For years, the smallest stock index futures contract still controlled well over $100,000 of exposure. That put a single trade's risk out of reach for many individuals. Micro futures changed that. CME Group's Micro E-mini equity index contracts are one-tenth the size of the E-mini contracts, and the micro family now spans several asset classes.
What micro futures are
Micro futures are smaller versions of existing futures contracts. They track the same underlying market and trade on the same exchange, but each contract represents a fraction of the standard size. CME Group lists micro products across equity indexes, metals, energy, currencies, interest rates, and crypto.
The best-known example is the Micro E-mini S&P 500 (symbol MES). Its contract unit is $5 times the S&P 500 index, compared with $50 times the index for the standard E-mini S&P 500 (ES).
E-mini vs. Micro E-mini, side by side
| E-mini S&P 500 (ES) | Micro E-mini S&P 500 (MES) | |
|---|---|---|
| Contract unit | $50 × index | $5 × index |
| Minimum tick | 0.25 index points | 0.25 index points |
| Value of one tick | $12.50 | $1.25 |
| Value of one full point | $50 | $5 |
| Notional value with index at 5,000 | $250,000 | $25,000 |
| A 20-point move | $1,000 | $100 |
Specifications can change. Confirm current details on CME Group's contract specs pages before trading.
Why smaller size matters
The main benefit of micros is granular position sizing. Suppose your plan says you'll risk no more than $200 on a trade and your stop is 20 points away.
- With the E-mini, a 20-point stop risks $1,000 per contract. You can't trade even one contract within your $200 limit.
- With the Micro E-mini, a 20-point stop risks $100 per contract. You could trade two contracts and stay within your limit.
Micros also let you scale in and out more gradually, test a strategy with real but small money after practicing on a simulator, and hedge smaller portfolios more precisely.
What smaller size doesn't change
Micro is smaller, not safer
A micro contract is still a leveraged futures contract. Margin is still a fraction of notional value, positions are still marked to market daily, and losses can still exceed what you deposited. Trading ten micros is economically the same as one full-size contract.
- Leverage ratio. Margin as a percentage of notional value is broadly similar for micro and standard contracts. See Margin and leverage.
- Market hours and volatility. The price moves exactly as much; only the dollars per point change.
- The temptation to overtrade. Small per-contract costs can encourage piling on more contracts than a plan allows.
Costs and liquidity
Commissions and exchange fees per micro contract are lower than for standard contracts, but they don't shrink to one-tenth. As a share of the position's value, costs are usually higher. If you trade frequently, fees can become a meaningful drag. Compare total round-trip costs with your broker.
Liquidity in the most popular micro contracts, such as stock index micros, is generally strong. Some newer or less popular micros trade more thinly, which can mean wider spreads between bid and ask prices. Check volume before trading any contract. Our guide to volume and open interest explains what to look for.
Common micro contract families
Available products change over time, but CME Group's micro lineup has included:
- Equity indexes: Micro E-mini S&P 500, Nasdaq-100, Dow, and Russell 2000
- Metals: micro gold and micro silver
- Energy: micro WTI crude oil
- Currencies and rates: micro FX contracts and micro Treasury yield products
Check the exchange's current product list, since contracts are added and occasionally delisted.
Using micros while you learn
- Practice first in a simulator until your process is consistent.
- Write a trading plan with a maximum dollar loss per trade and per day.
- Calculate tick value and your stop distance before every trade.
- Start with one contract and keep a trading journal.
- Don't scale up until your records, not your feelings, say your process is working.
A worked example with micros
Here's how micros change the math on a single, hypothetical trade. You plan to risk no more than 1% of a $10,000 account, or $100, and your stop is 12 points away on the S&P 500.
| E-mini (ES) | Micro E-mini (MES) | |
|---|---|---|
| Risk per contract at 12 points | 12 × $50 = $600 | 12 × $5 = $60 |
| Contracts allowed by a $100 limit | 0 (one contract is too large) | 1 |
| Actual risk taken | None. The trade doesn't fit the plan. | $60 |
The micro lets the trader follow the plan. With the E-mini, the only honest choice is to skip the trade. Use our position size calculator to run the same numbers for any contract.
Before you trade
Futures are leveraged. A small price move can produce a large gain or loss, and losses can exceed the money in your account. This article is general education, not a recommendation to buy or sell any contract.
- Practice in a simulated (paper) account before using real money.
- Decide your maximum loss per trade before you enter, and size positions to it.
- Confirm current contract specifications and margin requirements with the exchange and your broker.
Common questions
Are micro futures good for beginners?
They lower the dollar amount at risk per contract, which makes it easier to keep losses small while learning. They're still leveraged futures, and losses can still exceed your deposit, so the same risk rules apply.
Do micro contracts track the same price as the full-size contract?
Yes. A Micro E-mini S&P 500 is quoted on the same index level as the E-mini; only the dollar multiplier is smaller.
Are fees higher on micro contracts?
Commissions and exchange fees per contract are lower, but they're often higher as a percentage of the contract's value. If you trade ten micros instead of one E-mini, your total fees will usually be higher.
Sources
- Micro Products — CME Group. www.cmegroup.com/markets/microsuite.html
- Micro E-mini S&P 500 Contract Specs — CME Group. www.cmegroup.com/markets/equities/sp/micro-e-mini-sandp-500.contractSpecs.html
- Calculating Futures Contract Profit or Loss — CME Group Education. www.cmegroup.com/education/courses/introduction-to-futures/calculating-futures-contract-profit-or-loss.html
- Futures Market Basics — U.S. Commodity Futures Trading Commission. www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm
Last reviewed October 17, 2026. Educational content only; not investment advice. Contract specifications and margins change, so confirm current figures with the exchange and your broker. See our risk disclosure.
