Futures can be counted as securities or not. Futures is derivative securities, it is a contract, and it is up to you whether this contract is securities or not. (In fact, it belongs to securities in a broad sense. The most important function of futures is to cooperate with spot contracts to achieve the purpose of hedging. Instead of letting speculators speculate, although most people speculate. The derivative financial market was almost abolished by the US Congress when it was just emerging in the United States. Finally, the Federal Reserve, together with economists and a series of experts, came to Congress and published a report on derivative financial markets. It is precisely because of the hedging function of futures spot that Congress finally made up its mind to develop derivative financial markets. (Because futures are too easy to speculate. )