Who will be the protagonist of the stock index futures market in the international financial market and actual operation? First of all, retail investors cannot play an important role. Secondly, mutual funds are participants in the stock index futures market, but not the main force. As a passive investment method, all index funds will use stock index futures to achieve the purpose of cash securitization and expand index funds. The former is to reduce the tracking error, and the latter is to improve the return on investment. Stock index futures provide a wonderful answer for fund managers in the dilemma of improving the efficiency of capital use and facing redemption pressure. In contrast, although active funds may use stock index futures to achieve the purpose of risk control and tactical asset allocation, their demand and application for stock index futures are actually very limited. In the international market, the main participants of stock index futures are large-scale brokers who provide all-round financial services, including investment banking, proprietary trading, asset management and brokerage business.

In China, after the introduction of stock index futures, the biggest players in China market may be some private equity funds with high risk tolerance.

The threshold for retail investors to enter the market is too high, and their experience and ability are also lacking. The main purpose of Public Offering of Fund's entry into the stock index futures market is to hedge risks, but according to the existing regulations, the entry of funds is limited by the amount of funds and the purpose of operation. Commercial banks and insurance companies do not yet have the legal license to engage in stock index futures trading. The biggest participants in China market may be some private equity funds with high risk tolerance. In addition, with the strengthening of the strength of securities firms, they will gradually become the main participants in the stock index futures market. Among these participants, there will inevitably be some foreign investment, just like the China stock market.