The Nikkei 225 Dividend Index adds up the dividends you would receive from holding the constituents of the Nikkei Stock Average from January to December of a given year, adjusted to the level of the Nikkei Stock Average. The trading unit of Nikkei 225 Dividend Index Futures is this index multiplied by 1,000 yen1. As of October 4, 2026, they are listed on the Osaka Exchange2.

Comparing the price of a dividend future with the stock index gives a rough measure of the dividend yield the market expects. Consider a hypothetical example in which the stock index is 1,000 points and the dividend future is priced at 20 points. The expected dividend yield is 2%3.

Holders of the shares that actually pay the dividends can sell dividend futures to reduce the variation in the dividends they receive, but they also give up any upside if dividends rise. A buyer of dividend futures gains if dividends exceed expectations and loses if they fall short.

Notes

  1. Osaka Exchange, "日経平均・配当指数先物 制度概要" (Nikkei 225 Dividend Index Futures: contract specifications, our translation; in Japanese), item "取引単位" (trading unit). ↩

  2. Japan Exchange Group, "商品一覧（先物・オプション）" (List of products: futures and options, our translation; in Japanese), "配当指数" (Dividend index), "日経平均・配当指数先物" (Nikkei 225 Dividend Index Futures), checked on October 4, 2026. ↩

  3. Osaka Exchange, "日経平均・配当指数先物 商品概要" (Nikkei 225 Dividend Index Futures: product overview, our translation; in Japanese), section "市場が予想する将来の配当利回りの指標" (an indicator of the future dividend yield the market expects). ↩