Futures Trading Education
What Are NHL Team Index Futures?
CME FSPI NHL Team Index Futures introduce a new futures market based on the performance of individual professional hockey teams.
Here's what active traders should know about the underlying indexes, contract sizes and trading mechanics.
Professional hockey is entering the futures market.
CME FSPI NHL Team Index Futures introduce exchange-listed futures based on the performance of individual NHL teams. Instead of tracking the price of a stock, commodity or traditional financial index, these contracts use team performance indexes built from official NHL statistics.
For active traders, that creates an entirely different type of underlying to understand.
A Futures Market Based on Team Performance
Each NHL team has its own performance index. The index changes as qualifying team statistics accumulate, while futures prices reflect market expectations about where that index may be in the future.
What Are NHL Team Index Futures?
CME FSPI NHL Team Index Futures are futures contracts based on individual NHL team performance indexes.
Each of the NHL's 32 teams has its own index. Every team begins the season with an index level of 7,500, and that value changes as qualifying team performance accumulates throughout the season.
The indexes incorporate 55 constituents, including measures such as goals, shots on goal, saves, faceoffs, blocked shots, hits, takeaways, giveaways, penalties and certain performance milestones.
Rather than measuring only whether a team wins or loses, the index is designed to reflect a broader range of on-ice performance.
32
Individual NHL team indexes
55
Performance constituents in each index
7,500
Starting index level for each team
What Makes an NHL Team Index Move?
Official NHL team statistics feed into a rules-based index methodology.
Different qualifying actions receive predetermined point values or multipliers. Positive team actions can add points to the index, while negative actions can subtract points.
For example, CME's methodology describes an even-strength goal as adding 12 index points, while an even-strength goal allowed subtracts 12 points.
That distinction is important for traders. A team's index performance is not determined by the outcome of one game alone. The underlying index reflects the accumulation of qualifying team statistics over time.
How the Index Changes
Team Performance → Official NHL Statistics → Defined Point Attribution → Updated Team Index
Preseason and exhibition games do not contribute points. During the postseason, a 1.5× seasonal adjustment factor applies to game-based statistical and milestone points.
Following the season, the indexes reset to 7,500 for the next season.
Are the Futures Price and Team Index the Same Thing?
Not necessarily.
The underlying team index represents accumulated team performance according to the index methodology. A futures contract, however, trades in a market where buyers and sellers can incorporate expectations about future team performance.
That means a futures price may differ from the team's current underlying index level.
Why the distinction matters
A trader evaluating these contracts needs to understand both the team's current index performance and the market's expectations for what may happen before the contract expires.
Can Traders Go Long or Short NHL Team Performance?
Like other futures contracts, NHL Team Index Futures allow market participants to establish either long or short positions.
Long Position
A trader who expects the relevant futures price to rise may establish a long position.
If the futures price increases, the position may gain value; if it decreases, the position may lose value.
Short Position
A trader who expects the relevant futures price to decline may establish a short position.
If the futures price decreases, the position may gain value; if it increases, the position may lose value.
What Is the Difference Between Standard and Micro NHL Futures?
CME offers Standard and Micro contract sizes.
The Standard contract uses a multiplier of $10 × the index. At an index level of 7,500, that represents approximately $75,000 of notional contract value.
The Micro contract uses a multiplier of $0.10 × the index. At the same 7,500 index level, that represents approximately $750 of notional contract value.
| Feature | Standard | Micro |
|---|---|---|
| Multiplier | $10 × Index | $0.10 × Index |
| Approx. Notional at 7,500 | $75,000 | $750 |
| Value of 1 Index Point | $10 | $0.10 |
| Weekly Expirations | No | Yes |
| Monthly Contracts | Yes | Yes |
| Settlement | Financial | Financial |
Notional contract value should not be confused with the amount required to establish or maintain a futures position. Futures are leveraged instruments, and applicable margin requirements can change.
When Can NHL Team Index Futures Trade?
CME FSPI NHL Team Index Futures are designed to trade on CME Globex around the clock, apart from scheduled maintenance periods.
That distinction creates an interesting feature of this market. The underlying team index changes based on official team performance statistics, but the futures market can continue to reflect changing expectations outside of games.
Information such as roster changes, trades and other developments could therefore affect market expectations even when the underlying team index itself is not changing.
The official daily team index close is published using finalized NHL statistical data.
How Are NHL Team Index Futures Settled?
The contracts are financially settled. There is no physical asset to deliver. Settlement is based on the applicable team index according to the contract specifications.
CME lists monthly contracts for both Standard and Micro futures, as well as annual contracts. Micro contracts also include weekly expirations.
Traders should review the applicable contract specifications and expiration before establishing a position.
Why Might an Active Trader Follow This Market?
NHL Team Index Futures introduce an underlying driven by a very different information set than traditional financial markets.
A trader following equities might analyze earnings, interest rates or economic data. A trader evaluating NHL Team Index Futures may instead be examining team statistics, player availability, roster changes, schedules, season progression and other factors that could influence expectations for future team performance.
That does not make the contracts predictable. It means the information influencing the market is different.
As with any futures market, participants must evaluate price, risk, liquidity, contract specifications and their own expectations before establishing a position.
Can NHL Team Index Futures Be Used for Hedging?
Potentially. The contracts are not designed solely for traders seeking market exposure. Businesses can also have financial exposure related to team performance.
Consider a Team Sponsor
A sponsor may commit to a fixed sponsorship or advertising expense before knowing whether a team will have a strong season, reach the playoffs or generate the anticipated level of attendance, viewership and fan engagement.
A business with that type of exposure could evaluate whether a position in the corresponding team's futures might help offset a portion of the risk.
A hedge does not eliminate risk, and the futures position and underlying business exposure may not move together.
Learn more about hedging NHL sponsorship and business exposure →
A New Type of Futures Market
CME FSPI NHL Team Index Futures bring together two very different areas: professional sports performance and exchange-listed futures.
For active traders, understanding the opportunity starts with understanding the underlying market—not simply knowing hockey.
How is the team index calculated? What is already reflected in the futures price? Which contract and expiration are being traded? How much risk does each index-point movement represent?
Those are futures-market questions. And they remain important regardless of what the scoreboard says.
Continue Learning
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CME FSPI NHL Team Index Futures are scheduled to begin trading September 28, 2026, pending regulatory review. Product specifications and availability are subject to change.
Futures trading involves substantial risk of loss and is not suitable for all investors. Losses may exceed the initial amount deposited.
Hedging can reduce certain exposures but does not eliminate risk. A futures position and the underlying business exposure may not move together, and a hedge may result in losses.
Examples are hypothetical and provided for educational purposes only. They are not forecasts, recommendations or guarantees of future results.
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