Cash Settlement
Settling a futures contract at expiry by paying the monetary difference against a final settlement price, with no delivery of the underlying — used by index futures.
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ES: E-mini S&P 500 Futures
The E-mini S&P 500 (ES) is the world's most heavily traded equity-index future — the benchmark instrument for gaining or hedging exposure to the US stock market around the clock. Learn what it tracks, its key specifications, why it's so widely used, and how it differs from an ETF like SPY.
CL: Crude Oil Futures
Crude oil (CL) is the world's most actively traded commodity future — a physically-settled contract on WTI crude, driven by geopolitics, OPEC and the global economy. Learn its specifications, why physical settlement matters, the meaning of contango and backwardation, and the cautionary tale of negative oil prices.
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