Futures are fantastic for active traders thanks to the 60/40 tax treatment, no wash-sale rule, and the fact that Section 1256 contracts get marked to market, which massively simplifies reporting (just one line on Form 6781 vs. pages of equity trades). Plus, like you said, no pattern day trader (PDT) rule is a huge advantage—futures allow flexibility that equity day traders just don’t have.

But you’re 100% right on the flip side: for long-term investors, equities can absolutely shine. If you hold stocks for 12+ months, you get 100% long-term capital gains treatment—better than the 60% max you can get with futures. And futures require rolling contracts if you want to maintain a long-term directional bet, which introduces additional friction (and sometimes unexpected costs if spreads are wide or rolls are choppy).

For me, it boils down to intent and style:

Active, short-term traders: Futures are hard to beat from a tax and flexibility perspective.
Long-term investors: Equities are superior, both for tax efficiency and simplicity (no rolling needed).