What Are Micro E-mini Nasdaq-100 Futures? MNQ Explained
Learn what MNQ futures are: dated Micro E-mini Nasdaq-100 contracts, the $2 multiplier, $0.50 outright tick, quarterly months, and cash settlement.
Direct answer
Micro E-mini Nasdaq-100 futures, usually called MNQ, are CME cash-settled agreements for named contract months. One contract is $2 times the Nasdaq-100 Index. An ordinary outright minimum movement is 0.25 index point, or $0.50 per contract. MNQ is not the Nasdaq-100 Index, an ETF share, or a claim to delivery of its component stocks.
MNQ identifies a dated futures agreement
MNQ is the product root for Micro E-mini Nasdaq-100 Index futures. A root is not a complete contract identity: the delivery month and year identify the agreement whose price, trading rules, and final-settlement process are being discussed. CME determines the listed months, so a quarterly convention does not establish which contracts are currently available.
E-mini Nasdaq-100 futures describe the larger NQ contract tied to the same index reference. Futures contract month codes explains how to resolve a compact platform symbol before treating a number as a particular MNQ agreement.
The $2 multiplier sets MNQ's dollar scale
Chapter 361 values one MNQ contract at $2 times the Nasdaq-100 Index. A one-index-point movement therefore corresponds to $2 for one contract before fees, quantity, and the distinction between a displayed field and an executed trade. That calculation is a contract term, not an account balance, a margin requirement, or a suggested position size.
MNQ's multiplier is one tenth of the $20 multiplier for standard NQ. That relationship describes these two named CME contracts; it does not mean that every product labelled micro has the same ratio. Micro E-mini versus E-mini futures provides the general comparison framework, and futures tick value and contract multipliers separates a point from a minimum increment.
An outright tick and an intermonth-spread increment are different rules
For an ordinary outright MNQ bid or offer, the minimum increment is 0.25 index point. At $2 per point, that is $0.50 per contract. Rule 542.A intermonth spreads have a separate minimum increment of 0.05 point, or $0.10 per spread. The spread increment does not replace the outright tick and must not be inferred merely because two delivery months appear on the same screen.
Keep the contract type with the price. How to read E-mini Nasdaq-100 futures quotes shows the broader quote-record discipline: root, month-year, price field, source, time, session, and data status all affect what a number means.
MNQ ends through cash settlement, not stock delivery
MNQ is cash settled. The rulebook defines final settlement as a special opening quotation of the Nasdaq-100 on the third Friday of the delivery month, based on component opening prices, with stated calendar contingencies. It is not a promise to deliver Nasdaq-100 stocks or a reason to call any nearby index value final settlement.
Cash-settled versus physically delivered futures explains the settlement-design distinction. For any named expiry, retain the contract month and current exchange calendar rather than deriving an account deadline from a general description.
This guide explains standard MNQ contract mechanics. It does not provide a live price, forecast, margin requirement, trading recommendation, or broker-specific instruction. Current CME rules, market-data terms, and account documents govern a particular position.
Common questions
What does MNQ mean in futures?
MNQ is the CME product root for Micro E-mini Nasdaq-100 Index futures. Add a contract month and year to identify a particular agreement.
Is MNQ the Nasdaq-100 Index itself?
No. MNQ is a dated futures contract that references the Nasdaq-100 Index; it is not the Index or an ownership interest in its stocks.
How much is one MNQ index point worth?
For one MNQ contract, one index point represents $2 because the contract unit is $2 times the Nasdaq-100 Index.
What is the ordinary MNQ tick value?
The ordinary outright minimum increment is 0.25 point, equal to $0.50 per contract. A qualifying intermonth spread uses the separate 0.05-point, $0.10 increment.
Does MNQ deliver Nasdaq-100 stocks at settlement?
No. MNQ is cash settled to its contract-defined final settlement price.