Futures Contract Specs

What information is included in futures contract specifications?

Contract specifications explain how a futures contract functions. These specs include:

• Name: The contract’s name.

• Code: The contract’s trading symbol.

• Underlying: The asset or product the contract tracks.

• Exchange: The exchange where the contract trades.

• Last Trading Date: The final date the contract can be traded.

• First Trading Date: The date trading begins for that contract.

• First Notice Date: The first date a delivery notice may be issued for a physically settled contract.

• Last Holding Date: The final day on which action must be taken to avoid physical delivery (if applicable).

• Underlying Group: The asset category.

• Contract Unit: The quantity represented by one contract.

• Minimum Fluctuation: The smallest price movement, also called the tick size.

• Delivery Manner: Whether the contract is Financially Settled or Deliverable (Physically Deliverable).

• Trading Hours: The contract’s trading schedule, with “T-1” indicating the previous day.

• Time Zone: The contract’s time zone.

• Spec Link: Opens the contract specifications on the applicable exchange’s website.

Where can I find a contract’s specifications?

You can find the contract specs by clicking More > on the Quote widget on the desktop, More > on the Key Statistics widget on Webtrade, or scrolling to Contract Specs on the chart page on the mobile app.

How do I read futures symbols and expiration month codes?

A futures symbol typically has three parts: the product code, expiration month code, and expiration year.

For example, ESZ6 represents:

• ES: E-mini S&P 500 futures.

• Z: December expiration.

• 6: The year 2026.

Use the following codes to identify the expiration month:

• January: F

• February: G

• March: H

• April: J

• May: K

• June: M

• July: N

• August: Q

• September: U

• October: V

• November: X

• December: Z

The month code identifies the expiration month. Futures may also be denoted with main at the end of their product code, for example, ESmain. Check Contract Specs for the exact last trading date and any applicable last holding date.

What is the difference between a front-month contract and a main contract?

They may be the same contract, but the main contract can shift to a later expiration as trading activity moves to that month.

• Front-month contract: The actively traded contract with the nearest expiration date.

• Main contract: The contract identified as the most active based on trading activity, such as volume or open interest.

What is a contract’s tick size?

The tick size of a contract refers to the minimum price increment by which the contract can move, referred to as the Minimum Fluctuation in the contract specs.

For example, if a contract has a tick size of 0.25, the price can move from $50.00 to $50.25, but it cannot move to $50.01.

How do you calculate the futures contract multiplier?

The contract multiplier varies with the type of contract that is trading, but to calculate the multiplier, you can divide the tick value by the tick size (tick value/tick size).

What is tick value, and how do I calculate it?

Tick value represents the monetary value of a single tick movement in a futures contract.

To calculate tick value, you multiply the Tick Size by the Contract Unit (multiplier). The tick size is the minimum price movement for the contract, and the contract unit indicates how much of the underlying asset one contract represents.

For example, if a contract has a tick size of $0.25 per unit and a contract unit of 5 units, its tick value is $1.25 ($0.25 × 5). A one-tick move results in a $1.25 gain or loss per contract, excluding fees.