Due to global factors such as political turmoil, war, natural disasters and macroeconomic fluctuations, the risks that holders of various stocks generally face in the market are called systemic risks. When there is systemic risk in the stock market, the trend of all stocks will be affected, and the trend of stock index futures with stock index as the subject matter will inevitably be affected. On the other hand, stock index futures can be used to effectively manage the unavoidable systemic risks of diversified investment. This is because stock index futures and stock indexes are affected by the same factors, so investors can hedge against changes in the same direction, which largely avoids the systemic risk of portfolio. The risk types of stock index futures are complicated, and the common ones are: (1) legal risk. If an investor in stock index futures chooses a futures company that does not have legal futures brokerage business qualifications to engage in stock index futures trading, its rights and interests are not protected by law; Or the selected futures company has illegal business practices in the trading process, which may bring losses to investors. (2) Market risk. Due to the leverage of margin trading, when there is an unfavorable market, a slight change in the stock price index may cause great losses to investors' rights and interests; When the price fluctuates violently, investors will even be forced to close their positions because of insufficient funds, which will cause heavy losses. Therefore, investors will face greater price risk when trading stock index futures. (3) Operational risk. Like stock trading, it may be that there is a technical failure in the quotation system and the order system, which makes it impossible to obtain a quotation or place an order; Or because investors make mistakes in the operation process, it may cause losses. (4) Cash flow risk. Cash flow risk actually refers to the risk that investors can't raise funds in time to meet the margin requirements for establishing and maintaining stock index future positions. Stock index futures implement the debt-free settlement system on the same day, which requires very high capital management. If investors operate in Man Cang, they may often face the problem of additional margin. If you fail to make up the deposit within the specified time, you will be forced to close your position according to the regulations, which may bring huge losses to investors. (5) Common risks. When a clearing member who settles for investors or other investors under the same clearing member fails to make up the deposit within the specified time, or for other reasons, CICC forcibly closes the brokerage account under the clearing member, the assets of investors may suffer losses due to joint forced closing.