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Actually, presuming that the hypothetical futures contract is being traded on the Merc (Chicago Mercantile Exchange), the contract is actually marked-to-market at the close of every trading day. That is, if the contract is in the money by $1,000.00, you're paid a grand in cash. If you're out of the money by $1,000.00, you need to cough up a grand in cash. The example also doesn't mention if it's a capped contract or not, so that makes the question impossible to answer.
 
Hey glenn1,

thanks for the help! I kind of found the answer at CME's website:

Each futures contract shall be valued at $250.00 times the Standard and Poor's 500 Stock Price Index. The Standard and Poor's Stock Price Index is a value-weighted composite index of 500 stocks.

I had the wrong index number thingy. BTW, I have no idea what you said, sorry 🙁
 
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