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Futuresbeginner
MULTIPLIERTICK SIZE$12.50/TICK

ES (E-mini S&P 500)

The world's most liquid equity index futures contract — tracks the S&P 500, $50 per point, expires quarterly.

Also called ES · E-mini S&P · S&P futures

Formula
P&L = (Exit − Entry) × $50

ES is the CME's E-mini S&P 500 futures contract. With hundreds of billions in daily notional volume, it is the single most liquid financial futures contract in the world and the benchmark for US equity risk.

  • Multiplier: $50 per index point
  • Tick size: 0.25 points → $12.50/tick
  • Trading hours: Sunday 5 PM – Friday 4 PM CT (23 hrs/day)
  • Settlement: Cash (SOQ of S&P 500) on third Friday of March/June/September/December
  • Micro equivalent: MES ($5/pt, $1.25/tick)

ES is the go-to vehicle for day trading US equity index direction, hedging equity portfolios, and expressing macro views.

On the desk

ES is at 5,400. One contract notional = $270,000. A 10-point rally = $500/contract. Initial margin ~$15,840 gives ~17:1 leverage. The equivalent MES position requires ~$1,584 margin for a $27,000 notional exposure.

Related terms