Get ready to expand your options for Micro-sized trading: Micro E-mini options on the S&P 500 and Nasdaq-100 indices have launched. Add the flexibility and limited downside risk of options in a smaller notional size that requires less margin and premium to trade.

Smaller size lets you fine-tune exposure

These options settle into Micro E-mini futures, which are 1/10th the size of E-mini futures and offer the access to the same underlying market. The smaller size enables you to fine-tune your index exposure for greater control over the risk/reward ratio of your investment.

More flexibility to build strategies

You can build the same market neutral, directional and multi-leg strategies as with equity options, creating more market opportunities. The choice of quarterly, serial, Friday weekly, and end-of-month expirations provides flexibility to manage risk around market events and economic announcements.

More efficient use of your capital

If you trade other CME Group Equity Index products, your overall margin payment may be reduced via risk offsets between contracts. And options on Micro E-mini futures also have potentially lower trading costs than a basket of equities or ETFs.

Exercises into liquid futures

Micro E-mini futures are the most successful product launch in CME Group history, trading nearly 360M as of August, 2020. Options give you more ways to diversify how you take part in these active markets.

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Understanding different option expirations

For options on Micro E-mini futures, there are a variety of option expiration dates you could trade for the same futures contract.

Some option expirations align with the expiration of the underlying futures contract (quarterly options). Then there are a variety of shorter-term options listed, like weekly and end-of month (monthly) expirations. These shorter-term options offer greater precision and flexibility to expand their trading strategies.

Learn more about the expiration choices

Frequently Asked Questions

Questions on Options on Micro E-mini Futures? We have answers.


Contract Specifications

Options on Micro E-mini S&P 500 Futures
Options on Micro E-mini Nasdaq-100 Futures
Contract Unit 1 MES futures contract 1 MNQ futures contract
Minimum Price Fluctuation Regular Tick: 0.25 index points = $1.25 for premium above 5.00 index points

Reduced Tick: 0.05 index points = $0.25 for premium at or below 5.00 index points
Regular Tick: 0.25 index points = $0.50 for premium above 5.00 index points

Reduced Tick: 0.05 index points = $0.10 for premium at or below 5.00 index points
Trading Hours CME Globex:
5:00 p.m. – 4:00 p.m. CT Sunday – Friday
Product Code Quarterly: MES
EOM: EX
Weekly: EX1-EX4
Quarterly: MNQ
EOM: MQE
Weekly: MQ1-MQ4
Listing Cycle 2 Quarterlies, 3 End-of-Months, 5 Fridays (3 Weeks 1,2 and 4 & 2 Serials)
Options Style Quarterly: American
Weeklies, EOM: European
Strike Interval 100 index point integer multiples, when listed:  +30% to -50% of the prior day’s settlement price on the underlying future contract.

50 index point integer multiples, when listed:  +20% to -40% of the prior day’s settlement price on the underlying future contract.

10 index point integer multiples, when the underlying future is the second closest contract:  +10% to -25% of the prior day’s settlement price on the underlying future contract.

5 index point integer multiples, 35 days prior to expiry (or 5 Weeks):  +5% to -15% of the prior day’s settlement price on the underlying future contract.
100 index point integer multiples upon listing: +30% to -50% of the prior day’s settlement price on the underlying future contract

10 index point integer multiples for the nearest three expirations: +10% to -20% of the prior day’s settlement price on the underlying future contract

Watch: Meet Micro E-mini options

Learn more about Micro E-mini options and what they can bring to your trading strategies.

Webinar Replay: Micro E-mini Equity Futures and Options

In this recorded webinar, David Lerman, Director of Education at CME Group, discusses the trading performance and rise in liquidity of Micro E-mini Equity futures and options and provides his insight on the following:

  • How are traders using Micro E-mini futures and options and why they are a capital efficient tool to manage risk?How are traders using Micro E-mini futures and options and why they are a capital efficient tool to manage risk?
  • How have Micro E-mini futures and options traded since launch?
  • In what ways are the retail active trader using these new contracts? Are they only a speculative tool or are there other strategies traders employ?
  • What are the impacts of recent market volatility on options and how can you align volatility with the correct strategy?
  • How will the new administration affect the markets in 2021 – and beyond?
  • What is the role of short-dated options?