Futures basics
Futures contractmonth codes
Every futures symbol ends with a letter for the delivery month and a digit for the year. Twelve letters cover the calendar.
The 12 month codes
| Code | Month |
|---|---|
| F | January |
| G | February |
| H | March |
| J | April |
| K | May |
| M | June |
| N | July |
| Q | August |
| U | September |
| V | October |
| X | November |
| Z | December |
How to read a contract symbol
A symbol has three parts: the root, the month code and the year.
| Symbol | Root | Month | Year | Contract |
|---|---|---|---|---|
| ESZ6 | ES | Z, December | 2026 | E-mini S&P 500, December 2026 |
| NQH7 | NQ | H, March | 2027 | E-mini Nasdaq-100, March 2027 |
| CLF7 | CL | F, January | 2027 | Crude Oil, January 2027 |
Which months are listed
Not every product trades every month. Equity index futures use the quarterly cycle of H, M, U and Z, while crude oil lists every month. Check each product's details in the contract specs.
Questions
What does Z mean in futures?
Z is the code for December. ESZ6 is the December 2026 E-mini S&P 500 contract.
What are the quarterly futures months?
March (H), June (M), September (U) and December (Z). Equity index futures such as ES and NQ are listed on this cycle.
Why do futures use letters for months?
A single letter keeps symbols short and identical across exchanges and data feeds.
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