What are Micro E-mini futures?
CME Group launched Micro E-mini equity index futures in 2019 to offer index futures in smaller sizes. They track the same indexes as the E-minis, trade on the same CME Globex platform and settle in cash the same way. Besides MES and MNQ, there are micros on the Dow (MYM) and the Russell 2000 (M2K).
The drawing at the top of this page shows the idea: ten MES contracts move exactly like one ES, and ten MNQ like one NQ. A micro is not a different market, just a smaller slice of the same one.
- MES (Micro E-mini S&P 500)
- A futures contract worth $5 times the S&P 500 index, one-tenth of ES. One 0.25-point tick is worth $1.25.
- MNQ (Micro E-mini Nasdaq-100)
- A futures contract worth $2 times the Nasdaq-100 index, one-tenth of NQ. One 0.25-point tick is worth $0.50.
MES and MNQ contract specs: multiplier, tick and tick value
The math works exactly as with the E-minis, only with smaller multipliers: profit or loss = points moved × multiplier × contracts. Hypothetical: long 2 MES and the S&P 500 rises 12 points, so 12 × $5 × 2 = $120. Had it fallen 12 points, the loss would be the same $120.
- MES: $5 × S&P 500; tick 0.25 = $1.25; 1 point = $5
- MNQ: $2 × Nasdaq-100; tick 0.25 = $0.50; 1 point = $2
- Hypothetical contract value: S&P 500 at 6,000 → one MES ≈ $30,000; Nasdaq-100 at 20,000 → one MNQ ≈ $40,000
Why beginners use micro futures: sizing in small steps
The main advantage of micros is finer control, not lower risk per point. Position size should come from your stop and your risk per trade, and with E-minis the smallest step is often too big.
Hypothetical: a $10,000 account risking 1% per trade accepts a $100 loss. With a stop 10 S&P points away, one ES risks 10 × $50 = $500, five times the budget, and there is no fraction of a contract. One MES risks $50, so two MES fit the $100 exactly; a third would risk $150. The position size calculator does this math for you.
Micros also let you scale: take one contract off at a first target and keep the rest, or add slowly as a trade works. Both habits are part of good risk management.
Do micro futures have the same hours and expirations as E-minis?
Yes. MES and MNQ trade on CME Globex from Sunday 6:00 p.m. to Friday 5:00 p.m. ET, with the same daily break from 5:00 to 6:00 p.m. ET. They follow the same quarterly cycle, March, June, September and December, and trading in the expiring contract ends at 9:30 a.m. ET on the third Friday of the contract month, when it settles in cash.
So the same routine applies: before expiration, close the expiring contract and open the next one, as explained in futures rollover.
What do micro futures cost to trade?
You pay a commission per contract on each side, buy and sell, plus exchange and regulatory fees. The total varies a lot by broker, but it does not shrink tenfold with the contract: micro fees are lower per contract than E-mini fees, yet usually far more than one-tenth.
Hypothetical: $2.50 per side on ES and $0.75 per side on MES. A round trip costs $5.00 on ES, 0.4 of a $12.50 tick, but $1.50 on MES, 1.2 ticks of $1.25, as drawn below. Aiming for a tick or two is much harder in micros once costs are counted. On top come the bid-ask spread, often one tick in liquid hours, and slippage when stops fill in fast markets.
Exchange margin on a micro is smaller in line with its size, but the leverage is the same as on the E-mini: a 1% move in the index still moves an MES by 1% of its full contract value.
Micro futures, E-minis or ETFs: which should you use?
Use micros when your stop and risk budget call for less than one E-mini, or when you want to scale in and out. Ten micros cost more in fees than one E-mini, so traders who regularly trade ten or more often move up. If you want no leverage and no expiration, an ETF does a similar job; see SPY day trading and QQQ day trading.
Whatever you choose, the risk sits in the leverage and the stop, not in the word micro. Small contracts make good sizing possible; they do not make it automatic.