Micro Futures Contracts: The Full List and What Each One Is a Fraction Of

Micro E-mini, Micro Gold, 1-Ounce Gold, Micro WTI, Micro FX and Micro crypto — every smaller-sized CME contract we cover, what it is a fraction of, and what one tick is worth.

The single biggest change in futures over the past decade has nothing to do with new markets. It is that the existing contracts got smaller — and in doing so became reachable for accounts that could never have touched the benchmark sizes.

Why they exist

One E-mini S&P 500 contract represents $50 × the index. One gold contract represents 100 troy ounces. At current levels those are six-figure notional positions, sized for institutions hedging real exposure. For an account of a few thousand dollars, a single contract was simply too large a unit — not because of the margin, but because one tick moved the account too much.

Micro contracts solve that by dividing the multiplier, usually by ten, while keeping everything else — the underlying, the trading hours, the tick increment, the clearing — identical.

The full list

Metals

Contract	Code	Size	Per tick	Fraction of
Gold	GC	100 troy oz	$10.00	benchmark
Micro Gold	MGC	10 troy oz	$1.00	1/10 of GC
1-Ounce Gold	1OZ	1 troy oz	$0.25	1/100 of GC
Silver	SI	5,000 troy oz	$25.00	benchmark
Micro Silver	SIL	1,000 troy oz	$5.00	1/5 of SI
Copper	HG	25,000 lb	$12.50	benchmark
Micro Copper	MHG	2,500 lb	$1.25	1/10 of HG

Note that Micro Silver is one fifth of the benchmark, not one tenth. The metals micros are not sized on a single consistent ratio, which is a common assumption and a wrong one.

1OZ is the outlier worth knowing about. At one troy ounce it is 1/100 of the benchmark contract, it is cash settled — so there is no delivery process and no first notice day — and since 24 July 2026 it trades 24/7. It is the most accessible regulated gold derivative CME lists.

Equity index

Contract	Code	Size	Per tick	Fraction of
E-mini S&P 500	ES	$50 × index	$12.50	benchmark
Micro E-mini S&P 500	MES	$5 × index	$1.25	1/10 of ES
E-mini Nasdaq-100	NQ	$20 × index	$5.00	benchmark
Micro E-mini Nasdaq-100	MNQ	$2 × index	$0.50	1/10 of NQ
E-mini Dow	YM	$5 × index	$5.00	benchmark
Micro E-mini Dow	MYM	$0.50 × index	$0.50	1/10 of YM
E-mini Russell 2000	RTY	$50 × index	$5.00	benchmark
Micro E-mini Russell 2000	M2K	$5 × index	$0.50	1/10 of RTY

The equity index micros are the cleanest set — every one is exactly one tenth of its parent.

A naming note that confuses everyone: “E-mini” is itself already a reduced size. It shrank an older, larger contract that no longer trades. When CME needed something smaller still, “Micro E-mini” was the only name left. The label records history, not current scale.

Energy

Contract	Code	Size	Per tick	Fraction of
WTI Crude Oil	CL	1,000 barrels	$10.00	benchmark
Micro WTI Crude Oil	MCL	100 barrels	$1.00	1/10 of CL

MCL differs from CL in more than size. CL is physically delivered at Cushing, Oklahoma; MCL is financially settled. For anyone carrying a position near expiry that is the more consequential difference — no delivery mechanism means no first notice day to manage.

CME has also said a new smaller-sized WTI contract with 24/7 trading is due to list on 30 August 2026.

Currencies

Contract	Code	Size	Per tick	Fraction of
Euro FX	6E	125,000 EUR	$6.25	benchmark
Micro Euro FX	M6E	12,500 EUR	$1.25	1/10 of 6E

Micro versions also exist for several other majors. Note that FX futures are quoted as the foreign currency against the dollar — see the currencies page for why that inverts the direction for USD-first pairs like USD/JPY.

Cryptocurrency

Contract	Code	Size	Per tick	Fraction of
Bitcoin	BTC	5 bitcoin	$25.00	benchmark
Micro Bitcoin	MBT	0.1 bitcoin	$0.50	1/50 of BTC
Ether	ETH	50 ether	$25.00	benchmark
Micro Ether	MET	0.1 ether	$0.05	1/500 of ETH

The crypto micros are proportionally much smaller than elsewhere — Micro Ether is 1/500 of the benchmark, not 1/10. All crypto contracts moved to 24/7 trading on 29 May 2026.

What does not change

A micro contract is not a different product with different rules. It is the same underlying, the same exchange, the same clearing house, the same trading hours, and usually the same minimum tick increment. What changes is the multiplier — and therefore what a tick is worth.

The one thing that does sometimes change is settlement type, as MCL versus CL shows. Never assume the micro inherits the parent’s settlement mechanism; check the contract page.

The trade-off worth knowing

Micros are less liquid than their parents. Not illiquid — the equity index micros trade in very large volume — but the bid-ask spread on a micro is the same tick as the parent, which as a percentage of a much smaller notional is proportionally a larger cost. Ten micro contracts and one mini contract give the same exposure, but not necessarily at the same total cost.

Contract details are re-stated from CME Group’s published specifications; confirm current terms with your broker or the exchange. This page is descriptive and is not investment advice.

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