BTOP50 Index

The BTOP50 Index seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. To be included in the BTOP50, the following criteria must be met:

• Program must be open for investment
• Manager must be willing to provide us daily returns
• Program must have at least two years of trading activity
• Program’s advisor must have at least three years of operating history
• The BTOP50’s portfolio will be equally weighted among the selected programs at the beginning of each calendar year and will be rebalanced annually.
  

For 2025 there are 20 funds in the Barclay BTOP50 Index. See the complete list of constituents below.

2025 BTOP50 Constituents

AG Capital Management Partners, LP (Discretionary Global Macro)
AlphaQuest Partners (AlphaQuest Original - AQO)
AlphaSimplex Group, LLC (Managed Futures Composite)
AQR Capital Mgmt. (AQR Managed Futures Moderate Volatility)
Aspect Capital Limited (Aspect Diversified Fund (USD))
BIG Banco de Investimento Global S.A. (BiG Diversified Macro Fund)
Campbell & Company, LP (Campbell Managed Futures)
CIBC Asset Management (CIBC Active Currency Overlay 12% Risk)
CoreCommodity Management, LLC (Founders Absolute Return)
Graham Capital Mgmt., L.P. (Graham Quant Macro Series A)
John Street Capital (Trident Strategy)
Lynx Asset Management (Lynx Program (Bermuda Class D USD))
Man AHL (AHL Alpha Cayman Ltd USD)
Millburn Diversified Program (MDP)
PIMCO LLC (Trends Managed Futures Strategy (PQTIX))
Polar Star Management SEZC (Polar Star Fund Ltd)
Statar Capital LLC (Natural Gas Strategy)
Systematica Investments (BlueTrend Fund Ltd. A USD)
Transtrend, B.V. (DTP/Enhanced Risk - USD)
Winton Capital Management, Ltd. (Diversified Macro)