E-Mini S&P, often abbreviated to “E-mini” (despite the existence of many other) and designated by the commodity ticker symbol ES, is atraded on thes  The of one contract is 50 times the value of thestock index. On September, 15, 2015, the S&P 500 cash index closed at 1,978.09, making each E-mini contract a $98,900 bet.

It was introduced by the on September 9, 1997, after the value of the existing S&P contract (then valued at 500 times the index, or over $500,000 at the time) became too large for many small traders. The E-Mini quickly became the most popular equity index futures contract in the world. The original (“big”) S&P contract was subsequently split 2:1, bringing it to 250 times the index.