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How the $5 E-mini Dow contract works: point value, the price weighting of the Dow 30, CBOT trading hours, quarterly expiration and the margin Lincoln Park Financial lists for YM.
Quick answer: YM is the E-mini Dow ($5) futures contract on CBOT, also known as emini Dow or mini Dow futures. It moves in whole index points and each point is worth $5.00, so a 100 point swing in the Dow Jones Industrial Average changes the value of one contract by $500. The micro version, MYM, is worth $0.50 per point.
YM tracks the Dow Jones Industrial Average, the 30 stock index often called the Dow 30. Unlike the S&P 500 or the Nasdaq 100, the Dow is price weighted: a company with a higher share price has more influence on the index than one with a lower share price, regardless of its market capitalization. A $1 change in any component moves the index by the same number of points, so a handful of high priced stocks can account for much of the daily move in YM.
CBOT, a CME Group exchange, lists YM, and it trades on CME Globex. Each contract equals $5 times the index level, with a minimum price change of one full index point. Traders who want one tenth of that exposure can use the Micro E-mini Dow (MYM), which follows the same index at $0.50 per point. Before a first YM order, many clients compare the margin schedule, request a commission quote and pick one of our supported platforms; you can open an account online.
YM
Listed on CBOT, traded on Globex
$5 x DJIA
Dow 30, price weighted
$5.00
One full index point
Sun 5:00 p.m. to Fri 4:00 p.m. CT
One hour pause at 4:00 p.m. CT, Monday to Thursday
Quarterly
March, June, September, December
Cash settled
Special Opening Quotation of the Dow
| Product | E-mini Dow ($5) Futures |
|---|---|
| Futures Contract Symbol | YM |
| Exchange | CBOT (part of CME Group) |
| Contract Size | $5 x Dow Jones Industrial Average |
| Trading Hours | CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, paused 4:00 p.m. to 5:00 p.m. CT Monday to Thursday |
| Minimum Price Fluctuation | 1.0 index point = $5.00 per contract |
| Contract Months | Quarterly: March (H), June (M), September (U), December (Z), listed for 4 consecutive quarters |
| Settlement Method | Cash settled to the Special Opening Quotation of the DJIA |
| Termination of Trading | 9:30 a.m. ET (8:30 a.m. CT) on the third Friday of the contract month |
| Exchange Fees | $1.40/contract |
Official Exchange Source: CME Group E-mini Dow Contract Specifications
CBOT sets the YM contract terms. Exchange margin for YM comes from CME Clearing, the clearing firm can require more, and both amounts can change without notice.
A 100 point move equals $500 on YM and $50 on MYM.
YM margin is listed next to the other equity index contracts on our futures margins page, and the futures margin requirements article explains the difference between day and overnight margin. Related index contracts: Micro E-mini Dow (MYM), E-mini S&P 500 (ES), E-mini Nasdaq 100 (NQ) and E-mini Russell 2000 (RTY).
Want exposure to the Dow 30 through futures? Open a YM futures account or ask a broker for a commission quote.
Talk through YM margin, platform setup and order types with a broker at 312-500-4730, or apply online.
Dow mini futures, also called emini Dow futures, e mini Dow or mini Dow, are the E-mini Dow ($5) futures contract listed on CBOT, part of CME Group. The contract follows the Dow 30, a price weighted index of U.S. blue chip companies, and its CME Globex symbol is YM. CME Group lists one smaller version, the Micro E-mini Dow (MYM). There is no E-micro Dow product.
Each YM contract is $5 times the Dow Jones Industrial Average. The minimum tick is 1.0 index point, so the YM tick value and the YM point value are both $5.00 per contract. A 100 point move in the index equals $500 per YM contract and $50 per MYM contract.
| Index move | YM (E-mini Dow) | MYM (Micro E-mini Dow) |
|---|---|---|
| 1 point (1 tick) | $5 | $0.50 |
| 10 points | $50 | $5 |
| 100 points | $500 | $50 |
| 500 points | $2,500 | $250 |
Exchange and clearing fees are charged per contract in addition to any commission, and a broker can quote the total cost for your expected YM volume.
Lincoln Park Financial currently lists a day trading margin of $500 per YM contract and an overnight margin of $15,021. The day trading figure covers positions opened and closed within the same session. A YM position still open at the 4:00 p.m. CT close must meet the overnight figure, which follows the exchange requirement. At an index level of 45,000, one YM contract represents $225,000 of Dow exposure, so the $500 day margin is a small fraction of the position value and losses can exceed it. Both amounts change with market conditions; the margins page shows the current schedule, and the margin requirements article covers the details.
YM opens for electronic trading on CME Globex at 5:00 p.m. CT on Sunday and closes at 4:00 p.m. CT on Friday. Monday through Thursday the market pauses at 4:00 p.m. CT and reopens an hour later. Volume is usually heaviest while the 30 Dow stocks trade in the regular U.S. session, 8:30 a.m. to 3:00 p.m. CT, and around releases such as the monthly jobs report and CPI. YM quotes are CBOT market data, included in the CME bundle on platforms including CQG, Rithmic and Sierra Chart.
YM is listed for four consecutive quarters (March, June, September and December). Each contract is cash settled to the Special Opening Quotation of the index on Final Settlement Day, generally the third Friday of the contract month, and trading ends at 9:30 a.m. ET that day. Many traders roll to the next quarter about one week before expiration.
A continuous contract is a charting series that links each quarterly YM contract into one price history. It is not a separate tradable product.
Speak with our experienced futures brokers at 312-500-4730 to discuss how we can service your futures trading needs.
