Interpretation of SSE 5ETF option contract:

1. The target is "5ETF fund", not an index, combined with the "physical delivery" mechanism, that is, the corresponding number of "5ETF fund" shares are obtained after the exercise;

2. The minimum transaction unit is "one", with one = 1, copies; For example, in the figure below, the price of each option is .26 yuan, and one option =.26*1=26 yuan.

3. There will be 4-month contracts in each quarter and month, which is similar to the expiration month of futures;

4. The due date is not a fixed day, but the "fourth Wednesday" of each month;

5. The trading time is basically the same as the stock trading time, and the exercise time on the last trading day is extended by 3 minutes to 15: 3;

6. There are 9 exercise prices (1 flat value, 4 imaginary values and 4 real values). Simply understood, there must be at least 1 flat value, 4 imaginary values and 4 real values every day. If it is not enough, the contract will be added the next day, so it is often seen that the contract will be added the next day when the target fluctuates greatly. As well as contracts with dividends after the end of the year, it is not recommended to participate in contracts with A after dividends.

7. There are 6 trading orders, corresponding to three trading types; Buyer, seller and prepared house.

8. Price limit, which can be simply understood as basically no price limit

9. Fuse mechanism. Although there is no price limit, if the intraday price rises/falls more than 5% of the previous reference price, the fuse will be triggered and the suspension will be suspended for 3 minutes;

for example, on February 9, 218, 5ETF sold February 275 contract, and the opening price was .239 yuan, the first fuse was .361 yuan, the second fuse was .762 yuan, the third fuse was .1239 yuan, and the fourth fuse was .721 yuan.

1. The margin is nonlinear. Compared with the fixed proportion margin of futures (for example, the stock index is 15%), the margin of options has three characteristics:

1. The margin consists of a certain proportion of the target (7-12%) plus the option premium;

2. The proportion of payment in different contracts is not fixed (less in imaginary value and more in real value);

3. The margin paid for the same contract changes with the change of the underlying price (compared with futures, the margin of options changes much more).