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Contract specifications
- Product
- E-mini S&P 500 (ES)
- Exchange
- CME
- Year
- 2028
- Deliveries listed
- 4
- First of the year
- ESH8 (Mar 17, 2028)
- Last of the year
- ESZ8 (Dec 15, 2028)
- Tick size
- 0.25
- Tick value
- $12.50
- Point value
- $50.00
Every ES delivery listed in 2028
ES trades 4 delivery months in 2028 (H, M, U, Z). Dates are computed from the exchange rule rather than stored. The engine counts Monday to Friday and holds no CME holiday table, so a date next to a public holiday can be one day off the exchange calendar.
The letter in a contract symbol is its delivery month: H = March, M = June, U = September, Z = December. The digit that follows is the year.
| Contract | Delivery | Last trading day | Default rolls on |
|---|---|---|---|
| ESH8 | Mar 2028 | Mar 17, 2028 | Mar 9, 2028 |
| ESM8 | Jun 2028 | Jun 16, 2028 | Jun 8, 2028 |
| ESU8 | Sep 2028 | Sep 15, 2028 | Sep 7, 2028 |
| ESZ8 | Dec 2028 | Dec 15, 2028 | Dec 7, 2028 |
The rule that sets these dates
Trading terminates at 9:30 a.m. ET on the third Friday of the contract month.
When the volume moves between these months
Equity index liquidity moves to the next quarter in a single week, usually the one that contains the roll date. Order flow read on the old contract after that week is thin and misleading: the book empties, prints get sparse, and a footprint built on it shows gaps that are an artefact of the roll rather than of the auction.
What one tick of ES is worth
The minimum price fluctuation is 0.25, which is $12.50 per contract on a multiplier of 50. A full point is $50.00. These are the values the app itself trades on, so the rows of a ES footprint and the P&L on a ES position come from the same numbers.
Related pages
- ES — E-mini S&P 500
- ESH8
- ESM8
- ESU8
- Contract roll
- Futures month codes
- Front month contract
- Tick value
- Quarterly expiry
- AM/PM settlement
In the same section
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Frequently asked questions
- When do ES futures expire in 2028?
- ES has 4 listed deliveries in 2028. The first last trading day is March 17, 2028 and the last is December 15, 2028. The table above gives every month in between.
- How many ES contracts are listed in 2028?
- 4, on the delivery month codes H, M, U, Z.
- Which ES contract should I be trading?
- The one carrying the volume, which is usually the nearest delivery that has not reached its roll date. Compare the traded volume and open interest of the two nearest months rather than going by the last trading day alone.