(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.
). 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
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。