Equity Index Dividend Futures and Options
Harness the potential of the dividend market.
Equity Index Dividend futures and options provide you with efficient tools to hedge or express a view on the U.S. dividend market, regardless of the price movement of the benchmark indices. Quarterly futures and annual futures and options contracts are available on the S&P 500 Index. Quarterly and annual futures contracts are available on the Nasdaq-100 and Russell 2000 Indices.
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More ways to manage dividend risk
Enjoy greater flexibility to trade and manage U.S. dividend exposure with Nasdaq-100 and Russell 2000 Quarterly Dividend futures and Mid-Curve options on S&P 500 Annual Dividend futures.
Why our Dividend suite stands apart
Our products were built for the specific needs of dividend traders, offering the structure and flexibility to support any strategy.
Targeted exposure
Choose from quarterly or annual contracts to hedge or express views on U.S. stock dividends.
Continuous trading
Trade around the clock on a visible order book, with block trade access for larger transactions.
Secure clearing
Mitigate counterparty risk with the security of central clearing through CME Clearing, replacing opaque OTC trading.
Capital efficiency
Isolate pure dividend exposure to maximize capital for hedging and total return strategies.
Featured articles
Equity Index Dividend Futures: A Primer
Discover efficient ways to isolate dividend risk and fine-tune execution through hedging, calendar spreads and relative-value trading across S&P 500, Nasdaq-100 and Russell 2000 indices.
Why Are Investors Ebullient About Equities but Dour Over Dividends?
Chief Economist Erik Norland explores the disconnect between high equity valuations and Dividend futures, highlighting a relative-value opportunity for investors using our Dividend suite.
Trading Dividend Uncertainty
Using Meta’s historic payout as a case study, see how Dividend futures turn unexpected corporate pivots into opportunities by capturing the repricing of dividend risk across the tech sector.
Dividend Index futures term structure
*Disclaimer: The data and output from this tool does not constitute investment advice and is not a personal recommendation from CME Group. Nothing contained herein constitutes the solicitation of the purchase or sale of any futures or options. Any investment activities undertaken using this tool will be at the sole risk of the relevant investor. CME Group expressly disclaims all liability for the use or interpretation (whether by visitor or by others) of information contained herein. Decisions based on this information are the sole responsibility of the relevant investor. Any visitor to this page agrees to hold the CME Group and its affiliates and licensors harmless against any claims for damages arising from any decisions that the visitor makes based on such information.
Contract specifications
| Nasdaq-100 Quarterly Dividend Index futures | Russell 2000 Quarterly Dividend Index futures | 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 | |
|---|---|---|---|---|---|---|
| Product Code | NDI | RDI | SDI | SDA | RDA | NDA |
| Contract Unit | $400 x Nasdaq 100 Dividend Point Index | $2000 x Russell 2000 Dividend Index | $1,000 x S&P 500 Dividend Points Index | $250 x S&P 500 Dividend Points Index (Annual) | $500 x Russell 2000 Annual Dividends Index | $100 x Nasdaq-100 Annual Dividend Point Index |
| Underlying Index | NDXDIVQ | RU2000QD | SPXDIV | SPXDIVAN | R2000DIV | NDXDIV |
| Minimum Price Fluctuation | Outright: 0.0250 index points = $10.00 | Outright: 0.010 index points = $20.00 | Outright: 0.01 index points = $10 | Outright: 0.05 index points = $12.50 | Outright: 0.05 index points = $25.00 | Outright: 0.10 index points = $10.00 |
| Calendar spread: 0.0125 index points = $5.00 | Calendar spread: 0.005 index points = $10.00 | Calendar spread: 0.0005 index points = $0.50 | Calendar spread: 0.025 index points = $6.25 | Calendar spread: 0.01 index points = $5.00 | Calendar spread: 0.05 index points = $5.00 | |
| Trading Hours | Globex: Sunday at 6:00 p.m. to Friday at 5:00 p.m. ET (5:00 p.m. - 4:00 p.m. CT), with a daily maintenance period from 5:00 p.m. to 6:00 p.m. ET (4:00 p.m. to 5:00 p.m. CT) | |||||
| ClearPort: Sunday at 6:00 p.m. to Friday at 6:45 p.m. ET (5:00 p.m. to 5:45 p.m. CT), with no reporting from Monday to Thursday at 6:45 p.m. – 7:00 p.m. ET | ||||||
| Listed Contracts | Nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) | Nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) | Nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) | Nearest 11 Decembers | Annual contracts (Dec) listed for six consecutive years | |
| Termination of Trading | 8:30 a.m. CT on the third Friday of the contract month | 8:30 a.m. CT on the third Friday of the contract month | 8:30 a.m. CT on the third Friday of the contract month | 8:30 a.m. CT on the third Friday of December of the contract year | ||
| Settlement Procedures | Cash settled. Cash settlement in USD based on the Nasdaq-100 Quarterly Dividend Point Index on the third Friday of the contract month | Cash settled. Cash settlement in USD based on the Russell 2000 Quarterly Dividend Index on the third Friday of the contract month | Cash settled. Cash settlement in USD based on the S&P 500 Dividend Point Index on the third Friday of the contract month | Cash settled. Cash settlement in USD based on the S&P 500 Dividend Point Annual Index on the third Friday of December of the contract year | Cash settled. Cash settlement in USD based on the Russell 2000 Annual Dividend Index on the third Friday of the contract month | Cash settled. Cash settlement in USD based on the Nasdaq-100 Dividend Point Index on the third Friday of the contract month |
| Block Minimum | View block trades | |||||
| Price Quotation | U.S. dollars and cents per index point | |||||
Product codes
| Product | Underlying index | Globex | Bloomberg front month | Reuters |
|---|---|---|---|---|
| S&P 500 Annual Dividend | SPXDIVAN | SDA | ASDA | 0#1SDA: |
| S&P 500 Quarterly Dividend | SPXDIV | SDI | ISDA | 0#1SDI: |
| Russell 2000 Annual Dividend | R2000DIV | RDA | RDI | 01#RDA: |
| Russell 2000 Quarterly Dividend | RU2000QD | RDI | QRYA | 01#RID: |
| Nasdaq-100 Annual Dividend | NDXDIV | NDA | ODL | 01#NAD: |
| Nasdaq-100 Quarterly Dividend | NDXDIVQ | NDI | DNDA | 01#NID: |
About the quarterly contract
The S&P 500 Dividend Points Index (SPXDIV) tracks the accumulation of dividends on a quarterly basis and resets to zero at the end of each period. The observation period is the prior contract expiration date plus one trading day through the contract’s expiration. For example, dividend exposure for the June quarterly contract would run from the day after March expiration through June expiration.
About the annual contract
The Annual S&P 500, Nasdaq-100, and Russell 2000 Dividend Indices track the accumulation of dividends on an annual basis and resets to zero after the expiration of the leading December contract. The observation period is the prior December contract expiration date plus one trading day, through the contract’s December expiration date.
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