Nasdaq futures are exchange-traded contracts whose prices track the Nasdaq-100, while the Nasdaq-100 itself is an index—not a tradable security. The contract most often called “Nasdaq futures” is CME’s E-mini Nasdaq-100 future (ticker NQ); the smaller Micro E-mini contract (MNQ) references the same index with a smaller dollar multiplier. Futures provide long or short index exposure, trade for specified expiry months and use leverage, so their pricing, settlement and risks differ from simply owning shares.
Nasdaq futures and the Nasdaq-100: the essential distinction
The Nasdaq-100 is a benchmark designed to measure 100 of the largest companies listed on Nasdaq that meet the index’s non-financial eligibility rules. It uses modified market-capitalization weighting, so companies with larger eligible market values generally have greater influence, subject to the methodology’s caps and diversification rules. The index is not the same as the Nasdaq Composite, which covers a much broader set of Nasdaq-listed companies.
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A futures contract is a separate legal instrument listed by an exchange. Its quoted price reflects the market’s estimate of the value of the Nasdaq-100 at the contract’s expiry, adjusted by financing costs, expected dividends, interest rates, supply and demand, and the time remaining. Buying an NQ or MNQ contract does not give you shares in any index constituent and does not make you a part-owner of the index.
Nasdaq says the index was launched on January 31, 1985. More than $1.7 trillion of exposure was linked to the Nasdaq-100 globally as of June 30, 2026; that figure covers products linked to the index and is not a measure of money invested specifically in futures. Nasdaq’s current methodology and the May 2026 update are documented in its official methodology and consultation announcement. The update, effective May 1, 2026, refined eligibility, entry and weighting rules while retaining the index’s central objective. Nasdaq Global Index Head Emily Spurling summarized that continuity: “The Nasdaq-100 is designed to represent 100 of the largest Nasdaq-listed non-financial companies, and that hasn’t changed.” Her statement appears in a May 8, 2026 Nasdaq interview.
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Which contracts are called Nasdaq futures?
CME Group lists two widely used contracts that reference the Nasdaq-100. The standard E-mini contract is identified by the ticker NQ. The Micro E-mini contract, MNQ, follows the same index but uses one-tenth of NQ’s point value. Both are quoted in U.S. dollars per Nasdaq-100 index point.
| Contract | Dollar multiplier | Minimum outright tick | Value of one tick | What a 10-point move changes |
|---|---|---|---|---|
| E-mini Nasdaq-100 (NQ) | $20 per index point | 0.25 index point | $5 per contract | $200 per contract |
| Micro E-mini Nasdaq-100 (MNQ) | $2 per index point | 0.25 index point | $0.50 per contract | $20 per contract |
These figures are contract specifications, not forecasts. A 10-point move in the quoted index level produces the stated change before commissions, exchange fees, bid-ask effects, taxes or other account adjustments. CME’s current NQ details are on its NQ overview and NQ contract-specification page; MNQ figures appear in the MNQ specifications.
How the point and tick math works
The multiplier converts an index move into a contract’s profit or loss. For a position held through a move, use this formula:
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteDollar change = index-point change × contract multiplier × number of contracts.
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NQ examples
- A 5-point rise changes one NQ contract by 5 × $20 = $100.
- A 25-point fall changes one NQ contract by 25 × $20 = $500 against a long position (and in favor of a short position), before costs.
- The smallest outright price increment is 0.25 point, so four ticks equal one index point and four NQ ticks equal $20.
MNQ examples
- A 5-point rise changes one MNQ contract by 5 × $2 = $10.
- A 25-point fall changes one MNQ contract by $50 against a long position, before costs.
- Each 0.25-point tick is worth $0.50, making ten MNQ ticks equal $5.
When calculating a position, multiply by the number of contracts. Two NQ contracts double every dollar result; ten MNQ contracts produce the same point exposure as one NQ contract because 10 × $2 equals $20 per point. This equivalence concerns exposure only; the contracts still have separate symbols, liquidity profiles, fees and order books.
When Nasdaq futures trade
CME lists NQ Globex trading from Sunday at 6:00 p.m. through Friday at 5:00 p.m. Eastern Time, with a daily maintenance period from 5:00 to 6:00 p.m. Eastern Time. The schedule allows trading outside the regular U.S. stock-session hours, so futures can react to overnight news, overseas markets and economic releases when Nasdaq-listed shares are not in their normal cash session.
The product page was last updated October 12, 2026. Holiday openings, early closes and emergency schedule changes can differ from the regular timetable. Check CME’s live product page and the exchange calendar for the specific date you intend to trade. A quote seen during the daily maintenance hour is not an actively trading Globex market.
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An NQ or MNQ position belongs to a particular contract month; it is not a permanent claim on the Nasdaq-100. CME follows the March quarterly cycle and lists five contract months in that cycle. The active month normally shifts as the nearest contract approaches its final trading date, but the exact dates and procedures are exchange-defined.
What “rolling” means
A trader who wants to maintain exposure beyond an expiring month must close that position and open a later month, a process called rolling. The two contracts can trade at different prices because of time, financing, expected dividends and supply and demand. The difference between months is therefore a real trading cost or benefit, not merely a change in ticker.
How final settlement differs from the cash index
CME’s final settlement for Nasdaq-100 futures uses a special opening quotation (SOQ) calculated from official opening prices of the index’s component stocks. That procedure means an expiring contract is not automatically settled to whatever value the cash index displays at a later closing time. The applicable last-trading time, SOQ calculation and delivery-versus-cash process are specified in the contract rules and CME’s settlement procedures. Confirm the current contract calendar before holding a position toward expiration.
Leverage, margin and the actual risk
Futures leverage lets a trader control a contract with a payment that is smaller than the contract’s full notional value. Margin is collateral required by the exchange or broker; it is not a cap on the amount that can be lost. Because the multiplier fixes the dollar result of every point, a fast market move can consume available account funds quickly.
- Margin requirements change with volatility, exchange rules, the contract month and the broker’s risk policy. No single current dollar requirement applies to every account.
- A position can lose more than the initial margin deposit. Brokers may require additional funds, reduce positions or liquidate them when account equity falls below maintenance requirements.
- Overnight trading can be thinner and more volatile than the regular stock session, and news can create gaps between executable prices.
- Stop orders do not guarantee a specific fill price during a rapid move or a market gap.
Use CME’s risk and product information together with the current margin schedule from the broker you would use. Neither central clearing nor an exchange listing removes market risk.
Nasdaq-100 index, NQ, MNQ and share-based exposure compared
The following distinctions help prevent the most common category errors. Share-based examples refer to owning an exchange-traded fund or a self-built basket generally; no specific fund’s current fees or margin are implied here.
| Characteristic | Nasdaq-100 index | NQ futures | MNQ futures | Shares or an index-tracking fund |
|---|---|---|---|---|
| What it is | A calculated benchmark | CME futures contract | CME micro futures contract | Equity securities representing shares or fund units |
| Ownership of companies | None | None | None | Ownership interest in the security; a fund may hold the underlying shares |
| Exposure measurement | Index level | $20 per point | $2 per point | Share price and number of shares |
| Trading window | Index calculation follows its rules and market data | Globex hours with a daily break | Globex hours with a daily break | Usually the listing venue’s regular session, plus any permitted extended session |
| Expiry and roll | No futures expiry | Quarterly contract lifecycle; roll or close before expiry | Quarterly contract lifecycle; roll or close before expiry | No futures expiry, though the security can be sold or a fund can change its holdings |
| Leverage | Not applicable to the index itself | Margin-based and leveraged | Margin-based and leveraged | Normally paid for in full unless a separate borrowing arrangement is used |
The table is a structural comparison, not a recommendation. Financing, dividends, tax treatment, commissions and broker rules vary by product and jurisdiction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why futures prices can differ from the index level
Futures are forward contracts, so their fair value reflects the index level plus or minus the carrying costs of holding an equivalent basket until expiry. Interest rates, expected dividends, days remaining, demand for hedges and short exposure, and temporary order imbalances can all move the futures premium or discount. The difference is often called the basis. It can narrow or widen as the contract approaches settlement.
During overnight hours, the futures price may move while the cash index is not being recalculated from a fully open stock market. When the underlying shares begin trading, the index and futures can adjust rapidly toward one another without implying that either quote was “wrong.”
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A practical checklist for reading an NQ or MNQ quote
- Identify the symbol and month. Confirm whether the quote is NQ or MNQ and which quarterly contract is displayed.
- Read the multiplier. Use $20 per point for NQ or $2 per point for MNQ; never infer dollar risk from the index number alone.
- Convert the intended stop or target into dollars. Multiply the point distance by the multiplier and the number of contracts.
- Check the trading session. Note whether the market is in the regular overnight schedule, near the 5:00–6:00 p.m. ET maintenance break or approaching a holiday close.
- Check expiry information. If the position extends toward the contract’s last trading date, read CME’s current settlement and roll dates.
- Review account requirements. Verify initial and maintenance margin, permitted order types, liquidation policies and commissions with the broker.
Common misconceptions and how to avoid them
“Nasdaq futures are the Nasdaq-100.”
No. The Nasdaq-100 is the benchmark calculation; NQ and MNQ are contracts that reference it for a defined month.
“NQ gives me technology-stock ownership.”
No. The index includes non-financial companies selected by Nasdaq’s rules and is not limited to technology. A futures position creates price exposure, not voting rights, dividends or ownership of component shares.
“A small margin deposit means a small possible loss.”
No. Margin supports the position; the multiplier and market movement determine gains and losses. A move of 100 index points changes one NQ contract by $2,000 and one MNQ contract by $200 before costs.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match“The expiring future settles to the index’s last closing quote.”
Not necessarily. CME’s SOQ uses official component opening prices, so the final settlement value can differ from a later cash-market close.
“The schedule is the same every day.”
The regular Globex timetable includes a daily maintenance break, and holidays can change opening and closing times. Always verify the date-specific CME schedule.
What to verify before using these contracts
- The current Nasdaq-100 methodology and any effective-date changes.
- The exact NQ or MNQ contract month, first notice or last-trading details and settlement method.
- Live exchange hours for the trading date, including holidays and maintenance.
- Broker-specific initial and maintenance margin, commissions, data fees and liquidation rules.
- Your dollar exposure per point and the maximum loss you can withstand, rather than relying on the margin figure.
These checks matter because contract specifications, calendars, margins and index rules can change. The information above reflects primary-source material available through October 13, 2026; CME and Nasdaq pages should be rechecked immediately before a transaction.
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