Where can I find the contract specifications for an exchange-traded future, and what do they mean?

When trading exchange-traded futures, it is important to know and understand the specifications of a contract before purchasing it. This information is displayed when hovering over the information icon next to the contract’s name or on the market hours and events page.

• Expiry: The date when the contract expires, marking its end.
• etoro’s Closing Deadline: This is the cut-off date and time after which trading is halted on the asset. Any remaining open positions are then closed by etoro.
• Multiplier: The number of units of the underlying asset purchased per contract.
• Index Point Value: The monetary value of a single point movement in the underlying asset's price. For instance, if the point value is $5, a 1-point price change in the asset results in a $5 profit or loss per contract.
• Contract Value: The total market exposure of one contract. For example, if one contract represents 100 barrels of oil at $100 each, the contract value is $10,000 (100 x $100).
• Margin: The amount invested from your available cash when you buy one contract. Since the product is leveraged, this will represent only a portion of a contract’s entire value (exposure).

Example:

Let’s look at the contract in the above screenshot as an example.

An investor purchases 1 contract of SP500.JUN25 when the underlying index (S&P 500) is priced at $5662.25 USD.

• Expiry: Jun 21, 2025
• etoro’s Closing Deadline: Jun 21, 2025, 12 AM GMT +03:00
• Multiplier: 5
• Index Point Value: $5
• Contract Value: $28,313.25
• Margin: $1,836.00

The investor would have $1,836.00 deducted from his available cash as the margin amount upon purchase of the contract.

The price of the S&P 500 index drops by 10 points (USD in this case) to $5652.25 USD. For each point that the index dropped, the value of the contract decreased by $5 USD.

The investor closes the trade, realising a loss of $50, and returning $1,786 USD to his available cash.