S&P 500 Dividend Index Futures

Harness the Potential of the Dividend Market

With quarterly and annual contracts, S&P 500 Dividend Index futures provide you with efficient tools to hedge or express a view on the U.S. dividend market, regardless of the price movement of the S&P 500 index.

Key Features

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.

S&P 500 Dividend Index Futures Term Structure

Featured Resources

Contract Specifications

S&P 500 Quarterly Dividend Index Futures

Ticker Symbols SDI
Contract Size $1,000 x S&P 500 Dividend Points Index
Underlying Index SPXDIV
Minimum Price
Fluctuation (Tick Size)
0.01 index points = $10
Trading Hours1 CME Globex: MON – FRI 5:00 p.m. previous day – 4:00 p.m.; trading halt from 3:15 p.m. – 3:30 p.m.
Contract Months Nearest five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Last Trading Day1 8:30 a.m. on the third Friday of the contract month
Settlement Cash Settled. Cash Settlement in USD based on the S&P 500 Dividend Point Index on the 3rd Friday of the Contract Month
Block Trade Eligibility Yes, minimum 50 contracts.

1. All times listed in Central Time (CT)

The following persons are prohibited from trading in contracts (each, a “prohibited person”):
i) any person who is a director or officer, subject to Section 16 of the Securities Exchange Act of 1934 as amended from time to time, of a corporation that is a constituent of the S&P 500® index, and
ii) any person who is in possession of material non-public information relating to ordinary cash dividends of a constituent corporation of the S&P 500® index, including (but not limited to) information concerning the timing or amount of any ordinary cash dividend.

S&P 500 Annual Dividend Index Futures

Ticker Symbols SDA
Contract Size $250 x S&P 500 Dividend Points Index (Annual)
Underlying Index SPXDIVAN
Minimum Price
Fluctuation (Tick Size)
0.05 index points = $12.50
Trading Hours1 CME Globex: MON – FRI 5:00 p.m. previous day – 4:00 p.m.; trading halt from 3:15 p.m. – 3:30 p.m.
Contract Months Nearest 11 Decembers
Last Trading Day1 8:30 a.m. on the third Friday of December of the contract year
Settlement 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
Block Trade Eligibility Yes, minimum 50 contracts.

1. All times listed in Central Time (CT)

The following persons are prohibited from trading in contracts (each, a “prohibited person”):
i) any person who is a director or officer, subject to Section 16 of the Securities Exchange Act of 1934 as amended from time to time, of a corporation that is a constituent of the S&P 500® index, and
ii) any person who is in possession of material non-public information relating to ordinary cash dividends of a constituent corporation of the S&P 500® index, including (but not limited to) information concerning the timing or amount of any ordinary cash dividend.

Product Codes

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:

*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.

The 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 2016 quarterly contract would run from the day after March 2016 expiration through June 2016 expiration. 

The S&P 500 Dividend Points Index (Annual) futures contract (SDA) is $250 times the S&P 500 Annual Dividend Points Index with the nearest 11 Decembers available for trading. The S&P 500 Dividend Points Index (Annual) (SPXDIVAN) tracks 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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