We have entered into a long-term partnership with FutureSports to list futures contracts based on the FutureSports Performance Indexes (FSPI).

Through this collaboration, we are bringing benchmark transparency, continuous price discovery and risk management tools to the professional sports market. Our initial product offering includes futures contracts across all 32 NHL teams, available in both standard- and Micro-sized contracts starting September 28.* Each contract is financially settled to the official index value on its specified termination date.

*Pending regulatory review

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CME FSPI Sports Index futures – or simply Sports Index futures – are index-based futures contracts listed on our derivatives marketplace that allow traders, fans, sponsors and businesses to hedge or gain exposure to team performance.

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Sports Index futures are scheduled to launch on September 28, 2026,* coinciding with the start of the 2026-27 NHL season. We will continue to evaluate the launch of additional sports and leagues.

*Pending regulatory review

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The indexes translate official play-by-play statistics into continuous, rules-based financial benchmark levels. Points are awarded or deducted based on a fixed points attribution table (PAT) for positive in-game actions and negative setbacks.

Examples for NHL

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All index methodology will be housed on the FutureSports website.

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All sports indexes reset to a base level of 7,500 points at the beginning of each season.

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Every offseason, each sports index will be rebased to 7,500 points, regardless of the previous season’s performance. 

For contracts spanning multiple seasons, the annual reset means performance from a prior season does not roll over. Point accumulation for the following season begins strictly from the post-reset base level of 7,500 points.

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• Statistical actions (in-game): Actions are tallied during play using defined multipliers (e.g., even strength goal = +12, even strength goal allowed = -12)

• Playoff multiplier: Postseason games apply a 1.5x seasonal adjustment factor (SAF) to all game-based statistical and milestone points

• Monthly and seasonal milestones: Threshold achievements (e.g., monthly most goals = +125, season most goals = +250) are applied with a 1.0 multiplier using regular-season data only

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Yes. The indexes carry no lower bound or floor mechanism within a season. If cumulative negative actions exceed positive points and the prevailing index level, a sports index – or contract fair value – can become negative.

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No, CME FSPI Sports Indexes do not accumulate points or tick during the preseason, as index scoring is derived exclusively from official regular-season and postseason game statistics. The index remains static at its base level of 7,500 points until the start of the regular season

However, CME FSPI NHL futures contracts will be available for trading during preseason.

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We offer two contract sizes for each of the 32 NHL teams:

• Standard futures: $10 × index value (approximately $75,000 notional value at base level)

• Micro futures: $0.10 × index value (approximately $750 notional value at base level)

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Both standard and Micro contracts have a minimum price fluctuation (tick size) of 1 index point. The tick value is $10 for standard contracts and $0.10 for Micro contracts.

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The official daily index close is published at 9:00 a.m. Central time (CT) on T+1, based on verified, final NHL scoring data.

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The index only updates when a team is in action. Because the regular season runs from late September through late June, no games will take place during the summer months, and the index remains unchanged at 7,500 points.

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Yes, futures contracts remain eligible for trading during the NHL offseason, including any newly listed products.

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Market dynamics such as trades, free agency signings and player or coach retirements can shift futures prices, even while the underlying index remains fixed at its base level.

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Globex trading is available 24/7, with the exception of the following scheduled maintenance windows: 

• Monday through Friday: 4:00 p.m. to 4:02 p.m. CT (pre-open: 4:01 p.m. to 4:02 p.m. CT)

• Saturday: 2:00 a.m. to 4:00 a.m. CT (pre-open: 3:45 a.m. to 4:00 a.m. CT)

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Margin requirements will be announced prior to launch. Once available, the published product margins can be accessed on our website.

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Yes. These contracts are eligible for block trading, with a minimum block threshold of five futures for standard futures and 500 contracts for Micro futures.

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CME FSPI NHL Index futures are categorized under our Equity Index product suite on our fee schedule.

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CME FSPI NHL Index futures will be listed on CME.

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Fair value is derived from a mathematical expectation:
Fair value = Current observable index level + Expected accumulation of index points until expiration
This pricing structure mirrors models used for VIX futures and Weather derivatives.

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1. In-game statistical accumulation: Modeled similarly to Weather derivatives to project performance during remaining regular play.

2. End-of-game milestones: Modeled as a portfolio of binary or digital options for outcomes such as wins and shutouts.

3. Period and competitive milestones: Estimated through Monte Carlo simulations across the league like division titles and championship wins.

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The observed market price equals the model fair value plus three risk premia: a variance risk premium, a liquidity risk premium and a credibility risk premium. Bid-ask spreads and the basis are typically wider early in the contract's life cycle and narrow as market participation broadens.

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The index relies exclusively on official, finalized statistical data provided directly by the National Hockey League (NHL) through a strictly defined hierarchy of inputs.

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Participants can manage exposure using proxy signals such as sportsbook lines for binary milestone probabilities, prediction markets for competitive period milestones and correlated intra-league Sports Index contracts.

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Yes. CME FSPI NHL Index futures feature circuit breakers set at a 10% price limit threshold.

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Yes. As regulated futures contracts listed on the CME designated contract market (DCM), CME FSPI NHL Index futures qualify for Section 1256 tax treatment under U.S. Internal Revenue Code.

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Complete the contact form on our Sports Index futures page or email equities@cmegroup.com.

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