I started with shorting ES from time to time as a hedge, but I want to expand. I'll keep reading the old posts but maybe someone can help. Index futures seem like an ideal instrument. Why would someone want to trade an index fund or ETF when there is a future available? The future would have lower costs and much more leverage, and its easy to short them. Other than ES what are popular investments? There's QQQQ... not a future but what are the differences... less leverage. Is there an index future contract equivalent to QQQQ? Are there like "ADR" index futures... what I mean is, I'd like to diversify into an Asian or European index (and into their currencies) without having to open a Euro account. I'm at IB. One last thing that puzzle me a bit is "what happens to the dividends" if that makes sense, comparing say ES to some actual index fund that bought all 500 stocks.