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. Annual futures contracts are available on the Nasdaq-100 and Russell 2000 Indices.
Flexibility
Choose from quarterly or annual contracts to hedge or express views on U.S. stock dividends.
Ease of access
Around the clock access plus block trade eligibility, allowing larger transactions to be privately negotiated.
Security of central clearing
Enjoy counterparty risk mitigation through CME Clearing.
Opportunity
Create total return strategies.
Enjoy more ways to trade and manage U.S. dividend risk with options on S&P 500 Annual Dividend Index futures. Explore new opportunities to hedge exposure, develop total return strategies and effectively express your views on U.S. dividend risk.
Dividend Index Futures Term Structure
-
-
Block Trade Liquidity Providers
- Want to trade Dividend futures? View a list of firms who can help facilitate trades.
-
-
-
Webinar: Dividend Futures
- David Gibbs, Director of Education at CME Group, covers the mechanics, tools and contracts behind CME S&P 500 Dividend futures
-
-
-
Equity Index Dividend Futures: A Primer
- A Primer to learn more about the Dividend suite from CME Group, including use cases, opportunities, ADV and other trading information about these contracts.
-
-
-
Trading Dividend Uncertainty
- Discover different ways to capitalize on dividend uncertainty and how to efficiently manage dividend risk using 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 | SDI | SDA | RDA | NDA |
| Contract Unit | $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 | SPXDIV | SPXDIVAN | R2000DIV | NDXDIV |
| Minimum Price Fluctuation | 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: 0.0005 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 | CME Globex: Sunday 6:00 p.m. - Friday - 5:00 p.m. ET (5:00 p.m. - 4:00 p.m. CT) with a daily maintenance period from 5:00 p.m. – 6:00 p.m. ET (4:00 p.m. – 5:00 p.m. CT) |
|||
| CME ClearPort: Sunday 6:00 p.m. - Friday 6:45 p.m. ET (Sun 5:00 - Fri 5:45 p.m. CT) with no reporting Monday - Thursday 6:45 p.m. – 7:00 p.m. |
||||
| Listed Contracts | Nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) | Nearest 11 Decembers | Annual contracts (Dec) listed for 6 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 December of the contract year | ||
| Settlement Procedures | Cash Settled. Cash Settlement in USD based on the S&P 500 Dividend Point Index on the 3rd Friday of the Contract Month | Cash Settled. Cash Settlement in USD based on the S&P 500 Dividend Point Annual Index on the 3rd Friday of December of the Contract Year | Cash Settled. Cash Settlement in USD based on the Russell 2000 Annual Dividend Index on the 3rd Friday of the Contract Month | Cash Settled. Cash Settlement in USD based on the Nasdaq-100 Dividend Point Index on the 3rd Friday of the Contract Month |
| Block Minimum | Block Table | |||
| Price Quotation | U.S. dollars and cents per index point | |||
| Product | Underlying Index | CME 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: |
| NASDAQ-100 Annual Dividend | NDXDIV | NDA | ODL | 01#NAD: |
*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.
About the Quarterly Contract
View QuotesThe S&P 500 Quarterly Dividend Index futures contract (SDI) is $1,000 times the S&P 500 Dividend Points Index with the nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) available for trading. 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 2022 quarterly contract would run from the day after March 2022 expiration through June 2022 expiration.
About the Annual Contract
View QuotesThe 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.
© 2024 CME Group Inc. All rights reserved.