ES futures expiration dates

ES Futures Expiration Dates: What Traders Should Know

ByThomas Lewis

If you’re trading ES futures (E-mini S&P 500), understanding how and when these contracts expire is critical. Expiration impacts everything from liquidity to rollover strategy and even potential settlement risks.

How Often Do ES Futures Expire?

ES futures contracts expire quarterly—that means four times a year, on the third Friday of:

  • March
  • June
  • September
  • December

These are known as standard expiration months, and the contracts are typically labeled as ES H (March), ES M (June), ES U (September), and ES Z (December), followed by the year.

Example: ESU25 = ES contract expiring in September 2025

What Time Do ES Futures Expire?

  • Trading Ends: 9:30 AM ET on expiration Friday
  • Final Settlement: Based on the S&P 500 Special Opening Quotation (SOQ)

Even though trading ends in the morning, most traders will roll over their contracts before that day to avoid liquidity drops.

What Is the ES Futures Rollover?

Rollover is the process of closing the current contract and opening a position in the next active month. This is done to maintain exposure without dealing with expiration or delivery.

  • Rollover generally happens one week before expiration
  • Most volume shifts to the next contract by Wednesday of expiration week

Why Are Expiration Dates Important?

  • Liquidity Drops: Closer to expiration, volume may thin out
  • Slippage Risk: Poor timing can lead to worse trade execution
  • Margin Adjustments: Margins may increase around expiration
  • Settlement Mechanics: Index futures are cash-settled, but poor planning can still lead to unnecessary risk

Tools to Track Expiration Dates

  • CME Group Economic Calendar
  • Brokerage platforms (e.g., Thinkorswim, Interactive Brokers)
  • Futures trading platforms with auto-rollover

Pro Tip: Use Continuous Contracts for Charting

Platforms like TradingView or NinjaTrader allow you to view continuous ES contracts, which auto-roll based on volume. This provides a smoother chart for analysis.

FAQs

Q1. What happens if I hold ES futures until expiration?
They are cash-settled, so you won’t receive or deliver anything. Your account will be credited or debited the difference.

Q2. When should I roll over ES futures?
Most traders roll over 2–5 days before the third Friday to avoid illiquidity.

Q3. Do expiration dates ever change?
Rarely. But always check the official CME calendar to be sure.

Q4. Do all ES contracts have the same expiration schedule?
Yes, all standard ES contracts follow the quarterly cycle.

Q5. Can I still trade the expiring contract on Friday morning?
Yes, but trading ends at 9:30 AM ET, so it’s risky to wait that long.

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