Let's say I'm going to buy in the market to hold. What are the pros and cons of buying MES futures instead of SPY ETFs for exposure to S&P500?
From a high level I know that MES is $5 per point and that SPY is (roughly) $0.10 per point but we can equalize that by equating 50 shares of SPY against one MES contract.
Holding MES would miss out on dividends and there'd be transaction fees of rolling out of each expiring contract into the next.
Assuming one portfolio consists of 1 MES contract which is rolled over into the next expiry when applicable and another holds 50 SPY contracts, which will end up higher at the end of a few years?