Micro-sized options, major equity benchmarks.

Micro E-mini options on S&P 500 and Nasdaq-100
Launching August 31

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Get ready to expand your options for Micro-sized trading: options on Micro E-mini futures on the S&P 500 and Nasdaq-100 indices will launch August 31, 2020.* 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.

Meet Micro E-mini futures
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.

An Option is an Option
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.

Cost efficiencies of the underlying
Exercises into liquid futures

Micro E-mini futures are the most successful product launch in CME Group history, trading nearly 300M contracts as of June, 2020. Options give you more ways to diversify how you take part in these active markets.

Diversifying your options

*Subject to CFTC regulatory approval

Watch: Get To Know Options on Micro E-mini Futures

Take a detailed look at these new contracts and how they are designed to operate.

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.


Preliminary contract specifications

Contract specifications are not yet final and are subject to CFTC approval.

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

How one equity options trader moved into options on futures

See how one trader took the trading strategies he knew and used in equity options markets and applied them in equity options on futures markets.

Learn about his story >

The information in the market commentaries have been obtained from sources believed to be reliable, but we do not guarantee its accuracy and expressly disclaim all liability. Neither the information nor any opinions expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts. The information on this site compiled by CME Group is for general purposes only. All information and data herein is provided as-is. Additionally, all examples on this site are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. CME Group assumes no responsibility for any errors or omissions. CME Group, its affiliates and any third party information and content providers expressly disclaim all liability with respect to the information and data contained herein including without limitation, any liability with respect to the accuracy or completeness of any data. You use the data herein solely at your own risk. All data and information provided herein is not intended for trading purposes or for trading advice. All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.

Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Due to the leveraged nature of futures trading and swaps trading, it is possible to lose more than the amount deposited in a position. Therefore, traders should not deposit more funds than they can afford to lose without negatively affecting their lifestyles. A trader cannot expect to profit on each trade, and should only devote a small amount of their available funds to each trade. All references to options refer to options on futures.

Past performance is not necessarily indicative of future performance.

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