CFIC Introduction
Original title: The listing of the options of the Science and Technology Innovation 50 ETF has been launched for one year: market recognition and attractiveness continue to improve to help investors grasp investment opportunities in the field of science and technology
It has been one year since the listing of STAR 50 ETF options was launched. Looking back, on May 12, 2023, the China Securities Regulatory Commission (CSRC) announced the launch of the listing of options on the Shanghai Stock Exchange's STAR 50 ETF. Subsequently, the STAR 50 ETF options were officially listed and traded on June 5, 2023.
So far, what kind of report card have the STAR 50 ETF options handed over? According to the "2023 Shanghai Stock Exchange Stock Options Market Development Report" released in February this year, by the end of 2023, a total of 96 million contracts of STAR 50 ETF options (including ChinaAMC STAR 50 ETF options and E Fund STAR 50 ETF options) had been traded, with a cumulative face value of 0.94 trillion yuan and a cumulative premium of 23.274 billion yuan.
Zheng Hong, chief investment adviser of Huaan Securities, said in an interview with the "Securities Daily" reporter that the launch of the Kechuang 50 ETF options has enriched the investment strategy of the market, formed better transaction protection for professional investors, and also helped more ordinary investors gradually understand the flexibility of option trading and have a better understanding of multi-strategy trading. In the future, as the investment quality of investors becomes higher and higher, options, especially more and more vertically segmented options, will be studied and used by more investors.
There is a broad space for development
ETF options, as a basic, mature and universal financial derivative instrument in the global capital market, have played an important role in price discovery, risk management, and improving the market long-short balance mechanism. In this context, in order to improve the multi-level capital market product system in mainland China and enrich the risk management tools of the capital market, the STAR 50 ETF options came into being.
It is reported that the STAR 50 ETF option is the first on-exchange derivative based on the STAR 50 Index in China, which is composed of 50 securities with large market capitalization and good liquidity in the STAR Market, reflecting the overall performance of the most representative group of science and technology enterprises in the market.
Since the listing and trading of STAR 50 ETF options, it has gradually shown good market acceptance and investment attractiveness. Specifically, as of the end of 2023, the cumulative trading volume of ChinaAMC Science and Technology Innovation 50 ETF option contracts was 68 million, including 41 million call options and 27 million put options, with an average daily turnover of 480,000, a cumulative face value of 0.67 trillion yuan, an average daily face value of 4.725 billion yuan, a cumulative premium turnover of 16.908 billion yuan, and an average daily premium turnover of 119 million yuan.
As of the end of 2023, E Fund STAR 50 ETF has traded a total of 28 million contracts, including 16 million call options and 11 million put options, with an average daily turnover of 195,300 contracts, a cumulative face value of 0.27 trillion yuan, an average daily trading value of 1.885 billion yuan, a cumulative premium turnover of 6.366 billion yuan, and an average daily premium turnover of 45 million yuan.
Zheng Lei, chief economist of Samoyed Cloud Technology Group, told the "Securities Daily" reporter that it is not difficult to see from the above data that investors have a high degree of recognition of Kechuang 50 ETF options. It is foreseeable that the options of the STAR 50 ETF will provide more investors with risk management tools and investment opportunities in the future, and the development space is very broad.
Diversify the options market
The launch of STAR 50 ETF options not only provides investors with more diversified investment options, but also an important part of improving the mainland on-exchange options product system.
Wind data shows that up to now, the mainland on-exchange options market covers more than 30 varieties, of which 12 financial options are based on ETFs and stock indexes. With the launch of the STAR 50 ETF options, the ETF options market has since formed a comprehensive coverage of risk characteristics such as blue chips, small and medium-sized market capitalization, entrepreneurship and innovation, and further improved the mainland on-exchange options product system.
"STAR 50 ETF options play an important role in promoting the construction of the mainland options market." Zheng Lei said that the options of the Science and Technology Innovation 50 ETF can provide investors with richer and more diversified investment products and promote the diversified development of the options market; It can provide more tools and methods for risk management in the options market and improve the safety and stability of market operation; It can promote the international development of the options market, attract more international investors to participate in the Chinese options market, and promote the internationalization of the Chinese options market.
In addition, as it is an on-exchange derivative based on the STAR 50 Index, STAR 50 ETF options are also an important part of helping the capital market support technology self-reliance and self-reliance to a certain extent.
Zheng Hong said that the STAR 50 ETF options can better attract long-term funds to allocate to the STAR Market. At the same time, it will help stabilize the trading of the STAR Market, improve the efficiency of market pricing, and improve the liquidity and scale of the corresponding underlying ETFs. In addition, STAR 50 ETF options can better meet the diversified trading and risk management needs of investors, and further stimulate the vitality and efficiency of the STAR Market.
Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, told the Securities Daily that the options of the Science and Technology Innovation 50 ETF can provide investors with more flexible investment tools and help investors better grasp the investment opportunities in the field of scientific and technological innovation. By buying and selling options, investors can manage risk and return more proactively.
Source of this article: Shanghai Financial Official WeChat, Securities Daily
Author: Tian Peng
WeChat editor: Guan Qiao
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