What Is the E-mini Nasdaq-100 (NQ) Futures Contract?
NQ is the E-mini Nasdaq-100 futures contract traded on the CME. It tracks the Nasdaq-100 index, an index dominated by large-cap, non-financial growth companies. The contract’s structure produces faster movement, sharper rotations, and more aggressive volatility than broader index futures.
What NQ represents
NQ is a leveraged derivative tied to the level of the Nasdaq-100 index. Price movement reflects changes in index value rather than ownership of individual stocks. The contract is marked-to-market continuously and trades nearly around the clock, making it sensitive to global risk flows, earnings cycles, and macro shifts.
The mechanics of how index futures function at a structural level are covered in the Futures Basics hub.
Why NQ behaves differently than ES
Unlike ES, which tracks the broader S&P 500, NQ is concentrated in technology and growth-oriented companies. This concentration amplifies reactions to interest rates, earnings, and risk sentiment. Sustained momentum phases tend to extend further, while failed moves often unwind faster.
A direct comparison between the two contracts is covered in NQ vs ES: Volatility, Liquidity, and Trader Fit.
Contract size and movement characteristics
NQ’s tick structure and average range create larger dollar swings per unit of time than ES. Identical stop distances applied across contracts do not produce equivalent risk outcomes. This characteristic is the primary reason NQ develops a reputation for speed and instability relative to other index futures.
Specific tick and dollar values are detailed in NQ Tick Size, Tick Value, and Dollar Risk Explained.
The role of MNQ
MNQ, the Micro E-mini Nasdaq-100, mirrors NQ’s price behavior with reduced contract size. The micro contract exists to allow participation in Nasdaq-driven movement without the same capital exposure, while preserving identical structural behavior.
Bottom line
The E-mini Nasdaq-100 futures contract offers leveraged exposure to one of the most concentrated and reactive equity indexes in the world. Its behavior reflects sector concentration, risk sensitivity, and liquidity-driven momentum rather than randomness. Understanding these characteristics is mandatory before treating NQ as interchangeable with other index futures.