Futures mechanics
What are Futures Expiration Cycles (H, M, U, Z) and what months do these letter codes represent?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Expiration cycle codes H, M, U, Z represent March, June, September, and December contract months respectively on many futures products.
How it works
Each letter corresponds to a specific month under CME's standardized futures month code convention used across many financial products.
An example
An ESH25 contract denotes the March 2025 E-mini S&P expiration.
Risk & limitations
Not all products follow the quarterly H-M-U-Z cycle; check specific contract specs.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.