While investors continue to use key benchmark index products to manage their portfolios, they are increasingly employing narrower products, such as Sector futures, to help fine tune their exposure and capitalize on specific market trends.

Equity Sector futures continue to be a major success story. Average daily volume (ADV) YTD is up an impressive 23%, while open interest (OI) has grown by 13%. Participants are increasingly using these products to efficiently tailor their portfolios – easily adjust overweight or underweight sector exposure and execute relative value trades, pursuing both hedging and alpha needs.

Performance and key drivers

• Key growth sectors: The strongest growth is centered in financial, consumer staples and energy sectors, with outsized trading also seen in materials and healthcare.
• Record volume and OI: Sector futures YTD ADV reached a record 26K contracts, +23% vs. 2024. OI has also hit a record 305K contracts ($34B notional value). 
• Embracing derived blocks: The functionality that allows for large, privately negotiated transactions has been a major success. Since its inception, derived block trades have surpassed 2,000, representing a total volume of 1.1M+ contracts and a notional value exceeding $97B.

Amid ongoing market uncertainty, Adjusted Interest Rate (AIR) Total Return futures offer investors a robust solution. These contracts are available on major indices such as the S&P 500, Nasdaq-100, Russell 2000 and more. They provide total return exposure with an inherent overnight floating rate, mimicking an equity index total return swap with the capital and cost efficiency of futures.

The demand for these products is clear, demonstrated by several key milestones:

• Record growth in volume and OI: 2025 YTD ADV reached a record 26K contracts, up 90% from 2024. The suite set a new single-day volume record of 109K contracts on Sept. 11, while OI exceeded 1M contracts ($350M notional).
• Enhanced functionality: The launch of AIR TRF Globex calendar spreads in May enables BTIC calendar spread transactions for select months. This provides clients with greater flexibility and precision in their trading strategies.

Launched on August 18, the new, financially settled E-mini S&P/BMV IPC futures contract provides a powerful and capital-efficient way for investors to gain exposure to Mexico’s leading equities.

Designed to help diversify portfolios and hedge risk, this product tracks the S&P/BMV IPC Index, a key benchmark for the Mexican stock market.

The success of the new contract underscores strong demand.

• Strong performance: Since launch, over 3,500 contracts have traded, representing over MXN 1.1 billion in notional value.
• Capital-efficient market access: The contract offers 23-hour market access and the potential for margin offsets with other Equity Index futures, enhancing capital efficiency for participants.
• Enhanced liquidity and flexibility: As a CFTC-regulated product, its derived block eligibility helps build liquidity and allows market makers to hedge in adjacent markets.

Launched on September 22, S&P 500 Month-End futures and options are designed to provide a more precise and capital-efficient way for institutional investors to manage their exposure. These products expire to the closing value of the S&P 500 Index on the final business day of each month, aligning with the specific needs of clients who require month-end exposure management for financing or regulatory capital purposes.

This new product suite is distinguished by a number of key features:

• Strategically sized: The contracts use a $100 multiplier (twice the contract size of E-mini S&P 500 futures and options). The contract code is SME (SMET for BTIC trades).
• Multiple ways to trade: S&P 500 Month-End futures are designed specifically for BTIC (Basis Trade at Index Close) and EFRP (Exchange for Related Position) transactions, enabling precise trades that target the month-end closing index value. Options positions can also be delta-hedged using these futures.

Enhanced options flexibility: S&P 500 Month-End options have a different exercise style (American instead of European) and a different settlement process than existing End-of-Month (EW) options. This allows for new strategies, including delta-neutral trades via block or user defined spreads (UDS).

The Dividend futures and options suite is off to a strong start in 2025, largely due to the increased growth in recently launched options on S&P 500 Annual Dividend futures, which provides market participants more opportunities to manage dividend index volatility using sophisticated option strategies.

• Dividend futures and options ADV in 2025 is a record 7.6K contracts with average OI exceeding 620K contracts.
• 2025 Dividend futures ADV reached 5.5K contracts, up 21% YoY. OI averaged 355K contracts daily, a 4% rise YoY.
• 2025 Dividend options ADV is 2K contracts with OI averaging 265K contracts.

In 2025, Equity Index options ADV reached 1.4M contracts. Non-U.S. hours trading (5:00 p.m. to 8:00 a.m. CT) increased substantially, indicating that institutional investors are engaging in continuous trading to manage risk around global, market-moving events.

• Equity options ADV reached 240K contracts, 17% of the total Equity options volume.
• E-mini S&P 500 options ADV stands at 211K contracts.
• E-mini Nasdaq-100 options ADV achieved a record 17K contracts.

Introduced on June 30, Spot-Quoted futures (SQF) have demonstrated consistent and substantial growth in market participation, volume and liquidity. The SQF suite achieved a single-day record of over 300K contracts on October 16, while September ADV reached 108K contracts.

• Small in size, Spot-Quoted futures are designed for greater accessibility and precision, requiring low initial commitment.
• These contracts trade at the spot price of leading U.S. equity and cryptocurrency indices: S&P 500, Nasdaq-100, Russell 2000, Dow Jones Industrial Average, Bitcoin and Ether.
• Explore long or short strategies with these longer-dated contracts that eliminate the need for monthly or quarterly rolls.

Micro E-mini Equity futures ADV exceeded 2.4 million contracts across the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones indices in Q3 2025. These contracts continue to establish themselves as actively traded, deeply liquid index products. Given ongoing market uncertainty, the selection of an appropriate index remains paramount for investors.

• Micro E-mini Equity futures ADV reached 3M contracts in 2025, up 24% vs. 2024. Micro E-mini Nasdaq-100 futures (MNQ) recorded a 2025 ADV of 1.6M contracts, constituting 53% of the total Micro E-mini futures suite ADV.

The Q3 2025 Equity roll (Jun/Sep) implied financing spread to 3-Month SOFR increased to +59 bps from the 3-Month SOFR +38bps for (Mar/Jun).

The roll was -15 bps from the Q3 2024 roll of +73 bps, decreasing the running 4-quarter moving average to +57 bps (note 3-Month SOFR has replaced 3-Month LIBOR as the reference).

Average daily volume of 6.3M and average daily OI of 11.8M futures and options contracts in Q3

Equity Index futures

• Volume: 5M ADV
• OI: 5.5M contracts per day

Equity Index options on futures

• Volume: 1.3M ADV 
• OI: 6.3M contracts per day

Data as of September 30, 2025 unless otherwise specified

The opinions and statements contained in the commentary on this page do not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs. This content has been produced by [Data Resource Technology]. CME Group has not had any input into the content and neither CME Group nor its affiliates shall be responsible or liable for the same.

CME GROUP DOES NOT REPRESENT THAT ANY MATERIAL OR INFORMATION CONTAINED HEREIN IS APPROPRIATE FOR USE OR PERMITTED IN ANY JURISDICTION OR COUNTRY WHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW OR REGULATION.