(I). The underlying and option type is different

When the ETF options listed on the Shanghai and Shenzhen Stock Exchanges, and its underlying is ETFs funds which track the CSI 300 Index, while CFFEX is listed as an index option, the underlying is the CSI 300 Index.

(II). The notional value of the underlying asset of ETF option and index option is different
Taking Friday's closing as an example, the notional value of the ETF’s options of Shenzhen stock exchange is 4.037 *10000=40370 yuan, and the notional value of the stock index of CFFEX is 3973.01 * 100=397301 yuan, which is about 10 times the notional value of ETF options. Each contract premium will also be much higher than the ETF option

Stock index options contracts have more months and cover longer. For example, in December, the new target will have ETF options in December 2019, and in January, March and June 2020, there will be four expiration months with a coverage period of half a year; and there are 6 months for stock index options: December 2019, and January, February, March, June and September in 2020.

(III). The expiration month of option contract is different
Stock index options contracts have more expiration months and cover longer time. For example, in December, if the new products listed, then ETF options have four expiration months, which are December 2019, January 2020, March 2020 and June 2020, with a coverage period of half a year; while there are six expiration months for stock index options: December 2019, and January, February, March, June and September in 2020.

(IV). The coverage of exercise prices is different
When the initial listing and the new contracts are added, the ETF option has 4 in-the-money options, 1 at-the-money options, 4 out-of-money options, and a total of 9 exercise prices; the exercise price of the stock index option covers from uplimit to downlimit of the target index (10%) in single day. Based on the index closing price of the Nov. 18th index, the exercise price of stock option will up to 18 contracts in the current month and the next 2 months, covering a wider range.

(V) Different expiration day

The expiration day of ETF options on Shanghai and Shenzhen stock exchanges is the fourth Wednesday, which is consistent with the listed Shanghai Stock Exchange 50ETF options, while the expiration day of stock index options is the third Friday, which is the same as the expiration date of stock index futures

(VI) Different settlement prices
The settlement price of stock index options is based on the arithmetic average price of the last two hours of the underlying index (CSI 300 index) on expiration day, which is consistent with the calculation method of the settlement price of stock index futures. The settlement price of ETF options has not been disclosed, but according to Huatai PineBridge fund company, there are only two prices of ETF disclosed daily after the market close, one is the closing price of the secondary market, and the other is the unit net value announced by the fund company after market close. In the future, no notice The exchange hasn't announced which one woudl be used as the settlement price of ETF option contract when it expires. The specific announcement of the exchange shall prevail.

(VII) Difference in delivery methods

ETF options need to be delivered in physical (ETF fund), while stock index options are settled directly in cash.

(VIII) Difference in uplimit and downlimit
Compared with stock index options, ETF options have stricter price restrictions on options in extreme market

(IX) Differences in trading strategies
Investors who hold ETF funds can increase return by opening covered call, which is not available for stock index options

（一） 期权类型和标的不同

沪深交易所上市的时ETF期权，标的是跟踪沪深300指数的ETF基金，而中金所上市的是指数期权，标的是沪深300指数本身。

（二） 期权合约面值不同

以周五收盘为例，深交所的ETF期权每张名义价值4.037 * 10000=40370元，中金所股指期权每张名义价值3973.01 * 100=397301元，约是ETF期权名义价值10倍，对应的每张合约权利金也会远远高于ETF期权。

（三）.期权合约月份不同

股指期权合约月份更多，覆盖时间更长。如12月新标的上市，ETF期权有2019年12月，2020年的1月、3月、6月共4个到期月份，覆盖时间为半年；股指期权有2019年12月，2020年的1月、2月、3月、6月、9月共6个到期月份。

（四）行权价格覆盖范围差异

初始上市和到期加挂时，ETF期权有4个虚值1个平值4个实值共9个行权价：股指期权的行权价覆盖标的指数单日涨跌幅度（10%），以11.08日指数收盘价测算，股指期权当月及下2个月合约行权价将达到18个，覆盖范围更广。

(五)到期时间不同

沪深交易所的ETF期权到期时间是第四个星期已上市的上证50ETF期权保持一致,而股指期权的到期时间是第三个星期五,与股指期货到期日相同

(六)交割结算价不同

股指期权交割结算价以标的指数(沪深300指数)到期日最后两个小时算术平均价作为交割结算价,与股指期货结算价计算方式一致。股指ETF期权的交割结算价尚未披露,但根据华泰柏瑞基金公司介绍,ETF每日收盘后只有两个价格,一个是二级市场收盘价,另一个是基金公司收盘后公布的单位净值。未来ETF期权合约到期使用哪个作为结算价暂未收到通知,具体以上交所公告为准。

(七)交割方式差异

ETF期权行权时需以实物(ETF基金)交割,而股指期权行权时直接以现金结算

(八)涨跌幅限制不同

ETF期权对处于极端行情下的期权价格限制相比股指期权更为严

(九)交易策略差异持

有ETF基金的投资者,可以用备兑策略增加持仓收入,这是股指期权不具备的