The NAAIM Exposure Index reflects the average U.S. equity market exposure reported weekly by active investment managers who are members of NAAIM. Subscribers receive access to the current weekly Index value, along with historical data spanning more than twenty years. Rather than predicting future market direction, the Index provides insight into how active risk managers are currently positioning client portfolios and the adjustments they have made over time.

Current NAAIM Members: Your complimentary access is not changing. Simply continue to log in using your member password. The new subscription service applies only to non-members.

Please Note: The NAAIM Exposure Index data displayed on this page is provided with a three-month delay and is intended for general informational purposes. Organizations or individuals seeking access to the most current weekly Exposure Index data, along with more than 20 years of historical data, may subscribe as a NAAIM Exposure Index Partner. A subscription provides timely access to the latest data and a comprehensive historical database for research, analysis, and integration into your products and services.

NAAIM member firms who are active money managers are asked each Wednesday to provide a number which represents their overall equity exposure at the market close.  Responses can vary widely as indicated below. Responses are tallied and averaged to provide the average long (or short) position of all NAAIM managers, as a group.

Range of Responses:

-200% Leveraged Short
-100% Fully Short
0% (100% Cash or Hedged to Market Neutral)
100% Fully Invested
200% Leveraged Long

Data collection issues that may affect the statistical significance of this data include:

Use of a single, composite number for each adviser may not accurately represent the market view of a manager who has short term and long term strategies that are providing conflicting signals or a manager who uses both contra-trend and trend following strategies for different portfolios.

Investment Styles very widely among managers participating in this survey. They may include managers that trade very frequently and can switch long and short positions daily. Other managers stay fully invested at all times and only change allocations among market segments or sectors. Still others trade around core positions and only a portion of their portfolios change, but that portion could potentially go from long to short very quickly.

Sample size: Although the number of participating managers, known as NAAIM Trend Setters, is steadily growing the sample size is not large and therefore may be less reflective of actual market conditions.

NAAIM publishes this data for use in tracking only and reserves the right to the use and trademarks of the NAAIM Exposure Index and its underlying data. Express permission must be sought from NAAIM for use of this data for commercial purposes.