How should the SSE 50 ETF options contract be interpreted? First of all, SSE 50 ETF options, like the options we mentioned before, are derivative financial products based on a certain type of underlying assets. The underlying asset of the SSE 50ETF option is ChinaAMC SSE 50ETF (510050), that is, each 50ETF option contract corresponds to 10,000 ChinaAMC SSE 50ETF. Secondly, SSE 50 ETF options are divided into two types: call options and put options. A call option means that the buyer spends money (premium) to obtain the right to buy China SSE 50 ETF at an exercise price, and the seller receives money (premium) and bears the responsibility in the option. When the buyer makes an exercise request, he is responsible for selling the ChinaAMC SSE 50 ETF to the option buyer at the exercise price. A put option means that the buyer spends money (premium) to obtain the right to buy ChinaAMC SSE 50 ETF at an exercise price. The seller collects money (premium) and bears the obligation to purchase ChinaAMC SSE 50 ETF from the option buyer at the exercise price when the option buyer makes an exercise request. Responsibilities of SSE 50ETF. Whether it is a call option or a put option, in order to ensure that option sellers have the ability to perform at any time, the exchange implements a daily mark-to-market system for option sellers. To put it bluntly, the option seller has to deposit a sum of money to prove that he has the ability to perform the contract at any time. This sum of money is what we usually call the margin. Remember that as an option seller, it is best to leave some residual money (available funds) in the option account to avoid insufficient margin and being liquidated. Of course, for the buyer of a call option or a put option, what he is buying is a right that can be exercised or waived. There is no requirement to perform the contract, so naturally there is no need to pay a deposit. Thirdly, unlike commodity options or index options, 50ETF options involve contract adjustments when ex-rights and dividends occur. That is, when the price of 50ETF changes due to ex-rights and ex-dividends, the exchange will adjust the contract units and exercise prices of all unexpired contracts on the day of ex-rights and ex-dividends, and re-list new contracts for the underlying assets after ex-rights and ex-dividends. The basic idea of ??the adjustment is: the value of the 50ETF corresponding to the option contract before and after ex-rights and ex-dividend adjustment should be basically the same, that is, the contract unit before adjustment × the closing price of 50ETF before adjustment (the closing price of 50ETF the day before ex-rights and ex-dividend) = the adjusted contract unit × after adjustment 50ETF price (50ETF price after ex-rights and ex-dividend). From this, the new adjusted contract unit can be calculated, and based on the idea that the face value of the option contract is basically the same, that is, the exercise price before adjustment × the contract unit before adjustment = the exercise price after adjustment × the contract unit after adjustment. From this, the new adjusted exercise price can be deduced. Please refer to the options contract rules for the specific adjustment formula. Finally, what everyone needs to know is: The expiration months of options are the current month, the next month and the following two quarter months, up to 4 months. The expiration months of the first batch of listed options contracts are March, April, June and September 2015. The last trading day for options is the fourth Wednesday of the expiration month (or postponed if it is a legal holiday). Options trading hours are the same as stock trading hours, 9:15-9:25 am, 9:30-11:30 (9:15-9:25 is the opening call auction time) 13:00-15:00 pm (14 : 57-15:00 is the closing call auction time). The exercise time is half an hour longer than the trading time, extended to 15:30. 4. The right position limit for a single investor (including individual investors, institutional investors and option operating institutions’ proprietary businesses, the same below) is 20, the total position limit is 50, and the single-day buying and opening limit is 100 open. 5. The maximum number of limit-price orders placed by a single investor is 10, and the maximum number of market-price orders placed is 5. Such a position limit design reflects the exchange's strict control over options trading risks. At the actual trading level, investors need to pay more attention to various market risks.