Actually, it is not. At present, institutional investors in Shanghai and Shenzhen stock markets include insurance funds, securities investment funds, private equity funds and social security funds, as well as brokers and QFII. But these institutions are not an aggregate, and there are also games among them. From an objective point of view, as long as the rules are reasonable, small and medium investors and institutional investors are equal, because no one can unilaterally influence this large-capacity market. In fact, small and medium-sized investors can avoid the systemic risk of the stock market and sell their stocks directly in the spot market; However, for institutional investors, due to the large spot position, if they directly reduce their holdings, it will bring a relatively big impact to the stock spot market. Stock index futures are mainly used to hedge the systemic risks in the stock market. For retail investors, investment risks mainly come from non-systematic risks such as industry prosperity and individual stock fundamentals. If retail investors also use stock index futures to hedge their risks, both futures and stocks may lose money. For stock index futures, Wu Xiaoqiu, director of the Institute of Finance and Securities of China Renmin University, suggested to investors: "We just need to keep a cool head and a fiery heart to launch stock index futures. Then, investors should also be like this. Don't treat stock index futures as speculative products. " As the saying goes, "you can't train a general in a sand table." As for the new thing of stock index futures, we can see that there are still many people trying to grasp its pulse through simulation operation. The principle of stock index futures seems simple, but like commodity futures, the operation is changeable; It seems that the risk is huge, but as long as you follow the arbitrage principle, this tool will not only hurt people, but also help you swim in the capital market. At present, any speculation and worry about stock index futures may be superfluous. At present, the best way for us is to be familiar with and know more, or to prepare for war actively or to wait quietly.