E-mini S&P 500 Futures (ES) — Contract Specs
CME · Equity Index
The most heavily traded equity index future in the world, and the reference point the rest of the complex is sized against.
Contract specifications
| Exchange symbol | ES |
|---|---|
| Exchange | CME |
| Contract size | $50 × S&P 500 index |
| Minimum tick | 0.25 index points |
| Value per tick | $12.50 |
| Contract months | Mar, Jun, Sep, DecMonth codes: H, M, U, Z |
| Settlement | Cash settled |
| Trading hours | Sun–Fri 18:00–17:00 ET, 15-minute break each day at 16:15 ET |
Where these figures come from
Compiled from the exchanges' published contract specifications (CME, CBOT, NYMEX, COMEX). Last reviewed .
Every contract is checked for internal consistency: the tick value must equal the contract size multiplied by the tick. All 41 agree, including the interest-rate contracts quoted in fractions of a thirty-second of a point.
These figures are NOT independently verified against the exchange. We do not fetch cmegroup.com - it refuses our requests and its terms do not permit it - so an exchange that changes a contract specification will not be reflected here until someone reviews it by hand. Check with the exchange or your broker before trading on them.
What one tick is worth
The minimum price increment is 0.25 index points. Because the contract covers $50 × S&P 500 index, each tick is worth $12.50 per contract.
This contract is cash settled, so there is no delivery obligation and no first notice day. Positions settle in cash against the reference price.
Other contracts on this market
| Contract | Size | Per tick |
|---|---|---|
| Micro E-mini S&P 500 MES · CME | $5 × S&P 500 index | $1.25 |
| E-mini Nasdaq-100 NQ · CME | $20 × Nasdaq-100 index | $5.00 |