All I want to use the DJ Eurostoxx futures on Eurex to trade the underlying index, but my analysis shows I will always lose out - because of the amortisation of the contango. The futs begin higher than spot, them move towards spot at expiration. If I am always in futures, day to day I will lose money from the contango declining. Is this true? And if so, why does anyone trade futures - unless there is backwardation (futures less than spot)?