CME · Equity Index · Futures

Micro E-mini Nasdaq-100 Futures (MNQ)

The Micro E-mini Nasdaq-100 (MNQ) is one tenth of the E-mini Nasdaq-100: $2 times the index, cash-settled, traded nearly 24 hours a day on CME Globex.

Live MNQ chart on TradingView Affiliate link

COT data as of Sep 22, 2026 · Margins as of Sep 30, 2026 · Roll & expiry dates checked daily

Tick size / value: 0.25 pts = $0.50
Point value: $2 / pt
Active contract: MNQZ26 Dec 2026
Next roll: Dec 10 in 72 days
Globex right now: Checking…

Contract specifications

Exchange: Chicago Mercantile Exchange (CME Group)
Underlying: Nasdaq-100 Index
Contract unit: $2 × Nasdaq-100 Index
Minimum tick: 0.25 index points = $0.50 per contract
Point value: $2.00 per index point · 4 ticks per pt
Price quotation: U.S. dollars and cents per index point
Contract months: Quarterly: March (H), June (M), September (U), December (Z)
Settlement: Financially settled (cash)
Final settlement: Special Opening Quotation (SOQ) of the Nasdaq-100 on the third Friday of the contract month
Termination of trading: 9:30 a.m. ET on the third Friday of the contract month
Globex code: MNQ

Contract sizes compared
Symbol	Contract	Per pt	Tick value	Size
MNQ	Micro E-mini Nasdaq-100	$2.00	$0.50	This contract
NQ	E-mini Nasdaq-100	$20.00	$5.00	10× MNQ

Source: CME Group contract specifications · reviewed Sep 30, 2026

Roll dates, first notice & expiration

Contract	Roll date	First notice	Last trading day	Days left
MNQZ26 Dec 2026 Active	Thu, Dec 10, 2026	n/a	Fri, Dec 18, 2026	80
MNQH27 Mar 2027	Thu, Mar 11, 2027	n/a	Fri, Mar 19, 2027	171
MNQM27 Jun 2027	Thu, Jun 10, 2027	n/a	Thu, Jun 17, 2027 holiday-adjusted	261
MNQU27 Sep 2027	Thu, Sep 9, 2027	n/a	Fri, Sep 17, 2027	353
MNQZ27 Dec 2027	Thu, Dec 9, 2027	n/a	Fri, Dec 17, 2027	444
MNQH28 Mar 2028	Thu, Mar 9, 2028	n/a	Fri, Mar 17, 2028	535

Roll. The industry roll date is eight calendar days before expiration (the Thursday of the prior week). Volume and open interest shift to the next quarter around this date.

First notice day. None – NQ is cash-settled, so there is no delivery process and no first notice day. Longs can hold into expiration.

Last trading day. Third Friday of the contract month. If the exchange is closed that day, trading ends on the preceding business day.

US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18

Learn more: Futures roll dates explained · First notice day vs. last trading day

Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.

Trading hours (ET / CT)

Session	Eastern (ET)	Central (CT)	Your time
CME Globex (electronic)	Sun–Fri 6:00 p.m. – 5:00 p.m.	Sun–Fri 5:00 p.m. – 4:00 p.m.	–
Daily maintenance break	Mon–Thu 5:00 – 6:00 p.m.	Mon–Thu 4:00 – 5:00 p.m.	–
US cash session (RTH, reference)	Mon–Fri 9:30 a.m. – 4:00 p.m.	Mon–Fri 8:30 a.m. – 3:00 p.m.	–
Daily settlement	4:00 p.m.	3:00 p.m.	–
Last trading day close	9:30 a.m. (third Friday)	8:30 a.m. (third Friday)	–

Holiday hours differ – check the CME holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).

Margins

CME Group maintenance margin per contract, outright position · as of Sep 30, 2026
Contract	Long position	Short position
MNQZ26 Dec 2026 Active	$4,308	$4,110
MNQH27 Mar 2027	$4,347	$4,146
MNQM27 Jun 2027	$4,376	$4,201
MNQU27 Sep 2027	$4,387	$4,255

Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.

Learn more: Futures margin explained · Micro vs. E-mini futures

COT positioning

CFTC Traders in Financial Futures (TFF), futures only · positions as of Tue, Sep 22, 2026 · released Sep 25, 2026

Positioning shown for the full-size E-mini Nasdaq-100 (NQ) contract. The CFTC reports MNQ separately, but its positions are too small to read on their own. Full NQ page.

Dealers / Intermediaries

−58,404 net contracts

+20,825 vs. prior week · −20.4% of OI

COT Index 26 wk 24

COT Index 3 yr 39

Movement (6 wk): −51 ±40 surge

Banks and dealers on the other side of client flow. Tend to act contrarian – selling strength, buying weakness.

Asset Managers

+72,220 net contracts

+5,409 vs. prior week · +25.2% of OI

COT Index 26 wk 42

COT Index 3 yr 58

Movement (6 wk): +16

Pension funds, insurers, mutual funds. Structurally long; read changes against their own range, not the sign.

Leveraged Funds

−30,683 net contracts

−24,296 vs. prior week · −10.7% of OI

COT Index 26 wk 71

COT Index 3 yr 55

Movement (6 wk): +55 ±40 surge

Hedge funds and CTAs. Trend followers – their net position tends to run with price and peaks near turning points.

Net positions, last 3 years contracts, long minus short

Dealers / IntermediariesAsset ManagersLeveraged Funds

COT Index, 3-year window 0 = most net short in 3 years, 100 = most net long · shaded: extreme zones

Dealers / IntermediariesLeveraged Funds

Traders in Financial Futures (TFF) · open interest 286,321 (−39,463 w/w)
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Dealers / Intermediaries	57,512	115,916	−58,404	+20,825	+4,844	24	39	−51
Asset Managers	106,240	34,020	+72,220	+5,409	−996	42	58	+16
Leveraged Funds	54,033	84,716	−30,683	−24,296	+10,549	71	55	+55
Other Reportables	15,590	8,336	+7,254	+3,589	+3,087	100	47	+5
Nonreportables	40,610	30,997	+9,613	−5,527	−17,484	42	54	−40

Legacy Report · open interest 286,321 (−39,463 w/w) · WILLCO (26 wk, commercials vs. OI): 0
Group	Long	Short	Net	Δ 1 wk	Δ 4 wk	Index 26 wk	Index 3 yr	Move 6 wk
Commercials	152,580	218,343	−65,763	−16,905	−28,627	0	1	−99
Non-Commercials	88,507	32,357	+56,150	+22,432	+46,111	100	99	+99
Nonreportables (small)	40,610	30,997	+9,613	−5,527	−17,484	42	54	−40

Weekly net positions, last 12 reports (Traders in Financial Futures (TFF))

Report date	Dealers / Intermediaries	Asset Managers	Leveraged Funds	Other Reportables	Nonreportables	Open interest
Sep 22, 2026	−58,404	+72,220	−30,683	+7,254	+9,613	286,321
Sep 15, 2026	−79,229	+66,811	−6,387	+3,665	+15,140	325,784
Sep 8, 2026	−66,712	+75,526	−31,872	+2,935	+20,123	295,151
Sep 1, 2026	−78,774	+71,877	−14,092	+1,459	+19,530	300,140
Aug 25, 2026	−63,248	+73,216	−41,232	+4,167	+27,097	301,987
Aug 18, 2026	−35,042	+68,332	−61,771	+5,718	+22,763	297,931
Aug 11, 2026	+2,897	+61,665	−89,125	+2,736	+21,827	282,662
Aug 4, 2026	+8,749	+64,359	−78,333	+6,028	−803	303,624
Jul 28, 2026	−27,581	+76,759	−58,298	−912	+10,032	294,781
Jul 21, 2026	−5,700	+72,625	−74,690	+300	+7,465	286,903
Jul 14, 2026	−11,027	+74,063	−64,163	−4,152	+5,279	284,971
Jul 7, 2026	−30,244	+78,970	−55,013	−3,354	+9,641	285,086

Learn more: How to read the COT report · COT overview of all contracts

How to read these numbers

Net position = long minus short contracts (spread positions excluded).
COT Index = where today's net position sits within its range over the window: 100 × (net − min) / (max − min). It is a stochastic, not a percentile. Readings above 80 or below 20 are commonly treated as positioning extremes (after Stephen Briese and Larry Williams).
Movement Index = change of the 3-year COT Index over 6 weeks. Moves of ±40 points mark unusually fast repositioning.
WILLCO (Legacy report) = COT Index of commercials' net position as a share of open interest, 26-week window.
Positions are as of Tuesday and released Friday at 3:30 p.m. ET. COT data shows positioning, not timing – it is context, not a trading signal. Open-interest-based indicators are left out for stock index futures because quarterly expirations distort open interest.

Source: CFTC Public Reporting Environment · contract market code 209742 (NASDAQ MINI - CHICAGO MERCANTILE EXCHANGE)

MNQ profit & loss calculator

Learn more: Tick value and point value explained

Before commissions and exchange fees. Prices round to the nearest tick of 0.25.

FAQ

What is the tick value of MNQ?

One tick is 0.25 index points, worth $0.50 per contract. A full index point is worth $2. Ten MNQ contracts equal one NQ contract.

Do MNQ and NQ expire on the same day?

Yes. Both expire on the third Friday of March, June, September and December.