The S&P 400 futures contract is one-fifth the size of a full S&P 400
futures contract. It trades on the CME (Chicago Mercantile Exchange). The
contracts were developed for those individuals and institutional traders who
track the S&P MidCap 400 index (which represents 400 US stocks selected
based on their market capitalization, liquidity, and industry group
representation). The S&P MidCap 400 futures contracts began trading in 1992,
one year after the launch of the underlying index.
The multiplier for the CME S&P 400 contract is $100.
The value of one S&P MidCap 400 futures contract = Index value x $100
For instance, if the S&P 400 futures index level is currently at 600,
multiply that by $100. Because 600 x $100 = $60,000, one S&P 400
futures contract at 600 index points is valued at $60,000.