Welcome to the Futures Research Center.

Important Note: Futures and options transactions are intended for sophisticated investors and are complex, carry a high degree of risk, and are not suitable for all investors. For more information, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure Statement for Futures and Options prior to applying for an account. You can also view the E*TRADE Futures LLC Financial Information and Disclosure Documents.

1. Credits and offers may be subject to U.S. withholding taxes and reporting at retail value. Taxes related to these offers are the customer's responsibility.
2. Futures trading in IRAs available in eligible Traditional, Rollover, and Roth IRAs only, subject to certain accountholder eligibility requirements and minimum account qualifications. Not all futures products are available for trading in all account types. Each futures trade is $1.50 (per side, per contract, plus exchange fees), excluding bitcoin futures trades, which are $2.50 (per side, per contract, plus exchange fees). In addition to the per contract per side commission, futures customers will be assessed certain fees, including applicable futures exchange and NFA fees, as well as floor brokerage charges for execution of non-electronically traded futures and futures options contracts. These fees are not established by E*TRADE Futures LLC and will vary by exchange.
3. Access the futures markets through the E*TRADE from Morgan Stanley platform nearly 24 hours a day, six days a week (Sunday 5 p.m. CT to Friday 4 p.m. CT). For more information on futures contract trade specifications, including, tick size, tick value, margin requirements, and trading hours, visit etrade.com/futures.
4. Futures margin, also known as a “performance bond,” is the amount of money you are required to deposit in your account to open and hold a futures position. Unlike margin trading in the equity market, futures margin is not a loan. The amount of initial margin (i.e., required upfront capital) is small relative to the notional value of the futures contract. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit, which may work against you as well as for you. You may sustain a total loss of your initial investment, any additional funds deposited to maintain your position, or potentially amounts exceeding your initial investment or the prior days’ minimum regulatory requirements, and which may require you to deposit additional funds into your account to satisfy any resulting debits. If the funds in your account drop below the minimum regulatory requirement at any given time, you may be called upon to pay substantial additional funds on short notice to maintain your position or your position may be automatically liquidated at a loss and you will be liable for any resulting deficit. As a general matter, E*TRADE Futures LLC does not permit physical delivery of commodities or digital assets. Customers that hold futures to maturity may be subject to immediate liquidation including at a loss and appliable fees.
5. Subject to certain qualifications and eligibility requirements. With respect to futures trading in self-directed individual retirement accounts (“IRAs”), you should understand that trading futures contracts is speculative in nature and subject to risks that may be greater than those of other investment vehicles in which retirement funds may be invested. You must determine whether trading futures contracts in your IRA is advisable based on your specific financial circumstances, your risk tolerance, the number of years until your retirement, and other factors. You should consult a professional advisor to determine if futures trading, even on a limited basis, in your IRA is consistent with your financial goals.

Check the background of Morgan Stanley Smith Barney LLC on FINRA's BrokerCheck and see the Morgan Stanley Smith Barney LLC Relationship Summary.

Securities products and investment advisory services offered by Morgan Stanley Smith Barney LLC, Member SIPC and a Registered Investment Adviser. Commodity futures and options on futures products and services offered by E*TRADE Futures LLC, Member NFA. Stock plan administration solutions and services offered by E*TRADE Financial Corporate Services, Inc., and are a part of Morgan Stanley at Work. Banking products and services provided by Morgan Stanley Private Bank, National Association, Member FDIC. All entities are separate but affiliated subsidiaries of Morgan Stanley. E*TRADE from Morgan Stanley and Morgan Stanley at Work are registered trademarks of Morgan Stanley.