In the equity index world, the standard-size contract is the "E-mini" and its smaller sibling is the "Micro E-mini." The E-mini S&P 500 (ES) is the classic example: one contract represents a large slice of market exposure, and every tick is worth $12.50. For other markets (metals, energy, FX, crypto) there is a full-size contract and a smaller "micro" version.

A micro contract is the same instrument shrunk down in size. CME launched the Micro E-mini index contracts in May 2019 so that traders could take the same setups with far less capital at risk.

A micro is not a different market. It is the same underlying, the same trading hours, the same chart. Only the multiplier is scaled down, and everything tied to it scales with it: the contract size, the notional exposure, and the dollar risk per tick.

For most micros the tick size is identical to the full-size contract, so the tick value comes out to exactly one-tenth. Ten of those micros equal one full-size contract economically. Trading 10 MES gives you the same market exposure as trading 1 ES. A few micros use a different size ratio or a slightly different tick size, noted below.

Thirteen markets have both a full-size and a micro (or smaller) version available on the platform. Here is each pair, with the exact tick values.

Most of these micros are one-tenth the size of their full-size parent. The exceptions are Micro Silver (SIL, one-fifth of SI), Micro Bitcoin (MBT, one-fiftieth of BTC), and Micro Ether (MET, one five-hundredth of ETH).

One note on the FX micros: M6E, M6A, and M6B are one-tenth the contract size of their full-size parents. Two of them (M6E and M6A) use a slightly larger tick size than the parent, so their per-tick dollar value is not an exact one-tenth even though the contract itself is one-tenth the size. The exact tick values in the table above are what apply on the platform.

The tick is the smallest price move a contract can make. The multiplier (point value) is what one full point is worth. Tick value is tick size multiplied by the multiplier. Here is how the math works for three of the clean one-tenth pairs.

In each of these pairs the tick size is identical between the full-size and the micro. Only the multiplier changes, which is why the micro tick value comes out to exactly one-tenth.

You short one ES contract at 5,000. The market drops 4 points and you close at 4,996.

That is 16 ticks of movement (4 points divided by the 0.25 tick size). At $12.50 per tick, your profit is $200 on that one contract.

Now the same trade with one MES contract. Same 16 ticks, same direction, but at $1.25 per tick your profit is $20.

Identical setup, identical timing, exactly one-tenth the dollar outcome. The reverse is also true: a losing MES trade costs one-tenth of the same ES trade, which is what makes micros so useful for controlling risk.

Smaller accounts. On a smaller funded or challenge account, one full-size contract can put a large share of your allowed drawdown at risk in a single move. Micros let you take the same trade with a fraction of the exposure, so it is far easier to stay inside your Max Trade Loss (1.5% of account size on Thunderbolt Classic and Vanguard, 2% on Thunderbolt Legacy, so $750 or $1,000 on a $50,000 account) and your daily drawdown. Max Trade Loss is a hard rule: a single trade that exceeds it triggers an automatic breach and ends the account, even if the account is otherwise in profit.

Precise position sizing. Because ten of the one-tenth micros equal one full-size contract, you can size in increments of one-tenth. Instead of jumping from 1 ES to 2 ES, you can trade 11, 12, or 13 MES. That finer control matters when you are managing risk against a fixed drawdown limit.

Learning and building an edge. If you are still developing a reliable, repeatable process, micros let you trade a complete strategy with real conditions on the line while keeping the dollar swings small. You can run a full plan on a single micro contract and focus on execution rather than on large P&L swings.

When your account is larger and you trade with size, full-size contracts become more efficient, since trading 10 MES generally costs more in commission than the equivalent 1 ES even though the market exposure is identical. A simple rule: if you are not yet consistent, trade micros; once you are hitting your profit target reliably and want to scale, move up to full-size contracts.

The 13 micro (and smaller) contracts on the platform, grouped by market:

Not every full-size market has a micro version. Markets without a micro include Platinum (PL), Palladium (PA), Natural Gas (NG), Heating Oil (HO), Gasoline (RB), the interest-rate contracts, the grains, the livestock contracts, and the FX pairs 6J, 6C, 6S, and 6N. Note that QM (E-mini Crude Oil) and QG (E-mini Natural Gas) are mid-size e-minis, not micros.

For the full list of tradable products, see Allowed instruments and exchanges.

A micro is a smaller-denomination version of a full-size contract. Same market, same trading hours, a fraction of the multiplier, tick value, and dollar risk per tick. Most are one-tenth the size (SIL is one-fifth, MBT one-fiftieth, MET one five-hundredth).

The 13 micro contracts and their tick values:

Beginners and smaller accounts should start with micros. Larger accounts trading with size often prefer full-size contracts for fee efficiency.

Are micros available in both the challenge and the funded account?

Yes. Every micro in the table above trades in both phases.

Can I trade micros and full-size contracts together?

Yes. You can scale between them as your account grows. Just keep your total exposure inside the Max Trade Loss limit (1.5% of account size on Thunderbolt Classic and Vanguard, 2% on Thunderbolt Legacy) on any single trade. Positions in the same direction on the same instrument are treated as one trade. Exceeding that limit is an automatic hard breach that ends the account, so size your combined micro and full-size position accordingly.

Do micros cost more in fees than the full-size contract?

Trading ten micros generally costs more in commission than the single full-size contract they replace, even though the market exposure is identical. That is why larger accounts trading with size usually move up to full-size contracts.

Does trading micros change the profit target?

No. The profit target is a percentage of your account, so it does not depend on contract size. Smaller size just means smaller dollar swings, so you reach the same target with more contracts or more price movement.

Want to understand tick size in more depth? Read Tick size and tick value explained.

Ready to see how price moves turn into P&L? See How to calculate P&L on futures.

Curious which program fits how you trade? Read How to choose your futures program.