Trade S&P 500 and Nasdaq-100 futures around the clock
Trading ETFs or options on ETFs? Explore the opportunities that futures offer.
Trade more with less
Futures margin requires less capital than similar ETF products, so you can take a larger position in the Equity market.
Tradable around the clock
Futures are tradable 23 hours a day, so you can go short or long when events impact prices.
60/40 tax treatment*
Take advantage of unique tax advantages when trading futures over ETFs, including Section 1256 treatment.
Fewer trading restrictions
Futures are not subject to pattern day trading regulations as with ETFs, stocks or stock options.
Understand the basics
Get to know the key details of these benchmark Equity Index contracts.
| Micro E-mini S&P 500 Index Futures | E-mini S&P 500 Futures | Definition |
|---|---|---|
| Contract CodeMES | Contract CodeES | The contract code is analogous to a stock ticker - what you type in to your trading platform to view data and execute orders. |
| Price$5,097 USD05 April 2025 02:14 PM CT | Price$5,096.75 USD05 April 2025 02:14 PM CT | The current price of the nearest futures contract month. Note that this figure is listed in points, not dollars. |
| Contract Multiplier$5X | Contract Multiplier$50X | The contract multiplier is applied to the price to show what the dollar value of the S&P 500 position. For S&P 500 futures, micro contracts are $5x the price and E-mini contracts are $50x the price. |
| Notional Value$25,485 USD | Notional Value$254,837.50 USD | Notional value is the dollar amount of exposure of the position, and is calculated by multiplying the price by the contract multiplier. |
| Margin Requirements$1,812 USD05 April 2025 02:14 PM CT | Margin Requirements$18,122 USD05 April 2025 02:14 PM CT | The amount of money needed to hold a futures position. |
| Minimum Tick Value0.25 index points = $1.25 | Minimum Tick Value0.25 index points = $12.50 | The smallest possible increment between a bid and offer. When looking at the live quotes for the contract, you’ll see that they move in 0.25 increments, which is the minimum tick value. With each 0.25 point move in MES, your position is impacted $1.25 (0.25 x $5). |
| Trading HoursOpen 23 hours/day Sunday through Friday | Trading HoursOpen 23 hours/day Sunday through Friday | Futures remain open after the US market closes, allowing you to trade nearly any time of day, 6 days a week. |
| Micro E-mini Nasdaq-100 Index Futures | E-mini Nasdaq-100 Futures | Definition |
|---|---|---|
| Contract CodeMNQ | Contract CodeNQ | The contract code is analogous to a stock ticker - what you type in to your trading platform to view data and execute orders. |
| Price$17,486.25 USD05 April 2025 02:14 PM CT | Price$17,483.25 USD05 April 2025 02:14 PM CT | The current price of the nearest futures contract month. Note that this figure is listed in points, not dollars. |
| Contract Multiplier$2X | Contract Multiplier$20X | The contract multiplier is applied to the price to show what the dollar value of the Nasdaq-100 futures position. For Nasdaq-100 futures, micro contracts are $2x the price and E-mini contracts are $20x the price. |
| Notional Value$34,972.50 USD | Notional Value$349,665 USD | Notional value is the dollar amount of exposure of the position, and is calculated by multiplying the price by the contract multiplier. |
| Margin Requirements$2,662 USD05 April 2025 02:14 PM CT | Margin Requirements$26,619 USD05 April 2025 02:14 PM CT | The amount of money needed to hold a futures position. |
| Minimum Tick Value0.25 index points = $0.50 | Minimum Tick Value0.25 index points = $5.00 | The smallest possible increment between a bid and offer. When looking at the live quotes for the micro contract, for example, you’ll see that they move in 0.25 increments. With each 0.25 point move in MNQ, your position is impacted $0.50 (0.25 x $2 multiplier). |
| Trading HoursOpen 23 hours/day Sunday through Friday | Trading HoursOpen 23 hours/day Sunday through Friday | Futures remain open after the US market closes, allowing you to trade nearly any time of day, 6 days a week. |
| Micro E-mini Russell 2000 Index Futures | E-mini Russell 2000 Index Futures | Definition |
|---|---|---|
| Contract CodeM2K | Contract CodeRTY | The contract code is analogous to a stock ticker - what you type in to your trading platform to view data and execute orders. |
| Price$1,832.40 USD05 April 2025 02:14 PM CT | Price$1,832.50 USD05 April 2025 02:14 PM CT | The current price of the nearest futures contract month. Note that this figure is listed in points, not dollars. |
| Contract Multiplier$5X | Contract Multiplier$50X | The contract multiplier is applied to the price to show what the dollar value of the Russell 2000 futures position. For Russell 2000 futures, micro contracts are $5x the price and E-mini contracts are $50x the price. |
| Notional Value$9,162 USD | Notional Value$91,625 USD | Notional value is the dollar amount of exposure of the position, and is calculated by multiplying the price by the contract multiplier. |
| Margin Requirements$866 USD05 April 2025 02:14 PM CT | Margin Requirements$8,660 USD05 April 2025 02:14 PM CT | The amount of money needed to hold a futures position. |
| Minimum Tick Value0.10 index points = $0.50 | Minimum Tick Value0.10 index points = $5.00 | The smallest possible increment between a bid and offer. When looking at the live quotes for the micro contract, for example, you’ll see that they move in 0.10 increments. With each 0.10 point move in M2K, your position is impacted $0.50 (0.10 x $5 multiplier). |
| Trading HoursOpen 23 hours/day Sunday through Friday | Trading HoursOpen 23 hours/day Sunday through Friday | Futures remain open after the US market closes, allowing you to trade nearly any time of day, 6 days a week. |
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Control larger positions with more efficient use of capital
Unlike other financial products, CME Group Equity Index futures offer unique capital efficiency, meaning you can control larger positions with less capital. Traders typically need 5% – 10% of the total notional value to hold a futures position, vs. holding an ETF, which can cost anywhere between 50% – 100% of the notional.
Trading futures
If the S&P 500 is at $5,000 and a trader is bullish, they can purchase a Micro E-mini S&P 500 contract with roughly $1,200 of margin. This $25,000 position represents a notional value 5 times greater than the index price and roughly 20 times greater than the margin requirement.
CAPITAL REQUIRED
$1,200
NOTIONAL VALUE
$25,000
EFFICIENCY RATIO
~20:1
Trading ETFs
Trading a similar position with ETFs involves purchasing 50 shares of an S&P 500 ETF, which can be purchased using Reg T margin for ½ the capital ($12,500) and opting for a broker loan of $12,500 for the remainder. As with any loan, there are lending costs, as well.
CAPITAL REQUIRED
$12,500
NOTIONAL VALUE
$25,000
Efficiency RATIO
2:1
Figures are for informational purposes only
Where to trade S&P 500 and Nasdaq-100 futures
CME Group futures contracts are traded through registered futures brokers. If you do not see your existing broker below, use the link below to view the full list.
Please note: Listed brokers are highlighted based on their U.S. volume for the products highlighted on this page as of Dec 31, 2024. View our full list of registered futures brokers.
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FAQ
Courses and learning
Learn more about trading Equity Index futures with these lessons from CME Institute.
