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+Chapter 29: Introduction to Index Option Products and Futures 507 
+let us look at a simple example of how one might hedge a stock portfolio with stock 
+index futures. 
+Example: Suppose that a stock mutual fund operates under the philosophy that 
+investors cannot outperform a bullish market, so the best investment strategy when 
+one is bullish is just to "buy the market." That is, this mutual fund actually buys all 
+the stocks in the Standard & Poor's 500 Index and holds them. 
+If the manager of this fund turns bearish, he would want to sell out his positions. 
+However, the commission costs for liquidating the entire portfolio would be large. 
+Also, the act of selling so much stock might actually depress the market, thereby 
+devaluing the remainder of his portfolio before he can sell it. 
+This manager might sell S&P 500 futures against his portfolio instead of selling 
+his stocks. Such a futures contract would move up or down in line with the S&P 500 
+Index as it rises or falls. Suppose that he sold enough futures to hedge the entire dol­
+lar value of his stock portfolio. Then, even if the stock market declined, his futures 
+contracts would decline also and would theoretically prevent him from having a loss. 
+Of course, he couldn't make much of a gain if the market went up, since the futures 
+would then lose money. What this money manager has accomplished is that he has 
+effectively sold his stock portfolio without incurring stock commission costs (futures 
+commissions are normally quite small). 
+If he turns bullish again at some later date, he can buy the futures back, and 
+have his long stocks free to profit if the market rises. Again, he does not spend the 
+stock commission nor does he have to go through the tedious process of placing 500 
+stock orders to "buy" the S&P 500 - he merely places one order in futures contracts. 
+Futures contracts often trade at premiums to the underlying commodity, due to 
+the fact that the investor who buys the future does not have to spend the money that 
+one who buys all the stocks would have to spend. Thus, he saves the carrying costs 
+but forsakes any dividends. This savings is reflected by the marketplace in that a pre­
+mium is placed on the price of the futures contract. As a consequence, longer-term 
+contracts trade at a larger premium than do near-term contracts, much as is the case 
+with options. In most cases, however, the index futures trader is concerned with the 
+nearest-term contract, and perhaps the next one out in time. 
+TERMS OF THE CONTRACT 
+There are cash-based index futures on several indices, although some of these futures 
+contracts are not heavily traded. The most heavily traded contract is the future on the 
+S&P 500 Index. This contract trades on the Chicago Mercantile Exchange. It has con­
+tracts that expire every 3 months (March, June, September, December) and a 1-point