Micro E-mini options
Micro-sized options, major equity benchmarks.
Now Trading
Building on the strength and liquidity of Micro E-mini futures, we have launched options on Micro E-mini futures on the S&P 500 and Nasdaq-100 indices. Add the flexibility of options to the precision of using smaller notional contracts to manage equity index exposure.
Trade with more precision
Scale S&P 500 and Nasdaq-100 index exposure up or down with greater granularity from underlying contracts 1/10th the size of E-mini products. More precision can provide additional control over the risk/reward ratio of your trading strategies.
Add versatility to strategy building
Express long- or short-term views with a choice of quarterly, Friday weekly, and end-of-month expirations. Build market neutral, directional, and/or multi-leg strategies to seek new opportunities in the equity markets.
Access Micro E-mini futures liquidity
With a lower premium related to the contract size, these options settle into liquid Micro E-mini futures. These contracts have traded more than 360 contracts as of August 2020.
| 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: Sunday – Friday 5:00 p.m. – 4:00pm CT |
|
| 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 |
Get answers to frequently asked questions about options on Micro E-mini futures, including product details and margin information.
Increase your knowledge about options on futures trading with this curriculum.
Micro E-mini Options: The Next Chapter
Watch an on-demand webinar on Micro options to review contract specs, basic options fundamentals, the advantages of trading Micro E-mini options vs. ETFs, and much more.
View a summary and preliminary contract specifications that you can download, share, and print.
Read our whitepaper on recent activity in Micro E-mini futures and options trading and see how the new options contracts can help manage risk around significant market events.
Micro E-mini options offer timely expiration to manage risk. Use the OI heatmap to track where positions are concentrated.
© 2022 CME Group Inc. All rights reserved.