Even if funds can short stock index futures, it is impossible for the law to allow them to use too much money to speculate in futures. In that case, this kind of fund is risky, and it is impossible for the fund to completely hedge the risk of the stock market. Even if the stock market plummets, the net value of the fund will definitely fall, and those who buy the fund at a high level will definitely lose money.

Stock index futures are not as simple as the stock market, and shorting is as difficult as going long. In any market, it is impossible for investors to be all long or all short. If this happens, the market is likely to reverse. That is to say, the market has plummeted for a long time; In short, the market has skyrocketed.