I have a simple question regarding "Cost of Carry" for ES futures. As a shorter term trader I have remained ignorant of these effects. What I want to know is what difference would there be between holding $60,000 worth of SPY stock and rolling $60,000 worth of ES futures (~ 1 contract) for a year. Lets assume the S&P 500 index went up 10%. Would both positions be worth $66,000 or would the futures position be less due to this cost of carry? My understanding is that the futures would be making less in some relation to the interest rate because of the inherent "free" leverage associated with it. Please help educate me on the matter as I am rather embarrassed of my ignorance on this topic. Thank you.