{"id":223927,"date":"2025-05-14T12:47:09","date_gmt":"2025-05-14T16:47:09","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?post_type=glossary-terms&p=223927"},"modified":"2025-05-14T12:47:11","modified_gmt":"2025-05-14T16:47:11","slug":"naaim-exposure-index","status":"publish","type":"glossary-terms","link":"https:\/\/www.interactivebrokers.com\/campus\/glossary-terms\/naaim-exposure-index\/","title":{"rendered":"NAAIM Exposure Index"},"content":{"rendered":"\n

The NAAIM Exposure Index is a weekly measure of the average equity exposure among active investment managers who are members of the National Association of Active Investment Managers (NAAIM). It reflects how bullish, or bearish professional money managers are on the U.S. stock market at any given time, based on their actual portfolio allocations to equities.<\/p>\n\n\n\n

Each week, NAAIM surveys its members and asks them to report their percentage exposure to U.S. equities, which can range from 0% (fully out of stocks) to 200% (fully leveraged long). For example, a reading of 75 indicates that, on average, managers are 75% invested in stocks and 25% in cash or other assets. If the reading is below 50, it suggests risk aversion or defensive positioning, whereas readings above 100 suggest aggressive bullish sentiment, possibly using leverage.<\/p>\n\n\n\n

The NAAIM Exposure Index is used as a sentiment indicator and a market timing tool. Extreme highs or lows can signal overbought or oversold conditions and may precede reversals in the market. For example, if the index falls sharply while markets are relatively stable, it may reflect growing concern among professionals\u2014an early warning signal. Conversely, a surge in exposure may suggest confidence in market upside. While not predictive on its own, the index is valuable when combined with technical and macroeconomic analysis to assess broader market risk appetite and trend strength.<\/p>\n","protected":false},"excerpt":{"rendered":"

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