Webull is adding the smallest tier in CME Group’s equity-index futures range, giving eligible retail customers exposure to the S&P 500 and Nasdaq-100 in increments below the existing Micro E-mini format.
London's trading industry is coming home!
The online investment platform will offer E-nano S&P 500 and E-nano Nasdaq-100 futures from mid-September, according to a company announcement. Access will require an approved Webull futures account and remain subject to applicable margin, risk and jurisdictional requirements.
The addition gives customers another way to manage exposure to major US equity benchmarks without taking the notional position associated with larger contracts.
The smaller size may also reduce the dollar amount required to meet margin requirements, although the contracts remain leveraged instruments.
One-Tenth the Size of Micro E-minis
Webull’s rollout follows CME’s broader effort to push equity-index futures into smaller retail-sized contracts.
CME’s E-nano contracts are sized at one-tenth of comparable Micro E-mini futures and one-hundredth of their corresponding E-mini contracts. The E-nano S&P 500 carries a multiplier of $0.50 per index point, compared with $5 for the Micro E-mini and $50 for the E-mini.
The E-nano Nasdaq-100 uses a multiplier of $0.20 per point. This structure allows traders to adjust their index exposure in smaller increments. According to CME's product specifications, the contracts provide 23 hours of access.
CME introduced E-nano futures on August 24 for four benchmarks: the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average.
Robinhood and NinjaTrader were named as launch partners when CME announced the new format. Interactive Brokers is also listed among CME’s featured brokers, while Tradovate includes E-nano contracts in its pricing and margin information.
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Smaller Contracts Already Drive CME Activity
Micro E-mini equity-index futures and options generated average daily volume of 4.4 million contracts in July, representing 54% of CME’s total Equity Index ADV, Finance Magnates reported.
Within that total, Micro E-mini Nasdaq-100 futures reached an ADV of 3 million contracts, up 159% year over year. Micro E-mini S&P 500 futures recorded ADV of 1.1 million contracts, an increase of 27%.
Webull has not disclosed expected trading volumes or customer demand for the two E-nano products. The smaller contract size changes the index exposure each contract represents, but customers will still need to meet Webull’s futures approval and margin requirements.
