Comparing and Contrasting Futures and Stocks/ETFs.

	Futures	Stocks/ETFs
regulated by:	CFTC	SEC
Exchanges traded on:	CME Group	NYSE, Nasdaq, etc.
fiduciary responsibility:	FCM	Broker-Dealer
underlying assets:	Equities, FX, Interest Rates, and Commodities.	stocks are categorized as Equities. Some ETFs provide exposure to Interest Rates, FX, and Commodities.
margin and leverage:	performance bond - usually 1-5% of the notional value of the contract.	Reg-T states that a broker can lend up to 50% of the purchase price of a position to the customer.
contract structure	defined contracts to buy and sell a certain amount of the commodity/instrument by the expiration date of the contract.	Each share represents a piece of ownership of the firm.
dividends paid:	No	Yes.
Taxes on short-term gains:	60/40 rule	ordinary income
investor protections:	none	SIPC

This table provides a summary of the major differences between futures and stocks/ETFs.