Index CFDs: US30, NAS100, S&P 500 and DAX Explained
Cash versus futures indices, where dividend adjustments come from, typical spreads and hours, and why an index is not just another currency pair.
An index CFD tracks the value of a stock index. You are not buying a basket of shares — you are trading the index level as a number.
Cash versus futures
Cash indices track the current level, trade indefinitely, roll overnight with a swap and require dividend adjustments.
Futures CFDs track a specific contract with an expiry. No swap, but a date by which the position must be closed or rolled. Spreads are usually wider.
Most retail traders use the cash version, which is more convenient intraday.
What a move is worth
On US30 a standard lot is typically $1 per index point, so a 200-point move is $200 per lot. NAS100 and US500 use different multipliers and you must check the specification: one broker's S&P 500 contract is $1 per point, another's is $10.
This is the first thing to verify before your first index trade. Getting the multiplier wrong means getting your risk wrong by a factor of ten.
Hours and spreads
Real liquidity follows the underlying exchange's hours — for US indices, 14:30–21:00 UTC. Outside that window quotes exist but spreads are two to three times wider and price action is choppier.
Dividend adjustments
On the ex-dividend date of a large constituent, the broker posts an adjustment: positive on longs, negative on shorts. Irrelevant for day trading; material when holding for weeks, especially in dividend season.
Read next
Frequently asked questions
What do US30 and NAS100 mean?
They are broker tickers for index CFDs — US30 tracks the Dow Jones Industrial Average, NAS100 the Nasdaq 100, US500 or SPX500 the S&P 500, and GER40 the DAX.
Do index CFDs pay dividends?
Not directly, but the broker applies an adjustment on ex-dividend dates of constituent shares: credited on longs, debited on shorts.
Why does an index trade when the exchange is closed?
The quote is derived from the futures contract, which trades nearly around the clock. Outside the cash session the spread is much wider and liquidity thinner.
- Min. deposit
- $50
- Spread
- from 1.0 pip (Standard STP)
- Commission
- $3 per lot per side (Raw ECN)
CFDs are complex instruments with a high risk of losing money