Annual Dividend Index futures calculate the accumulation of all ordinary gross dividends paid on the S&P 500, Nasdaq-100 and Russell 2000 index respective constituent stocks that have gone ex-dividend over a 12-month period. The amounts are expressed as dividend index points.

Quarterly Dividend Index futures calculate the accumulation of all ordinary gross dividends paid on the S&P 500 constituent stocks that have gone ex-dividend over a three-month period. The amounts are expressed as dividend index points.

Starting May 11, 2026, pending regulatory review, Nasdaq-100 and Russell 2000 Quarterly Dividend futures will be available for trading.

  Back to Top

The demand to trade and risk manage dividend exposure via listed Dividend futures has accelerated over the last few years. This has been evidenced by our S&P 500 Dividend futures complex’s average daily volume (ADV) growing from 1.3K contracts in 2019 to approximately 7.5K contracts at the start of 2026.1 By launching these products, we are responding to the growing demand to have these listed instruments available across major U.S. benchmark indices.

  Back to Top

*Nasdaq-100 and Russell 2000 Quarterly Dividend futures will be available starting May 11, pending regulatory review.

  Back to Top

Dividend index points specifically refer to the level of index points that are directly attributable to the dividends of index constituents. They typically only capture regular dividends and calculate this on the ex-date of the respective constituents within each index.

  Back to Top

Specifically, the cumulation period for a Dividend contract starts on the day after the expiration of the mostly recently expired contract, and continues up to and including the expiration day of the nearest subsequent contract. For annual contracts, this is typically the third Friday of December, and for quarterly contracts, it is typically the third Friday of March, June, September and December. All regular dividends for each constituent stock going “ex” within the cumulation period will be included in the dividend index after conversion into dividend index points.

  Back to Top

In general, “special” or “extraordinary” dividends are not included as dividend points in the respective annual dividend indices. Instead, the underlying parent cash index adjusts for this event with a divisor change. This means that if the Russell 2000 index adjusts for a special dividend by making a divisor change then the annual dividend index won’t capture that particular dividend event. For more details, view the respective index methodology rules.

  Back to Top

View the latest specifications for the following products:

• S&P 500 Quarterly Dividend Index futures
• S&P 500 Annual Dividend Index futures
• Russell 2000 Annual Dividend Index futures
• Nasdaq-100 Annual Dividend Index futures

Nasdaq-100 and Russell 2000 Quarterly Dividend futures will be available starting May 11, pending regulatory review.

  Back to Top

  Back to Top

Dividend index futures are listed on the DCM and follow our fee schedule.

View the fee schedule

  Back to Top

Margin requirements will be set by the clearinghouse based on market conditions and subject to change.

  Back to Top

Margin offsets are available between S&P 500, Nasdaq-100 and Russell 2000 Dividend futures versus their respective parent contracts: E-mini S&P 500, Nasdaq-100 and Russell 2000 futures. See all other equity index margin offsets.

Find out more about margins:

• Margins FAQ
• SPAN2

  Back to Top