Shorting SPY vs. buying SH

Hi there.

I have been running an ATS for while using to SPY to buy the S&P500 and SH to short it thru a margin account at Interactive Brokers.

I am wondering how simply selling short SPY would be any different wrt. costs?

I have no experience in using short selling on a margin account - is there anything I should be aware of?

(The advantage would be that I could use the same model for other assets - i.e. silver or the deutsche bank commidity index (dbc) for which there do not exist a short fund.)
 
Futures are too leveraged for what I do.

The exposure futures would give to the underlying is too big compared for the time horizon and the account size I have.
 
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