From CME Group:

1. The S&P 500 Annual Dividend Index futures calculate the accumulation of all ordinary gross dividends paid on the S&P 500 index constituent stocks that have gone ex-dividend over a 12-month period. With the launch of options on these futures, market participants will be able to hedge risks and trade dividend volatility.
2. The demand to trade and risk manage dividend exposure via listed dividend futures and options has accelerated over the last few years, prompting CME Group to launch these products.
3. The underlying index for S&P 500 Annual Dividend Index futures is the S&P 500 dividend point index. The methodology for the index can be found here.
4. Dividend index points represent dividends as a fraction of the index level itself and typically only capture regular dividends.
5. The cumulation period for an annual contract starts on the day after the expiration of the mostly recently expired contract, continuing up to and including the expiration day of the nearest subsequent contract.
6. “Special” or “extraordinary” dividends are not included as dividend points in the respective annual dividend indices. Instead, the underlying parent cash index adjusts for this event with a divisor change.
7. Options on S&P 500 Annual Dividend Index Futures are listed on the CME DCM and follow the CME Fee Schedule. Margin requirements will be set by the clearing house based on market conditions and subject to change. Margin offset will be available between related S&P 500 Dividend Index futures and options.
8. The CME Group is choosing to launch these products in response to the increasing demand to trade and risk manage dividend exposure. The underlying index for S&P 500 Annual Dividend Index futures is the S&P 500 dividend point index. Dividend index points specifically refer to the level of index points that are directly attributable to the dividends of index constituents for a set period. The cumulation period for an annual contract starts on the day after the expiration of the mostly recently expired contract, continuing up to and including the expiration day of the nearest subsequent contract. “Special” or “extraordinary” dividends are not included as dividend points in the respective annual dividend indices.
9. Options on S&P 500 Annual Dividend Index futures are listed on the CME DCM and follow the CME Fee Schedule. Margin requirements will be set by the clearing house based on market conditions and subject to change. Margin offset will be available between related S&P 500 Dividend Index futures and options.



Read more: Frequently asked questions: Options on S&P 500 Annual Dividend Index futures