What You'll Learn
What E-nano equity index futures are
How E-nano contract size compares to Micro E-mini and E-mini contracts
When E-nano contracts trade, how they settle, and where they can be traded
How exchange fees and commissions on E-nano contracts compare to Micros
What Are E-nano Futures Contracts?
E-nano equity index futures are the smallest-sized equity index contracts listed by CME Group, covering four major U.S. benchmarks. They track the same underlying indexes as Micro E-mini and E-mini contracts, with a smaller contract multiplier and a wider tick increment.
An E-nano is an equity index futures contract sized at 1/10th of a Micro E-mini and 1/100th of a standard E-mini. It tracks the same underlying index as its larger counterparts and trades on the same schedule. The differences are the contract multiplier and the tick increment.
Four E-nano products are available with Topstep Brokerage:
Contract | Platform Name | Globex Code | Multiplier | Exchange |
E-nano S&P 500 | Nano S&P 500 | NES | $0.50 x index | CME |
E-nano Nasdaq-100 | Nano Nasdaq | NNQ | $0.20 x index | CME |
E-nano Russell 2000 | Nano Russell 2000 | N2K | $0.50 x index | CME |
E-nano Dow Jones Industrial Average | Nano Dow | NDOW | $0.05 x index | CBOT |
When selecting a contract on TopstepX, look for the "Nano" name in the instrument drop-down.
Size Comparison
The figures below show each contract's multiplier, or the dollar value of a one-point move in the underlying index.
Index | E-nano | Micro E-mini | E-mini |
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 |
As a hypothetical example, if the S&P 500 index were at 7,000, one E-nano S&P 500 contract would carry a notional value of roughly $3,500, compared to about $35,000 for a Micro E-mini and $350,000 for an E-mini. This example is for illustration only and does not reflect current index levels.
Tick Size and Tick Value by Contract
According to CME Group's E-nano FAQ, the wider increment avoids rounding complications created by the fractional multiplier. Tick size is the smallest amount an index can move and tick value is what that move is worth in dollars.
Contract | Tick Size | Tick Value |
E-nano S&P 500 (NES) | 0.50 index points | $0.25 |
E-nano Nasdaq-100 (NNQ) | 0.50 index points | $0.10 |
E-nano Russell 2000 (N2K) | 0.20 index points | $0.10 |
E-nano Dow Jones (NDOW) | 2.00 index points | $0.10 |
Tick Sizes Are Double the Micro Tick
This is an important difference to understand before placing an order. E-nano tick increments are 2x the size of the corresponding Micro E-mini contract.
What that means in practice:
Prices move in wider steps. An E-nano contract has half as many available price levels as the Micro on the same index. Price cannot land between E-nano ticks.
Order prices must sit on a valid E-nano tick. A limit, stop, or bracket priced to a Micro increment is not a valid E-nano price and may be rejected.
Bid-ask spreads are quoted in the wider increment. The tightest possible spread on an E-nano contract is one E-nano tick, which covers twice the index-point distance of a one-tick Micro spread.
Your platform tools reflect the wider tick. Depth of market and any tick-based stop or target settings step in E-nano increments, not Micro increments.
Fees and Commissions
Exchange fees and Topstep Brokerage commissions on E-nano contracts are the same as those charged on Micro E-mini contracts. Exchange fees are set by CME Group and are subject to change.
Contract | Ticker | Exchange Fee (per side) | Commissions (per side) | NFA Fee |
E-nano S&P 500 | NES | $0.35 | $0.25 | $0.01 |
E-nano Nasdaq-100 | NNQ | $0.35 | $0.25 | $0.01 |
E-nano Russell 2000 | N2K | $0.35 | $0.25 | $0.01 |
E-nano Dow Jones | NDOW | $0.35 | $0.25 | $0.01 |
Trading Hours
E-nano equity index futures trade standard Globex hours only: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the standard maintenance halt from 4:00 p.m. to 5:00 p.m. CT. These contracts do not trade around the clock.
Contract Months and Settlement
E-nano contracts list the nearest two quarterly expirations (March, June, September, and December).
All four contracts are cash settled, so there is no delivery of any underlying asset.
The daily settlement price is based on a 30 second volume weighted average price of the corresponding E-mini contract, rounded to the nearest E-nano tick.
Final settlement is based on the Special Opening Quotation of the underlying index on the third Friday of the contract month.
Frequently Asked Questions
Do E-nano contracts track the same index as Micros?
Yes. E-nano contracts track the identical underlying index. Only the multiplier and tick increment differ.
Why was my order rejected on an E-nano contract?
One common cause is an order priced to a Micro E-mini tick increment. E-nano ticks are twice as wide, so the order price must land on a valid E-nano tick. If the issue persists, contact the Support Team.
Need Help?
Have a question about E-nano contracts or how they appear in your account? Contact the Support Team and we'll be happy to help.