Hello, according to the different purposes of entering the stock index futures market, investors in the stock index futures market can be divided into three categories: hedgers, arbitrageurs and speculators.

(1) Hedgers refer to institutions or individuals who avoid the risk of spot price fluctuation by buying and selling futures contracts with the same spot value but opposite trading directions in the stock index futures market.

(2) Arbitrator refers to an institution or individual who uses the unreasonable price relationship of "stock index futures market and stock spot market (spot arbitrage), different stock index futures markets (cross-market arbitrage), different stock index futures contracts (cross-commodity arbitrage) or different delivery months of the same commodity (inter-period arbitrage)" to earn differential income by buying and selling at the same time.

(3) Speculators refer to those institutions or individuals who specialize in buying and selling stock index futures contracts in the stock index futures market, that is, buying when they are bullish and selling when they are bearish to make a profit.