What are single stock futures?
In short: single stock futures are designed to give you a cleaner, more capital-efficient way to trade the individual stocks you already follow. Security futures trading involves substantial risk and is not suitable for everyone.
Single stock futures vs. trading the underlying stock
Single stock futures differ from buying shares because they offer built-in margin efficiency, frictionless shorting without a share borrow, and nearly 24-hour trading—so traders will be able to react to earnings, product launches, and overnight news in real time.
When you trade the underlying stock, you pay the full share price (or carry margin debt from your broker). When you trade futures vs. stocks, your initial outlay is the futures margin requirement, which is typically a fraction of the notional value. That capital efficiency can let you allocate the same capital across more positions, or simply keep more of your powder dry.
For traders who already have a strong view on individual names, single stock futures are designed to offer a structurally simpler, more leveraged path to expressing that view. While single stock futures may require less initial capital than purchasing the underlying shares, leverage increases both potential gains and potential losses.
Single stock futures vs. options on stocks
Single stock futures differ from equity options because they have no Greeks, no time decay, and a linear payoff that moves directly with the underlying stock—making them a simpler way to express a directional view on a specific stock.
Options strategies can be powerful, but they come with real complexity: you have to choose a strike, manage theta decay, and account for implied volatility moves that can work against you even when you're right on direction. Futures vs. stock options is a comparison worth making before you decide on your instrument of choice.
With a single stock future, your P&L tracks the stock price movement dollar for dollar (adjusted for contract size). There's no time value to erode, no volatility surface to model—just a position that goes up when the stock goes up (long) or down when the stock goes down (short).
If you want a directional trade on a stock and don't need the asymmetric payoff of options, single stock futures are designed to be the more straightforward tool.
How single stock futures work
Single stock futures are designed to trade on CME Group's Globex platform using the same long/short order structure as other futures contracts. Going long will mean placing a buy order; going short will mean placing a sell order—no share borrow, no uptick rule, no separate short-selling application.
Contract size, settlement, and expirations
Most single stock futures contracts are expected to represent 100 shares of the underlying stock, though specs may vary by name. Contracts are planned to expire on a quarterly cycle (March, June, September, December) and are expected to be financially (cash) settled based on the final settlement price of the underlying shares. Review the contract specifications on CME Group's website to confirm exact size and settlement terms as they're finalized.
Margin and capital efficiency
Futures margin is not a loan—it's a good-faith deposit that gives you full price exposure to the contract. Initial margin requirements for single stock futures will vary by name and are set by the exchange, typically as a fraction of the contract's notional value. See our primer on using margin in futures trading for a deeper look at how leverage works.
Nearly 24-hour trading hours
Once listed, single stock futures are expected to trade nearly 24 hours a day, five days a week on CME Group's Globex platform. That'll mean earnings releases, product announcements, and macro events that hit overnight won't just affect you at the next morning's open; you'll be able to respond to them as they happen. This is expected to be one of the sharpest contrasts with equity trading, which keeps you waiting until the market reopens.
Reasons Traders Consider Single Stock Futures
The rise of high-volatility individual names, and the dominance of a handful of megacap stocks in driving overall market moves, has made single-name exposure increasingly attractive for many traders. Single stock futures are designed to give traders a direct, leveraged handle on those names without the complexity of options or the capital drag of buying shares outright.
- Focused exposure to the names driving market volatility: When the market moves on Nvidia's earnings or Apple's product launch, broad index futures like the E-mini S&P 500 only capture a fraction of that single-stock move. Single stock futures are built to let you concentrate your thesis on the specific name you have a view on, rather than absorbing the noise of 499 other companies. Think of them as a precision instrument next to the blunt force of an index.
- Go long or short with the same ease, no share borrow required: In equity markets, shorting a stock requires your broker to locate and lend you shares, a process that can be restricted, expensive, or simply unavailable for hard-to-borrow names. With single stock futures, going short is designed to be identical to going long: one order, one contract. There's no borrow fee, no short squeeze from a recall, and no uptick rule. This structural symmetry is one of the main reasons many traders drawn to equity index futures are expected to extend that approach to individual names.
- Simpler than options: no Greeks, no time decay: Options are powerful, but managing a book of options positions means tracking delta, adjusting for theta, and accounting for implied volatility changes that can move your P&L even when your directional call is right. Single stock futures are designed to strip all of that away: your position would move linearly with the stock, with no expiration timing strategy and no volatility crush after an event. If the stock were to go up $5 and your contract represented 100 shares, your unrealized gain would be $500, before commissions.
That simpler structure may appeal to traders seeking single-name exposure without the additional considerations associated with options strategies.
Which stocks can you trade as single stock futures?
CME Group plans to list single stock futures on more than 50 of the most actively traded U.S. equities, pending completion of regulatory review. Coverage is expected to span the S&P 500, Nasdaq 100, and Russell 1000, weighted toward high-volume, high-volatility names that futures traders are most likely to want direct exposure to.
Coverage from the S&P 500, Nasdaq 100, and Russell 1000
The planned universe includes many of the marquee names in technology, semiconductors, energy, and financials—companies like Amazon, Apple, Meta, Nvidia, Tesla, and others where individual stock moves routinely outpace the broader indices. The full list of contracts is published by CME Group and subject to change; check CME Group's website for the latest planned lineup.
Trading around earnings, product launches, and overnight news
Earnings season creates some of the most dramatic single-stock price moves of the year. Single stock futures are designed to let traders enter or exit a position before, during, or immediately after an earnings release—not just at the next morning's open. The same will apply to Fed announcements, macro data releases, or any overnight headline that moves the stock you're watching. Nearly 24-hour access will mean you're never forced to wait for the bell.
If there's a name you follow closely and trade regularly, there's a good chance it'll be available as a single stock future.
FAQs on single stock futures
Single stock futures (SSFs) are futures contracts CME Group plans to list that will track the price of an individual publicly traded stock. They're designed to let traders take a leveraged long or short position on a single company—like Apple, Microsoft, or Nvidia—using the futures framework rather than buying shares or trading equity options. Each contract is expected to represent 100 shares of the underlying stock.
Single stock futures have no time decay, no Greeks, and a linear payoff that moves directly with the stock price. Options derive value from a combination of intrinsic value and time value, which decays as expiration approaches. With a single stock future, your P&L tracks the stock dollar for dollar (adjusted for contract size), making directional trading more straightforward than managing an options position.
Yes. Going short a single stock future requires the same process as going long—no share borrow, no borrow fee, and no restrictions on hard-to-borrow names. This structural symmetry is one of the main advantages of trading single stock futures versus shorting shares in an equity account.
CME Group plans to list single stock futures on more than 50 actively traded U.S. equities, including many top names from the S&P 500, Nasdaq 100, and Russell 1000. The planned universe includes major technology, semiconductor, energy, and financial stocks. Check CME Group's website for the latest planned list.
Once listed, single stock futures are expected to trade nearly 24 hours a day, five days a week on CME Group's Globex. That'll give you the ability to react to earnings releases, macro data, and overnight news events as they happen—rather than waiting for the equity market to open the next morning.
Single stock futures are designed to expire on a quarterly cycle—typically in March, June, September, and December—and most traders are expected to close positions before expiration rather than hold through settlement. Per CME Group's published contract specifications, single stock futures are set to be financially (cash) settled; confirm final details on CME Group's website as launch approaches.
Trading single stock futures involves substantial risk of loss and is not appropriate for all investors. Because these contracts are leveraged, losses can exceed your initial margin deposit. Single stock futures can be affected by company-specific events such as earnings surprises, dividend announcements, and corporate actions, as well as broader market volatility. Liquidity can vary by contract, and wider bid-ask spreads may increase trading costs. Unlike equity accounts, futures accounts are not covered by SIPC protection. Traders should carefully consider their risk tolerance, understand margin requirements, and use risk management tools such as stop-loss orders before trading. Past performance is not indicative of future results.
Simulated trading does not represent actual trading and is based on hypothetical conditions. Actual trading results may differ significantly due to factors such as market conditions, liquidity, execution, and the emotional and psychological impact of risking real money. Simulated trading is provided for educational and platform-familiarization purposes only and should not be relied upon as an indication or expectation of results in a live trading environment.
Learn more about security futures products by reviewing the Risk Disclosure Statement for Security Futures Products.