What happens when a futures contract expires?
Every futures contract has a last trading day. CME lists the Micro Nasdaq 100 (MNQ) as financially settled, so any position still open at expiry is closed in cash at the final settlement price, and nothing is delivered. For stock index futures, trading ends at 9:30 am Eastern on the third Friday of March, June, September and December. The next one is Friday, December 18, 2026, at 4:30 am HST. Most traders roll to the next contract before then.
What is the roll?
Rolling means you close the contract that is about to expire and trade the next one. For index futures, most traders roll on the Monday before expiry.
| Contract | Roll date | Expires |
|---|---|---|
| December 2026 (Z6) | Monday, December 14, 2026 | Friday, December 18, 2026 |
| March 2027 (H7) | Monday, March 15, 2027 | Friday, March 19, 2027 |
Futures 101, Lesson 4, explains month codes and the roll.
Do any futures end in delivery?
Yes. Some futures can end in delivery of the real product. Check the Settlement Method line on the CME page for any contract before you trade it.
CME lists Micro WTI Crude Oil (MCL) as financially settled. Your broker may also close or block positions near expiry, so read its rules.
What happens to my chart after the roll?
The symbol changes. MNQZ6 becomes MNQH7. If your chart or your orders still point to the old contract, you can be looking at the wrong market.
Common mistakes
- Holding into expiry by accident.
- Placing orders on the old contract after the roll.
- Trading a contract without reading its settlement method.
Sources
- CME Micro E-mini Nasdaq-100 contract specs
- CME Micro WTI Crude Oil contract specs
- CME equity index roll dates
- CME course: Futures expiration and contract roll
Last reviewed: 2026-10-16
Read next
- Futures 101, Lesson 4: Sessions, holidays and the roll
- The free Hawaiʻi Futures Cheat Sheet
- All futures questions, answered
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Mahalo for reading and trade well!
Glenn & Reid | Hawaiʻi Trading Academy
Risk disclaimer: Education only. Not financial advice. Trading futures involves substantial risk of loss. Futures are not suitable for every investor, and you can lose more than your initial deposit. Examples on this page use made-up numbers to teach the math. Past performance does not guarantee future results. Hawaiʻi Trading Academy provides education only. We are not financial advisors, and nothing on this page is a recommendation to buy or sell any financial product. HTA is not affiliated with CME Group or any exchange or agency named here. Times, rules and dates can change; check the source before you trade.
