The wrapper decides the cost

Module 1 established that an index is a calculation and that everything tradeable carrying its name is a separate contract. This module is the bill for that fact.

The index costs nothing

There is no spread on a calculation, no financing on a measurement, no commission on a number. Every charge in this module attaches to a contract someone wrote.

Which is why "what does it cost to trade the FTSE" has no answer until you say through what.

Where each wrapper puts its costs

• Cash CFD: a spread on entry, and financing every night you hold it.
• Future: a spread, a commission, exchange fees, and no nightly charge - the financing is already inside the price.
• Spread bet: a spread, financing on daily bets, and a different tax treatment that is outside this module's scope.
• ETF: a spread, a management fee, and the fund's own internal costs.

Four vehicles, one index, and no two of them charge in the same places.

Why comparison tables mislead

A comparison quoting one number per vehicle has to pick a holding period, and it usually does not say which one it picked.

The cheapest vehicle for a position held four hours is not the cheapest for one held four months, and it is not a close call - the ranking inverts. Lesson 8 works out exactly where.

What this module does and does not cover

It covers what each cost is, where it lands, and how to add them up for a specific position and holding period.

It does not compare the wrappers exhaustively - that is module 8, which has the basis and the tracking differences to do it properly. And full futures roll mechanics belong to the futures track, not here.