Available Small Exchange Futures

The Small Exchange ("Smalls") was designed for retail traders without the complicated symbol codes, trading hours, different tick sizes, and tick values. In other words, if you're a seasoned options trader, then you'll find the uniformity of the Smalls a welcome change and a breath of fresh air to futures trading. You can view all available Small Exchange products by referring to the Futures: Small Exchange preset watchlist in the tastyworks platform. Below, we have a broad overview of the Smalls, but you can directly visit The Small Exchange by clicking here.

To sign up for a Small Exchange Community Membership, please go to thesmallexchange.com. For membership inquiries or questions about your membership, please write to support@thesmallexchange.com. Or, if you are already a Small Exchange community member, please click here for linking instructions.


Available Small Exchange Contracts

Below is a table of the Small Exchange products we support at tastyworks. If the area below is blank, then please give it one moment to load.

The roll period for each Smalls contract will begin on the third Wednesday of every month, except for /SMO.

Active month /SMO contracts cease trading the day before the second Friday of each month at 1:30 PM (Central). If the second Friday is a market holiday, settlement is on the Thursday prior to the Friday holiday, and the last trading day will be preceding business day.


Commissions and Fees for the Smalls

Smalls Commissions

$0.25 per smalls contract to open
$0.25 per smalls contract to close
Or, $0.50 per smalls contract, round-trip


Smalls Exchange Fees

Non-member: $0.15 per smalls contract, or $0.30 round-trip
Member: $0.07 per smalls contract, or $0.14 round-trip


NFA Fee

National Futures Association Fee: $0.02 per side or $0.04 round-trip


FCM Clearing Fee

$0.05 per smalls contract, or $0.10 round-trip. This passthrough fee covers expenses related to clearing trades assessed by our Futures Commissions Merchant (FCM).


OCC Clearing Fee

$0.02 per smalls contract, or $0.04 round trip. This passthrough fee covers expenses related to clearing trades at the exchange by the Options Clearing Corp (OCC).


Example of Total Trading Cost (per one-lot, round-trip)


Smalls Community MemberNon-Member
To Open
  • Commission: $0.25
  • Exchange Fee: $0.07
  • NFA Fee: $0.02
  • FCM Clearing Fee: $0.05
  • OCC Clearing Fee: $0.02

Total = $0.41 per contract

  • Commission: $0.25
  • Exchange Fee: $0.15
  • NFA Fee: $0.02
  • FCM Clearing Fee: $0.05
  • OCC Clearing Fee: $0.02

Total = $0.49 per contract

To Close
(Same cost for contracts held to expiration that settle to cash)
  • Commission: $0.25
  • Exchange Fee: $0.07
  • NFA Fee: $0.02
  • FCM Clearing Fee: $0.05
  • OCC Clearing Fee: $0.02

Total = $0.41* per contract

  • Commission: $0.25
  • Exchange Fee: $0.15
  • NFA Fee: $0.02
  • FCM Clearing Fee: $0.05
  • OCC Clearing Fee: $0.02

Total to close: $0.49* per contract

Round-Trip Cost$0.82 per contract$0.98 per contract


*Any Small Exchange contract held to expiration and settles to cash will be subject to the same per contract costs surrounding a closing transaction. The total fee will vary if you are a Small Exchange community member or not.


Contract Uniformity

Tick Size and Tick Value

All Smalls contracts tick like an equity options contract. Every contract ticks in a penny increment or 0.01. Each tick or 0.01 equals $1. That means a 15-cent move or 15 ticks (0.15) equals $15. Furthermore, a full point or $1.00 equals $100.


Market Trading Hours for Smalls Contracts

All Small Exchange contracts trade Monday through Friday, 7 a.m. to 4 p.m. Central Time, except for expiring contracts (refer to the Settlement Time and Method section below).


Contract Months

All Small Exchange products will offer two consecutive months–an active front-month contract and a back-month contract.

JanuaryF
FebruaryG
MarchH
AprilJ
MayK
JuneM
JulyN
AugustQ
SeptemberU
OctoberV
NovemberX
DecemberZ


Settlement Time and Method

All Small Exchange products are cash-settled on the third Friday of the month at 3 p.m. Central Time, except for /SMO*. A published settlement value determines the settlement value. Small Exchange contract(s) held to expiration settle to cash are subject to the standard per-contract closing transactions fees. Please refer to the Example of Total Trading Cost (per one-lot, round-trip) section above for total costs.

*Since /SMO ceases trading the day before the second Friday of each month at 1:30 PM (Central), any expiring contract will settle to cash. The settlement price publishes on Friday, but coincides with the prior day 1:30 PM settlement price of the front-month Light Sweet Crude Oil Future (/CL). To learn more about SMO settlement procedures, please click here.


Intraday Limits

Small Exchange products are futures, as a result, are subject to price limits. Price limits refer to an allowable price on an order ticket to be routed at an exchange. In short, price limits prevent prices from "whipsawing" that could occur otherwise if there were resting orders outside the price limit. Furthermore, all Smalls products have a 9% and 13% price limit during periods of heightened volatility from the previous day’s settlement price.

During a triggered intraday limit event, the market state is switched to “paused” for 3 minutes, and the following actions take place: 

  • For the first minute, trading is paused, and only order cancelations are allowed.
  • During the second minute, the market is in a pre-open state.
  • In the final minute, the market is in a pre-open no cancel state and then reopens. After the market reopens, a new opening price is not calculated or published. 

Please visit the Info Hub at the Small Exchange by clicking here to learn more about Intraday Limits.


Smalls Contract Descriptions & Specifications

Below are descriptions of each available Small Exchange product. To view learn more about the index each Small futures contract tracks, please click here.


/SFX Small Dollar Index

The Small Dollar Index is a combination of Euro, Chinese Renminbi, Japanese Yen, British Pound, Canadian Dollar, Australian Dollar, and Mexican Peso. Weights are determined through the associated region’s gross domestic product and dollar-denominated trade volume. The Index creates a diversified way of participating in the foreign exchange market.


Small Dollar Index
Symbol/SFX
Contract Size100 x Small Dollar Index
Settlement Value & Full Specsspecs


/SMO Small US Crude Oil

The Small US Crude Oil Futures is a cash-settled future whose underlying is a United States referenced Light Sweet Crude Oil having an API (American Petroleum Institute) Gravity between 38° and 43°, and a Sulfur content of less than 0.42%.


Small US Crude Oil
Symbol/SMO
Contract Size100 x current price
Settlement Value & Full Specsspecs


/SM75 Small Stocks 75 Index

The Small Stocks 75 Index comprises 5 equally weighted sectors, with each sector containing 15 stocks. Components are re-evaluated annually. The determination of the symbols within each sector is assessed through volatility, market capitalization, and liquidity (i.e., notional traded volume). The Index favors liquid, large-capitalization stocks with high volatility. The Index creates a diversified way of participating in the equities market.


Small Stocks 75 Index
Symbol/SM75
Contract Size100 x Small Stocks 75 Index (75:SME)
Settlement Value & Full Specsspecs


/SPRE Small Precious Metals Index

The Small Precious Metals Index comprises a price-weighted combination of gold, silver, and platinum. Each metal’s weight within the Index is calculated through a unique combination of global production, domestic consumption, and dollar-denominated volume. The Index creates a diversified method of participating in the precious metals market.


Small Precious Metals Index
Symbol/SPRE
Contract Size100 x Small Precious Metals Index (PRE:SME)
Settlement Value & Full Specsspecs


/STIX Small Technology 60 

The Small Technology 60 IndeX (STIX 60) consists of 60 stocks representing the technology sector with 4 distinct subsectors — information, retail, media, biology — contributing 15 stocks each.


Small Technology 60
Symbol/STIX
Contract Size100 x Small Technology 60 Index (STIX:SME)
Settlement Value & Full Specsspecs


/SCCX Small Cryptocurrency Equity Index

The Small Cryptocurrency Equity Index (/SCCX) measures the performance of 17 securities involved in the cryptocurrency industry. The Index is intended to track cryptocurrency’s movement given its positive historical correlation to assets like Bitcoin. All Index components are NYSE-, Nasdaq- or OTC-listed securities.


Small Cryptocurrency Equity Index
Symbol/SCCX
Contract Size100 x Small Cryptocurrency Equity Index (SCCX:SME)
Settlement Value & Full Specsspecs


/S2Y Small 2 Year U.S. Treasury Yield Index

The Small 2 Year U.S. Treasury Yield Index is based on the U.S. 2-year Treasury yield to maturity of the on-the-run U.S. 2 Year Treasury Note. The Index is expressed as the computed yield multiplied by 1,000. 


Small 2 Year U.S. Treasury Yield Index
Symbol/S2Y
Contract Size100 x Small 2 Year U.S. Treasury Yield Index (2Y:SME)
Settlement Value & Full Specsspecs


/S10Y Small 10 Year U.S. Treasury Yield Index

The Small 10 Year U.S. Treasury Yield Index is an average of the constant maturity 10-year U.S. Treasury yield. The Index is expressed as the computed yield multiplied by 1,000. The Index creates a more exact way of participating in the interest rate market. 


Small 10 Year U.S. Treasury Yield Index
Symbol/S10Y
Contract Size100 x Small 10 Year U.S. Treasury Yield Index (10Y:SME)
Settlement Value & Full Specsspecs


/S30Y Small 30 Year U.S. Treasury Yield Index

The Small 30 Year US Treasury Yield Index is based on the U.S. 30-year yield to maturity of the on-the-run U.S. 30 Year Treasury Bond. The Index is expressed as the computed yield multiplied by 1,000. 

 

Small 30 Year U.S. Treasury Yield Index
Symbol/S30Y
Contract Size100 x Small 30 Year U.S. Treasury Yield Index (30Y:SME)
Settlement Value & Full Specsspecs


/S420 Small Cannabis

The Small Cannabis measures the performance of companies involved in the cannabis industry. All equities are NYSE- or Nasdaq-listed.

 

Small Cannabis
Symbol/S420
Contract Size100 x Small Cannabis Equity Index (S420:SME)
Settlement Value & Full Specsspecs