I hope not. If you can't afford to play the margins @ $500, you can't afford to stomach a highly leveraged instrument on a rally or crash.
Put another way, imagine you just made a killing on a highly leveraged rally move on 10 ER2 contracts. If the person on the other side can't afford to pay their broker the margin call, will you still be paid?
One of the reasons why this disaster is not even a thought is because the overnight margins are high enough to keep most people from leveraging too much.