For the better part of two decades, security futures in the United States have been less a living product than a regulatory artifact. The category was first conceived in the Shad-Johnson Accord between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in 1982 and was then given legal life by the Commodity Futures Modernization Act (CFMA) in 2000. Even so, security futures struggled, for many reasons, to find a foothold in US financial markets. Notwithstanding the laborious efforts of SEC and CFTC staff to create a co-jurisdictional framework for security futures, exchanges were slow to list, and investors were mostly indifferent. Since OneChicago’s closure in September 2020, security futures have not traded on a futures or securities exchange in the United States. Security futures, it seemed, existed in legal taxonomy, but no longer in commerce.