Stock index option is an option contract with stock index as the underlying asset. Stock index is an index that reflects the overall performance of a stock market, such as SSE 50 Stock Index, Shanghai and Shenzhen 300 Stock Index Average Index, etc.
The difference between ETF options and stock index options lies in:
1, account opening difference
The account opening time of stock index options is short and the process is relatively convenient. The whole process is processed online:
1) The available funds in the futures account shall be no less than 500,000 yuan after settlement five trading days before opening the account.
2) Meet one of the following trading experiences:
(1) Simulated trading experience: having simulated trading records of futures contracts or option contracts with a cumulative number of not less than 10 trading days and more than 20 transactions (including 20 transactions) in domestic trading places;
(2) Real trading experience in China: futures contracts, options contracts or other derivatives transactions (such as swap transactions) have occurred in domestic trading places in the last three years, exceeding 10 (including 10);
3) Log on to the China Futures Association's testing platform for investors' appropriate knowledge, and participate in the "Basic Knowledge Test of Futures Trading", with a test score of not less than 80 points.
(4) Having no serious bad credit record or being declared as a person prohibited from entering the futures market by the competent regulatory authorities; There are no laws, regulations, rules and business rules of the exchange to prohibit or restrict futures trading;
The opening time of ETF option account is long and complicated, which needs to be handled offline by securities companies:
1) The average daily available funds in the futures fund account in the first 20 trading days are not less than RMB 500,000: the available balance in the previous trading day is not less than RMB 500,000.
2) Have basic knowledge of options and pass relevant tests recognized by Shanghai Stock Exchange.
3) The designated transaction has been in the securities company for 6 months or has been opened in the futures company for 6 months; And have the qualification to participate in margin trading or at least one financial futures trading experience.
(4) Having simulated trading experience recognized by the Exchange, covering all kinds of trading rights to be applied for.
5) Pass the risk capability assessment.
6) Comprehensively evaluate the basic situation, relevant trading experience, financial status and credit status, and evaluate whether it is suitable to participate in stock option trading. The evaluation score must exceed 70 points.
7) No serious bad credit record: there are no laws, administrative regulations, rules and business rules of the exchange that prohibit or restrict stock index futures trading.
For experienced investors without capital verification, they can choose options warehouse accounts for trading.
2. Different goals
SSE 50 and CSI 300 are the same target as ETF options and stock index options. ETF options are unique to CSI 500ETF, GEM ETF and SZSE 100ETF, and stock index options are unique to CSI 1000. Both of them have the same target and the only target, and investors can choose the appropriate target according to their investment preferences.
The face value of the contract is different.
At present, the contract unit of ETF options in Shanghai and Shenzhen Stock Exchanges is 1 10,000, and the unit price of the underlying ETF ranges from more than 2 to about 6, so the face value of an ETF option ranges from more than 20,000 to about 60,000 depending on the underlying. Relatively speaking, the contract face value of stock index options in China Financial Futures Exchange will be much larger. At present, the contract unit of stock index options is 100 yuan/point. For example, the CSI 300 index is around 4000 points, so the face value of a CSI 300 option is around 400,000. Investors must reasonably choose options with different denominations to invest according to their risk tolerance and investment plan.
4. The number of maturity months is different.
At present, the contract months of ETF options in Shanghai and Shenzhen Stock Exchanges are four, namely, the current month, the next month, the next quarter and the next quarter. CICC 1 month * * has six stock index option contracts, which are for three consecutive months and the following three quarterly months. Therefore, stock index options will be more flexible in the choice of contract month.
5. Different portfolio profit rates
At present, the Shanghai and Shenzhen Stock Exchanges have launched portfolio margin, which means that ETF options trading can use strategic margin. In this way, investors can save margin and improve the utilization rate of funds when using spread strategy and selling strategy. At present, CICC has not yet launched portfolio margin, so it is temporarily unable to use strategic margin when trading stock index options.
6. Different delivery systems
At present, ETF options in Shanghai and Shenzhen Stock Exchanges expire on the fourth Wednesday of each month and are delivered in kind. CICC's stock index options expire on the third Friday of each month and are paid in cash.
The above are the six major differences between ETF options and stock index options. Investors can deeply understand the similarities and differences between the two options and choose the variety that suits them.