S&P Dow Jones Indices and Kalshi are joining forces to build the next generation of financial markets. Through a multi-year partnership, we’ll work together to create indices from Kalshi event contracts and give investors new ways to trade S&P DJI’s benchmarks on Kalshi.
The Dow launched in 1896. The S&P 500 followed in 1957. The idea was simple: bring individual stocks together into a single benchmark, giving people a clearer view of the broader market.
Over time, products built around those benchmarks transformed investing. Index funds, ETFs, futures, and options gave investors ways to gain diversified exposure, participate in the market’s upside without relying on any one company, and hedge broad market swings.
These indices became foundations of global finance, used by individual investors, pension funds, and institutions around the world. By the end of 2024, more than $20 trillion was indexed or benchmarked to the S&P 500 alone.
As markets evolved, indices and the financial products built around them expanded beyond stocks to bonds, commodities, currencies, and more.
The next step is to bring that structure to the events that shape everyone’s lives.
That’s what we’re building with S&P DJI: indices composed of Kalshi event contracts.
Event contracts turn expectations about real-world outcomes into prices. As people trade on Kalshi, those prices reflect their changing views on what is likely to happen. Bringing related contracts together into an index would let people see how expectations are shifting across a whole category of events.
Think about what that could open up.
An index of political power, bringing together expectations across elections and control of government. An index of supply chain risk, combining signals about potential disruptions to trade. An index tracking AI’s impact on employment, helping people follow expectations about changes in the labor market.
An index of sports outcomes, which carry economic consequences for broadcasters, advertisers, cities, and small businesses. An index of weather risks that shape harvests, energy demand, and business revenues.
Each could bundle individual event contracts into a single indicator, helping people understand how related risks are evolving. A business following weather risks, for example, could monitor expectations across the regions where it operates. Someone following politics could see how expectations are shifting across multiple races.
S&P DJI brings the experience to turn those markets into consistent measures people can follow over time. Building an index means setting rules for what goes into it, how its components are combined, and how it changes as the underlying markets evolve.
Over time, products built around these indices could offer diversified exposure to those events and new ways to hedge their impact. Just as stock indices became the basis for funds and derivatives, indices built from event contracts could support financial products covering risks people and businesses face every day.
Our partnership also enables us to list contracts on the S&P 500, Dow Jones Industrial Average, and other S&P DJI indices that settle directly to official S&P DJI data.
That gives investors and traders a new way to gain exposure to these benchmarks through Kalshi markets. S&P DJI calculates its indices using established methods and publishes the official values. Those are the values that will determine the outcomes of these contracts on Kalshi.
For institutions already using these benchmarks to manage portfolios, it brings familiar indices onto our exchange, with settlement based on the same official data they already rely on.
Together, we’re expanding how people and institutions can use Kalshi to trade and manage risk. Investors could one day track and gain exposure to the events shaping our lives as easily as they do the S&P 500.
