---
type: universe
status: active
created: 2026-06-15
source: Process.pdf §2
---

# Coverage Universe

Two groups: **traded** (12-16 instruments) and **monitored** (informational, regime context). Trade only the first group. Monitor the second for cross-asset context.

Buckets drive the correlation cap (see [[risk-framework#3. Correlation buckets]]).

---

## Traded (12-16)

### Rates (futures)

| Instrument | Code | Exchange | Notes |
|---|---|---|---|
| SOFR 3M front 8 quarterlies | SR3 | CME | Fed policy expression |
| 2y UST | ZT | CBOT | Front-end |
| 10y UST | ZN | CBOT | Belly |
| 30y UST | ZB | CBOT | Long end |
| Schatz | — | Eurex | German front-end |
| Bund | — | Eurex | German long end |

Trade curve via 2s10s in futures ratio. Detailed notes: `06-universe/traded/`.

### FX (CME futures, not spot — clean audit trail)

| Instrument | Code | Notes |
|---|---|---|
| EUR/USD | 6E | Core |
| JPY/USD | 6J | Core |
| GBP/USD | 6B | Core |
| AUD/USD | 6A | USD-bloc |
| CAD/USD | 6C | Optional |
| MXN/USD | 6M | Optional |
| CHF/USD | 6S | USD/CHF view (note only if 6S liquidity thin) |

### Commodities

| Instrument | Code | Notes |
|---|---|---|
| Gold | GC | **Existing edge** |
| Silver | SI | |
| Copper | HG | |
| Crude (WTI) | CL | |
| Nat Gas | NG | Only if vol accepted |

### Equity index (sparingly, as macro expression)

| Instrument | Code | Notes |
|---|---|---|
| S&P 500 | ES / MES | Micro (MES) for size flexibility |
| EuroStoxx 50 | FESX | European macro expression |

---

## Monitored (not traded)

| Series | Use |
|---|---|
| DXY | USD-bloc regime indicator |
| VIX | Risk regime |
| Gold/Silver ratio | Cross-commodity signal |
| Copper/Gold ratio | Global growth proxy |
| Real yields (TIP / 10y breakevens) | Real-rate driver for gold, duration |
| HY OAS | Credit conditions |
| USD/CNH | China risk, EM pressure |
| BTC | Regime indicator only |

---

## Trade-count guardrail

The PDF is explicit: 12-16 instruments. If you find yourself wanting to add a 17th, the answer is no — write it down in `90-archive/expansion-requests.md` and revisit at the quarterly process audit.

## Per-instrument notes

Each instrument has a stub in `06-universe/traded/` or `06-universe/monitored/`. Fill in:
- Contract specs (tick size, tick value, contract size, margin)
- Typical daily range / ATR
- Key reports / event drivers
- Correlation with bucket siblings
- Personal notes / edge observations

Template at `_templates/instrument.md`.