Micro E-mini S&P 500 Futures (MES) — Contract Specifications
CME · Equity Index · $5 × S&P 500 index vs $50 × S&P 500 index for ES
Exactly one tenth of ES. The Micro E-minis are the single most-used retail futures products at CME.
Contract specifications
| Exchange symbol | MES |
|---|---|
| Exchange | CME |
| Contract size | $5 × S&P 500 index |
| Minimum tick | 0.25 index points |
| Value per tick | $1.25 |
| 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 |
| Smaller version of | ES |
What one tick is worth
The minimum price increment is 0.25 index points. Because the contract covers $5 × S&P 500 index, each tick is worth $1.25 per contract. That is the appeal of the smaller size: identical price exposure per tick as ES, at a fraction of the notional.
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 |
|---|---|---|
| E-mini S&P 500 ES · CME | $50 × S&P 500 index | $12.50 |