What is the process like if you held onto ES futures positions at IB right up till expiration? I know it doesn't automatically roll over. So what happens at the expiration date and time? Does it just close out automatically and is deleted from your portfolio? Lets take the coming December contract expiration. What happens at the expiration date and time of the Dec contract? It settles out in cash and then the contract is deleted from your portfolio? So if you want to have 'continuous exposure' to ES, do you do a simultaneous buy/sell roll over trade between the Dec contract and the March Contract?
ES futures are "Financially Settled." There is no delivery. You get the settlement price. At settlement, your P/L is locked in and your contract is deleted. http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contract_specifications.html