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Recently, CME Group has been working with market participants to understand how the exchange can better facilitate client hedging needs in the S&P 500 futures and options complex. With the launch of a futures and options expiration at the close of business on the final business day of the month, traders have the ability to fine-tune exposures more accurately around key dates. This provision of additional flexibility and liquidity will span the nearest six contract months.  

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Both futures and options utilize the contract code SME. BTIC trading is available using the contract code SMET. 

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Traders may execute transactions in these futures via one of the following methods: 

• BTIC (Basis Trade at Index Close) trade
• EFRP transactions (Exchange for Related Position)
• Delta hedging trade attached to an outright options position or options strategy. SME outright futures are not independently block-eligible, they may only be blocked as a delta hedge to an options trade. 

To maximize liquidity for the product, there is no central limit order book for outright trading of the futures. Rather, market participants can leverage liquidity tied to the index close via BTIC trading, which is available on the Globex platform. 

On the final day of trading, BTIC trading will not be available. 

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CME Group analyzed how best to build liquidity in this product. Based on this analysis, and the success of Adjusted Interest Rate Total Return futures (AIR TRF) trading tied to the index close, we believe that focusing liquidity around the BTIC transaction type is the most prudent method of growing product liquidity. 

In addition to the availability of BTIC trading on screen or via bilateral block, traders may also execute EFRP transactions. 

Finally, market participants can use the outright future for hedging options trades via bilateral block transactions, or as part of a “user defined spread” (UDS) options trade on the Globex platform. 

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Yes, traders can use E-mini S&P 500 futures for covering delta exposures related to S&P 500 Month-End options. 

However, traders should note that E-mini S&P 500 futures will have a different expiration date and time, as well as a different multiplier, relative to S&P 500 Month-End futures and options. 

As a result, traders will need to reflect these differences appropriately to properly hedge their trades. 

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Yes, traders may cover S&P 500 Month-End options with E-mini futures through bilateral block trading, reportable to ClearPort, or via a user defined spread on-screen via Globex.  

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The contract multiplier for these futures and options is $100. 

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Market participants have indicated the need for a slightly larger contract than previously available, to manage risk referencing month end. These institutional-sized contracts will provide traders with the ability to hedge exposures with fewer contracts, providing operational efficiencies. 

Further, these futures and options contracts expire at different dates and times from E-mini S&P 500 futures and options products. 

For instance, these products expire to the index price at the close of business on the final business day of every month, while E-mini S&P 500 futures and quarterly options expire at 9:30 a.m. ET to the SOQ (Special Opening Quotation Price) on the third Friday of the Mar, Jun, Sep and Dec cycle.

Therefore, distinct multipliers associated with distinct expiration dates and times will allow for easier differentiation of the products within the marketplace. 

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The underlying instrument for all S&P 500 Month-End options being listed is the Month-End futures contract with an equivalent expiration date and time. 

Upon product launch, the following options contracts listed below will be available with their associated underlying futures contract following. The expiration date for all of these products is the closing value of the S&P 500 index at 4:00 p.m. ET on the final business date of the month.    

• September 30, 2025: Month-End option (SMEU5); Month-End futures (SMEU5)
• October 31, 2025: Month-End option (SMEV5); Month-End futures (SMEV5)
• November 28, 2025: Month-End option (SMEX5); Month-End futures (SMEX5)
• December 31, 2025: Month-End option (SMEZ5); Month-End futures (SMEZ5)
• January 30, 2026: Month-End option (SMEF6); Month-End futures (SMEF6)
• February 27, 2026: Month-End option (SMEG6); Month-End futures (SMEG6)

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Cash markets will close at 1:00 p.m. ET on November 28, 2025, in observance of the U.S. Thanksgiving holiday.  As a result, the November Month-End futures and options contracts (SMEX5) will expire at 1:00 p.m. ET, in sync with the index close on that date.  More info on this early cash market closure may be found at the New York Stock Exchange website here. 

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The daily settlement price of the S&P 500 Month-End futures is calculated utilizing BTIC markets and transactions, in addition to the daily closing price of the S&P 500 Index.   

The final settlement price of the S&P 500 Month-End futures is the S&P 500 Index closing price on the final business date of the month. 

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All options being listed are American-style options. American-style options may be exercised by the buyer any day up to and including the option’s expiration date. Contrary instructions are permitted. 

In-the-money American-style options held to expiration will deliver a futures contract which immediately expires to the closing price of the S&P 500 Index close value on the final business date of the month. 

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These futures and options products are margined similarly to E-mini S&P 500 futures and options; however, market participants should note that these products have a different expiration date and time, which will lead to margining differences. 

These products are eligible for margin offsets between Index futures and options products through SPAN2. The products are also expected to be eligible for OCC cross margining very soon after launch.  

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Both S&P 500 Month-End options ($100) and E-mini S&P 500 End-of-Month options ($50) have an expiration time of 4:00 p.m. ET on the final business date of the month; however, there are many important distinctions between the two products. 

The pricing for these options will not be the same, as their respective underliers are different. For instance, the October 31, 2025 Month-End (SME) option will have an underlier of a October 31, 2025 Month-End (SME) expiring futures contract. Alternatively, the October 31, 2025 expiring E-mini End-of-Month (EW) option will have an underlier of a December 19, 2025 E-mini S&P 500 (ES) expiring futures contract. 

Further, the moneyness of the SME option will be determined by the final settlement price of the SME futures contract, which itself is determined by the index close on October 31, 2025. 

The moneyness of the End-of-Month (EW) option will be determined by the Fixing Price of the nearest expiring E-mini S&P 500 futures contract. This fixing calculation (ESF) is the last 30 seconds (3:59:30 – 4:00:00 p.m. ET) volume weighted average price of the December 2025 E-mini S&P 500 futures contract. 

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Market data can be found on channels 318 / 319 according to the table below. 

S&P 500 Month-End options will be available on Bloomberg’s OMON screen.