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IGIndex (www.igindex.co.uk) currently offer year long positions at very reasonable rates.  That is you could have bought the FT2001 index in January of 2000 and for around a 16 point spread had a year long contract position.  Naturally the interest loan premium against such a position would apply (e.g. base rate - dividend yield benefit) - which is presently around 4% p.a.

Assuming a 1.5 times leveraged position was being maintained and you had a credit based account with IGIndex and the present dividend yield and bank base rates were 2% and 6% respectively, then overall a 1.5 times leveraged position would cost almost zero in real terms.  You would however not receive any dividend benefits however your returns (or losses) would be around 1.5 times that of the actual indexes gains/losses.