Advantageous tax treatment, overnight liquidity, there's no vig on overnight margin trades. Commission depends on your situation, I would assume ES is better for retail unless you have some plan that lets you move huge size in SPY for a flat fee.
what about time value in ES? How it's counted? As I understand ES depreciates overtime So for longterm hold SPY is better
Are you an investor or a trader? ES approaches the value of the cash the closer you get to expiration. I never really think about dividends as a shorter term trader. If you are accumulating a position for a long term investment, yes SPY makes more sense. ES has to be rolled over every 4 months. el surrrrrrrrdo
im a trader, from a commission standpoint i'd definately better off trading the spy's, even negating the ecn charges/rebates. im leveraged pretty good right now so i thnik ill stick with spy's unless leverage becomes a limiting factor.