Lead/Lag (“Rainbow”) Futures

About Cboe Futures Exchange

Lead/Lag ("Rainbow") Futures

Learn more about how Lead/Lag Futures transform the market’s internal dynamics.

A New Way to Trade Market Leadership

Lead/Lag Futures transform the market’s internal dynamics into three standardized contracts. Built on the Cboe U.S. Large-Mid Cap 100 (CEQX), constituents are ranked by performance at expiry and split into:

Lead 50 Future – top 50 performers (the “winners”).
Lag 50 Future – bottom 50 performers (the “laggards”).
Lead–Lag Spread – the gap between winners and losers.

These contracts make it simple to own leaders, hedge laggards, or trade dispersion—all in a single trade, exchange-listed, and cash-settled.

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Comments

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2025 Cboe Exchange, Inc. All Rights Reserved.