Stock index futures is a contract, which is different from commodity futures. Commodity futures such as copper and aluminum are 5 tons in one hand, and grain is 10 tons in one hand.

A contract of stock index futures is calculated by multiplying the 300 yuan by the Shanghai and Shenzhen 300 Index (points) and then according to the margin ratio of 8%.

Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.