The Chicago Mercantile Exchange (CME) has a variety of options on the E-mini S&P 500 (E1A,E2A,E3A,E4A,E5A,E1C,E2C,E3C,E4C,E5C,EW, EW1,EW2,EW3,EW4, and ES).

Looking at the contract specifications (e.g., EW (mirror)), the underlying is the E-mini S&P 500 Futures.

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However, there exists more than one current listed contracts for the the E-mini S&P 500 Futures. Specifically, as mentioned on E-mini S&P 500 Futures Contract Specs (mirror), there are 5 listed for the the E-mini S&P 500 Futures (Five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)):

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On which one are options on the E-mini S&P 500 Futures?

For example, if today (August 10, 2017) I purchase one call for EWQ7, does this mean that at 4:00 p.m. ET on the last business day of this month I have the right (let's ignore that contrarian instructions are forbidden for weekly & end-of-month options) to purchase the corresponding ESU6? or is it ESZ6?

1 Answer 1


I don't see EWQ6 in any of your links, so I can't say for certain, but when you buy an option contract on a future, the option will be for a specific future (and strike). So the page you're looking at may be for options on E-mini S&P 500 futures in general, and when you actually purchase one through your broker, you pick a specific expiry (which will be based on the "prompt" future, meaning the next future that expires after the option) and strike.


Based on this page mirror, the option EWQ7 is an option on the ESU7 (SEP 2017) future. The next 3 monthly options use ESZ7 as the underlier, which confirms that they use the next prompt future as the underlier.

  • Thanks! EWQ6 = EW expiring on August 2016. (I should have written EWQ7) Commented Aug 10, 2017 at 18:35

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