RTY: The E-mini Russell 2000

RTY — the small-cap future

RTY is the E-mini Russell 2000 future. The Russell 2000 is exactly what it sounds like — 2,000 small American companies. Not the household names of the S&P 500. We're talking regional banks, mid-tier manufacturers, biotechs you've never heard of, small retailers. Together they represent the underbelly of the US economy — the companies most exposed to domestic conditions, interest rates, and consumer demand.

Specs: one tick on RTY is 0.10 points — the smallest tick increment of the big four. Each tick is worth $5. So one full point is 10 ticks at $5 each, which equals $50. RTY shares the same $50-per-point multiplier as ES, but moves in finer 0.10 increments instead of 0.25 increments. Translation: prices appear more granular on the chart, but each point still costs the same as on ES.

Why does that risk-appetite signal matter? Small caps are more sensitive to credit conditions, interest rates, and domestic consumer demand than large multinationals. They borrow more, sell more locally, and have thinner margins. When the Fed signals easier policy, RTY often rips harder than ES on the first day. When credit gets tight, RTY craters first. Big macro traders use the RTY/ES spread the way doctors use a stethoscope.

Tickers: RTYM5 is June 2025, RTYU5 is September 2025. Same quarterly cycle. Micro version is M2K, with a $0.50 tick value — covered in lesson five. Liquidity is thinner than ES and NQ, so the bid-ask spread can be wider during low-volume hours. Stick to the day session unless you've watched the order book closely overnight.

Recap: RTY = Russell 2000 small caps. One tick = 0.10 = $5. One point = $50. Same dollar-per-point as ES, but finer ticks. Watch it as a risk-appetite signal. Thinner liquidity than the big two.