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Can stock index futures be operated without leverage?
Of course.

The biggest function of futures is hedging, and protecting the value of large funds with a small amount of funds. This gave birth to futures, a financial instrument. Of course, this lever can also be removed. As long as the margin value is equal to the index value.

For example, the value of Shanghai and Shenzhen 300 stock index futures is now defined as 300 yuan. If the stock index futures are 3,000 points, then the value is 300 yuan * 3,000 points = 900,000 yuan. After receiving the deposit of 900,000 yuan, 10% of the funds was used for 90,000 yuan 1 hand, and the remaining 8 10/00,000 yuan was used as the settlement reserve, which was equivalent to the operation without leverage.