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The E-mini S&P 500 future, ticker ES, is one of the most heavily traded futures contracts in the world and the benchmark way institutions and active traders get leveraged exposure to the S&P 500 index. This guide covers how ES is specified, what it costs to trade, and how it compares to its smaller sibling, the Micro E-mini (MES).

ES contract specifications

Item	ES (E-mini S&P 500)	MES (Micro E-mini S&P 500)
Multiplier	$50 per index point	$5 per index point
Minimum tick	0.25 index points	0.25 index points
Tick value	$12.50	$1.25
Settlement	Cash-settled	Cash-settled
Expiration cycle	March, June, September, December	March, June, September, December

Always confirm current specifications on the CME Group website, since contract details can be adjusted by the exchange.

What one contract represents

Notional value equals the index level times the multiplier. With the S&P 500 around 6,600 (an illustrative level), one ES contract represents roughly $330,000 of exposure (6,600 x $50). A single MES contract at the same level represents about $33,000. Margin is only a fraction of that notional value, but profit and loss are calculated on the full amount, which is what makes futures a leveraged instrument.

ES versus the Nasdaq-100 futures (NQ)

Traders sometimes confuse which contract to use for which exposure. ES tracks the broad, all-sector S&P 500, while NQ and its micro version MNQ track the technology-heavy Nasdaq-100. ES tends to be less volatile than NQ because it is diversified across more sectors, including financials, energy and healthcare, which the Nasdaq-100 largely excludes.

Trading hours and rollover

Like other CME equity index futures, ES trades nearly around the clock from Sunday evening to Friday afternoon (US Eastern Time), with a short daily maintenance break. Liquidity is deepest during the US cash session and thinner overnight. ES has quarterly contracts; the September contract expired on September 18, 2026, so December is now the front-month contract that most trading volume has rolled into.

A simple position-sizing example

Suppose a trader risks 1% of a $25,000 account, or $250, on a single trade. If the stop-loss is 20 index points away from entry, one ES contract risks 20 x $50 = $1,000, well over the $250 limit. An MES contract risks 20 x $5 = $100, which fits inside the plan with room for two contracts. This is illustrative arithmetic, not a recommendation, but it shows why many retail traders start with the micro contract and scale up only once size and risk are dialed in.

Costs to expect

• Commissions and fees: charged per contract per side by your broker, plus exchange and clearing fees
• Slippage: larger in fast markets, especially around scheduled data such as CPI, jobs reports and FOMC decisions
• Margin: set by the exchange and broker, and it can rise with volatility; intraday margin is often lower than overnight margin

Risk management essentials

• Know your maximum dollar loss before entering any trade
• Plan around scheduled events; volatility jumps around economic releases
• Use levels rather than guesses to place stops
• Start with MES until you have a written, tested plan, then scale to ES if size requires it

Key takeaways

• ES represents the S&P 500 at $50 per point; MES is one-tenth the size at $5 per point.
• Notional exposure is far larger than the margin required, so size positions from risk, not from margin.
• December is now the front-month contract following the September 18 quarterly expiration.

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