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A futures contract is a type of derivative that obligates traders to buy or sell the underlying asset on a set day at a predetermined price. An index future, therefore, is a legal contract that obligates traders to buy or sell a contract that is derived from a stock market index by a certain date at a predetermined price.  Index futures, which are also called stock or equity market index futures, function just like any other futures contract. They give investors the power and obligation to deliver the cash value of the contract based on an underlying index at a specified future date at an agreed-upon price. Unless the contract is unwound before expiration through an offsetting trade, the trader is obligated to deliver the cash value on expiry. 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An index future is a legal contract that obligates traders to buy or sell a contract that is derived from a stock market index by a certain date at a predetermined price. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si313486","class":"TODO::Senthil","instance":"Text_Caption_548","title":"Correct - Click anywhere or press ‘y’ to continue. 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For instance, traders can invest in the S&P 500 index by purchasing E-mini S&P 500 futures contracts. Investors can also trade futures for the Dow Jones and Nasdaq 100 Index. There are the E-mini Dow and E-mini Nasdaq-100 futures contracts, or their smaller variants the Micro E-mini Dow and Micro E-mini Nasdaq-100.  Outside of the U.S., there are futures available for the DAX Stock Index of 30 major German companies and the Swiss Market Index, both of which trade on the Eurex. In Hong Kong, Hang Seng Index (HSI) futures allow traders to speculate on that market's major index.  Products may use different multiples to determine the contract price. For example, the E-mini S&P 500 futures contract, which trades on the Chicago Mercantile Exchange (CME), has a value of $50 times the value of the index. So if the index trades at 3,400 points, the market value of the contract would be 3,400 x $50 or $170,000. 1   ","roles":{"textData":{}}},{"id":"Button_2869","class":"TODO::Senthil","instance":"Button_2869","roles":{"click":{"subtype":"button"}}},{"id":"si320962","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si320976","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2560","class":"TODO::Senthil","instance":"Text_Caption_2560","title":"Traders use index futures to hedge or speculate against future price changes in the underlying equity index. For example, the S&P 500 Index tracks the stock prices of 500 of the largest companies traded in the U.S. An investor could buy or sell index futures on the S&P 500 to hedge or speculate on gains or losses of the index. 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Instead, they only require the buyer to maintain a fraction of the contract amount in their account. This is called the initial margin.  Index futures prices can fluctuate significantly until the contract expires. Therefore, traders must have enough money in their accounts to cover a potential loss, which is called the maintenance margin. The maintenance margin sets the minimum amount of funds an account must hold to satisfy any future claims.  It's important to note that index futures contracts are legally binding agreements between the buyer and seller. Futures differ from an option because a futures contract is considered an obligation. An option, on the other hand, is considered a right the holder may or may not exercise. 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Futures contracts do NOT require the buyer to put up the entire value of the contract when entering a trade.  Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si322433","class":"TODO::Senthil","instance":"Text_Caption_662","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide322447","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_2573","Image_1685","si322284","si322299","si322310","si322345","si322357","si322369"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide322447"},"question":{"interactionId":"322233","quizId":733,"title":"True/False","text":"Futures contracts require the buyer to put up the entire value of the contract when entering a trade. \r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2879","class":"TODO::Senthil","instance":"Button_2879","roles":{"click":{"subtype":"button"}}},{"id":"si322500","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si322513","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2880","class":"TODO::Senthil","instance":"Button_2880","roles":{"click":{"subtype":"button"}}},{"id":"si322551","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si322564","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2574","class":"TODO::Senthil","instance":"Text_Caption_2574","title":"Profits and Losses from Index Futures An index futures contract states the holder agrees to purchase an index at a particular price on a specified future date. Index futures typically settle quarterly in March, June, September, and December. There are usually several annual contracts as well.  Equity index futures are cash-settled. This means that there's no delivery of the underlying asset at the end of the contract. If the price of the index is higher than the agreed-upon contract price at the expiry date, the buyer makes a profit while the seller (who is known as the future writer) suffers a loss. In the opposite scenario, the buyer suffers a loss while the seller makes a profit.  For example, if the Dow closes at 16,000 at the end of September, the holder with a September futures contract one year earlier at 15,760 ends up reaping a profit. 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As with any speculative trade, there are risks the market could move against the position.   The trading account must meet margin requirements and could receive a margin call to cover any risk of further losses. The trader must understand that many factors can drive market index prices, including macroeconomic conditions such as economic growth and corporate earnings. 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An index futures contract states the holder agrees to purchase an index at a particular price on a specified future date. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si322883","class":"TODO::Senthil","instance":"Text_Caption_669","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide322897","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_2576","Image_1687","si322734","si322749","si322760","si322795","si322807","si322819"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide322897"},"question":{"interactionId":"322687","quizId":733,"title":"True/False","text":"An index futures contract states the holder agrees to purchase an index at a particular price on a specified future date. \r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Image_1704","class":"TODO::Senthil","instance":"Image_1704","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2885","class":"TODO::Senthil","instance":"Button_2885","roles":{"click":{"subtype":"button"}}},{"id":"si323198","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si323211","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2886","class":"TODO::Senthil","instance":"Button_2886","roles":{"click":{"subtype":"button"}}},{"id":"si323249","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si323262","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2581","class":"TODO::Senthil","instance":"Text_Caption_2581","title":"Index Futures for Hedging Portfolio managers often buy equity index futures as a hedge against potential losses. If the manager has positions in a large number of stocks, index futures can help hedge the risk of declining stock prices by selling equity index futures.  Since many stocks tend to move in the same general direction, the portfolio manager could sell or short an index futures contract in case stocks prices decline. In the event of a market downturn, the stocks within the portfolio would fall in value, but the sold index futures contracts would gain in value, offsetting the losses from the stocks.  The fund manager could hedge all of the downside risks of the portfolio, or only partially offset it. The downside of hedging is that this reduces profits if the hedge isn't required. So if the investor from the previous section with a September futures contract shorts index futures and the market rises, the index futures decline in value. The losses from the hedge would offset gains in the portfolio as the stock market rises. 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If the manager has positions in a large number of stocks, index futures can help hedge the risk of declining stock prices by selling equity index futures. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si323581","class":"TODO::Senthil","instance":"Text_Caption_676","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide323595","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_2583","Image_1690","si323432","si323447","si323458","si323493","si323505","si323517"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide323595"},"question":{"interactionId":"323381","quizId":733,"title":"True/False","text":"If the manager has positions in a large number of stocks, index futures can help hedge the risk of declining stock prices by selling equity index futures.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2888","class":"TODO::Senthil","instance":"Button_2888","roles":{"click":{"subtype":"button"}}},{"id":"si323648","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si323661","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2889","class":"TODO::Senthil","instance":"Button_2889","roles":{"click":{"subtype":"button"}}},{"id":"si323699","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si323712","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2584","class":"TODO::Senthil","instance":"Text_Caption_2584","title":"Speculation on Index Futures Speculation is an advanced trading strategy that is not suited for many investors. However, experienced traders tend to use index futures to speculate on the direction of an index. Instead of buying individual stocks or assets, a trader can bet on the direction of a group of assets by purchasing or selling index futures.  For example, to replicate the S&P 500 Index, investors would need to buy all 500 stocks in the index. Instead, index futures can be used to bet on the direction of all 500 stocks, with one contract creating the same effect of owning all 500 stocks in the S&P 500. 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Instead of buying individual stocks or assets, a trader can bet on the direction of a group of assets by purchasing or selling index futures. 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However, experienced traders tend to use index futures to speculate on the direction of an index. Instead of buying individual stocks or assets, a trader can bet on the direction of a group of assets by purchasing or selling index futures. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si324031","class":"TODO::Senthil","instance":"Text_Caption_683","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide324045","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_2586","Image_1692","si323882","si323897","si323908","si323943","si323955","si323967"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide324045"},"question":{"interactionId":"323835","quizId":733,"title":"True/False","text":"However, experienced traders tend to use index futures to speculate on the direction of an index. Instead of buying individual stocks or assets, a trader can bet on the direction of a group of assets by purchasing or selling index futures.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2894","class":"TODO::Senthil","instance":"Button_2894","roles":{"click":{"subtype":"button"}}},{"id":"si324319","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si324332","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2895","class":"TODO::Senthil","instance":"Button_2895","roles":{"click":{"subtype":"button"}}},{"id":"si324370","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si324383","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2589","class":"TODO::Senthil","instance":"Text_Caption_2589","title":"Index Futures vs. Commodities Futures Contracts By their nature, stock index futures operate differently than futures contracts. These contracts allow traders to buy or sell a specified amount of a commodity at an agreed-upon price on an agreed-upon date in the future. Contracts are normally exchanged for tangible goods such as cotton, soybeans, sugar, crude oil, gold, and what.  Investors generally trade commodity futures as a way to hedge or speculate on the price of the underlying commodity. Unlike index futures, which are cash-settled, long position holders of commodities futures contracts will need to take physical delivery if the position has not been closed out ahead of expiry.  Businesses frequently use commodity futures to lock in prices for the raw materials they need for production. 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Let's say an investor decides to speculate on the S&P 500. They buy the futures contract when the index trades at 2,000 points, resulting in a contract value of $100,000 ($50 x 2,000). The E-mini S&P 500 futures are priced at $50 multiplied by the index value.  Because index futures contracts don't require the investor to put up the full 100%, they need only to maintain a small percentage in a brokerage account. 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These contracts were originally meant solely for institutional investors but are now open to anyone.  Portfolio managers use index futures to hedge their equity positions against a loss in stocks.  Speculators can also use index futures to bet on the market's direction.  Some of the most popular index futures are based on equities, including the E-mini S&P 500, E-mini Nasdaq-100 and E-mini Dow. International markets also have index futures. 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It has delegated certain responsibilities to the NFA and the contract markets exchanges. In turn, the NFA and the exchanges carry out these delegated responsibilities, but are still subject to the supervision and review of the CFTC.  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","roles":{"click":{"subtype":"button","question":"Slide206377q8"},"textData":{}}},{"id":"si206137","class":"TODO::Senthil","instance":"SmartShape_20","title":"Incorrect - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q8"},"textData":{}}},{"id":"Slide206377","class":"Question Slide","instance":"Question 2","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1610","si206066","si206081","si206092","si206255","si206267","si206279"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206377"},"question":{"interactionId":"206022","quizId":733,"title":"True/False","text":"The CFTC has overall responsibility to regulate futures and options. It has delegated certain responsibilities to the NFA and the contract markets exchanges. 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