1. What is the S&P 500 Equal Weight Index?

The S&P 500 Equal Weight Index is a stock index constructed from the constituents of the large cap S&P 500 Index.  

After S&P 500 inclusion, the S&P Equal Weight Index invests an equal dollar value into each name in the index. Rather than the index being heavily weighted to the largest companies, the index invests approximately 0.2% weight in each constituent at the quarterly rebalance.

Investing in the parent S&P 500 Index has become largely dominated by the largest technology securities “The Magnificent Seven”: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The S&P Equal Weight Index fulfills the value proposition of breadth of market investing removing some of the large-cap bias of the parent index.  

2. Are there 500 stocks in the index?

There are 500 companies in the index. Due to different share listing types, there may actually be more than 500 names from time to time. At time of writing, the S&P 500 parent index actually had 503 stocks, where three of those companies had multiple share classes. For those companies having multiple share class lines in the index, each share class line is assigned a weight that is proportional to its float-adjusted market capitalization (FMC), with weights set to 1/500 = 0.2% for each company in the index at rebalancing.

3. Do the weights of the S&P 500 Equal Weight change?

Post quarterly reconstitution, weighting in each constituent will fluctuate in proportion to each name's relative performance to the rest of the basket. Stock weightings fluctuate with price until being reset at the next quarterly rebalance.

4. Is the S&P 500 Equal Weight Index similar to the S&P 500 Index?

The S&P 500 is a market-capitalized index methodology. The S&P 500 Equal Weight uses the starting securities but invests an equal dollar amount in each stock. As the S&P 500 parent index becomes more heavily concentrated towards larger securities, the S&P 500 Equal Weight Index can differ substantially in weight, risk profile and performance.

5. Why did CME Group launch this product?

The exchange has received overwhelming client demand for a liquid large-cap trading product with lower mega-cap bias to directly access equity market breadth. The E-mini S&P 500 Equal Weight Index futures contract meets this value proposition.

Product details

6. What are the contract specifications?

E-mini S&P 500 Equal Weight futures will be listed on the customary U.S. Equity Index futures cycle – there will be five concurrent futures that expire against the opening index value on the third Friday of March, June, September and December. The tick increments are below:

E-mini S&P 500 Equal Weight Futures $20 x S&P 500 Equal Weight Index Outright: 0.5 Index points= $10.00

Calendar spread: 0.1 index points= $2.00
Globex: EWF

7. What are the codes for this futures contract?

E-mini S&P 500 Equal Weight Futures SPW Index EWF EWFT LWEA LWTA FWW FWWB

8. What are the trading hours on CME Globex?

Sunday – Friday 5:00 p.m. – 4:00 p.m. Central Time (CT) with a trading halt from 4:00 p.m. – 5:00 p.m. CT

9. How is the daily settlement price for the E-mini S&P 500 Equal Weight futures determined?

Daily settlement for the E-mini S&P 500 Equal Weight futures are based on the 30-second volume-weighted average price (VWAP) of Globex trades between 14:59:30 and 15:00:00 Central Time (CT).

10. How are final settlement prices of the futures determined?

Final settlement value is based on the Special Opening Quotation (SOQ) on the third Friday of the contract month. The SOQ is based on the opening price of each component stock in the relative index, regardless of when those stocks open.

11. Are these futures contracts eligible for block trading or BTIC?

Yes. They will be subject to a 50 minimum block and BTIC block threshold. Block trades are subject to MRAN Rule 526.

Fee & margin details

12. What are the fees for the E-mini S&P 500 Equal Weight contracts?

E-mini S&P 500 Equal Weight futures will be part of the E-mini Equity Index futures suite according to the CME Fee Schedule.

13. Are these products included in the CME Equity Product Volume Discounts?

Yes. E-mini S&P 500 Equal Weight futures volume will count towards the current volume-based fee discounts available to members.

14. What are the margin requirements for the E-mini S&P 500 Equal Weight Index futures?

Given the high correlations to the traditional S&P 500 and similar volatility profiles, we expect outright margins on a notional adjusted basis and associated inter-commodity offsets to track very closely to the traditional S&P 500 futures (ES), please find the landing page for latest ES margins.

Additional information

15. Will there be on-screen market makers for the E-mini S&P 500 Equal Weight futures?

CME Group plans to introduce a market maker program to assure continuous two-sided markets are quoted on-screen throughout the trading day beginning February 26, 2024.

16. How can I see prices for E-mini S&P 500 Equal Weight Index futures?

Delayed quotes will be available online on the CME Group website. You can also access quotes through major quote vendors.

17. How can I get access to CME Globex?

To access CME Globex, you must have a relationship with a CME Clearing Member Firm.

18. Are there circuit breakers on E-mini S&P 500 Equal Weight products?

CME Group U.S. Equity Index price limits (and corresponding CME and CBOT rules) are designed to coordinate with circuit breakers provisions as applied by the New York Stock Exchange (NYSE). E-mini S&P 500 Equal Weightcontracts will follow the same rules as their E-mini counterparts.

  • 7%, 13%, and 20% price limits are applied to the futures fixing price and are effective from 8:30 a.m. CT – 2:25 p.m. CT. Mondays through Fridays. From 2:25 p.m. to 3:00 p.m. CT, only the 20% price limit will be applied to the futures price fixing.
  • 7% up-and-down limits are effective 5:00 p.m. - 8:30 a.m. CT. Sundays through Fridays; and 3:00 p.m. - 4:00 p.m. CT, Mondays through Fridays. Between 3:00 p.m. - 4:00 p.m. the 7% price limit will not be allowed to breach the 20% daily limit.
  • The fixing price is the volume weighted average price, VWAP, calculated during the 30 seconds of trading from 2:59:30 p.m. – 3:00:00 p.m. CT. View Equity Index Fixing Prices page.

19. Where can I find more information on E-mini S&P 500 Equal Weight futures?

Visit cmegroup.com/equalweight for the latest information. You can fill out the form on this page to stay informed of E-mini S&P 500 Equal Weight futures updates.


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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