What one M2K contract is worth
The Micro E-mini Russell 2000 trades on CME in increments of 0.1. Because its point multiplier is $5.00, one tick is worth $0.50 and a full point is worth $5.00 — per contract, in both directions. Multiply by your contract count for the position.
The number that catches people out is notional value: price × $5.00, which is the exposure one contract actually carries, not the margin you posted to open it. Change the price above to see it for the level you're trading.
M2K vs RTY
M2K is the micro version of RTY (E-mini Russell 2000), at one tenth the size — $5.00 per point against $50.00. Same index, same hours, same tick size; 10× less money per tick.
What an M2K round turn costs
CME charges $0.35 exchange and $0.19 clearing per side, plus $0.02 NFA — so $1.12 per round turn, per contract, before your broker's commission. These rates are the same at every broker, because the venue charges them, not the broker — and most brokers' fee column doesn't include them. On M2K that's 2.2 ticks of cost on every trade.
Who trades M2K and when
Same quarterly cycle as RTY. Of the four CME micro index products, this one has the thinnest liquidity — a real consideration if you're used to MES or MNQ fill quality and stepping into small-cap for the first time.
Sizing an M2K position
Contract value is only half the question. How many M2K contracts you should trade depends on your account size and stop distance — the position size calculator works that out, and the expectancy calculator tells you whether the resulting trades pay over time.