Use this Series 31 Cheat Sheet after you already know the route. It is built to keep the exam’s managed-futures emphasis visible under time pressure.
Quick facts
| Item | Detail |
|---|
| Route | NFA Futures Managed Funds Examination |
| Questions | 45 scored |
| Time | 60 minutes |
| Core emphasis | managed-futures market knowledge, general regulation, CPO/CTA disclosure, and communications |
| Practice | Open exact web practice |
Weight map
| Area | Weight |
|---|
| General Market Knowledge | 30% |
| General Regulation | 19% |
| CPO/CTA Regulations | 10% |
| CPO/CTA Disclosure Documents | 17% |
| Customer Information and Risk Disclosure | 4% |
| Upfront Fee Disclosure | 4% |
| Communication with the Public and Promotional Material | 16% |
Pressure checklist
- Is the question really about managed futures, not broad futures trading?
- Is the issue market knowledge, regulation, disclosure, fee disclosure, or promotional material?
- Does the answer protect the customer from misunderstanding risk or costs?
- If a communication is involved, is it balanced, accurate, and not misleading?
Common traps
- treating Series 31 like a shortened Series 3
- underweighting promotional material
- ignoring CPO/CTA disclosure-document discipline
- memorising fees without understanding why they must be disclosed upfront