If you still don't understand, you need to start with what is an index and what is index futures.
Introduction of SSE 50 and CSI 500 Index.
According to scientific and objective methods, the SSE 50 Index selects 50 representative stocks with large scale and good liquidity in Shanghai to form sample stocks, which fully reflects the overall situation of a group of high-quality large-cap enterprises with the most market influence in Shanghai. The index is referred to as SSE 50 for short, the index code is 0000 16, and the benchmark date is 65438+February 3, 20031.
CSI 500 Index is one of the indexes developed by CSI Index Co., Ltd. The stocks in its sample space are the top 300 stocks after deducting the sample stocks of CSI 300 Index and the average daily market value in the latest year. The rest of the stocks are ranked from high to low according to the average daily turnover in the last year (since the listing of new shares), and the last 20% stocks are excluded. Then the remaining stocks are sorted from high to low according to the daily average market value, and the top 500 stocks are selected as the CSI. The CSI 500 Index comprehensively reflects the overall situation of small-cap companies in Shanghai and Shenzhen stock markets. Referred to as CSI 500, the Shanghai market code is 000905, and the Shenzhen market code is 399905. The base date of certificate 500 is 65438+February 3, 20041,and the base point is 1000.
Introduction of index futures.
The biggest feature of stock index futures is that it has the characteristics of both futures and stocks. The first is a futures contract, that is, the forward delivery is priced in advance, and only the deposit is paid; Secondly, it has the characteristics of stock, because the index represents the value of stock in a specific market. Its delivery form is very different from traditional futures. When the contract expires, the settlement index is compared with the open position index, and the investor pays or receives the cash difference converted by the two indexes, that is, the delivery is completed.