CME Group launched E-nano equity index futures on August 24, 2026, and they are now the smallest way to trade the four best-known U.S. stock market benchmarks. Each contract is one-tenth the size of its micro E-mini counterpart and one-hundredth the size of the standard E-mini, so the same market comes in a much smaller unit.
This page covers what the contracts are, how their sizes and ticks compare to the contracts you already know, when they trade, and how their margin offsets work. If you want the wider category first, start with our equity index futures overview and come back.
What are E-nano futures?
E-nano equity index futures are CME Group contracts that track four major U.S. equity indices: the S&P 500 Index, the Nasdaq 100 Index, the Russell 2000 Index, and the Dow Jones Industrial Average. They are financially settled, listed on CME and CBOT, and trade on CME Globex alongside their larger siblings.
The defining feature is size. According to CME Group, each E-nano contract carries a multiplier one-tenth that of the matching micro E-mini contract, which makes it one-hundredth the size of the matching E-mini S&P 500 Index futures contract or its equivalent in the other three indices. Nothing else about the market changes: same underlying index, same trading day, same settlement basis.
Where E-nano fits on the size ladder
Equity index futures have moved steadily toward smaller units. The E-mini arrived first, then the micro E-mini futures suite, and now the E-nano. Each step down divides the previous contract by 10, which gives traders finer control over how much index exposure a single contract represents.
If you’ve traded a micro E-mini contract, you already understand an E-nano contract. The mechanics are the same and only the arithmetic shrinks. That also means the risks are the same in kind, just smaller in dollar terms per contract.
E-nano, micro E-mini, and E-mini: how the sizes compare
The multiplier is what sets a contract’s size. It converts one index point into dollars, so a $0.50 multiplier means every full index point of movement is worth 50 cents per contract. Here is how the three sizes line up across all four indices, per CME Group.
Contract multipliers by index
| Index | E-nano multiplier | Micro E-mini multiplier | E-mini multiplier |
|---|---|---|---|
| S&P 500 | $0.50 | $5 | $50 |
| Nasdaq 100 | $0.20 | $2 | $20 |
| Russell 2000 | $0.50 | $5 | $50 |
| Dow Jones Industrial Average | $0.05 | $0.50 | $5 |
Notional value at the same index price
Notional value is the total market exposure one contract controls: the multiplier times the index level. Using CME Group’s own hypothetical example of an S&P 500 Index price of 7,000, the three sizes work out like this:
| Contract | Multiplier | Notional value at an index price of 7,000 |
|---|---|---|
| E-mini S&P 500 (ES) | $50 x index | $350,000 |
| Micro E-mini S&P 500 (MES) | $5 x index | $35,000 |
| E-nano S&P 500 (NES) | $0.50 x index | $3,500 |
The figures above are hypothetical and assume an index price of 7,000 for illustration. Notional value moves with the index, so the real number changes every day. What stays constant is the ratio: one E-nano contract carries a tenth of the exposure of a micro E-mini and a hundredth of an E-mini.
E-nano contract specs at a glance
Each of the four contracts has its own Globex code, tick size, and tick value. These are CME Group specifications and are current as of the August 2026 launch. If any of these terms are new, our primer on futures contract specifications walks through what each one governs and why checking them before you place an order matters.
| Contract | Globex code | Tick size | Tick value |
|---|---|---|---|
| E-nano S&P 500 futures | NES | 0.5 index points | $0.25 |
| E-nano Nasdaq 100 futures | NNQ | 0.5 index points | $0.10 |
| E-nano Russell 2000 futures | N2K | 0.2 index points | $0.10 |
| E-nano Dow Jones Industrial Average futures | NDOW | 2 index points | $0.10 |
Tick value differs by contract, so check the row you’re trading; don’t carry the S&P 500 figure across. Three of the four contracts have a $0.10 tick; only the E-nano S&P 500 is $0.25.
Why the tick is different
This is the one spec that does not simply divide by 10. E-nano tick sizes are double those of the matching micro E-mini and E-mini contracts, so while the contract is 10 times smaller, the dollar value of a tick falls by a factor of five rather than 10. CME Group’s stated reason is rounding: a doubled tick lets these contracts settle to the nearest cent despite the fractional multiplier.
Do not assume tick values scale with contract size. A tick in NES is worth $0.25, not $0.125. If you size positions off tick value, do the math fresh for each contract.
Listed months and settlement
CME Group lists the nearest two quarterly months in the March, June, September, and December cycle, a shorter ladder than the larger contracts offer, so plan any roll with the nearer horizon in mind. The contracts are financially settled, with final settlement based on the special opening quotation on the third Friday of the contract month, matching the corresponding E-mini Nasdaq 100 futures and micro E-mini contracts. Daily settlement uses the 30-second volume-weighted average price of Globex trades in the corresponding E-mini contract between 3:59:30 pm and 4:00 pm ET.
How E-nano futures trade: hours, settlement, and margin offsets
E-nano futures trade 23 hours a day, from Sunday at 6:00 pm to Friday at 5:00 pm ET, with a daily maintenance break from 5:00 pm to 6:00 pm ET, per CME Group. That near-continuous session is one of the structural differences between futures and stock market hours, and it means you can react to overnight macro news as it happens, without waiting for a cash open.
Margin offsets against micro E-mini and E-mini positions
Because E-nano contracts track the same indices as their larger siblings, CME Group allows opposing positions to offset each other: 10:1 against micro E-mini futures and 100:1 against E-mini futures. Offsets are requested through your clearing broker. Margin requirements themselves are set by the exchange, vary by contract, and change with market conditions—so check current rates before you size a position. If margin is new to you, read our guide to understanding margin in futures trading, and see NinjaTrader’s pricing for commissions.
Block trades and fee discounts
Two other details carry over from the micro E-mini suite and aren’t specific to E-nano. Like micro E-minis, E-nano contracts aren’t eligible for block or BTIC trading, and their volume doesn’t count toward CME Group’s volume-based fee discounts. Neither affects a typical retail order, though both are worth knowing if you trade size across the micro futures and E-mini complex.
Who E-nano futures are built for
CME Group has said the contracts are aimed at both retail and institutional traders who want finer control over equity index exposure. In practice, a few situations stand out:
- Smaller accounts: A smaller contract means less notional exposure per unit, so a position can be built in increments that fit the account, not the contract.
- Existing micro E-mini traders: E-nano contracts add a finer increment to scale in and out, since 10 of them equal one micro E-mini.
- Coming from stocks or funds: These are the same four benchmarks many U.S. equity traders already follow, in a regulated futures contract with a 23-hour session.
- Event-driven positioning: Smaller units can help fine-tune how much index exposure you carry into a data release or overnight session.
Smaller contracts reduce the dollars at stake per contract; they do not reduce the risks of futures trading. Leverage still applies, losses can exceed your initial investment, and the same account-level and trade-level habits covered in our guide to risk management for futures trading apply here, too. If a smaller contract’s tick behavior is new to you, NinjaTrader’s trading simulator is a risk-free way to get familiar with order entry and position sizing before you commit real capital.
Simulated trading does not represent actual trading and is based on hypothetical conditions. Actual trading results may differ significantly due to factors such as market conditions, liquidity, execution, and the emotional and psychological impact of risking real money. Simulated trading is provided for educational and platform-familiarization purposes only and should not be relied upon as an indication or expectation of results in a live trading environment.
View full contract specifications and FAQs from CME Group on its E-nano equity index futures page and E-nano FAQ page.
Trade the four major indices at nano scale
E-nano futures give the S&P 500, Nasdaq 100, Russell 2000, and Dow markets a smaller unit of trade, which can help you match position size to your account instead of the other way around. You can also compare them against the E-mini Russell 2000 futures and micro E-mini contracts on the same platform. Futures trading involves substantial risk and is not suitable for everyone, so trade only with risk capital you can afford to lose.
Ready to get started? Open your free NinjaTrader account today.
FAQs on E-nano futures
What are E-nano futures?
E-nano futures are CME Group equity index contracts sized at one-tenth of micro E-mini futures and one-hundredth of E-mini futures. They track the S&P 500, Nasdaq 100, Russell 2000, and Dow Jones Industrial Average, and they launched on August 24, 2026.
What is the tick value of an E-nano S&P 500 future?
A tick in the E-nano S&P 500 contract (NES) is 0.5 index points and worth $0.25. Tick sizes on E-nano contracts are double those of the matching micro E-mini and E-mini contracts, so tick value falls by a factor of five, not 10.
Are E-nano futures cash-settled?
Yes. They are financially settled rather than physically delivered, with final settlement based on the special opening quotation on the third Friday of the contract month—the same basis used for the corresponding E-mini and micro E-mini contracts.
Can I offset E-nano and micro E-mini positions?
Yes. CME Group allows E-nano positions to offset opposing micro E-mini positions at 10:1 and opposing E-mini positions at 100:1. Offset requests go through your clearing broker.
When do E-nano futures trade?
E-nano futures trade 23 hours a day on CME Globex, from Sunday at 6:00 pm to Friday at 5:00 pm ET, with a daily maintenance break from 5:00 pm to 6:00 pm ET.