Hi All, After reading all the info on the CME, I still have a few questions. Any responses are appreciated. 1. If I were trading something like sugar, my understanding is that when the contract expires, there is a physical exchange of sugar and money. How does this work with index futures, where there doesn't seem to be any physical commodity? 2. Can someone explain how expiration dates work? Should I have closed all positions before that day, or can I still have some positions during that day? I assume that I would not want to have any sort of position when the contract expires, is that correct? 3. These questions seem kind of rudimentary, but I have not been able to find a decent book or website that explains index futures plain and simple. Can someone point me in the right direction? I checked out the CME but there was only introductory stuff there... Thanks for your help.