ICE Micro MSCI Index Futures
Efficiently trade leading equity benchmarks
For the first time, micro-sized futures contracts are available on some of the most liquid equity benchmarks in the world. Calculated by MSCI, a leading provider of index solutions serving the world’s institutional investors, the MSCI USA and MSCI Europe Indices are designed to capture the full opportunity set in their respective region
ICE’s micro MSCI Index Futures are highly scalable contracts that enable investors to have control on the level of equity risk they want to manage when trading the European and US equities.
Key benefits
- Simple - Standardized futures contracts referencing the barometers for European and U.S. equities. Both contracts are denominated in USD and are available for trading on a single derivatives exchange
- Capital Efficient - Participants can gain exposure to a notional of ~ US$20,000 (as of October 7, 2021) in the contracts with minimal upfront deposit (Initial Margin available on Margin Scanning)
- Liquid and Transparent - Tradable via a transparent orderbook where appointed market makers provide intraday liquidity during Asian trading hours
ICE is the leading venue for MSCI Index Futures
ICE currently lists more than 90 futures and options contracts on MSCI indices, capturing the entire equity opportunity set across all major broad benchmarks, such as the MSCI ACWI, World, Emerging Markets and EAFE down to country-specific, sector and factor indices. With a wide and growing buy-side user base of all MSCI derivative venues, ICE is committed to providing participants around with world with tools to manage equity risk in a capital efficient manner.
micro MSCI USA Index Futures | micro MSCI Europe Index Futures | |
|---|---|---|
| Underlying Index / Variant / Currency | MSCI USA (Price Return) Index (USD) | MSCI Europe (Price Return) Index (USD) |
| Index Ticker | MXUS | M3EU |
| Contract Symbol | SMU | SME |
| Index Value | 4,350 (as of August 26th 2021) | 2,078 (as of August 26th 2021) |
| Minimum Tick Increment (Index Pts) | 0.2 / US$1 | 0.1 / US$1 |
| Multiplier | $5 | $10 |
| Contract Value | ~$20,000 (as of October 7, 2021) |
|---|---|
| Delivery Months | 5 quarterly expiries (March, June, September and December cycle) |
| Minimum Block Size | 50 lots |
| Last Trading Day | Third Friday of the contract month Trading in the expiring contract ceases at 7:00 PM SGT |
| Final Settlement | Cash settlement on the basis of a special calculation of the Index based on the opening prices of the component stocks on the Last Trading Day and provided to the Exchange on such a day. | Cash settlement on the basis of the closing value of the Index in respect of the Last Trading Day. |
|---|
| Trading Hours |
Monday to Friday |
|---|---|
| Exchange / Clearing Venue | ICE Futures Singapore / ICE Clear Singapore |
Overview of the Underlying Indices
With over $14.5 trillion in assets benchmarked to its various indices, MSCI has been widely recognized by institutional investors for the quality of its global equity indices.
MSCI USA Index (in USD)
The MSCI USA Index is a market capitalization weighted index designed to track the performance of large and mid-size companies in the U.S. With over 600 constituents, the index covers approximately 85% of the total U.S. equity market and therefore offers a greater representativity for the mid cap segment of the market than other U.S. equity indices.
Learn more about the index with the MSCI USA Index FAQ.
MSCI USA vs. S&P 500
Daily Historical Prices
Market Cap Distribution MSCI USA Index
Daily Historical Prices
Top 10 Index Constituents
| Security | Country | Float Adj. Mkt Cap (USD billions) | Index Weight (%) | Sector |
|---|---|---|---|---|
| APPLE | USA | $2,448.71 | 6.15% | Information Technology |
| MICROSOFT CORP | USA | $2,148.85 | 5.12% | Information Technology |
| AMAZON.COM | USA | $1,675.66 | 3.57% | Consumer Discretionary |
| FACEBOOK A | USA | $857.06 | 2.15% | Communication Services |
| ALPHABET A | USA | $810.35 | 2.03% | Communication Services |
| ALPHABET C | USA | $885.85 | 2.00% | Communication Services |
| TESLA | USA | $659.61 | 1.32% | Consumer Discretionary |
| NVIDIA | USA | $482.80 | 1.21% | Information Technology |
| JPMORGAN CHASE & CO | USA | $463.16 | 1.16% | Financials |
| JOHNSON & JOHNSON | USA | $452.66 | 1.14% | Health Care |
MSCI Europe Index (in USD)
The MSCI Europe Index is a market capitalization weighted index designed to track the performance of large and mid-size companies in Europe. With over 400 constituents, this broad market index covers approximately 85% of the total European equity universe. European markets included in the index are covering all major developed markets in Europe: United Kingdom, Eurozone, Switzerland and the Nordic countries.
With its broad market coverage and denomination in USD, the MSCI Europe Index offers greater diversification potential than pure eurozone equity indices.
Learn more about the index with the MSCI Europe Index FAQ.
MSCI Europe Index components per Country of Domicile
MSCI Europe vs. EURO STOXX 50
Daily Historical Prices
Top 10 Index Constituents
| Security | Country | Float Adj. Mkt Cap (USD billions) | Index Weight (%) | Sector |
|---|---|---|---|---|
| NESTLE | SWITZERLAND | $364.93 | 3.28% | Consumer Staples |
| ASML HLDG | NETHERLANDS | $317.86 | 2.85% | Information Technology |
| ROCHE HOLDING GENUSS | SWITZERLAND | $271.59 | 2.44% | Health Care |
| LVMH MOET HENNESSY | FRANCE | $403.36 | 1.99% | Consumer Discretionary |
| NOVARTIS | SWITZERLAND | $228.33 | 1.84% | Health Care |
| ASTRAZENECA | UNITED KINGDOM | $177.87 | 1.60% | Health Care |
| NOVO NORDISK B | DENMARK | $167.59 | 1.43% | Health Care |
| UNILEVER PLC (GB) | UNITED KINGDOM | $151.74 | 1.36% | Consumer Staples |
| SAP | GERMANY | $176.03 | 1.34% | Information Technology |
| SIEMENS | GERMANY | $132.62 | 1.07% | Industrials |
Related Insights
Is Europe more than the sum of its parts?
European stock markets are very diverse: Some are large, some are small, but they all have unique histories and characteristics. In this blog post, MSCI examine the pros and cons of investing in European stocks on a regional basis or by individual country via hypothetical index-based strategies.
MSCI's Modern Index Strategy
A consistent global framework with no gaps or overlaps. MSCI Developed Markets Indexes are built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap segments, sectors and styles.
Is Europe more than the sum of its parts?
European stock markets are very diverse: Some are large, some are small, but they all have unique histories and characteristics. In this blog post, MSCI examine the pros and cons of investing in European stocks on a regional basis or by individual country via hypothetical index-based strategies.
MSCI's Modern Index Strategy
A consistent global framework with no gaps or overlaps. MSCI Developed Markets Indexes are built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap segments, sectors and styles.
MSCI App
Access real-time index performance for over 850+ MSCI indexes exclusively on the MSCI App.