--- title: E-mini S&P 500 Futures (ES) Contract Specifications description: ES Product Specs --- [Skip to content](https://help.metrotrade.com/kb/e-mini-sp-500-futures-es-contract-specifications#main-content) English Show submenu for translations [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/logo3-1.png?width=225&height=39&name=logo3-1.png)](https://metrotrade.com/) Open main navigation Close main navigation - English Show submenu for translations - [MetroTrade.com](https://www.metrotrade.com/) [MetroTrade.com](https://www.metrotrade.com/) How can we help you? - There are no suggestions because the search field is empty. 1. [KnowledgeBase](https://help.metrotrade.com/kb?hsLang=en) 2. [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en) 3. [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) # E-mini S&P 500 Futures (ES) Contract Specifications #### What you're trading The E-mini S&P 500 future (ES) gives you exposure to the S&P 500 Index — a capitalization-weighted index of 500 of the largest U.S. public companies, widely treated as the benchmark for U.S. large-cap equities. One ES contract behaves like a leveraged stake in the broader U.S. stock market and is among the most liquid futures contracts in the world, making it a go-to instrument for hedging equity exposure, expressing macro views on the U.S. economy, or trading around scheduled events like FOMC announcements, CPI releases, and earnings season. #### Contract size $50 × S&P 500 Index. With the index near 6,800, one ES contract carries a notional value of roughly $340,000 — so a small percentage move in the index produces a meaningful dollar P&L per contract. #### Tick value Minimum price fluctuation is 0.25 index points, and each tick is worth $12.50 per contract. A full 1-point move equals $50, and a 10-point move equals $500 per contract. #### Trading hours CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with a daily maintenance halt from 4:00 p.m. to 5:00 p.m. CT Monday through Thursday. That works out to nearly 23 hours of trading per weekday. #### Settlement type Cash-settled. Contracts expire quarterly on the third Friday of March, June, September, and December (months H, M, U, Z), settling to the Special Opening Quotation of the S&P 500 Index. No physical delivery of shares — any open position at expiration is settled in cash against the final settlement value. #### Margin snapshot Exchange margins set by CME are the floor; your MetroTrade account may require more, and day-trade margins are typically much lower than overnight requirements. | **Initial margin (overnight)** | ~$17,000–$19,000 per contract (approximate; varies with volatility) | | --- | --- | | **Maintenance margin** | ~$15,500–$17,500 per contract | | **Day-trade margin** | Broker-set; often a fraction of overnight margin | | **Notional value (reference)** | ~$340,000 at index 6,800 | *Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.* #### Related learning - CME official contract specifications: [E-mini S&P 500 Futures Contract Specs](https://www.cmegroup.com/markets/equities/sp/e-mini-sandp500.contractSpecs.html) - [Micro E-mini S&P 500 (MES) — 1/10th the size of ES](https://www.cmegroup.com/markets/equities/sp/micro-e-mini-sandp-500.contractSpecs.html) - [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/) - [https://www.metrotrade.com/margins/](https://www.metrotrade.com/margins/) - [Account Information](https://help.metrotrade.com/kb/account-information?hsLang=en#main-content) - [Account Eligibility](https://help.metrotrade.com/kb/account-information?hsLang=en#account-eligibility) - [Account Management / Profile](https://help.metrotrade.com/kb/account-information?hsLang=en#account-management-profile) - [Account Statements & Reporting](https://help.metrotrade.com/kb/account-information?hsLang=en#account-statements-reporting) - [Funding & Withdrawals](https://help.metrotrade.com/kb/funding-withdrawals?hsLang=en) - [Pricing & Fees](https://help.metrotrade.com/kb/pricing-fees?hsLang=en) - [MetroTrader Platform](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#main-content) - [MetroTrader Web](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-web) - [MetroTrader App](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-app) - [Troubleshooting](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#troubleshooting) - [Margins & Trading Info](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#main-content) - [Margin & Risk](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#margin-risk) - [Trading Hours & Market Schedule](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#trading-hours-market-schedule) - [About MetroTrade](https://help.metrotrade.com/kb/about-metrotrade?hsLang=en) - [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#main-content) - [Product Information](https://help.metrotrade.com/kb/products-specs?hsLang=en#product-information) - [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/mt-fb-profile.png?width=50&height=50&name=mt-fb-profile.png "MetroTrade")](https://metrotrade.com) Chicago, IL USA [mailto:support@metrotrade.com](mailto:support@metrotrade.com) Copyright © 2026, MetroTrade