E-mini S&P 500 (ES)

What ES tracks

ES is the E-mini S&P 500 futures contract, listed on CME. It follows the S&P 500 Index, a value-weighted index of about 500 large US companies. When the S&P 500 rises one point, a long ES position gains $50.

ES is the benchmark futures contract for US stocks. Fund managers use it to hedge portfolios and adjust stock exposure quickly. Active traders use it because it trades nearly 24 hours a day, five days a week, and because the order book is usually deep during US hours.

ES contract specifications

Specifications come from CME Group: CME Rulebook Chapter 358, CME E-mini S&P 500 product overview. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves ES

Several forces tend to drive ES prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Economic data. Releases such as the monthly jobs report, CPI inflation and retail sales can move index futures sharply in the minutes after 8:30 a.m. ET.
• Federal Reserve policy. Rate decisions, meeting minutes and speeches by Fed officials change expectations for borrowing costs and stock valuations.
• Overnight news. Because futures trade nearly around the clock, they react to news from Asia and Europe before the US stock market opens.
• Earnings from the largest companies. The S&P 500 is value-weighted, so results from the biggest technology and communication stocks can move the whole index.

Example P&L math

Say ES rises 10 points while you hold one long contract. That is 40 ticks of $12.50:

• 40 ticks × $12.50 = $500 per contract.
• A short position would lose the same $500. Losses and gains are symmetric before costs.
• On the micro contract, Micro E-mini S&P 500 (MES), the same move is worth $50.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

MES vs ES

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. MES is one-tenth of ES, which means ten MES contracts carry about the same exposure as one ES.

When MES fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When ES fits: larger accounts where the per-contract cost of trading matters, since one ES usually costs less in commissions and fees than ten MES contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 4-point stop on ES, each contract risks $200, so 1 contract fits within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

ES is cash-settled, so there is no physical delivery. If you hold to the end, your position closes at the final settlement price. Most active traders still roll to the next contract month a few days before expiry, when trading activity moves to the new month. Check the CME calendar for exact dates each month.

Related contracts

• Micro E-mini S&P 500 (MES)
• E-mini Nasdaq-100 (NQ)
• E-mini Dow (YM)
• E-mini Russell 2000 (RTY)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of ES?

One minimum tick on ES is 0.25 index points, worth $12.50 per contract. The point value is $50 per index point.

What are the trading hours for ES?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a daily break from 5:00 to 6:00 p.m. ET (CME lists this as 5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is ES cash-settled or physically delivered?

ES is cash-settled. The last trading day rule: third Friday of the contract month. Trading in the expiring contract stops at the scheduled 9:30 a.m. ET open of NYSE trading.

How much margin do I need to trade ES?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Why is ES so widely traded?

ES gives exposure to the whole S&P 500 in one contract, trades nearly 24 hours a day and is used by large institutions for hedging. That combination draws a lot of trading activity, which tends to keep bid-ask spreads tight during US hours.