Micro E-mini Russell 2000 Futures (M2K) Contract Specifications
What you're trading
The Micro E-mini Russell 2000 future (M2K) is 1/10th the size of RTY and tracks the same Russell 2000 small-cap index. It's used by traders who want targeted exposure to U.S. small-caps at a smaller capital footprint, or who want to combine U.S. small-cap exposure with positions in the other Micro E-mini products (MES, MNQ, MYM) to build diversified equity index portfolios without the notional size of the full E-mini contracts.
Contract size
$5 × Russell 2000 Index. With the index near 2,400, one M2K contract carries a notional value of roughly $12,000.
Tick value
Minimum price fluctuation is 0.10 index points, and each tick is worth $0.50 per contract. A full 1-point move equals $5, and a 10-point move equals $50 per contract.
Trading hours
CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday.
Settlement type
Cash-settled. Contracts expire quarterly on the third Friday of March, June, September, and December, settling to the same opening value of the Russell 2000 Index as RTY.
Margin snapshot
M2K margin is roughly 1/10th of RTY and is one of the most accessible ways to get U.S. small-cap futures exposure.
|
Initial margin (overnight) |
~$750–$900 per contract (approximate; varies with volatility) |
|
Maintenance margin |
~$680–$820 per contract |
|
Day-trade margin |
Broker-set; often a small fraction of overnight margin |
|
Notional value (reference) |
~$12,000 at index 2,400 |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.