(1) Different rights and obligations

The rights and obligations given to the holders of stock index futures are equal, that is, when the contract expires, the holders must buy or sell the index at the agreed price; However, stock index options are different. The bulls of stock index options only have the right but not the obligation, and the bears of stock index options only have the obligation but not the right.

(2) The lever effect is different

The leverage effect of stock index futures is mainly reflected in trading larger contracts with lower margin; The leverage effect of options reflects the leverage of option pricing itself.

[Edit this paragraph] Explain the stock index options in the English-Chinese Dictionary of Securities Investment by the Commercial Press. Also known as: index options. Option contract with stock index as exercise variety. There are two broad and narrow index options. The broad index includes several companies in several industries, while the narrow index only covers several companies in one industry. Investment index options only need to buy a contract, that is, they have the right to increase or decrease the income of all companies in the industry. The exercise process is to settle the profit and loss in cash, just like the settlement method of index futures. See: index futures, index futures; Index option