Global macro managers carry long and short positions in any of the world’s major capital or derivatives markets. These positions reflect their views on overall market direction as influenced by major economic trends and/or events. The portfolios of these funds can include equities, bonds, currencies, and commodities in the form of cash or derivatives instruments. Most funds invest globally in both developed and emerging markets. This strategy lends itself to exchange traded futures and options more than most. Given the potentially global nature of the fund, using exchange traded products is often one of the simplest and most efficient means to gain such coverage.