Frequently Asked Questions: Micro E-mini Equity Index Futures

The following futures contracts are available to trade starting May 6, 2019.

• Micro E-mini S&P 500 futures
• Micro E-mini Nasdaq-100 futures
• Micro E-mini Dow futures
• Micro E-mini Russell 2000 futures

Since the launch of the E-mini product suite in 1997, the notional value of these contracts has increased dramatically. As a reference, see the price chart of the S&P 500 since its launch in 1997.

The notional value of the E-mini S&P 500 futures contract has increased from ~$47K on the date that it launched to~$145K on April 22, 2019. The amount of capital needed to access the futures market has become too burdensome for many individual traders. To make our more market accessible to all, CME will launch the Micro E-mini suite of futures, which feature multipliers 1/10 the size of their E-mini counterparts (i.e. $5 multiplier for Micro E-mini S&P 500 futures contract vs. $50 for E-mini S&P 500 (ES) futures).

Each of the contracts that are being listed will remain under the same DCM as their E-mini counterparties. A table is shown below:

Micro E-mini futures will be listed on the customary U.S. Equity Index futures cycle – there will be five concurrent futures that expire against the opening index value on the third Friday of March, June, September and December. The tick increments will follow their E-mini counterparts as follows:

There will be five months listed in the March Quarterly Cycle (Mar, Jun, Sep, Dec) for S&P 500, Nasdaq-100 and Russell 2000 Micro E-mini futures.

Dow Micro E-mini futures will list four months.

Sunday – Friday 6:00 p.m. – 5:00 p.m. ET

Daily settlement for Micro E-mini futures are based on the 30-second volume-weighted average price (VWAP) of CME Globex trades between 4:14:30 p.m. and 4:15:00 p.m. ET of their E-mini counterpart.

The Micro E-mini will have the same SOQ value as the corresponding E-mini contract on final settlement day. Final settlement value is based on the Special Opening Quotation (SOQ) on the third Friday of the contract month. The SOQ is based on the opening price of each component stock in the relative index, regardless of when those stocks open.

No, Micro E-mini Equity Index futures contracts will not be block or BTIC trading eligible.

Margins are indicative of their E-mini counterparts and the below estimates are based on current market conditions and are subject to change.

Accurate as of April 23, 2019 and subject to change.

Margins credits are indicative of their E-mini counterparts and the below estimates are based on current market conditions and are subject to change. See all other Equity index margin offsets here.

Learn More about Margins:

• Margins FAQ
• SPAN Methodology

Yes, Micro E-mini futures are offset eligible versus their E-mini counterparts at 10:1 ratio. This can only be applied to offsetting positions. Request can be made by your clearing broker directly to CME Clearing.

CME Group plans to introduce a market maker program to assure continuous two-sided markets are quoted on-screen throughout the trading day starting on launch date.

Delayed quotes will be available online on the CME Group website. You can also access quotes through major quote vendors.

To access CME Globex, you must have a relationship with a CME Clearing Member Firm.

Learn more about connecting to CME Globex

Micro E-mini futures will use FIFO (First in, first out) algorithm, identical to their E-mini counterparts.

Micro E-mini S&P 500, Nasdaq-100, and Russell 2000 products will be part of the Micro E-mini Equity Index futures suite according to the CME Fee Schedule. 

Micro E-mini Dow will be part of the Micro E-mini Equity Index future suite according to the CBOT Fee Schedule. 

Please note the above relates to CME clearing fees. Contact your broker for their respective trading commissions. 

CME Group U.S. Equity Index price limits (and corresponding CME and CBOT rules) are designed to coordinate with circuit breakers provisions as applied by the New York Stock Exchange (NYSE). Micro E-mini contracts will follow the same rules as their E-mini counterparts.

• 7%, 13%, and 20% price limits are applied to the futures fixing price and are effective from 8:30 a.m. CT – 3:00 p.m. CT. Mondays through Fridays. This only applies to the downside.
• 7% up-and-down limits are effective 5:00 p.m. - 8:30 a.m. CT. Sundays through Fridays; and 3:00 p.m. - 4:00 p.m. CT, Mondays through Fridays. Between 3:00 p.m. - 4:00 p.m. the 7% price limit will not be allowed to breach the 20% daily limit.

Learn more about connecting to Price Limits

Micro E-mini S&P 500, Nasdaq-100, and Russell 2000 products will be part of the Micro E-mini Equity Index futures suite according to the CME Fee Schedule.

Micro E-mini Dow will be part of the Micro E-mini Equity Index future suite according to the CBOT Fee Schedule.

Please note the above relates to CME clearing fees. Contact your broker for their respective trading commissions.

Get the latest information on Micro E-mini products.

You can fill out the form on this page to stay up-to-date on Micro E-mini product updates.

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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