LOCATION: SZSE English/PRODUCTS/Options/CSI 300 ETF Options


CSI 300 Index and Related Products

CSI 300 Index is the flagship index of China’s A-share market. It aims to reflect the overall performance of China A-share market. It is comprised of 300 largest and most liquid A-share stocks. By the end of 2019, the market value of CSI 300 index constituents totaled at RMB 33 trillion, which accounts for 56% of the total market value of China A-share market.


By the end of 2019, 82 onshore funds were tracking CSI 300 Index, whose asset under management(AuM) totaled at more than RMB 200 billion, including 46 passive index funds (with AuM at RMB 171 billion) and 36 reinforced funds (with AuM at RMB 38 billion). There were 22 ETFs with AuM totaled at RMB 142 billion among passive index funds tracking CSI 300 Index.


CSI 300 ETF Options

The first option product of Shenzhen Stock Exchange, CSI 300 ETF options, was launched on Dec 23rd, 2019. The option product is based on Harvest CSI 300 ETF, which is one of the three largest ETFs tracking CSI 300 Index worldwide.

Market Data



CSI 300 ETF Options Product Specification  


Harvest CSI 300 Exchange Traded Fund (CSI 300 ETF, 159919)


Contract Types

Call options and put options


Exercise Style

European style


Contract Multiplier



Expiration Months

4 contract expiration months (spot month, next calendar month, and next two calendar quarter months)


Contract Delivery

Physical delivery (unless otherwise specified)


Strike Prices

At least 9 prices (1 at-the-money, 4 out-of-the-money, 4 in-the-money)

Strike Price Intervals


Strike Price Interval


RMB 0.05

> RMB 3 and


RMB 0.1

> RMB 5 and

RMB 10

RMB 0.25

> RMB 10 and

RMB 20

RMB 0.5

> RMB 20 and

RMB 50


> RMB 50 and

RMB 100

RMB 2.5

> RMB 100



Expiration Date

The fourth Wednesday of the contract expiration month (if the expiration date is a holiday, it will be put off to the next business day)


Trading Hours

Morning: 9:15–9:25 (for opening auction), 9:30-11:30

Afternoon: 13:00–15:00 (14:57-15:00 for closing auction)


Exercise Date

Same as the expiration date.

Exercise orders should be submitted between 9:15-11:30, 13:00-15:30 on the exercise date and will not be accepted otherwise.


Delivery Date

The day after the exercise date


Tick Size

RMB 0.0001


Order Size

1 contract


Order Types

Ordinary limit order, Fill-or-Kill limit order, Opposite-side Best Price market order, Same-side Best Price market order, Five Best market orders Immediate or Cancel, Immediate or Cancel market order, Fill-or-Kill market order and other types of orders as specified by the SZSE


Trading Types

Buy to open, buy to close, sell to open, sell to close, open covered call, close covered call and other types as specified by the SZSE


Price Limit


Price up limit = max {previous closing price of underlying×0.5%, min [ (2×previous closing price of underlying ­– strike price), previous  closing price of underlying]×10%}

Price down limit = previous closing price of underlying×10%


Price up limit = max{strike price×0.5%, min [(2×strike price­ –previous closing price of underlying), previous closing price of underlying]×10%}

Price down limit = previous closing price of underlying×10%


Circuit Breaker

During continuous auction, if the intraday trading price of a contract moves by 50% or more above or below the latest reference price and the absolute value of such movement reaches or exceeds 10 times the tick size, the contract will enter a 3-minute call auction session


Minimum Initial Margin

Short Call

Initial margin = {previous settlement price + max [12%×previous closing price of underlying – max (strike price – previous closing price of underlying, 0), 7%×previous closing price of underlying]}×contract size

Short Put

Initial margin = min {previous settlement price +max [12%×previous closing price of underlying – max (previous closing price of underlying–strike price, 0), 7%×strike price], strike price}×contract size


Minimum Maintenance Margin

Short Call

Maintenance margin ={settlement price +max [12%×closing price of underlying – max(strike price–closing price of underlying, 0), 7%×closing price of underlying]}×contract size

Short Put

Maintenance margin=min {settlement price +max [12%×closing price of underlying – max (closing price of underlying–strike price, 0), 7%×strike price], strike price}×contract size


Maximum Contracts Per Order

50 contracts maximum for each limit order. 10 contracts maximum for each market order