How to read the letter codes in futures contract names.
Futures contract names include a letter code for the delivery month. “ESZ26” is the E-mini S&P 500 (ES) expiring in December (Z) 2026. Understanding month codes helps you read contract names, follow the expiration calendar, and manage rollovers correctly.
What are the 12 futures month codes?
Each delivery month has a single-letter code, standard across all futures exchanges:
Code | Month | Code | Month |
F | January | N | July |
G | February | Q | August |
H | March | U | September |
J | April | V | October |
K | May | X | November |
M | June | Z | December |
Not every letter code is used for every product. Most equity index futures trade quarterly — March (H), June (M), September (U), and December (Z). Energy futures such as Crude Oil (CL) trade every month.
How do I read a futures contract name?
A full contract name has three parts: the symbol, the month code, and the two-digit year.
ESZ26 = ES (E-mini S&P 500) + Z (December) + 26 (2026). The December 2026 E-mini S&P 500 contract.
MNQU26 = MNQ (Micro E-mini Nasdaq-100) + U (September) + 26 (2026). The September 2026 Micro Nasdaq-100 contract.
CLK26 = CL (Crude Oil) + K (May) + 26 (2026). The May 2026 Crude Oil contract.
Which products expire quarterly and which expire monthly?
Quarterly contracts — most equity index futures expire in March (H), June (M), September (U), and December (Z) only. These are the four active contract months.
Monthly contracts — energy, metals, agricultural, and FX futures often expire every month, so all 12 letter codes may be active for these products.
What is the front month contract?
The front month is the nearest-to-expiration active contract. Most trading volume and liquidity concentrates in the front month. As expiration approaches, volume shifts to the next contract month — a process called a rollover.
Frequently asked questions about contract month codes
Q: Why does the same symbol sometimes show different prices?
A: You may be looking at different contract months. ESH26 and ESM26 are the same instrument (E-mini S&P 500) but for different expiration months. Confirm you are viewing the correct contract month before placing a trade.
Q: When should I roll to the next contract?
A: Roll before the First Notice Day or Last Trading Day, whichever comes first. See How Rollovers Work for the full rollover process and Contract Expiration Calendar for the dates.
Month codes are F=January, G=February, H=March, J=April, K=May, M=June, N=July, Q=August, U=September, V=October, X=November, Z=December. Equity index futures use the quarterly codes H, M, U, and Z. Energy and metals often trade every month. ESZ26 is the December 2026 E-mini S&P 500.
Related Articles