Series 31 — Futures Managed Funds Examination Guide

Series 31 is the narrow NFA managed-futures route. It is built for candidates whose work involves managed futures, commodity pools, CPO/CTA disclosure, customer risk disclosure, upfront-fee disclosure, and promotional-material rules. It is not the broad Series 3 futures representative exam and it is not the Series 30 branch-manager supervision route.

The current exam configuration uses 45 scored questions, 60 minutes, and a topic mix led by general market knowledge, general regulation, CPO/CTA disclosure documents, and promotional material. Treat those as the centre of gravity before you spend too much time on low-weight disclosure fragments.

Where Series 31 fits

What this guide is for

Use this guide when you need to understand the managed-futures lane, build a study plan around the actual weighting, and move into web practice once the route is clear.

The strongest candidates study Series 31 as a managed-futures disclosure and solicitation exam. The weaker candidates treat it like a short version of Series 3 and miss the CPO/CTA and promotional-material emphasis.

Practice this exam

Use this free guide for review, then Start Series 31 Practice on Finance Prep for timed questions, topic drills, and detailed explanations.

In this section

• General Market Knowledge
  Learn how Series 31 tests managed-futures market knowledge, including disclosure context, margin, leverage, settlement, basis, hedging, spreads, price limits, and volatility.
• General Regulation
  Learn how Series 31 tests NFA arbitration, disciplinary process, just and equitable principles, QEPs, registration requirements, foreign markets, and books-and-records oversight.
• CPO/CTA Regulations
  Learn how Series 31 tests commodity pool operator and commodity trading advisor regulations, registration scope, exemptions, records, reporting, and customer-fund controls.
• CPO/CTA Disclosure Documents
  Learn how Series 31 tests CPO and CTA disclosure documents, management and incentive fees, performance records, conflicts, principal purchases, review-before-use, and disciplinary disclosure.
• Customer Information and Risk Disclosure
  Learn how Series 31 tests customer information collection, follow-up, managed-futures risk disclosure, and suitability context.
• Upfront Fee Disclosure
  Learn how Series 31 tests upfront fees, organizational expenses, customer cost understanding, and net performance effects in managed-futures offerings.
• Communication with the Public and Promotional Material
  Learn how Series 31 tests promotional material, standardized sales presentations, third-party content, reprints, recordkeeping, past performance, hypothetical results, and supervisory review.
• Series 31 Study Plan — 30, 60, and 90 Day Managed-Futures Prep
  Build a Series 31 study plan around managed-futures market knowledge, general regulation, CPO/CTA disclosure, and promotional-material rules.
• Series 31 Cheat Sheet: Managed-Futures Exam Review
  High-yield Series 31 cheat sheet for the NFA Futures Managed Funds Exam, covering managed-futures market knowledge, regulation, CPO/CTA disclosure, fees, promotional material, and route-fit traps.
• Series 31 FAQ — Route Fit, Format, and Managed-Futures Study Questions
  Common questions about the NFA Series 31 Futures Managed Funds Examination, including route fit, format, and study priorities.
• Series 31 Resources — Official Sources, Route Checks, and Practice Questions
  Series 31 resource guide with official FINRA/NFA source checks, route fit guidance, and timed practice-question links.