A hedge (hedging transaction) that is exempted from position limits as decided by an exchange. Examples of enumerated hedging positions are: hedges of inventory and cash commodity purchase contracts, hedges of cash commodity sales contracts, hedges of unsold anticipated production, hedges of offsetting unfixed-price cash commodity sales and purchases, anticipated merchandising hedges, anticipated royalty hedges, service hedges, and cross-commodity hedges.

An enumerated hedge is by necessity a bona fide hedge.