Micros' rapid growth offers one example of accelerating, broader financial and consumer trends, catalyzed in part by the pandemic, where more and more people, many of them younger, embrace so-called self-directed trading, angling for greater access to different kinds of assets. Retail investors accounted for 20 percent or slightly more of overall stock market volume in 2020 and early 2021, up from less than 12 percent in 2018 and 2019, according to Virtu Financial, which cited data collected under the SEC’s Rule 605 requirements.

Walter Sledz, Vice President of Sales at NinjaTrader Brokerage, LLC, said Micros “really lowered the barriers to entry and opened the markets to more people, reshaping the landscape in terms of who was able to participate in futures.”

In futures trading, “we’re starting to see demographics shift younger, and a lot of that correlates in the rise in use of Micro contracts,” Sledz added. “The lower financial commitment has really helped some customers. It’s ideal for people learning how to trade and just getting started in futures. It allows them to scale in and out of positions, with more flexibility.”

The introduction of Micros generated a “significant increase” in NinjaTrader’s trading volume compared to the pre-Micro era. “Micros’ accessibility has not only attracted a substantial number of new customers to our business, but also has enabled increased flexibility for our customers to manage their positions. This has produced much higher overall trading volumes than we had previously seen.”

Micros contracts can be useful for both futures rookies as well as veterans like Terry Biondo, a former floor trader in the S&P 500 index futures pit at the Chicago Mercantile Exchange. Biondo said he's testing some newer automated trading strategies using Micros, partly because of the lower cost versus traditional E-minis. “I like that I can take more ‘heat’ on a trade and not get too concerned over tick value.”

Micros could also be useful if a trader wants to maintain a position in the market during periods of high volatility, or if there's potential for high volatility, Biondo said.

“If I think the market may break big one night, I may put three or five Micro contracts on,” Biondo said. “You’re taking a shot, but you don’t have to worry all night about taking a big loss. You know you’re not going to get ‘run over’ if you’re using the smaller contracts.”

Biondo sees Micros as part of a broader, technology-driven market evolution characterized by escalating individual interest in trading and investing and growing demand for access to “alternative” assets beyond traditional stocks and bonds.

“We're just seeing the tip of the iceberg,” Biondo said, referring to the retail trader ascendance. “This trend is only going to accelerate. Many people are still working at home, and they want to be part of the markets. Micros definitely make it more affordable to trade futures, and you can learn how futures markets work by trading Micros, without putting large sums at risk.”