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Micro E-mini Futures

Meet Micro E-mini futures, the next big thing in equities trading. Discover the benefits of trading equity index futures for a fraction of the financial commitment.

Four Index Contracts for Individual Traders

Micro E-mini S&P 500:

Trade exposure to U.S. large-cap stocks, the leading barometer of U.S. stock market

Micro E-mini Nasdaq-100:

Trade exposure to the largest non-financial companies in the Nasdaq stock market

Micro E-mini Russell 2000:

Trade exposure to 2,000 U.S. small-cap stocks, the leading small-cap benchmark

Micro E-mini Dow:

Trade exposure to 30 U.S. blue-chip companies, a widely followed indicator of U.S. stock market

Why Trade Micro E-mini Futures?

Trade a slice of the most liquid equity index futures

Get the same benefits that make E-minis a staple on Wall Street, now on a main street budget at 1/10th the contract size. Enjoy nearly 24-hour trading, no management fees, portfolio diversification and more.

Enjoy greater versatility in your trading strategies

Fine-tune your equity market exposure or tailor a position to reduce risk. With futures, you can go short as easily as you go long – no short-selling restrictions. Full fungibility with E-mini futures adds more flexibility for your trading positions.

Use leverage to get more out of your money

Control a large contract value with a small amount of capital and no expense ratios for max capital efficiency. Add greater upside with potentially lower trading costs vs. a basket of securities or exchange traded funds (ETFs).

Preliminary Contract Specifications

All times of day referenced here and elsewhere in this document are Chicago time.

  Micro E-mini S&P 500 Micro E-mini Nasdaq-100 Micro E-mini Russell 2000 Micro E-mini Dow
Contract Size $5 x S&P 500 Index $2 x Nasdaq-100 Index $5 x Russell 2000 Index $0.50 x DJIA Index
Trading and Clearing Hours CME Globex and ClearPort: 5:00 p.m. to 4:00 p.m., Sunday-Friday, with trading halt from 3:15 p.m. to 3:30 p.m., Monday-Friday.
Minimum Price Fluctuation
Prices are quoted and traded in Index points.
Outright: 0.25 Index points, equal to $1.25 per contract.
Calendar spread: 0.05 Index points, equal to $0.25 per calendar spread.
Outright: 0.25 Index points, equal to $0.50 per contract.
Calendar spread: 0.05 Index points, equal to $0.10 per calendar spread.
Outright: 0.10 Index points, equal to $0.50 per contract.
Calendar spread: 0.05 Index points, equal to $0.25 per calendar spread.
Outright: 1.00 Index points, equal to $0.50 per contract.
Calendar spread: 1.00 Index points, equal to $0.50 per calendar spread.
Product Code CME Globex: MES
CME ClearPort: MES
Clearing: MES
CME Globex: MNQ
CME ClearPort: MNQ
Clearing: MNQ
CME Globex: M2K
CME ClearPort: M2K
Clearing: M2K
CME Globex: MYM
CME ClearPort: MYM
Clearing: MYM
Contract Months Five months in the March Quarterly Cycle (March, June, September, December) Four months in the March Quarterly Cycle (March, June, September, December)
Delivery Delivery is by cash settlement by reference to Final Settlement Price, equal to Special Opening Quotation of Index based on opening prices of Index component stocks. 
Termination of Trading Last Day of Trading is 3rd Friday of contract delivery month.
Trading in expiring futures terminates at 8:30 a.m. CT on Last Day of Trading.
Price Limits

For each Futures Product for a given delivery month –
Price limits for a given Business Day are set by reference to Fixing Price made by Exchange on previous Business Day, equal to volume weighted average price calculated on basis of futures trading activity between 2:59:30 p.m. and 3:00:00 p.m. CT

Interval Price Limits
5:00 p.m. to 8:30 a.m. CT 5% above Fixing Price to 5% below Fixing Price
8:30 a.m. to 3:00 p.m. CT Sequential circuit breaker limits at 7%, 13%, and 20% below Fixing Price
3:00 p.m. to 4:00 p.m. CT $5% above Fixing Price to 5% below Fixing Price, provided there is no breach of current day’s circuit breaker limit at 20% below Fixing Price
Position Limits Pending
Block Trade Eligibility No
Exchange Rule These contracts are listed with and subject to the rules and regulations of CME. These contracts are listed
with and subject to the rules and regulations of CBOT

Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Futures and swaps each are leveraged investments and, because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade.

CME Group, the Globe Logo, CME, Globex, E-Mini, CME Direct, CME DataMine and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT is a trademark of the Board of Trade of the City of Chicago, Inc. NYMEX is a trademark of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners.

The information within this communication has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this communication are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.

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