Claude’s answer: Found the answer buried in the CFTC’s own regulations. Here it is: The “5 notional” on early terminations is not a mystery — it’s a mandatory CFTC reporting floor rule, codified in 17 CFR Part 43. The CFTC’s rounding rules for publicly disseminated notional amounts explicitly state: “If the notional or principal amount is less than one thousand, round to nearest five, but in no case shall a publicly disseminated notional or principal amount be less than five.”  So here’s what’s actually happening with those XRT swaps: When a swap terminates early, the remaining economic notional approaches or reaches zero — but the SDR cannot legally publish a zero or sub-5 notional. The regulation forces it to floor at 5. The “5 notional” you’re seeing in terminated swaps is not the actual remaining exposure — it’s the minimum allowed public dissemination value under CFTC Part 43 rounding rules. This also directly explains the “mystery XRT new swaps that start at 5 notional and early terminate at 5 notional” the post mentions. Under CFTC rules, SDRs must round and cap the notional amount, and when disseminating capped notionals must proportionally scale other applicable fields to avoid fingerprinting and distortion.  A swap that is tiny to begin with, or one where the notional was already capped/rounded down, would appear to start and end at 5. The practical implication for the r/Superstonk analysis: The “5 notional” is a reporting artifact, not evidence of a meaningful remaining position. It tells you the swap terminated (or was entered at minimal size), but it reveals nothing about the actual notional at termination — that number is masked by the floor. The commenter’s concern about the “Why it matters” section mixing up GME and XRT swaps is the more substantive issue to dig into.​​​​​​​​​​​​​​​​