Trade S&P 500 and Nasdaq-100 futures around the clock

Trading ETFs or options on ETFs? Explore the opportunities that futures offer.

Trade more with less

Futures margin requires less capital than similar ETF products, so you can take a larger position in the Equity market.

Tradable around the clock

Futures are tradable 23 hours a day, so you can go short or long when events impact prices.

60/40 tax treatment*

Take advantage of unique tax advantages when trading futures over ETFs, including Section 1256 treatment.

Fewer trading restrictions

Futures are not subject to pattern day trading regulations as with ETFs, stocks or stock options.

Understand the basics

Get to know the key details of these benchmark Equity Index contracts.

Control larger positions with more efficient use of capital

Unlike other financial products, CME Group Equity Index futures offer unique capital efficiency, meaning you can control larger positions with less capital. Traders typically need 5% – 10% of the total notional value to hold a futures position, vs. holding an ETF, which can cost anywhere between 50% – 100% of the notional. 

Trading futures

If the S&P 500 is at $5,000 and a trader is bullish, they can purchase a Micro E-mini S&P 500 contract with roughly $1,200 of margin. This $25,000 position represents a notional value 5 times greater than the index price and roughly 20 times greater than the margin requirement. 

CAPITAL REQUIRED

$1,200

NOTIONAL VALUE

$25,000

EFFICIENCY RATIO

~20:1

Trading ETFs

Trading a similar position with ETFs involves purchasing 50 shares of an S&P 500 ETF, which can be purchased using Reg T margin for ½ the capital ($12,500) and opting for a broker loan of $12,500 for the remainder. As with any loan, there are lending costs, as well.

CAPITAL REQUIRED

$12,500

NOTIONAL VALUE

$25,000

Efficiency RATIO

2:1

Figures are for informational purposes only

Where to trade S&P 500 and Nasdaq-100 futures

CME Group futures contracts are traded through registered futures brokers. If you do not see your existing broker below, use the link below to view the full list.

Please note: Listed brokers are highlighted based on their U.S. volume for the products highlighted on this page as of Aug 13, 2024. View our full list of registered futures brokers.

Explore these resources to get started

Get to know our free tools and resources to refine your trading strategies. 

Take a test drive in the Trading Simulator

Practice trading in a risk-free environment that leverages real market data. Track price action trends, try out strategies and create custom charts in a single platform. 

FAQ


To start trading futures, you need to have an account with a registered futures broker. Check with your current broker to see if they offer futures products, and enable your account for futures trading. If your broker doesn’t offer futures, refer to our Find a Broker directory to get started. 


Example: The contract code for an E-mini S&P 500 futures contract expiring in December 2024 is ESZ24.  

The first two or three values: Identifies the contract traded. The product code for Micro E-mini S&P 500 futures is MES, while the larger E-mini S&P 500 futures contract is ES. 

Third to fourth value: Expresses the expiration month. The chart below shows the value corresponding to the month. 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

F

G

H

J

K

M

N

Q

U

V

X

Z

Fourth to fifth value: Expresses the expiration year. If a contract expires in 2024, “24” will be added at the end of the contract code. 

Learn more about trading codes here.


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.


Micro E-mini futures contracts trade at 1/10 the size of their larger E-mini counterparts. 

For example, if the E-mini S&P 500 contract has $250k in exposure, the Micro E-mini S&P 500 contract will trade at approximately $25k. This is because the E-mini S&P 500 futures contract is $50 x the S&P 500 Index while the Micro E-mini S&P 500 trades at $5 x the S&P 500 Index.


Prior to expiration, you have the option to offset the position, rollover or settle the contract. Knowing how you want to manage your trades around rollover and expiration is important as it will directly impact the outcome of the trades.

Access the Equity Index Roll Calendar to dive deeper into contract expirations.


Courses and learning

Learn more about trading Equity Index futures with these lessons from CME Institute.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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