Current lead month on October 5, 2026: December 2026 — ESZ26, NQZ26, YMZ26 and RTYZ26. The next CME roll date is Monday, December 14, 2026, when March 2027 (H27) becomes the customary lead month. The December contracts stop trading at 9:30 a.m. ET on Friday, December 18, 2026. Symbols move from Z26 to H27: ESZ26 to ESH27, NQZ26 to NQH27, YMZ26 to YMH27 and RTYZ26 to RTYH27, and the micros (MES, MNQ, MYM, M2K) switch the same way.
U.S. equity-index futures run on a quarterly cycle: March, June, September and December. This page lists CME's roll and expiration dates from 2026 through 2028, the current lead month, and how to roll a position without paying for it in slippage. The September 2026 contracts (ESU26) expired on September 18, 2026.
2026–2028 Rollover Calendar (ES, NQ, YM, RTY)
| Contract | Expiration Date | Customary CME Roll Date |
|---|---|---|
| March 2026 (H26) | March 20, 2026 | March 16, 2026 |
| June 2026 (M26) | June 18, 2026 | June 15, 2026 |
| September 2026 (U26) | September 18, 2026 | September 14, 2026 |
| December 2026 (Z26) | December 18, 2026 | December 14, 2026 |
| March 2027 (H27) | March 19, 2027 | March 15, 2027 |
| June 2027 (M27) | June 17, 2027 | June 14, 2027 |
| September 2027 (U27) | September 17, 2027 | September 13, 2027 |
| December 2027 (Z27) | December 17, 2027 | December 13, 2027 |
| March 2028 (H28) | March 17, 2028 | March 13, 2028 |
| June 2028 (M28) | June 16, 2028 | June 12, 2028 |
| September 2028 (U28) | September 15, 2028 | September 11, 2028 |
| December 2028 (Z28) | December 15, 2028 | December 11, 2028 |
CME's rule is that "equity products roll date is the Monday prior to the third Friday of the expiration month" (CME Equity Index Roll Dates). The same dates apply to every U.S. equity-index quarterly: ES and NQ (compared in our ES and NQ futures guide), YM, RTY and the micros covered in our Micro E-mini guide to MES and MNQ.
Trading in an expiring contract ends at the NYSE open, 9:30 a.m. ET, on the day its final settlement price is set, normally the third Friday (CME Rulebook Chapter 358). If the index isn't published that Friday, settlement moves to the business day before (Rule 35803.A). That's why June 2026 expired on Thursday, June 18 (Juneteenth fell on Friday, June 19), and why June 2027 expires on Thursday, June 17: the NYSE is closed on Friday, June 18, 2027 for the observed Juneteenth holiday (NYSE holidays). CME's roll-date table still shows 6/18 for June 2027, so recheck the ES product calendar closer to the date. June 2028 is unaffected because Juneteenth falls on a Monday.
Roll Date vs Expiration vs Your Platform's Switch
Four different dates get called "the roll". For the December 2026 contracts:
| Date | December 2026 |
|---|---|
| CME customary roll date: the next quarter becomes the lead month | Monday, December 14 |
| Last trading day: trading stops at 9:30 a.m. ET and the contract cash-settles to a special opening quotation of the index | Friday, December 18 |
| Your chart's switch: continuous charts follow the platform's own rule | Varies by platform |
| Broker or prop firm cutoff for the expiring month | Check your firm |
Platforms don't all switch on CME's Monday. TradingView, for example, sets each continuous symbol's switch from historical volume, such as a fixed number of business days before expiration (TradingView help). You'll also still see "the second Thursday" in some guides and platform templates; that isn't CME's published date. None of these dates forces you to act: CME lets you roll equity-index positions "at any time", and its Equity Quarterly Roll Analyzer shows the daily pace of roll volume if you want to watch the shift.
Why Futures Have Expiration Dates
Futures began as hedging tools: a wheat farmer locks in a sale price months ahead, a flour mill locks in a purchase price, and both need a fixed month when the deal completes. That's why every contract has a delivery month and a last trading day. Most retail traders never want delivery, but the expiration still decides which contract carries the liquidity.
The Quarterly Cycle and Month Codes
ES, NQ, YM, RTY and their micros (MES, MNQ, MYM, M2K) list March (H), June (M), September (U) and December (Z) contracts. A symbol is the root, the month code and the year:
- ESH26 = E-mini S&P 500 March 2026
- ESM26 = June 2026
- ESU26 = September 2026
- ESZ26 = December 2026
- ESH27 = March 2027
All twelve month codes: F (Jan), G (Feb), H (Mar), J (Apr), K (May), M (Jun), N (Jul), Q (Aug), U (Sep), V (Oct), X (Nov), Z (Dec). For contract sizes and tick values, see our E-mini futures beginner's guide.
Rollover for Other Futures: Crude Oil, Gold, Treasuries and VIX
The Monday roll convention is for equity indexes only. Other contracts expire on their own schedules, and the physically delivered ones need rolling before delivery can start:
Crude Oil (CL): Monthly
CL trades in every calendar month. Trading ends three business days before the 25th calendar day of the month before the delivery month; if the 25th isn't a business day, it ends three business days before the last business day preceding the 25th (NYMEX Rule 200102.F). The March 2026 contract stopped trading on February 20, 2026, and because October 25, 2026 is a Sunday, the November 2026 contract (CLX26) stops trading on Tuesday, October 20, 2026. CL is physically delivered (1,000 barrels), so traders roll well before that date.
Gold (GC): Physically Delivered
Trading in a gold contract ends on the third-last business day of its contract month, and deliveries can be made on any business day of that month, starting with the first (COMEX Rule 113102.E). Speculators roll before the contract month begins.
Treasuries (ZN and others): Quarterly, Physically Delivered
Ten-Year Note futures stop trading in the last seven business days of the contract month, and a short can deliver notes on any business day of that month (CBOT Rules 19102.F and 19103). So Treasury traders roll before the contract month starts, at the end of February for March, not in expiration week.
VIX Futures (VX): Monthly, Cash-Settled
VX contracts settle on the Wednesday that is 30 days before the third Friday of the following month, and trading in the expiring contract ends at 8:00 a.m. CT that day (Cboe VX specifications). By that rule the October 2026 contract settles on Wednesday, October 21, 2026. Each VX month prices a different 30-day volatility window, so neighboring months can trade far apart; our VIX futures trading guide explains contango, backwardation and what that means for a roll.
Brokers usually set earlier deadlines for delivered contracts. NinjaTrader, for example, prohibits trading in physically deliverable futures from the business day before the earlier of the last trade date or the first notice date (NinjaTrader margin policy).
How to Identify the Active Front Month
The contract you want to trade is the one with the most volume and open interest. Most platforms show the front month by default and offer continuous-contract charts, but orders still go to a specific symbol, so check which month your order ticket is using during roll week.
- Compare open interest and volume for the current and next contract months
- During roll week, open interest moves from the expiring month to the next one
- Once the next month carries more volume, switch your charts and order ticket to it
How to Roll a Position
Method 1: Close and reopen
- Close the position in the expiring contract
- Open the same position in the next contract month
- You pay two commissions and risk a little slippage between the two orders
Method 2: A calendar spread order
Many platforms let you trade the roll as a single calendar spread: sell the expiring month and buy the next (or the reverse) in one order at a quoted spread price. ES calendar spreads trade in 0.05-point increments ($2.50), finer than the 0.25 outright tick, so the spread order usually costs less in slippage (CME Rule 35802.C). Day traders who are flat every night only need to switch symbols.
Roll-week checklist
- Note the two dates: the Monday roll date and the Friday 9:30 a.m. ET last trade (December 14 and 18, 2026).
- From Monday, compare volume and open interest in both months, and switch once the new month leads.
- Point your order ticket, DOM and any bracket or ATM templates at the new symbol, for example ESH27.
- Re-enter working orders: stops and targets on the old month don't move to the new one.
- Roll open positions with a calendar spread, or close and reopen, before the last trading day.
- Update alerts, webhooks and automated strategies that hard-code the dated symbol.
- Shift saved price levels by the roll spread (next section) if you drew them on the old contract.
- Check your broker's or prop firm's cutoff for the expiring month; it can come before CME's.
Why the Price Jumps at the Roll (and Back-Adjusted Charts)
Consecutive contracts don't trade at the same price. CME's fair-value formula for stock index futures is cash index × [1 + r × (days to expiration ÷ 360)] − dividends: the futures price carries the interest cost of holding the stocks, minus the dividends they pay before expiration (CME: Calculating Fair Value). When interest rates are above the index dividend yield, each later contract trades higher than the one before it; when they're below, it trades lower.
Worked example (hypothetical inputs): with the index at 7,000, a 4% interest rate and a 1.2% dividend yield, one extra quarter (90 days) adds about 7,000 × (4% − 1.2%) × 90 ÷ 360 = 49 points. So March would sit about 49 points above December. That difference is the roll spread. A long position rolled at that spread re-enters 49 points higher, which isn't a loss: it's the financing priced into the later contract.
On a chart, the roll spread shows up as a gap:
- Unadjusted continuous chart: prices are what actually traded, and the chart jumps by the roll spread on the switch day. TradingView's continuous symbols (such as ES1!) work this way by default (TradingView help).
- Back-adjusted continuous chart: older data is shifted by the difference between the new and old contracts at the switch, so the gap disappears, but historical prices no longer match what traded. TradingView calls this "Adjust for contract changes" (the B-ADJ button); NinjaTrader calls it MergeBackAdjusted (NinjaTrader Merge Policy).
Pick one setting and use it consistently. After the roll, redraw levels on the new contract or shift them by the roll spread, and expect moving averages and other multi-day indicators on an unadjusted chart to show a false jump across the switch.
What Happens If You Don't Roll
Cash-settled contracts (ES, NQ, YM, RTY)
Equity-index futures are financially settled. At expiration the position closes at the final settlement price and the profit or loss is paid in cash. Nothing is delivered, but you no longer have the position.
Physically delivered contracts (CL, GC, ZN and others)
Holding a deliverable contract into its delivery period can obligate you to make or take delivery: 1,000 barrels of crude oil, or 100 troy ounces of gold. Retail brokers usually require you to close or roll before then and may liquidate positions under their own policies, so check your broker's deadlines.
April 20, 2020: the May 2020 WTI crude contract fell from $17.73 to settle at -$37.63 a barrel the day before it expired, the first negative price in the contract's history, according to the CFTC's interim staff report. Expiration week in a deliverable contract is not a place to be holding by accident.
Rollover in a Prop Firm Account
Most futures prop firm accounts are traded intraday, so "rolling" usually just means trading the new front month after the roll date. If your firm allows overnight positions, you're responsible for closing or rolling them. Each firm sets its own rules on overnight holds and permitted contracts, so check yours before roll week.
Common Rollover Mistakes
1. Trading the expiring contract during roll week
Liquidity drains out of the old month, spreads widen and stops slip. Switch once the next month leads in volume.
2. Leaving charts on the old contract
A chart on ESZ26 after December 14 shows a thinning market. Use a continuous chart for analysis and the front-month symbol for orders.
3. Getting the expiration time wrong
Equity-index futures stop trading at 9:30 a.m. ET (8:30 a.m. CT) on the third Friday, not at the close.
4. Holding a deliverable contract too long
Know your broker's liquidation deadline for CL, GC and other deliverable contracts, and roll before it.
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Get Free Access →FAQ
When is the next ES rollover?
Monday, December 14, 2026. From then March 2027 (ESH27) is the customary lead month; the December 2026 contract (ESZ26) stops trading at 9:30 a.m. ET on December 18, 2026.
What are the 2027 E-mini roll dates?
March 15, June 14, September 13 and December 13, 2027. The matching expirations are March 19, June 17 (a Thursday, because of the Juneteenth holiday), September 17 and December 17, 2027.
What is futures rollover?
Closing a position in the expiring contract and opening the same position in the next contract month, so your exposure continues.
When should you roll futures?
For U.S. equity-index futures, CME's customary roll date is the Monday before the third Friday of the expiration month. Confirm that volume and open interest have moved before switching.
What are the futures month codes?
F-Jan, G-Feb, H-Mar, J-Apr, K-May, M-Jun, N-Jul, Q-Aug, U-Sep, V-Oct, X-Nov, Z-Dec.
What happens if I don't roll?
Cash-settled contracts such as ES close at the final settlement price. Physically delivered contracts can obligate you to make or take delivery, so brokers usually require you to close them first.
Is the roll date the same as the expiration date?
No. The roll date is CME's customary switch date, the Monday before the third Friday. Expiration is the last trading day: ES stops trading at 9:30 a.m. ET on the third Friday, four days later. For December 2026 that is December 14 and December 18.
Do Micro E-minis roll on the same date as ES?
Yes. MES, MNQ, MYM and M2K follow the same quarterly cycle and expire with ES, NQ, YM and RTY, so the next roll date for all of them is Monday, December 14, 2026.
Why does ES jump in price after the rollover?
Each later contract prices in more financing cost minus dividends, so when interest rates are above the dividend yield the new front month trades above the old one. Unadjusted continuous charts show that difference as a gap; back-adjusted charts remove it.
Bottom Line
Rolling is mechanical: know the calendar, use the Monday roll date as your checkpoint, confirm the liquidity has moved, and make sure your order ticket points at the new month. The next one is December 14, 2026.
Sources
- CME Group: Equity Index Roll Dates
- CME Group: E-mini S&P 500 contract specs (termination of trading, settlement)
- CME Group: E-mini S&P 500 product calendar (last trade dates)
- CME Group: Understanding Futures Expiration and Contract Roll
- CME Rulebook Chapter 358: E-mini S&P 500 futures (termination of trading, final settlement, 0.05-point calendar spreads)
- NYSE: Holidays and trading hours (Juneteenth 2026–2028)
- CME Group: Calculating Fair Value (stock index futures fair-value formula)
- CME Group: Equity Quarterly Roll Analyzer
- TradingView: Back-adjustment for continuous futures and continuous-contract switching dates
- NinjaTrader: Merge Policy (back-adjusted vs non-back-adjusted data) and margin and delivery policy
- NYMEX Rulebook Chapter 200: Light Sweet Crude Oil futures
- COMEX Rulebook Chapter 113: Gold futures
- CBOT Rulebook Chapter 19: 10-Year Treasury Note futures
- Cboe: VIX futures specifications (final settlement date)
- CFTC: Interim staff report on the April 20, 2020 WTI contract