Understanding ES Futures Contract Specs on CME
If you’re trading E-mini S&P 500 futures (ES), it’s essential to understand the full contract specifications set by the CME Group. These specs define everything from tick size to trading hours, margin, and more.
This guide breaks down the official ES futures contract specs so you can trade with clarity and confidence.
Contract Overview
| Specification | Details |
|---|---|
| Symbol | ES |
| Exchange | CME Globex |
| Underlying Asset | S&P 500 Index |
| Contract Size | $50 × S&P 500 Index |
| Minimum Tick Size | 0.25 index points |
| Tick Value | $12.50 per tick |
| Trading Hours | 6:00 PM – 5:00 PM (Sun–Fri, ET) |
| Daily Break | 5:00 PM – 6:00 PM ET |
| Settlement | Cash-settled |
| Final Settlement | Based on S&P 500 Special Opening Quotation (SOQ) |
Contract Size Explained
The notional value of one ES contract is:
S&P 500 Index Level × $50
Example: If the index is at 4,800
→ 4,800 × $50 = $240,000
This means 1 ES contract controls $240,000 worth of S&P 500 exposure with a small margin deposit.
Tick Size and Value
- 1 tick = 0.25 points
- 1 tick value = $12.50
- 1 point move = 4 ticks = $50 per contract
Tick size determines how much each price movement affects your P&L.
Margin Requirements (Approximate for 2025)
- Initial Margin: ~$12,000
- Maintenance Margin: ~$11,000
- Day Trading Margin: As low as $500 with some brokers
These values vary based on broker and market conditions. Always confirm with your provider.
Expiration and Contract Months
- Quarterly contracts: March (H), June (M), September (U), December (Z)
- Expiration: Third Friday of the contract month
- Final settlement: Based on S&P 500 SOQ
Example: ESU25 = ES contract expiring in September 2025
Trading Hours Breakdown (Eastern Time)
| Session | Time (EST) |
|---|---|
| Sunday Open | 6:00 PM |
| Daily Close | 5:00 PM |
| Maintenance Break | 5:00 PM – 6:00 PM |
| U.S. Market Open | 9:30 AM – 4:00 PM |
This nearly 24/5 cycle gives traders global exposure and access to overnight moves.
Key Advantages of ES Futures
- High liquidity and tight spreads
- Low capital requirements via margin
- Nearly 24-hour trading
- Tax-efficient for U.S. traders (Section 1256 contracts)
- Transparent contract specs and settlement process
FAQs
Q1. Where are ES futures traded?
On the CME Globex electronic platform.
Q2. How do I know the contract expiration month?
Look for the letter codes: H = Mar, M = Jun, U = Sep, Z = Dec (e.g., ESZ25 = Dec 2025 contract).
Q3. Are ES futures physically settled?
No. They are cash-settled, based on the S&P 500 opening price on expiration day.
Q4. Can I hold ES contracts overnight?
Yes, but margin requirements are higher than intraday trading.
Q5. Do ES contract specs change over time?
CME rarely changes specs, but margin and tick values may be adjusted under extreme market conditions.
