yr

4% complete

slightly bullish the UXY roll given the bullish risks from curve steepening and the cheapness of the UXY roll

100:99.7

{uxyuxy Comdty gip10}

5yr

4% complete

neutral FV calendar spread due to bullish risks from smaller net long asset manager positioning and curve steepening risks

106:100

{fvfv Comdty gip10}

The Desmond

4% complete

bullish the TU roll given the cheapness in the roll and possible curve steepening risks and decent roll delta

100:90

{tutu Comdty gip10}