Cheat sheet · 2026 Edition
Series 3 — National Commodity Futures Exam Cheat Sheet PDF (2026)
PrepPass's independent 2026 cheat sheet for the Series 3 — National Commodity Futures Exam is 12 pages, PDF, $9.99 one-time; it is not affiliated with the exam provider.
- Length
- 12 pages
- Exam facts checked, file updated
- October 2026
- Delivery
- PDF · English · instant download
What is in the Series 3 — National Commodity Futures Exam cheat sheet?
The real exam: National Commodity Futures Examination (Series 3) — 125 questions (120 scored, 5 unscored pretest) · 150 minutes · Passing score: 70%.
A printable colour cheat sheet for the Series 3 — National Commodity Futures Exam exam: 116 sections on 12 US Letter pages. Checked October 17, 2026 against nfa.futures.org, FINRA and ers.usda.gov.
Exam fee: $140 per attempt, paid to FINRA. A retake pays it again. This cheat sheet: $9.99, one time.
Exam facts, who it suits and what changed
About the exam itself
| Administering body | National Futures Association (NFA) Source: FINRA — Series 3 – National Commodities Futures Exam |
|---|---|
| Questions | 125 questions (120 scored, 5 unscored pretest) Source: NFA — Study Outline for Futures Industry Exams (Series 3 section and exam table) |
| Time limit | 150 minutes Source: NFA — Study Outline for Futures Industry Exams (Series 3 section and exam table) |
| Passing score | 70% Source: NFA — Study Outline for Futures Industry Exams (Series 3 section and exam table) |
| Fees |
Source: NFA — Study Outline for Futures Industry Exams (Series 3 section and exam table) |
| Languages offered | Not published by NFA and FINRA What we read and found nothing in: NFA — Study Outline for Futures Industry Exams (Series 3 section and exam table) |
Look at the sheet
Page 1 below has its header and first block left sharp so you can judge the layout; the rest of it, and the other pages, are blurred. The PDF you download is not blurred.
What's on the Series 3 — National Commodity Futures Exam cheat sheet
- The exam at a glance
- What changed · dated
- What NFA publishes, and what it does not
- Where to find it
All 116 sections on the sheet
- Futures vs forward
- What a futures contract is
- Offset and the clearing organization
- Delivery grades in dollars
- Price structure and carry
- Hedging theory
- Speculators, leverage, losses beyond the deposit
- Who is who · follow the money
- Floor people and trader types
- Position and price words
- Options: rights and obligations
- In, at, out of the money · intrinsic and time value
- Strike table · futures at 640
- Delta, gamma, delta neutral
- Straddle, strangle, break-evens
- Synthetics, conversion, reversal
- Option transactions
- Margin basics
- Margin formulas
- Margin call · worked ledger
- Shorts, deficits, limit days
- Option premium and margining
- Price limits
- Delivery, settlement, EFP
- EFP, exercise, exercise margin
- Spread margin and hedge margin
- Order types · where they sit
- Fill walk-through · price path
- Order instructions
- Customer accounts
- Technical analysis
- Volume and open interest
- Fundamental analysis and elasticity
- Interest rates and futures
- The basis
- Long the basis, short the basis
- The four-line method
- Short hedge · worked
- Long hedge · worked
- Full table · cattle feeder
- Basis surprise · one basis, two hedgers
- Deliver or sell locally
- Financial basis and carry
- Five checks for any hedge
- Interest-rate hedge direction
- Short-rate futures · 1 basis point
- Bond hedge ratio
- Cross-hedge · municipals
- Currency hedges
- Stock index hedges
- Who hedges what · examples
- Worked hedges by group
- Spreads · rule and formula
- Spread arithmetic
- Spread orders
- Types of spreads
- Carrying-charge spread · March 380, May 391
- Spread costs and return
- Profit, commissions, return
- Dollars per move
- Worked P&L
- Call and return, then sizing
- Match the trade to the view
- Four profiles to memorize
- Costs in the break-even
- Long call and long put · examples
- Grantor results
- Put hedge floor
- Call hedge ceiling
- Protective (synthetic) positions
- Covered call and covered put
- The four vertical spreads
- Vertical numbers
- Identify any vertical in four steps
- Straddle, calendar, diagonal
- Conversion, reversal, box
- Premium and discount
- Intrinsic vs time value · premium vs purchase price
- Stop · stop-limit · MIT · limit · market
- FOK · MOC · OCO · GTC · day · open
- Exercise · assignment · offset
- Margins: five words
- Volume · open interest · delivery routes
- Daily limit · locked limit · circuit breaker
- Basis words · hedge words
- Position vocabulary
- NFA Associate vs AP · registrants
- CPO vs CTA exemptions · 4.7 vs 4.12(b)
- Arbitration vs reparations · other forums
- MRA vs disciplinary action · other lookalikes
- Forms and rules
- Dates and clocks
- Registration categories
- Who needs the Series 3 · Rule 401
- AP registration mechanics
- Exemptions from registration
- NFA rules to recognise
- Rule 2-30 · know your customer
- Risk disclosure and account papers
- Discretion · Rule 2-8 as amended Mar 18, 2026
- Supervision · Rule 2-9 as amended Mar 18, 2026
- Position reporting
- Independent vs guaranteed IB
- Capital and reports
- Customer funds and standards
- Orders, statements, records
- Promotional material · Rule 2-29
- Disclosure Document
- Pools, CTAs, bunched orders
- Arbitration
- Discipline step by step
- Penalties
A few of the facts on it
Candidates also receive 5 experimental questions that do not count
Source: nfa.futures.org. Checked against nfa.futures.org, October 17, 2026.
70 percent is required on both parts, market knowledge and regulations
Source: nfa.futures.org. Checked against nfa.futures.org, October 17, 2026.
The Series 3 is an NFA exam administered by FINRA
Source: FINRA. Checked against FINRA, October 17, 2026.
These are a sample, taken from facts that are already free to read on PrepPass. Rules and exam outlines change, so confirm a figure with the source before you rely on it.
What's included — and what isn't
Included
- 116 sections, listed on this page
- 12 pages in colour, laid out for US Letter
Not included
- No printed copy is shipped — this is a file you download and can print yourself
- No video course, instructor or tutoring comes with the book — the free videos on the site are separate
Everything included, and everything that isn't
Included
- Facts checked against named sources, last on October 17, 2026
Not included
- Not your exam registration or the testing centre's fee, which you still pay to the official body
Questions buyers ask
How do I get it?
Pay, and the download appears on this page straight away. The links are also emailed to you. No account is required.
What if it isn't for me?
Email us within 14 days for a full refund, no questions asked.
Is the free practice going away?
No. Every practice question, the timed mock and the free chapters on this site stay free. This PDF is the exam's figures laid out for quick reference, not a gate around the free half.
More questions (19)
Can I read it on my phone?
Yes — it is a PDF, which opens on phones, tablets and computers and prints cleanly. There is no EPUB edition of this one.
Which outline is the Series 3 — National Commodity Futures Exam based on?
NFA's Study Outline for Futures Industry Exams, Series 3 section (a general listing of major subject areas; NFA prints no topic weights and no split of the 120 questions between the two parts), in force from as read on October 17, 2026; NFA prints no revision date on it. Check National Futures Association (NFA) for the current outline before you book.
What is the cheapest way to prepare for the Series 3 — National Commodity Futures Exam?
Start with what costs nothing: 102 practice questions on PrepPass, with explanations and no signup. If you want it taught in one file you keep, the full study guide is $24.99 once; the printable cheat sheet for the last days is $9.99. No subscription on any of them.
What happens if I fail the Series 3 — National Commodity Futures Exam?
You can retake it under National Futures Association (NFA)'s rule: after failing within the past two years, wait at least 30 days before the second and third attempts and at least 180 days before the fourth and each later attempt; NFA sets no limit on the number of attempts. Confirm the current policy with National Futures Association (NFA) before you book.
Who administers the National Commodity Futures Examination (Series 3)?
National Futures Association (NFA). FINRA's Series 3 page calls it an NFA exam administered by FINRA.
How many questions are on the National Commodity Futures Examination (Series 3)?
125 questions (120 scored, 5 unscored pretest). NFA lists 120 questions and says candidates also receive 5 additional experimental questions that do not count toward their grades. NFA does not say how many fall in each of the two parts.
How long is the National Commodity Futures Examination (Series 3)?
150 minutes
What is the passing score for the National Commodity Futures Examination (Series 3)?
70%. 70 percent is required on each of the two parts, market knowledge and regulations; passing one part does not offset failing the other.
How much does the National Commodity Futures Examination (Series 3) cost?
$140 — Exam fee (FINRA, per attempt). NFA's exam table lists $140 for the Series 3. NFA says fees are not refundable.
What languages is the National Commodity Futures Examination (Series 3) offered in?
Not published by NFA and FINRA. NFA's outline and FINRA's page name no exam language; the only language provision found is 60 extra minutes for exams longer than two hours when requested in advance by a candidate with limited English proficiency.
What is on the Series 3 — National Commodity Futures Exam cheat sheet?
116 sections: The exam at a glance; What changed · dated; What NFA publishes, and what it does not; Where to find it; Futures vs forward; What a futures contract is; Offset and the clearing organization; Delivery grades in dollars; Price structure and carry; Hedging theory; and 106 more. The sections, a few of the facts and where each one comes from are listed on this page.
How do I print the Series 3 — National Commodity Futures Exam cheat sheet?
It is a colour PDF laid out for US Letter paper (8.5 by 11 inches), 12 pages. Print it in colour at actual size (100%, not "fit to page"), double-sided if your printer supports it.
How is the Series 3 — National Commodity Futures Exam cheat sheet PDF different from the free cheat sheet page and the study guide?
The PDF is a colour print layout of the exam's key facts, sectioned and dense, to print and keep beside you. The study guide ($24.99) teaches the material chapter by chapter; the cheat sheet ($9.99) is the short reference. They are separate purchases. Buying the PDF unlocks nothing: the practice questions and timed mock exam are free either way.
When were the facts on the Series 3 — National Commodity Futures Exam cheat sheet last checked?
Checked October 17, 2026 against nfa.futures.org, FINRA and ers.usda.gov. Rules and exam outlines change, so confirm any figure with the official source before you rely on it.
Does the Series 3 — National Commodity Futures Exam cheat sheet come as a PDF?
Yes — Series 3 — National Commodity Futures Exam Cheat Sheet PDF (2026) downloads as PDF, 12 pages. The download link is emailed the moment payment clears and does not expire.
How much does the Series 3 — National Commodity Futures Exam cheat sheet cost?
$9.99, once. There is no subscription and no account to create; the PDF file is yours to keep.
Are there free Series 3 — National Commodity Futures Exam practice questions?
Yes — 102 of them, free to use with no signup and an explanation on every one. They are separate from this cheat sheet, which is what you are buying here. The same free, no-account system also has practice modes (adaptive, new questions, spaced review of misses, weak-topic focus, saved, my mistakes); a timed mock exam (100 questions, 125 minutes) with a score report by topic; a 10-question readiness check (about 5 minutes); 5 study chapters. None of it needs this cheat sheet.
Is there a cheaper way to buy the Series 3 — National Commodity Futures Exam cheat sheet with anything else?
Yes. Series 3 — National Commodity Futures Exam + Cheat Sheet is $27.99 for 2 files in one checkout — 19% less than the $34.98 those items cost bought separately today. It adds Series 3 Study Guide — 2026 Edition. The saving is measured against the items' real current prices; there is no struck-through "original" price on this site.
Is this the official Series 3 — National Commodity Futures Exam cheat sheet?
No. This is an independent cheat sheet and is not affiliated with or endorsed by the exam's awarding body. Its figures come from NFA Series 3 examination outline and CFTC/NFA rules, and the PDF lists the sources and the date each figure was checked. Always confirm current requirements with the body that issues your licence.
What the cheat sheet PDF is for
The practice questions and timed mock stay free. This $9.99 PDF is not a shorter study guide: it drops the teaching and keeps the exam's figures, set out to print for the last days before the exam.
- Dense, sectioned pages of the exam's key facts, laid out in colour to print and keep beside you
- US Letter PDF — made to be printed and written on
- Yours for life — one-time $9.99, instant download, no subscription
The details
- Verified from the official source(NFA Series 3 examination outline and CFTC/NFA rules)
- 102 free practice questions
One-time purchase, lifetime access to the download. The download is a single PDF. Educational summary, not professional or legal advice — always confirm the current rules with the official source. Last updated: October 2026.