# Underlying

The stock or future that an instrument belongs to (SPY, /ES, etc). An Underlying can group together multiple Positions.

![JNJ is an Underlying that is housing 2 Positions](https://1795650986-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-Lg9dbfcyvLDJeTNgFg6%2F-Lo3FTmtYcCCLrxhGKch%2F-Lo3K1ROb14dPHSKmlOe%2FScreen%20Shot%202019-09-05%20at%2010.06.52%20PM.png?alt=media\&token=a7b10681-2991-4252-b7a8-f4d5b2e5b319)