Micro Futures Contract Specifications — Full Spec Table for MES, MNQ, MYM, M2K, MCL, MGC
At a glance: CME Group lists six micro futures contracts, each designed at exactly one-tenth the size of its full-size counterpart: MES (Micro E-mini S&P 500), MNQ (Micro E-mini Nasdaq-100), MYM (Micro E-mini Dow), and M2K (Micro E-mini Russell 2000) — all launched May 2019 — plus MCL (Micro WTI Crude Oil, launched July 2021) and MGC (Micro Gold, trading since 2010).
The 1:10 ratio holds on contract notional value, tick value, and typical intraday margin. It does not hold on per-side commissions, which run roughly 3:1 rather than 10:1.
CME micro futures spec table
All spec values are exchange-defined at each contract’s launch and have been unchanged since. Sources: CME Group contract-spec pages (values cross-confirmed via AMP Futures and NinjaTrader contract pages due to CME's JavaScript-dependent pages timing out on automated fetch).
| Contract | Name | Multiplier / size | Tick size | Tick value | Full-size counterpart | Full-size tick value |
|---|---|---|---|---|---|---|
| MES | Micro E-mini S&P 500 | $5 × S&P 500 Index | 0.25 pts | $1.25 | ES ($50 × Index) | $12.50 |
| MNQ | Micro E-mini Nasdaq-100 | $2 × Nasdaq-100 Index | 0.25 pts | $0.50 | NQ ($20 × Index) | $5.00 |
| MYM | Micro E-mini Dow | $0.50 × DJIA | 1.00 pt | $0.50 | YM ($5 × DJIA) | $5.00 |
| M2K | Micro E-mini Russell 2000 | $5 × Russell 2000 Index | 0.10 pts | $0.50 | RTY ($50 × Index) | $5.00 |
| MCL | Micro WTI Crude Oil | 100 barrels | $0.01/bbl | $1.00 | CL (1,000 barrels) | $10.00 |
| MGC | Micro Gold | 10 troy oz | $0.10/oz | $1.00 | GC (100 troy oz) | $10.00 |
Note: YM and RTY full-size tick values ($5.00 each) were verified against the AMP Futures contract-specification pages (2026-06-04). YM moves in 1-point ticks at a $5 multiplier; RTY moves in 0.10-point ticks at a $50 multiplier — both work out to $5.00 per tick, exactly 10× the $0.50 micro tick.
How tick value is calculated
Tick value is the dollar change in a contract's value for one minimum price move. The formula is:
Tick value = tick size × contract multiplier
Worked examples from the table above:
- MES: 0.25 index points × $5/point = $1.25
- MNQ: 0.25 index points × $2/point = $0.50
- MGC: $0.10/oz tick × 10 oz = $1.00
- MCL: $0.01/barrel × 100 barrels = $1.00
The relationship between micro and full-size contracts is arithmetically consistent throughout. MES ($1.25) is exactly 1/10 of ES ($12.50). MNQ ($0.50) is exactly 1/10 of NQ ($5.00). This is by design: CME structured the micros so that ten micro contracts equal one full-size contract in every economically meaningful way.
Intraday (day-trading) margins — NinjaTrader rate sheet as of 11/13/2025
Intraday margins are set by brokers, not by CME, and they can be raised in real time during volatile sessions. The figures below are from NinjaTrader's published rate sheet, stamped 11/13/2025. Confirm current figures with your broker before trading.
| Contract | Micro intraday margin | Full-size intraday margin | Ratio | As of |
|---|---|---|---|---|
| MES / ES | $50 | $500 | 1:10 | 11/13/2025 |
| MNQ / NQ | $100 | $1,000 | 1:10 | 11/13/2025 |
| MYM / YM | $50 | $500 | 1:10 | 11/13/2025 |
| M2K / RTY | $50 | $500 | 1:10 | 11/13/2025 |
| MGC | $200 | N/A (GC margin unverified) | — | 11/13/2025 |
| MCL | $100 | N/A (CL margin unverified) | — | 11/13/2025 |
The four equity-index micros (MES, MNQ, MYM, M2K) each have intraday margins exactly 1/10 of their full-size counterparts at NinjaTrader. MGC's $200 intraday margin is higher than the equity-index micros, reflecting gold's higher per-contract dollar volatility at current prices.
The 1:10 design: what it means in practice
CME designed the micro contracts to be structurally identical to their full-size siblings in everything except contract size. A trader who can afford 10 MES contracts is holding the economic equivalent of 1 ES contract. This design serves several practical purposes:
- Granular sizing: A position that requires, say, 2.3 ES contracts can be approximated with 23 MES contracts, allowing finer risk management.
- Strategy testing: A new strategy can be tested at 1/10 scale before being executed at full size, with identical market microstructure.
- Lower barrier to entry: A $50 intraday margin requirement (MES at NinjaTrader as of 11/13/2025) versus $500 for ES lets traders with limited capital access the same S&P 500 exposure at a lower dollar commitment per contract.
The important exception is commissions. Per-side commission is not reduced by 10x on micros versus full-size contracts. At NinjaTrader (Free plan, as of 11/13/2025), MES is $0.95 per side and ES is $2.88 per side — a ratio of approximately 3:1, not 10:1. This means the per-tick cost of trading is higher on micros than on full-size contracts. For a scalper or high-frequency intraday trader, that difference compounds. See MES vs ES for the full commission math.
In this cluster
- MNQ tick value — $0.50 per tick explained
- MES tick value — $1.25 per tick explained
- MGC tick value — $1.00 per tick explained
- MES vs ES — head-to-head comparison
- Micro futures day-trading margins — broker comparison
- Micro futures broker commissions — Tradovate vs NinjaTrader vs IBKR vs tastytrade
- PDT rule elimination — what changed and why futures still matter
MES tick value details
The MES (Micro E-mini S&P 500) is the most actively traded micro contract. Its tick value of $1.25 means a 1-point move in the S&P 500 produces a $5.00 gain or loss per contract (4 ticks × $1.25). A 10-point move is worth $50.00. A 100-point move — roughly 2% of the S&P 500 at 5,000 — is worth $500.00 per MES contract. The MES tick value guide includes per-broker commission data and worked P&L examples.
MNQ tick value details
The MNQ (Micro E-mini Nasdaq-100) tick value of $0.50 is the smallest absolute tick value among the equity-index micros, reflecting the $2 multiplier. A 100-point Nasdaq-100 move produces $200 gain or loss per MNQ contract (400 ticks × $0.50). The MNQ tick value guide covers the Nasdaq-100's higher per-point notional and broker round-trip costs.
MGC and MCL tick value details
MGC (Micro Gold) and MCL (Micro WTI Crude) each have tick values of $1.00, identical in dollar terms despite very different underlying assets. MGC controls 10 troy ounces of gold; a $10/oz gold move is worth $100 per contract. MCL controls 100 barrels of oil; a $1.00/barrel oil move is worth $100 per contract. Both trade at a 1:10 ratio to their full-size siblings (GC at $10.00/tick, CL at $10.00/tick). The MGC tick value guide covers gold-specific margin figures.
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Start the micro futures deck →Frequently asked questions
- What are the tick sizes and tick values for micro E-mini contracts?
- MES has a tick size of 0.25 index points and a tick value of $1.25. MNQ has a tick size of 0.25 points and a tick value of $0.50. MYM has a tick size of 1.00 DJIA point and a tick value of $0.50. M2K has a tick size of 0.10 points and a tick value of $0.50. MCL has a tick size of $0.01 per barrel and a tick value of $1.00. MGC has a tick size of $0.10 per troy ounce and a tick value of $1.00.
- When were micro futures contracts launched?
- CME Group launched the four Micro E-mini equity-index futures — MES, MNQ, MYM, and M2K — in May 2019. Micro WTI Crude (MCL) followed in July 2021. Micro Gold (MGC) predates them all: it has traded since 2010.
- What is the contract multiplier for MES?
- The MES multiplier is $5 per S&P 500 index point. If the S&P 500 index is at 5,200, one MES contract represents a notional value of $26,000. Multiply the index level by $5 to get the contract's dollar equivalent.
- How do micro futures relate to full-size E-mini contracts in size?
- Each CME micro futures contract is exactly one-tenth the size of its full-size E-mini counterpart. MES is 1/10 of ES, MNQ is 1/10 of NQ, MYM is 1/10 of YM, and M2K is 1/10 of RTY. The 1:10 ratio applies to the notional contract value, the tick value, and typical intraday margin requirements — but not to per-side commissions.
- What is the MNQ contract multiplier?
- The MNQ multiplier is $2 per Nasdaq-100 index point. If the Nasdaq-100 is at 20,000, one MNQ contract represents $40,000 in notional value. The full-size NQ uses a $20 multiplier, maintaining the 1:10 ratio.
- What is the MGC contract size?
- MGC (Micro Gold) represents 10 troy ounces of gold, compared to 100 troy ounces for the full-size GC contract. The tick size is $0.10 per ounce, giving a tick value of $1.00 per contract. GC has the same $0.10/oz tick size and a tick value of $10.00.
Methodology & sources
Spec values (tick size, tick value, multiplier) are exchange-defined at contract launch and do not change. They were confirmed via the AMP Futures contract-specification page and NinjaTrader contract pages, because CME Group's primary contractSpecs pages timed out on automated fetch. Intraday margin figures are from NinjaTrader's published PDF rate sheet, stamped 11/13/2025. Figures not verified in the original research pass are marked — in the table above.
- Futures Contract Specifications — AMP Futures
- E-mini S&P 500 Futures Contract Specs — NinjaTrader
- NinjaTrader Futures Commissions & Intraday Margins (PDF) — NinjaTrader, stamped 11/13/2025
- Micro Products Suite — CME Group