Increased retail participation has driven significant growth in our micro-sized Equity contracts as market participants continue to navigate ongoing market uncertainty with index choice being as important as ever.

Micro E-mini futures continue to establish themselves among the most actively traded and deeply liquid index products with average daily volume (ADV) reaching a record of over 3.4M contracts across S&P 500, Nasdaq-100, Russell 2000 and Dow Jones in Q2 2025, +43% vs. Q2 2024.

• Micro E-mini futures recorded a single-day volume record of 8.1M contracts on April 7. 
  • 5 out of the 10 top trading days for Micro E-mini Futures occurred in Q2-2025
• Micro E-mini Nasdaq-100 futures (MNQ) 2025 ADV reached a record 1.8M contracts, accounting for 53% of the Micro E-mini futures suite ADV.
  • MNQ had a single day volume record of 3.5M contracts on April 7.
• April was a record month for the Micro E-mini futures suite with ADV of 4.6M contracts.

Launched on June 30, Spot-Quoted futures provide a fresh way to trade leading equity index and cryptocurrency markets with precision. These small-sized contracts trade at the spot price instead of the futures price and require lower upfront capital commitment. They have long-dated expirations, allowing you to trade without monthly or quarterly futures rolls. Spot-Quoted futures are available in six key markets: S&P 500, Nasdaq-100, Russell 2000, Dow Jones Industrial Average, bitcoin and ether. Day one saw over 6,400 contracts traded across all six available contracts.

While a challenging macro environment has contributed to heightened volatility in the equity markets, S&P Select Sector Index futures and options can help market participants manage exposure. Recent record trading activity in Sector futures underscores the growing demand for risk management tools in this environment.

• Single-day volume records in June: Volume reached 342K contracts on June 16 and open interest (OI) reached 436K contracts on June 7.
• YTD average daily volume is a record 27K contracts, up 27% vs. 2024.
• Average OI reached record levels of 297K contracts, up 10% vs. 2024.

The derived block functionality continues to gain significant adoption across an array of clients across asset managers, sovereign wealth funds, pension funds and hedge funds. Year to date, we've seen over $22.5B notional traded in derived blocks on Sector futures ($17.5B notional) and the new futures ($5.5B) brought into scope for the derived block eligibility expansion.

• Average notional per ticket is $65M YTD with total average derived block volumes per day now exceeding $249M notional.
• Over 1,958 derived block transactions have occurred for a total volume traded of 1M contracts, or $85B notional.
• We saw outsized activity in Financials (XAF), Materials (XAB) & Healthcare (XAV) sectors.

Following the derived block eligibility expansion last November, we have seen growth in derived block liquidity in the E-mini S&P 500 Equal Weight (EWF), E-mini Russell 1000 Growth Index (RSG) and the E-mini Russell 1000 Value Index (RSV) futures.

The Commodity Index products suite continues to thrive in the post-UMR environment, achieving record volume and open interest in 2025. Traders are seeing the benefits of Commodity Index futures, options and listed swaps now more than ever, as more market participants look for opportunities to manage risk and express views on commodity market movements.

• Record average daily volume of 7.6K contracts, up 26% vs. 2024.
• Record open interest of 313K contracts (over $5 billion in notional), up 7% vs. 2024.

BCOM Subindex futures are available across seven leading commodity index sectors, providing investors with the ability to express their views around sector-specific asset volatility in their portfolios.

BCOM Subindex futures has joined the growing suite of BCOM products, including BCOM futures and options, BCOM swaps and BCOM Roll Select futures. 

• BCOM suite has grown in volume and open interest in 2025, up +36% and 13% respectively
• Record ADV of 6.4K and record ADOI of 265K contracts.

FTSE CoreCommodity CRB Index futures are now live, allowing market participants to hedge commodity price risk and tap into new commodity market opportunities.

Coming August 18, pending regulatory review, E-mini S&P/BMV IPC futures provide a capital-efficient new way to gain exposure to Mexico’s leading equities. The financially settled contract tracks 36 of the largest and most liquid stocks on the Bolsa Mexicana de Valores (BMV). Enjoy potential margin offsets with other Equity Index futures and trade the Mexican equity market with 23-hour access via futures.

The Q2 2025 equity roll (Jun/Sept) implied financing spread to 3-month SOFR decreased to +38 bps from the 3-month SOFR +61bps for (Mar/Jun).

The roll was 40 bps lower from the Q2 2024 roll of +78 bps, decreasing the running 4-quarter moving average to +61 bps (note 3-month SOFR has replaced 3-month Libor as the reference).

Record average daily volume of 7.7M futures and options contracts, +13% vs. Q2-2024

Equity Index futures:

• Volume: 6.3M ADV (+21% vs. Q2-2024) 
• Open interest: 5.2M contracts per day (+6% vs Q2-2024)

Equity Index options on futures:

• Volume: 1.4M ADV 
• Open interest: 6.3M contracts per day

Source: CME Group. Data as of June 30, 2025, unless otherwise indicated.

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