Suppose the current index of a stock market is 1000 points, that is, the current spot "price" of the market index is 1000 points, and now there is a "futures contract of the market index due at the end of February". If most investors in the market are bullish, the price of this index futures may have reached 1 100. If you think that the "price" of this index will exceed 1 100 by the end of 65438+February, you will buy this stock index futures, that is, you promise to buy this "market index" at the end of 1 100. When this index futures continues to rise to 1 150, you have two choices, either continue to hold the futures contract or sell the futures at the current new "price" (i.e. 1 150). At this time, you will close your position and get 50 points.
Of course, before the expiration of this index futures, its "price" may also fall, and you can continue to hold or close your position and cut your meat.
However, when the index futures expire, no one can continue to hold them, because at this time the futures have become "spot" and you must buy or sell the index at the promised "price". According to the difference between the "price" of the futures contract you hold and the current actual "price", refund more and make up less.