Future ReadyConvert between ETFs and index futures — and actually understand why the ratio moves.
SPY ↔ ES, QQQ ↔ NQ, DIA ↔ YM. Bidirectional inputs, live coefficient, basis, and days to expiration — with a first-class Manual mode when you'd rather use your broker's prices.
As expiration approaches, futures basis typically converges toward cash. This is basis convergence — not option-style theta decay.
Quick market utilities
Jump to roll calendar →Quick reference links for roll dates, Fed meetings, macro releases, and broader futures expirations. CME Roll Dates is the primary authority for ES, NQ, and YM; the others are supplemental.
Why roll dates matter
On CME's official roll date — the Monday before the third Friday of the expiration month — liquidity migrates to the next quarterly contract, which becomes the customary lead month. Comparing an ETF to the wrong contract distorts the coefficient and misreads basis. Always convert against the active lead month, especially the week of expiration.
Cards run on seeded demo prices or your own Manual mode entries — never a live broker feed. Each card labels its current mode. Always confirm real prices with your broker before trading.
ETF and futures converters
SPY ↔ ES
S&P 500 ETF & E-mini futures
SPY tracks the S&P 500. ES is the E-mini S&P 500 futures. The coefficient (≈ES ÷ SPY) is derived live from ETF price plus a basis that decays toward zero as expiry approaches (basis convergence).
QQQ ↔ NQ
Nasdaq-100 ETF & E-mini futures
QQQ tracks the Nasdaq-100. NQ is the E-mini Nasdaq-100 futures. The coefficient (≈NQ ÷ QQQ) is derived live from ETF price plus a basis that decays toward zero as expiry approaches (basis convergence).
DIA ↔ YM
Dow 30 ETF & E-mini futures
DIA tracks the Dow Jones Industrial Average. YM is the E-mini Dow futures. The coefficient (≈YM ÷ DIA) is derived live from ETF price plus a basis that decays toward zero as expiry approaches.
Contract calendar
How futures contract names work
Every futures contract has a root symbol and a “last name” made of a quarter letter plus the year. The quarter letters are H (March), M (June), U (September), and Z (December). The year is shown as its last two digits. Right now the active lead month is Z26, so the displayed contracts are ESZ26, NQZ26, and YMZ26. On the next roll date the “last name” automatically advances to the next quarter in the H → M → U → Z sequence.
U.S. equity index futures expire quarterly on the third Friday of March, June, September, and December. Per CME's convention, the roll date is the Monday prior to that Friday, and the second-nearest contract becomes the customary lead month from that point on. Near rollover, the expiring front contract may no longer be the most liquid reference — traders usually follow the lead month.
| Root | Front contract | Expiration | Roll date | Days to roll | Days to expiry | Lead month |
|---|---|---|---|---|---|---|
| ES | ESZ26 · Dec 2026 | Dec 18, 2026 | Dec 14, 2026 | 51d | 55d | ESZ26 · Dec 2026 |
| NQ | NQZ26 · Dec 2026 | Dec 18, 2026 | Dec 14, 2026 | 51d | 55d | NQZ26 · Dec 2026 |
| YM | YMZ26 · Dec 2026 | Dec 18, 2026 | Dec 14, 2026 | 51d | 55d | YMZ26 · Dec 2026 |
Lead month is currently the front contract (ESZ26 for ES). After the roll date on Dec 14, 2026 it will automatically advance to ESH27.
Quarterly Roll Dates & Lead Month
Per CME's equity-index convention, the roll date is the Monday prior to the third Friday of the expiration month. On and after that date, the second-nearest contract is treated as the lead month for liquidity and reference pricing.
| Quarter | Expiration (3rd Fri) | Official roll date | Days to roll | Lead month after roll | ES / NQ / YM codes |
|---|---|---|---|---|---|
| Dec 2026 | Dec 18, 2026 | Dec 14, 2026 | 51d | Mar 2027 | ESZ26 · NQZ26 · YMZ26 |
| Mar 2027 | Mar 19, 2027 | Mar 15, 2027 | 142d | Jun 2027 | ESH27 · NQH27 · YMH27 |
| Jun 2027 | Jun 18, 2027 | Jun 14, 2027 | 233d | Sep 2027 | ESM27 · NQM27 · YMM27 |
| Sep 2027 | Sep 17, 2027 | Sep 13, 2027 | 324d | — | ESU27 · NQU27 · YMU27 |
Around rollover, traders usually shift from the expiring contract to the next quarterly contract. Using the wrong contract can distort the ETF-to-futures ratio and mislead your basis reading. Confirm the active contract in your broker before trading.
How ETF ↔ futures conversion works
Plain-English answers written for traders. Expand any section for the full explanation.
Examples
Practical scenarios, formulas, and plain-English interpretation.
SPY is 650 and ES is 6525 — what is the live ratio?
ratio = ES ÷ SPY = 6525 ÷ 650 = 10.0385
The live coefficient is 10.0385. Each 1 point move in SPY corresponds to roughly 10.04 points in ES right now.
Estimate ES from a target SPY level
ES ≈ target SPY × live ratio
If you think SPY will trade at 655 and the live ratio is 10.0385, the ES-equivalent level is 655 × 10.0385 ≈ 6575.2.
Futures at premium — what does it mean?
basis = ES − (SPY × 10)
If SPY×10 implies 6500 and ES is 6525, basis is +25 (about +0.38%). Traders describe this as futures trading at a premium to implied cash — usually reflecting cost of carry (rates minus expected dividends) over the days remaining to expiration.
What happens to the spread as expiration approaches?
basis → 0 at expiration
Futures converge to the cash index at settlement. So an ES contract trading at a +25 premium 60 days out will typically drift toward zero basis as expiration nears. This is convergence — not option-style theta decay.
FAQ
Common questions from traders using this tool. Short, direct, and free of marketing fluff.
The Future Ready Ecosystem
Four more free trader tools and channels — jump in.