CME Group launched E-nano equity index futures on August 24, adding another contract size to its established E-mini and Micro E-mini lineup.

The new futures track the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average and are one-tenth the size of CME’s corresponding Micro E-mini contracts. The E-nano S&P 500 and Russell 2000 have multipliers of $0.50 per index point, compared with $0.20 for the Nasdaq-100 and $0.05 for the Dow.

CME said it introduced the products to increase market accessibility and provide another way for participants to manage exposure to the four benchmarks. The contracts trade 23 hours a day and can be offset against positions in the corresponding Micro E-mini and E-mini futures.

The launch comes as some of CME’s existing micro contracts are recording higher volumes and activity across North American listed derivatives has increased.

According to FIA’s latest monthly data, North American futures and options volume reached 2.31 billion contracts in July, up 28.4% from a year earlier. Futures accounted for 614.5 million contracts and options for nearly 1.7 billion.

Micro contracts build volume

CME introduced its Micro E-mini equity index futures in 2019. Seven years later, the smaller contracts account for a sizable share of trading in its equity index business.

In July, Micro E-mini equity index futures and options averaged 4.4 million contracts per day, representing 54% of CME’s overall equity index average daily volume.

The Nasdaq-100 contract recorded particularly strong growth. Micro E-mini Nasdaq-100 futures ADV reached 3 million contracts, up 159% from July 2025, while Micro E-mini S&P 500 futures ADV increased 27% to 1.1 million contracts.

The format has also recorded higher volumes outside equities. Micro WTI crude oil futures ADV rose 175% year over year to 179,000 contracts in July. Micro Gold futures ADV increased 41% to 287,000 contracts and Micro Silver rose 123% to 49,000.

Taken together, micro contracts represented 53% of CME’s metals ADV in July and 7.1% of energy ADV.

Options are another part of the picture. CME added financially settled Micro E-mini S&P 500 and Nasdaq-100 options in June, with contracts sized at one-tenth of their E-mini counterparts and expirations available Monday through Friday.

By then, CME said its Micro E-mini equity index suite had surpassed 2.6 billion cumulative contracts traded, including more than 1 billion contracts each in Micro E-mini S&P 500 and Micro E-mini Nasdaq-100 futures.

Smaller contracts across U.S. markets

Smaller versions of established derivatives are not limited to CME.

Cboe Global Markets lists Mini-SPX, or XSP, options based on one-tenth the value of the S&P 500 Index. The contracts are cash settled and European style and offer a range of expirations.

Cboe data show XSP volume of 262,374 contracts and open interest of 757,813 as of August 31.

The exchange also offers Mini VIX futures at one-tenth the size of standard VIX futures. Cboe’s product lineup goes smaller still with Nanos S&P 500 Index options, which are one-hundredth the size of XSP options.

At CME, meanwhile, the range of smaller contracts extends beyond equity indexes. The exchange has proposed a 10-Barrel WTI crude oil future at one-tenth the size of its existing Micro WTI contract.

That product had been due to launch alongside 24/7 trading in WTI crude oil and gold futures on August 30. CME said on August 24 that the launches had been postponed pending regulatory review and that an updated date would be announced.

The E-nano equity futures did go live on August 24, giving CME three different contract sizes across the same four U.S. equity benchmarks.

The difference in exposure is substantial. Using an S&P 500 level of 7,000, CME puts the notional value of an E-mini S&P 500 future at $350,000. The equivalent Micro E-mini is $35,000, while the E-nano is $3,500.

The same progression applies to the Nasdaq-100: $20 per index point for the E-mini, $2 for the Micro E-mini and $0.20 for the E-nano.

CME said the E-nano contracts can be offset against opposing positions in their corresponding Micro E-mini and E-mini futures at ratios of 10-to-one and 100-to-one, respectively. The offset must be requested by a clearing broker through CME Clearing.

The exchange described the central difference as “size and precision”, with the E-nanos tracking the same underlying indexes while scaling down the financial exposure.

The image for this article was generated with AI.