E-mini Russell 2000 (RTY)

What RTY tracks

RTY is the E-mini Russell 2000 futures contract, listed on CME. It follows the Russell 2000 Index, which measures about 2,000 smaller US companies. Each index point is worth $50.

Small-cap companies tend to rely more on domestic business and on borrowing than the mega-caps that dominate ES and NQ. Traders use RTY to express a view on smaller US companies or to trade the gap between small caps and large caps.

RTY contract specifications

Specifications come from CME Group: CME Rulebook Chapter 393, CME Micro E-mini FAQ. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves RTY

Several forces tend to drive RTY prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Economic data. Releases such as the monthly jobs report, CPI inflation and retail sales can move index futures sharply in the minutes after 8:30 a.m. ET.
• Federal Reserve policy. Rate decisions, meeting minutes and speeches by Fed officials change expectations for borrowing costs and stock valuations.
• Overnight news. Because futures trade nearly around the clock, they react to news from Asia and Europe before the US stock market opens.
• Credit conditions. Many small companies carry floating-rate debt, so changes in interest rates and lending conditions can hit the Russell 2000 harder than large-cap indexes.
• US growth outlook. Small caps earn more of their revenue at home, so US-focused data can move RTY more than global news.

Example P&L math

Say RTY rises 20 points while you hold one long contract. That is 200 ticks of $5:

• 200 ticks × $5 = $1,000 per contract.
• A short position would lose the same $1,000. Losses and gains are symmetric before costs.
• On the micro contract, Micro E-mini Russell 2000 (M2K), the same move is worth $100.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

M2K vs RTY

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. M2K is one-tenth of RTY, which means ten M2K contracts carry about the same exposure as one RTY.

When M2K fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When RTY fits: larger accounts where the per-contract cost of trading matters, since one RTY usually costs less in commissions and fees than ten M2K contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 5-point stop on RTY, each contract risks $250, so even one contract exceeds that limit. You would need a tighter stop, a larger risk budget or a smaller contract.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

RTY is cash-settled, so there is no physical delivery. If you hold to the end, your position closes at the final settlement price. Most active traders still roll to the next contract month a few days before expiry, when trading activity moves to the new month. Check the CME calendar for exact dates each month.

Related contracts

• Micro E-mini Russell 2000 (M2K)
• E-mini S&P 500 (ES)
• E-mini Nasdaq-100 (NQ)
• E-mini Dow (YM)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of RTY?

One minimum tick on RTY is 0.10 index points, worth $5 per contract. The point value is $50 per index point.

What are the trading hours for RTY?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a daily break from 5:00 to 6:00 p.m. ET (CME lists this as 5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is RTY cash-settled or physically delivered?

RTY is cash-settled. The last trading day rule: third Friday of the contract month. Trading in the expiring contract stops at the scheduled 9:30 a.m. ET open of NYSE trading.

How much margin do I need to trade RTY?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

How is RTY different from ES?

ES tracks about 500 large companies, while RTY tracks about 2,000 smaller ones. RTY ticks in 0.10 points worth $5, and ES ticks in 0.25 points worth $12.50. Both are worth $50 per point, but the Russell 2000 index level is much lower than the S&P 500.