What Are E-mini Russell 2000 Futures? RTY Explained
Learn what RTY E-mini Russell 2000 futures are: $50-times-index contracts on 2,000 small caps, their $5.00 outright tick, and SOQ cash settlement.
Direct answer
E-mini Russell 2000 futures, commonly identified as RTY, are CME contracts worth $50 times the Russell 2000 small-cap index of 2,000 stocks. On CME Globex, an ordinary outright minimum movement of 0.10 index points equals $5.00 per contract, while calendar spreads use 0.05. Standard RTY futures are cash settled to the special opening quotation of the index, never physically delivered.
RTY names a dated small-cap index agreement, not the cash index itself
RTY is the product root for CME E-mini Russell 2000 futures. A complete agreement also has a contract month and year, so a value displayed beside RTY is not automatically the current cash index level or an ETF price. It is a labelled observation of a futures contract, and the label determines which rules and settlement process apply.
How to read E-mini Russell 2000 futures quotes shows which fields make an observation usable. E-mini Russell 2000 futures expiration and final settlement explains why the named quarter matters when a contract approaches its SOQ settlement.
The $50 RTY multiplier turns index points into contract dollars
One RTY contract is valued at $50 times the index: an index quote of 2,400 implies about $120,000 notional per contract. The multiplier describes the standardized exposure; it is not a claim about an account balance, margin, or appropriate order size.
Futures tick value and contract multipliers derives the RTY $5.00 outright tick from the $50 multiplier. Futures position sizing treats that exposure, the number of contracts, and an account's own limits as three separate inputs.
RTY outright, spread, and micro increments form a size ladder
For an ordinary RTY outright trade on CME Globex, the minimum fluctuation is 0.10 index points, or $5.00 per contract. Calendar and inter-commodity spreads executed simultaneously under Rule 542 may use 0.05, or $2.50. The Micro E-mini sibling, M2K, is $5 times the index with a 0.10 tick worth $0.50, one-tenth the RTY step.
Micro E-mini versus E-mini futures explains the sizing relationship across the families. Record the product and spread type before calculating a movement or comparing two displayed prices.
SOQ cash settlement sets RTY apart from deliverable futures
RTY futures settle in cash to the special opening quotation of the Russell 2000, computed from component opening prices on the third Friday of the contract month. No basket of 2,000 stocks changes hands. Quarterly March, June, September, and December expirations keep the cycle compact, and BTIC and EFP paths let existing stock or index exposure move into futures form.
Cash-settled versus physically delivered futures draws the general settlement-design line, and RTY sits on the cash-settled side. ES futures versus SPY ETF covers the large-cap futures-versus-fund comparison for readers weighing index vehicles.
A workable RTY record separates quotation facts from account facts
Before relying on an RTY number, preserve the root, quarter-year, index-point convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact RTY symbol into the agreement whose settlement calendar applies.
Margin is collateral, not a substitute for the $50-times-index exposure or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard E-mini Russell 2000 futures mechanics. It does not provide a live index price, a small-cap forecast, margin requirement, trade recommendation, or broker settlement instruction. Current CME rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does RTY mean in futures?
RTY is the CME product root for E-mini Russell 2000 Index futures. Add a contract quarter and year to identify the particular standardized agreement.
How is one RTY contract valued?
At $50 times the index: a 2,400 index quote implies about $120,000 notional. The multiplier and quotation convention are both needed to interpret a price.
What is the ordinary RTY tick value?
The ordinary CME Globex outright minimum movement is 0.10 index points, equal to $5.00 per standard RTY contract. Spreads may use 0.05.
How does RTY differ from Micro Russell 2000 futures?
M2K is $5 times the index with a $0.50 tick, one-tenth the RTY size. Both settle to the index; only the exposure and tick dollars differ.
Are E-mini Russell 2000 futures cash settled?
Yes. Standard RTY futures settle in cash to the special opening quotation of the index. No stocks change hands through delivery procedures.