The subject matter of stock index futures is the corresponding stock index, for example, the Shanghai and Shenzhen 300 stock index futures is the Shanghai and Shenzhen 300 index.

Moreover, the so-called theme here is not even a "thing", but a virtual digital concept. The Shanghai and Shenzhen 300 Index is just a digital measurement concept created by people, because you can't have it and it doesn't exist in reality. Just like the panic index and the Baltic dry index, you can theoretically do futures if you want.

Therefore, it adopts the way of cash delivery. Simply put, it is to transfer profits and losses between participants according to a set of conversion rules.

Different from commodity futures, it corresponds to commodities, such as crude oil futures, and the subject matter is physical crude oil. You can have it. So commodity futures are delivered in kind.