The short version
- Tick value: $12.50. The smallest move is 0.25 index points, worth $12.50 per contract, per CME.
- Point value: $50. ES is $50 x the S&P 500 Index, and one point is 4 ticks.
- 10 MES = 1 ES in dollar terms. Same index, ten times the size.
- Hours: Sunday 6:00 p.m. to Friday 5:00 p.m. ET on CME Globex, with a break from 5:00 to 6:00 p.m. ET each day.
- Next expiry: the Dec 2026 contract stops trading at 9:30 a.m. ET on Friday, Dec 18, 2026.
Specs are quoted from CME Group's own E-mini S&P 500 contract specs page. Dollar figures are our arithmetic from CME's tick value.
ES contract specs
| Contract unit | $50 x S&P 500 Index |
|---|---|
| Price quotation | U.S. dollars and cents per index point |
| Tick size | 0.25 index points |
| Tick value | $12.50 per contract |
| Point value | $50 per contract (4 ticks) |
| Calendar spread tick | 0.05 index points = $2.50 |
| CME Globex code | ES |
| Trading hours | CME Globex: Sunday 6:00 p.m. - Friday 5:00 p.m. ET, with a daily maintenance period from 5:00 p.m. - 6:00 p.m. ET |
| Contract months | Quarterly: March (H), June (M), September (U), December (Z) |
| Listed contracts | Quarterly contracts (Mar, Jun, Sep, Dec) listed for 21 consecutive quarters |
| Settlement | Financially settled |
| Last trading day | Trading terminates at 9:30 a.m. ET on the 3rd Friday of the contract month. |
CME also lists BTIC, TACO and TMAC versions of ES (codes EST, ESQ, ESX) with a 0.05-point tick worth $2.50. This page covers the regular outright contract.
What a move costs on ES
| Move | 1 contract | 5 | 10 |
|---|---|---|---|
| 1 tick | $12.50 | $62.50 | $125 |
| 1 point | $50 | $250 | $500 |
| 5 points | $250 | $1,250 | $2,500 |
| 10 points | $500 | $2,500 | $5,000 |
| 20 points | $1,000 | $5,000 | $10,000 |
| 50 points | $2,500 | $12,500 | $25,000 |
| 100 points | $5,000 | $25,000 | $50,000 |
Profit or loss before commissions and fees. A move of 1 point on 1 ES is $50, so 10 points on 5 contracts is $2,500.
How much room your loss limit gives you
Prop firms set loss limits in dollars, but price moves in points. Type your daily loss limit or the room left above your max loss, and the number of contracts, to see how many points the market can move against you before you hit it.
How far can price go against you?
Arithmetic from CME's tick values. Commissions and slippage use up room too, and your firm's dashboard is the final word on your limit.
ES vs MES
MES and ES track the same S&P 500 Index and share the same hours, tick size and expiry dates. The only difference is size: ES is $50 a point and MES is $5 a point, so 10 MES move the same dollars as 1 ES.
A 20-point move is $100 on 1 MES and $1,000 on 1 ES. Micros let you size in smaller steps: the same trade idea with a tenth of the dollars per contract.
How prop firms count micros and minis
Futures prop firms cap how many contracts you can hold, with a separate number for minis (NQ, ES) and micros (MNQ, MES). On the 50K accounts below, the micro cap is ten times the mini cap, but TradeDay breaks that pattern on its bigger accounts:
| Firm and account | Minis | Micros |
|---|---|---|
| Topstep 50K Trading Combine | 5 | 50 |
| Lucid LucidFlex 50K | 4 | 40 |
| MFFU Rapid 50K | 5 | 50 |
| TradeDay 50K | 5 | 50 |
| Tradeify 50K funded | 2 to 4 | 20 to 40 |
Topstep counts 10 micros as 1 mini in the Combine and Express Funded Account, but not in the Live account. TradeDay's 100K and 150K accounts allow 10 and 15 minis, but micros stay capped at 50. Tradeify's funded limit starts at 2 minis / 20 micros and reaches 4 / 40 at $2,000 of end-of-day profit. Limits are from each firm's help center, as shown on our rules pages. Other sizes are on each firm's rules page.
ES expiry dates
| Contract month | Month code | Last trading day |
|---|---|---|
| Dec 2026 | Z | Friday, Dec 18, 2026 |
| Mar 2027 | H | Friday, Mar 19, 2027 |
| Jun 2027 | M | Friday, Jun 18, 2027 |
| Sep 2027 | U | Friday, Sep 17, 2027 |
Trading ends at 9:30 a.m. ET on the 3rd Friday of the contract month, per CME. Dates are worked out from that rule; CME's own calendar is the final word, including around holidays. Month codes are from CME.
Before a contract expires, traders move to the next one. On TopstepX, Topstep says every futures product auto-updates to the current front month, rolled during the daily close window based on volume, open interest and expiration dates. On other platforms, check which month your chart and order ticket are on.
Questions about ES
What is the tick value of ES?
One tick is 0.25 index points, worth $12.50 per contract, per CME Group's E-mini S&P 500 contract specs.
How much is one point on ES worth?
$50 per contract. ES is $50 x the S&P 500 Index, and one point is 4 ticks of 0.25.
How many MES equal one ES?
10. ES is $50 x the index and MES is $5 x the index, so 10 MES contracts move the same dollars as 1 ES.
What are ES trading hours?
On CME Globex, Sunday 6:00 p.m. to Friday 5:00 p.m. ET, with a daily maintenance break from 5:00 to 6:00 p.m. ET. Prop firms can set stricter cut-off times, so check your firm's rules.
When does ES expire?
Trading ends at 9:30 a.m. ET on the 3rd Friday of the contract month: March, June, September and December. The next one is Friday, Dec 18, 2026.
How do prop firms count ES?
Firms set separate caps for minis and micros. At Topstep, Lucid and MFFU the micro cap is ten times the mini cap; Topstep counts 10 micros as 1 mini in the Combine and Express Funded Account. TradeDay caps micros at 50 even on its 100K and 150K accounts.
Sources
Read on Nov 4, 2026:
- CME Group: E-mini S&P 500 contract specs ↗
- CME Group: Micro E-mini S&P 500 contract specs ↗
- CME Group: contract month codes ↗
- Topstep: TopstepX help article (contract rollover) ↗
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