E-mini and Micro Contracts

E-mini futures are large contracts worth hundreds of thousands of dollars; Micro contracts are one-tenth the size. Here is how to calculate a contract’s value, what each tick is worth and why micros changed access for individuals.

Notional value

A contract’s notional value is the index level times the multiplier. For easy math, assume the S&P 500 is at 7,600. One E-mini S&P 500 contract then controls 7,600 × $50 = $380,000 of stock exposure. One Micro E-mini controls 7,600 × $5 = $38,000.

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