imported>Lorax: Adding short description: "Futures contracts on the Chicago Mercantile Exchange"

2025-05-04T22:05:54Z

Adding short description: "Futures contracts on the Chicago Mercantile Exchange"

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{{Short description|Futures contracts on the Chicago Mercantile Exchange}}
'''E-minis''' are [[futures contract]]s that represent a fraction of the value of standard futures. They are traded primarily on the [[Chicago Mercantile Exchange]]. As of April, 2011, CME lists 44 unique E-mini contracts,<ref name="cme_margins"/> of which approximately 10 have average daily trading volumes of over 1,000 contracts.<ref name="CME_reports_archive" />

Some E-mini contracts provide trading advantages, including high liquidity, greater affordability for individual investors due to lower [[Margin (finance)|margin]] requirements than the full-size contracts, and round-the-clock trading 23.25 hours a day from Sunday afternoon to Friday afternoon. Under U.S. tax law, E-minis may qualify as [[1256 Contract]]s, and benefit from several tax advantages as well.

The risk of loss is also amplified by the higher leverage.

== Symbology ==
Most E-mini futures expire quarterly (with the exception of agricultural products), in March, June, September, and December. An E-mini future symbol is formed by starting with the root symbol and adding the expiration month letter (the same as for [[Futures contract#Codes|futures]]) and the last digit of the expiration year. For example, the [[E-mini S&P]] 500 expiring in December 2012 has the symbol ESZ2.

== E-mini contracts ==
The table below lists some of the more popular E-mini contracts, with the initial and maintenance margins required by CME.<ref name="cme_margins">{{cite web|title=Outright Margins / Performance Bond Requirements|url=http://www.cmegroup.com/wrappedpages/clearing/pbrates/performancebond.html|publisher=CME Group}}</ref> Note that individual brokers may require different margin amounts (also called [[performance bond]]s).

{| class="wikitable sortable"
|+ E-minis
|-
! E-mini contract !! Exchange !! Ticker symbol !! Multiplier || Tick size || Tick value || Initial margin || Maintenance margin || Average Daily Volume in 2018<ref name="CME_reports_archive">{{cite web|title=CME Group Exchange ADV Report (Dec 2018)|url=https://www.cmegroup.com/daily_bulletin/monthly_volume/Web_ADV_Report_CMEG.pdf|work=Archive of all monthly, open interest and average daily value reports year-to-date|publisher=CME Group|accessdate=29 January 2019}}</ref>
|-
| [[E-mini S&P|E-Mini S&P 500]] (Dollar) || [[Chicago Mercantile Exchange|CME]] || ES || $50 || 0.25 || $12.50<ref>{{cite web|title=E-mini S&P 500 Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref>|| $13,200 || $12,000 || 1,766,663
|-
| Micro E-mini S&P 500<ref name="cmegroup-microemini">[https://activetrader.cmegroup.com/microemini/ Trade Micro E-mini Futures - Active Trader – CME Group]</ref> || CME || MES || $5 || 0.25 || $1.25 ||$1,320
|$1,200
|
|-
| [[E-mini S&P|E-Mini S&P 500]] (Euro) || CME || EME || €50 || 0.25 || €12.50<ref>{{cite web|title=E-mini S&P 500 Euro Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/euro-emini-sp500_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || €6,188 || €4,950 ||
|-
| [[Dow futures|E-mini Dow ($5) Futures]] || CME || YM || $5 || 1 || $5<ref>{{cite web|title=E-mini Dow ($5) Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $13,200 || $12,000 || 239,382
|-
| Micro E-mini Dow<ref name="cmegroup-microemini"/> || CME || MYM || $0.50 || 1 || $0.50 ||$1,320
|$1,200
|
|-
| [[S&P futures|E-mini S&P MidCap 400 Futures]] || CME || EMD || $100 || 0.10 || $10<ref>{{cite web|title=E-mini S&P MidCap 400 Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp-midcap-400_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $7,500 || $6,000 || 19,647
|-
| [[S&P futures|E-mini S&P SmallCap 600 Futures]] || CME || SMC || $100 || 0.10 || $10<ref>{{cite web|title=E-mini S&P SmallCap 600 Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp-smallcap-600_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,250 || $2,600 || 0
|-
| [[NASDAQ futures|E-mini NASDAQ-100 Futures]] || CME || NQ || $20 || 0.25 || $5<ref>{{cite web|title=E-mini NASDAQ-100 Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-100_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $16,500 || $15,000 || 492,839
|-
| Micro E-mini Nasdaq-100<ref name="cmegroup-microemini"/> || CME || MNQ || $2 || 0.25 || $0.50 ||$1,500
|$1,500
|
|-
| [[NASDAQ futures|E-mini NASDAQ Composite Futures]] || CME || QCN || $20 || 0.50 || $10<ref>{{cite web|title=E-mini NASDAQ Composite Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-composite_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $4,000 || $3,200 ||
|-
| [[NASDAQ futures|E-mini NASDAQ Biotechnology Futures]] || CME || BIO || $50 || 0.10 || $5<ref>{{cite web|title=E-mini NASDAQ Biotechnology Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-biotechnology_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,750 || $3,000 ||
|-
| E-mini S&P CNX Nifty (Nifty 50) futures || CME || EMF || $10 || 0.5 || $5<ref>{{cite web|title=E-mini S&P CNX Nifty (Nifty 50) futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/international-index/emini-sandp-cnx-nifty-50-futures_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,125 || $2,500 || 216
|-
| E-mini FTSE/XINHUA China 25 Futures || CME || FXN || $5 || 5 || $25<ref>{{cite web|title=E-mini FTSE/XINHUA China 25 Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/international-index/emini-sandp-cnx-nifty-50-futures_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $13,750 || $11,000
|
|-
| E-mini JPY/USD Futures || CME || J7 || 6,250,000 Japanese yen || $.000001 || $6.25<ref>{{cite web|title=E-mini JPY/USD Futures - Contract specifications|url=http://www.cmegroup.com/trading/fx/g10/e-mini-japanese-yen_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,038 || $2,250 || 648
|-
| E-mini EUR/USD Futures || CME || E7 || 62,500 euro || $.0001 || $6.25<ref>{{cite web|title=E-mini JPY/USD Futures - Contract specifications|url=http://www.cmegroup.com/trading/fx/g10/e-mini-euro-fx_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $2,025 || $1,500 || 4,859
|-
| E-mini Consumer Discretionary Select Sector Futures || CME || XAY || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Consumer Discretionary Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-consumer-discretionary-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,125 || $2,500
|944
|-
| E-mini Consumer Staples Select Sector Futures || CME || XAP || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Consumer Staples Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-consumer-staples-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $1,750 || $1,400
|1,335
|-
| E-mini Energy Select Sector Futures || CME || XAF || $250 || 0.05 || $12.50<ref>{{cite web|title=E-mini Energy Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-financial-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $6,500 || $5,200
|1,823
|-
| E-mini Health Care Select Sector Futures || CME || XAV || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Health Care Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-health-care-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $2,500 || $2,000
|1,207
|-
| E-mini Industrial Select Sector Futures || CME || XAI || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Industrial Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-industrial-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,125 || $2,500
|1,094
|-
| E-mini Materials Select Sector Futures || CME || XAB || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Materials Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-materials-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,125 || $2,500
|668
|-
| E-mini Technology Select Sector Futures || CME || XAK || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Technology Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-technology-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $1,750 || $1,400
|1,945
|-
| E-mini Utilities Select Sector Futures || CME || XAU || $100 || 0.10 || $10<ref>{{cite web|title=E-mini Utilities Select Sector Futures - Contract specifications|url=http://www.cmegroup.com/trading/equity-index/select-sector-index/e-mini-utilities-select-sector_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $2,500 || $2,000
|2,057
|-
| Mini-Sized Corn Futures || CME (formerly [[Chicago Board of Trade|CBOT]]) || YC || 1,000 bushels (~ 25 Metric Tons) || $0.00125 || $1.25<ref>{{cite web|title=Mini-Sized Corn Futures - Contract specifications|url=http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/mini-sized-corn_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $473 || $350 || 472
|-
| Mini-sized Soybean Futures || CME (formerly CBOT) || YK || 1,000 bushels (~ 27 metric tons) || $0.00125 || $1.25<ref>{{cite web|title=Mini-sized Soybean Futures - Contract specifications|url=http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/mini-sized-soybean_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $945 || $700 || 1,086
|-
| Mini-sized Wheat Futures || CME (formerly CBOT) || YW || 1,000 bushels (~ 27 metric tons) || $0.00125 || $1.25<ref>{{cite web|title=Mini-sized Wheat Futures - Contract specifications|url=http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/mini-sized-wheat_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $810 || $600 || 349
|-
| E-mini Light Sweet Crude Oil (Financial) || CME (formerly [[New York Mercantile Exchange|NYMEX]]) || QM || 500 barrels || $0.025 || $12.50<ref>{{cite web|title=E-mini Crude Oil Futures - Contract specifications|url=http://www.cmegroup.com/trading/energy/crude-oil/emini-crude-oil_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,375 || $2,500 || 18,621
|-
| E-mini Natural Gas Futures || CME (formerly NYMEX) || QG || 2,500 million [[British thermal unit|BTU]]s || $0.005 || $12.50<ref>{{cite web|title=E-mini Natural Gas Futures - Contract specifications|url=http://www.cmegroup.com/trading/energy/natural-gas/emini-natural-gas_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $1,013 || $750 || 1,718
|-
| E-mini Heating Oil - Financial Futures || CME (formerly NYMEX) || QH || 21,000 gallons || $0.001 || $21<ref>{{cite web|title=E-mini Heating Oil - Financial Futures - Contract specifications|url=http://www.cmegroup.com/trading/energy/refined-products/emini-heating-oil_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,206 || $2,375 || 0
|-
| E-mini New York Harbor [[Reformulated Blendstock for Oxygenate Blending|RBOB]] Gasoline Futures || CME (formerly NYMEX) || QU || 21,000 gallons || $0.0001 || $2.10<ref>{{cite web|title=E-mini RBOB Gasoline - Financial Futures - Contract specifications|url=http://www.cmegroup.com/trading/energy/refined-products/emini-rbob-gasoline_contract_specifications.html|publisher=CME Group|accessdate=16 April 2011}}</ref> || $3,881 || $2,875 || 0
|-
| COMEX E-Mini Gold Futures || CME (formerly [[New York Mercantile Exchange|COMEX]]) || QO || 50 troy ounces || $0.25 || $12.5<ref>{{cite web|title=COMEX miNY Gold Futures - Contract specifications|url=http://www.cmegroup.com/trading/metals/precious/miNY-gold_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $3,376 || $2,500 || 383
|-
| E-mini Silver Futures || CME (formerly COMEX) || 6Q || 1,000 troy ounces || $0.005 || $5<ref>{{cite web|title=E-mini Silver Futures - Contract specifications|url=http://www.cmegroup.com/trading/metals/precious/e-mini-silver_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $2,349 || $1,740 || 53
|-
| COMEX miNY Copper || CME (formerly COMEX) || QC || 12,500 pounds || $0.002 || $25<ref>{{cite web|title=E-mini Copper Futures - Contract specifications|url=http://www.cmegroup.com/trading/metals/base/emini-copper_contract_specifications.html|publisher=CME Group|accessdate=17 April 2011}}</ref> || $2,869 || $2,125 || 21
|-
| [[Russell 1000 Index|Russell 1000® Index]] Mini Futures || [[Intercontinental Exchange|ICE]] (formerly [[New York Board of Trade|NYBOT]]) || RF || $100 || $0.10 || $10<ref>{{cite web|title=Russell 1000® Index Mini Futures - Contract specifications|url=https://www.theice.com/productguide/ProductDetails.shtml?specId=913|publisher=CME Group|accessdate=16 April 2011|archive-url=https://web.archive.org/web/20110720044831/https://www.theice.com/productguide/ProductDetails.shtml?specId=913|archive-date=20 July 2011|url-status=dead}}</ref>
|
|
|727
|-
| [[Russell 2000|Russell 2000® Index]] Mini Futures || ICE (formerly NYBOT) || TF || $50 || $0.10 || $5<ref>{{cite web|title=Russell 2000® Index Mini Futures - Contract specifications|url=https://www.theice.com/productguide/ProductDetails.shtml?specId=86|publisher=CME Group|accessdate=16 April 2011|archive-url=https://web.archive.org/web/20110606135803/https://www.theice.com/productguide/ProductDetails.shtml?specId=86|archive-date=6 June 2011|url-status=dead}}</ref>
|
|
|150,100
|-
| Micro E-mini Russell 2000<ref name="cmegroup-microemini"/> || CME || M2K || $5 || 0.10 || $0.50 || || ||
|-
|}

==E-mini options==
Options on E-minis exist for the E-mini S&P 500<ref>{{cite web|title=E-mini S&P 500 Options|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contractSpecs_options.html|publisher=CME Group|accessdate=16 April 2011}}</ref> and the E-mini NASDAQ-100.<ref>{{cite web|title=E-mini NASDAQ-100 Options|url=http://www.cmegroup.com/trading/equity-index/us-index/e-mini-nasdaq-100_contractSpecs_options.html|publisher=CME Group|accessdate=16 April 2011}}</ref>

==See also==
*[[E-mini S&P]]
*[[E-micro]]
*[[Dow futures]]
*[[NASDAQ futures]]
*[[S&P futures]]
*[[1256 Contract]]

==References==
<references />

{{DEFAULTSORT:E-Mini}}
[[Category:Derivatives (finance)]]

E-mini - Revision history

imported>Lorax: Adding short description: "Futures contracts on the Chicago Mercantile Exchange"