Correlated and Substantially Similar Instruments

Effective date: July 10, 2026

Version: 1.0

This article defines which instruments Elite Trader Funding (ETF) treats as the same or substantially similar for the purposes of our Terms of Service, including the Martingale and hedging provisions. This list is incorporated by reference into our Terms of Service. The version of this list in effect on the date of the relevant trading activity governs that activity.

ETF may update this list from time to time. Prior versions are retained, and any enforcement action references the version that was in effect on the date the conduct occurred.

Some of our trading rules turn on whether two positions represent the same or a closely related market exposure. For example, adding to a losing position, or re-entering the same exposure right after a loss to try to recover it, is treated as Martingale conduct under our Terms. To apply that rule consistently, we need a clear, published definition of which instruments count as the same or substantially similar. That is what this list provides.

The list is organized into two tiers. Each rule in our Terms of Service specifies which tier or tiers it applies to.

Tier 1 covers instruments that represent the same underlying market exposure at a different contract size, such as an E-mini and its corresponding Micro contract. A position in one is the same directional exposure as a position in the other, only smaller or larger. For all ETF rules that reference same or substantially similar instruments, Tier 1 pairs are always treated as substantially similar.

Any position taken in one instrument in a Tier 1 pair is considered substantially similar to a position in the other instrument in that pair, regardless of direction or size.

Tier 2 covers instruments that are genuinely different products but that track the same underlying market closely enough that ETF treats them as related for certain rules. These are grouped by market sector. Instruments within the same Tier 2 group are treated as substantially similar to one another where the applicable rule references Tier 2.

Equity index group

ES, NQ, YM, RTY, and their respective Tier 1 size variants.

Energy group

CL, RB, HO, NG, and their respective Tier 1 size variants.

Metals group

GC, SI, HG, and their respective Tier 1 size variants.

Interest rate group

ZT, ZF, ZN, ZB, and their respective Tier 1 size variants.

Instruments in different Tier 2 groups are not treated as substantially similar to one another. For example, a crude oil position and a gold position are not substantially similar, because they belong to different groups.

Each rule in our Terms of Service states which tier it uses. Where a rule references same or substantially similar instruments without further specification, both Tier 1 and Tier 2 apply. Where a rule is limited to same-underlying exposure only, it applies to Tier 1 alone.

If an instrument you trade is not listed here, that does not mean it is unrelated to every other instrument. ETF may determine that two instruments are substantially similar based on their underlying exposure and correlation, and will update this list accordingly. If you have a question about whether two specific instruments are treated as substantially similar, contact ETF customer support before trading.

If you are unsure how this list applies to your trading, reach out to our customer support team at support@elitetraderfunding.com before placing trades that may be affected.