Do index futures have time value? For example, ES june at ~1445 while the SPX index (this is the underlying right?) is at 1437.5. If the SPX is at 1437.5 in june futures expiration date, will ES also be at 1437.5? Also, if they don't have time value, what is the advantage of stock options over single stock futures? If STF provide similar leverage without the time-value decay, aren't they better overall for speculating on any big one sided move?