Research Library / Instruments
Instruments
SMI Futures (FSMI) provide futures exposure to Switzerland's SMI equity index. The contract is traded on Eurex and is cash settled.
Iron Ledger has a live research model for FSMI. The model applies systematic trading research to the SMI futures market and provides defined trade information directly on the chart.
The Swiss Market Index (SMI) is Switzerland's principal blue-chip equity index. It comprises the 20 largest and most liquid equities from the Swiss Performance Index (SPI) and represents the large majority of the Swiss equity market's capitalisation. SMI constituents are selected using free-float-adjusted market capitalisation and turnover.
For a trader, that makes the SMI a concentrated representation of Switzerland's large-cap equity market rather than a broad measure of every listed Swiss company.
FSMI is the Eurex futures contract on the SMI. The contract is denominated in Swiss francs. Each SMI index point has a value of CHF 10, and the minimum price movement is 1 index point, also worth CHF 10.
| Underlying | SMI |
| Exchange | Eurex |
| Product code | FSMI |
| Currency | CHF |
| Point value | CHF 10 |
| Minimum price movement | 1 index point |
| Minimum movement value | CHF 10 |
| Settlement | Cash |
| Contract cycle | March, June, September, December |
These are contract specifications, not a recommendation about position size or risk.
FSMI sits within the Eurex equity-index futures range alongside contracts based on other major European equity indices. The underlying indices are different:
The contracts therefore provide exposure to different equity markets and should be treated as separate instruments when researching trading behaviour and performance. Iron Ledger maintains a separate research record for each market rather than combining them into one European index result.
On a normal trading day, pre-trading begins at 07:30 CET and continuous trading runs from 07:50 through to 22:00 CET. On the final trading day of the expiring contract, trading ends early, at 09:00 CET.
The current exchange schedule is maintained by Eurex (linked under Sources below).
FSMI is listed twelve quarters ahead, covering the next three years across the March, June, September and December contract cycle. The exchange's contract page (linked below) lists the maturities currently open.
FSMI is cash settled, so there is no delivery of the underlying shares. Settlement is payable on the first exchange day following the final settlement day. The final settlement day is normally the third Friday of the maturity month, provided that it is an exchange day; otherwise, the exchange day immediately preceding it applies.
The final settlement price is set from the index itself, using the opening prices of the index constituents.
FSMI is not simply a market we describe. It is a market covered by a live Iron Ledger research model. The model operates during the Zurich session and uses systematic research to identify defined trading conditions in the SMI futures market.
The objective is not to predict where the market will go. It is to identify whether a repeatable statistical edge exists under defined conditions, and whether the evidence continues to support keeping that model in the live set. When the outcomes stop supporting it, that is investigated rather than re-narrated.
The chart is the execution layer; the research behind it is the product.
The current Iron Ledger FSMI research record covers October 2025 through August 2026. Results are stated in index points.
This is the complete research window used for the published record: ten trading months to August 2026, because July 2026 is skipped by the FSMI configuration. Individual monthly results are shown on the FSMI model page rather than reproduced here.
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Fees, slippage and live execution may differ. Past performance is not indicative of future results.
View the complete FSMI research record →
The SMI is the underlying equity index. FSMI is the futures contract that provides exposure to that index. They are related, but they are not the same instrument.
FSMI, FDXS and FESX are all European equity-index futures, but they track different underlying markets. A model or a historical result from one contract should not automatically be treated as evidence for another.
A chart can make an individual trade look compelling. That is not the same as evidence for a model. Iron Ledger evaluates a model across a defined research window rather than selecting individual profitable examples.
A positive historical research record does not mean the same result will occur in the future. The purpose of publishing the record is to show the evidence behind the model, including the full testing period, rather than to present certainty about what comes next.
Contract information on this page is based on current Eurex specifications for SMI Futures (FSMI). Information about the SMI itself is based on material published by SIX Swiss Exchange. Iron Ledger paraphrases these sources rather than reproducing their specifications or tables.