国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 2 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/11/20 3.156 -0.28% 13.32% 14.38% 2025/11/21 3.101 -1.74% 15.17% 15.50% 2025/11/24 3.094 -0.23% 12.79% 14.13% 2025年11月24日 24.50% 近1年 次月IV分位数 32.90% 50.20% 28.20% 近2年 次月IV分位数 39.10% 55.60% 34.80% 当月合约距离到期还剩 32.30% 57.40% 【50ETF】 近1年 当月IV分位数 28.90% 56.30% 22.40% 近2年 当月IV分位数 金融期权波动率 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/11/22 2023/4/20 2023/9/14 2024/2/20 2024/7/17 2024/12/13 2025/5/19 2025/10/15 50ETF价格、隐波近三年走势 左轴50ETF 当月IV 数据来源： ...

国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 6 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/11/14 3.183 -1.18% 13.10% 14.83% 2025/11/17 3.159 -0.75% 13.46% 14.73% 2025/11/18 3.150 -0.28% 14.82% 15.39% 2025年11月18日 52.50% 近1年 次月IV分位数 38.30% 34.50% 47.20% 近2年 次月IV分位数 46.30% 43.50% 53.90% 当月合约距离到期还剩 29.40% 34.10% 【50ETF】 近1年 当月IV分位数 26.50% 29.70% 50.60% 近2年 当月IV分位数 金融期权波动率 0% 5% 10% 15% 20% ATM IV(M1) ATM IV(M2) ATM IV(Q1) ATM IV(Q2) ATM IV期限结构 今日 昨日 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/11/16 2023/4/14 2023/9/8 2024/2/6 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides detailed data on various financial products such as ETFs and indices, including price, volatility, and skew index information. 3. Summary by Related Catalogs 3.1 50ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.27% increase on the 6th, a 0.13% decrease on the 7th, and a 0.47% increase on the 10th. The current month IV ranged from 12.51% - 12.80%, and the next - month IV from 14.78% - 14.89% [1]. - The near - 1 - year current month IV quantile was 21.60% - 22.00%, and the near - 2 - year quantile was 20.00% - 22.00%. The near - 1 - year next - month IV quantile was 35.40% - 40.00%, and the near - 2 - year quantile was 45.40% - 48.60% [1]. - The skew index today was 92.65, compared to 102.82 yesterday [2]. 3.2 Shanghai 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.48% increase on the 6th, a 0.21% decrease on the 7th, and a 0.25% increase on the 10th. The current month IV ranged from 14.37% - 14.53%, and the next - month IV from 15.94% - 16.28% [3]. - The near - 1 - year current month IV quantile was 28.90% - 30.20%, and the near - 2 - year quantile was 37.80% - 39.60%. The near - 1 - year next - month IV quantile was 46.80%, and the near - 2 - year quantile was 53.90% - 57.70% [3]. - The skew index today was 102.05, compared to 104.72 yesterday [5]. 3.3 Shenzhen 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.54% increase on the 6th, a 0.30% decrease on the 7th, and a 0.38% increase on the 10th. The current month IV ranged from 14.58% - 14.95%, and the next - month IV from 16.41% - 16.74% [6]. - The near - 1 - year current month IV quantile was 31.40% - 34.20%, and the near - 2 - year quantile was 40.80% - 46.00%. The near - 1 - year next - month IV quantile was 47.40% - 50.40%, and the near - 2 - year quantile was 59.40% - 61.90% [6]. - The skew index today was 99.49, compared to 104.41 yesterday [12]. 3.4 Shanghai CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.89% increase on the 6th, a 1.50% increase on the 7th, and a 0.04% decrease on the 10th. The current month IV ranged from 18.55% - 18.71%, and the next - month IV from 19.92% - 20.13% [16]. - The near - 1 - year current month IV quantile was 34.20% - 35.50%, and the near - 2 - year quantile was 38.40% - 40.20%. The near - 1 - year next - month IV quantile was 46.80% - 57.00%, and the near - 2 - year quantile was 48.10% - 56.20% [16]. - The skew index today was 102.88, compared to 106.34 yesterday [21]. 3.5 Shenzhen CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.67% increase on the 6th, a 0.37% decrease on the 7th, and a 0.17% increase on the 10th. The current month IV ranged from 18.65% - 18.98%, and the next - month IV from 20.12% - 20.31% [26]. - The near - 1 - year current month IV quantile was 34.20%, and the near - 2 - year quantile was 39.80% - 40.40%. The near - 1 - year next - month IV quantile was 45.10% - 56.60%, and the near - 2 - year quantile was 54.30% - 56.40% [26]. - The skew index today was 102.13, compared to 106.11 yesterday [31]. 3.6 ChiNext ETF - From November 6 - 10, 2025, the price decreased, with a 1.88% increase on the 6th, a 0.50% decrease on the 7th, and a 0.85% decrease on the 10th. The current month IV ranged from 28.49% - 29.04%, and the next - month IV from 30.04% - 30.61% [32]. - The near - 1 - year current month IV quantile was 57.10% - 58.30%, and the near - 2 - year quantile was 69.30% - 71.50%. The near - 1 - year next - month IV quantile was 59.90% - 73.70%, and the near - 2 - year quantile was 73.70% - 75.60% [32]. - The skew index today was 98.35, compared to 102.10 yesterday [37]. 3.7 Shenzhen 100ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.82% increase on the 6th, a 0.64% decrease on the 7th, and a 0.22% increase on the 10th. The current month IV ranged from 19.96% - 20.37%, and the next - month IV from 21.33% - 22.33% [41]. - The near - 1 - year current month IV quantile was 49.70% - 51.80%, and the near - 2 - year quantile was 60.90% - 62.50%. The near - 1 - year next - month IV quantile was 52.30% - 56.50%, and the near - 2 - year quantile was 66.30% - 69.70% [41]. - The skew index today was 101.73, compared to 104.78 yesterday [44]. 3.8 Science and Technology Innovation 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.36% increase on the 6th, a 1.46% decrease on the 7th, and a 0.61% decrease on the 10th. The current month IV ranged from 31.64% - 32.60%, and the next - month IV from 33.27% - 34.03% [50]. - The near - 1 - year current month IV quantile was 50.20% - 67.40%, and the near - 2 - year quantile was 59.00% - 73.90%. The near - 1 - year next - month IV quantile was 52.20% - 73.90%, and the near - 2 - year quantile was 59.90% - 74.80% [50]. - The skew index today was 93.39, compared to 96.47 yesterday [52]. 3.9 Star 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.39% increase on the 6th, a 1.37% decrease on the 7th, and a 0.69% decrease on the 10th. The current month IV ranged from 31.37% - 32.95%, and the next - month IV from 32.71% - 34.12% [55]. - The near - 1 - year current month IV quantile was 53.80% - 70.10%, and the near - 2 - year quantile was 56.50% - 75.40%. The near - 1 - year next - month IV quantile was 50.60% - 73.30%, and the near - 2 - year quantile was 56.50% - 72.00% [55]. - The skew index today was 93.79, compared to 97.75 yesterday [58]. 3.10 300 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.43% increase on the 6th, a 0.31% decrease on the 7th, and a 0.35% increase on the 10th. The current month IV ranged from 13.35% - 13.87%, and the next - month IV from 16.42% - 16.54% [63]. - The near - 1 - year current month IV quantile was 21.20% - 30.60%, and the near - 2 - year quantile was 21.40% - 31.00%. The near - 1 - year next - month IV quantile was 42.80% - 57.40%, and the near - 2 - year quantile was 54.80% - 57.40% [63]. - The skew index today was 104.41, compared to 105.33 yesterday [66]. 3.11 1000 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.17% increase on the 6th, a 0.13% decrease on the 7th, and a 0.28% increase on the 10th. The current month IV ranged from 17.52% - 17.98%, and the next - month IV from 19.98% - 20.18% [67]. - The near - 1 - year current month IV quantile was 14.20% - 22.00%, and the near - 2 - year quantile was 16.30% - 19.40%. The near - 1 - year next - month IV quantile was 23.20% - 25.70%, and the near - 2 - year quantile was 19.20% - 25.70% [67]. - The skew index today was 113.60, compared to 117.24 yesterday [70]. 3.12 Shanghai 50 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.22% increase on the 6th, a 0.21% decrease on the 7th, and a 0.51% increase on the 10th. The current month IV ranged from 12.91% - 13.21%, and the next - month IV from 49.93% - 62.00% [71]. - The near - 1 - year current month IV quantile was 15.10% - 20.20%, and the near - 2 - year quantile was 15.90% - 20.20%. The near - 1 - year next - month IV quantile was 91.00% - 91.40%, and the near - 2 - year quantile was 95.50% - 95.70% [71]. - The skew index today was 101.83, compared to 101.00 yesterday [76].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No explicit core view is presented in the provided documents. 3. Summary by Related Catalogs 3.1 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the 50ETF price was 3.150, 3.19, and 3.186 respectively, with corresponding daily changes of -0.19%, 1.27%, and -0.13%. The corresponding monthly implied volatility (IV) was 14.25%, 12.80%, and 12.51%, and the next - month IV was 15.56%, 14.89%, and 14.78% [1]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 36.30% and 43.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 45.90% and 56.40% respectively [1]. - **Skew Index**: The skew index on November 7, 2025, was 102.82, compared to 97.67 the previous day [2]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai 300ETF price was 4.735, 4.805, and 4.795 respectively, with daily changes of 0.13%, 1.48%, and -0.21%. The monthly IV was 15.25%, 14.53%, and 14.37%, and the next - month IV was 16.91%, 16.18%, and 15.94% [3]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 37.50% and 48.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.30% and 63.80% respectively [3]. - **Skew Index**: The skew index on November 7, 2025, was 104.72 [5]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 300ETF price was 4.881, 4.956, and 4.941 respectively, with daily changes of 0.00%, 1.54%, and -0.30%. The monthly IV was 15.63%, 14.78%, and 14.95%, and the next - month IV was 16.90%, 16.44%, and 16.41% [6]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 40.80% and 53.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.40% and 62.80% respectively [6]. - **Skew Index**: The skew index on November 7, 2025, was 104.41 [12]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai CSI 500ETF price was 7.330, 7.451, and 7.440 respectively, with daily changes of -1.47%, 1.89%, and -0.15%. The monthly IV was 19.64%, 18.71%, and 18.55%, and the next - month IV was 21.04%, 20.07%, and 19.92% [14]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 44.80% and 50.90% respectively, and the 1 - year and 2 - year next - month IV quantiles were 56.10% and 64.20% respectively [14]. - **Skew Index**: The skew index on November 7, 2025, was 106.34 [17]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen CSI 500ETF price was 2.930, 2.979, and 2.968 respectively, with daily changes of 0.21%, 1.67%, and -0.37%. The monthly IV was 20.46%, 18.68%, and 18.65%, and the next - month IV was 21.16%, 20.31%, and 20.12% [21]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 52.20% and 59.30% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.70% and 62.30% respectively [21]. - **Skew Index**: The skew index on November 7, 2025, was 104.65 [26]. 3.6 ChiNext ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the ChiNext ETF price was 3.142, 3.201, and 3.185 respectively, with daily changes of 0.96%, 1.88%, and -0.50%. The monthly IV was 31.34%, 29.04%, and 28.86%, and the next - month IV was 31.85%, 30.61%, and 30.16% [27]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 65.70% and 76.20% respectively, and the 1 - year and 2 - year next - month IV quantiles were 75.60% and 77.80% respectively [27]. - **Skew Index**: The skew index on November 7, 2025, was 102.10 [33]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 100ETF price was 3.526, 3.590, and 3.567 respectively, with daily changes of 0.20%, 1.82%, and -0.64%. The monthly IV was 21.53%, 20.26%, and 20.37%, and the next - month IV was 22.04%, 21.33%, and 22.06% [38]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 67.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 54.00% and 68.40% respectively [38]. - **Skew Index**: The skew index on November 7, 2025, was 104.78 [41]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Science and Technology Innovation 50ETF price was 1.460, 1.509, and 1.487 respectively, with daily changes of 0.34%, 3.36%, and -1.46%. The monthly IV was 34.35%, 32.60%, and 32.24%, and the next - month IV was 35.61%, 34.03%, and 33.27% [47]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 61.20% and 73.00% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.20% and 67.40% respectively [47]. - **Skew Index**: The skew index on November 7, 2025, was 96.47 [49]. 3.9 Star 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Star 50ETF price was 1.414, 1.462, and 1.442 respectively, with daily changes of 0.21%, 3.39%, and -1.37%. The monthly IV was 34.74%, 32.95%, and 32.12%, and the next - month IV was 34.81%, 34.12%, and 32.71% [52]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 70.10% respectively, and the 1 - year and 2 - year next - month IV quantiles were 66.10% and 75.60% respectively [52]. - **Skew Index**: The skew index on November 7, 2025, was 97.75 [55]. 3.10 300 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 300 Index price was 4627.257, 4693.403, and 4678.794 respectively, with daily changes of 0.19%, 1.43%, and -0.31%. The monthly IV was 14.89%, 13.87%, and 13.35%, and the next - month IV was 17.03%, 16.43%, and 16.42% [61]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 38.30% and 43.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.20% and 61.30% respectively [61]. - **Skew Index**: The skew index on November 7, 2025, was 107.07 [65]. 3.11 1000 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 1000 Index price was 7464.863, 7551.830, and 7541.878 respectively, with daily changes of 0.39%, 1.17%, and -0.13%. The monthly IV was 19.37%, 17.89%, and 17.98%, and the next - month IV was 21.34%, 19.98%, and 20.15% [66]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 25.70% and 24.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 31.40% and 29.00% respectively [66]. - **Skew Index**: The skew index on November 7, 2025, was 117.24 [70]. 3.12 SSE 50 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the SSE 50 Index price was 3007.970, 3044.742, and 3038.346 respectively, with daily changes of -0.17%, 1.22%, and -0.21%. The monthly IV was 13.86%, 13.00%, and 13.21%, and the next - month IV was 56.53%, 61.58%, and 62.00% [71]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 24.00% and 30.80% respectively, and the 1 - year and 2 - year next - month IV quantiles were 77.50% and 88.30% respectively [71]. - **Skew Index**: The skew index on November 7, 2025, was 101.00 [76].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the content. It mainly provides data on various ETFs and indices, including price, volatility, and related quantile information. 3. Summary by Different ETFs and Indices 3.1 50ETF - The underlying asset price increased from 3.148 on October 22, 2025, to 3.192 on October 24, 2025, with cumulative increases of 0.13%, 0.60%, and 0.79% respectively [1]. - The current month IV was 15.10% on October 22, 15.20% on October 23, and 15.01% on October 24; the next month IV was 16.64%, 16.68%, and 16.45% respectively [1]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [1]. 3.2 Shanghai 300ETF - The underlying asset price rose from 4.695 on October 22, 2025, to 4.770 on October 24, 2025, with cumulative increases of - 0.32%, 0.38%, and 1.21% respectively [3]. - The current month IV was 16.69% on October 22, 16.91% on October 23, and 16.03% on October 24; the next month IV was 18.05%, 17.95%, and 17.30% respectively [3]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [3]. 3.3 Shenzhen 300ETF - The underlying asset price increased from 4.844 on October 22, 2025, to 4.916 on October 24, 2025, with cumulative increases of - 0.29%, 0.23%, and 1.26% respectively [6]. - The current month IV was 17.22% on October 22, 17.05% on October 23, and 16.44% on October 24; the next month IV was 18.42%, 18.38%, and 17.76% respectively [6]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [6]. 3.4 Shanghai CSI 500ETF - The underlying asset price went from 7.224 on October 22, 2025, to 7.369 on October 24, 2025, with cumulative increases of 0.89%, - 0.43%, and 2.01% respectively [15]. - The current month IV was 21.02% on October 22, 21.46% on October 23, and 19.79% on October 24; the next month IV was 21.87%, 22.49%, and 21.25% respectively [15]. - The 1 - year and 2 - year IV quantiles of the current and next months are available [15]. 3.5 Shenzhen CSI 500ETF - The underlying asset price increased from 2.886 on October 22, 2025, to 2.940 on October 24, 2025, with cumulative increases of - 0.69%, 0.24%, and 1.62% respectively [22]. - The current month IV was 21.33% on October 22, 21.72% on October 23, and 20.76% on October 24; the next month IV was 22.15%, 22.53%, and 21.73% respectively [22]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [22]. 3.6 GEM ETF - The underlying asset price rose from 3.039 on October 22, 2025, to 3.147 on October 24, 2025, with cumulative increases of - 0.75%, - 0.03%, and 3.59% respectively [28]. - The current month IV was 29.28% on October 22, 29.10% on October 23, and 28.54% on October 24; the next month IV was 30.07%, 30.00%, and 29.61% respectively [28]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [28]. 3.7 Shenzhen 100ETF - The underlying asset price increased from 3.493 on October 22, 2025, to 3.569 on October 24, 2025, with cumulative increases of - 0.54%, 0.14%, and 2.03% respectively [37]. - The current month IV was 23.33% on October 22, 23.50% on October 23, and 22.71% on October 24; the next month IV was 24.22%, 23.78%, and 23.80% respectively [37]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [37]. 3.8 Science and Technology Innovation 50ETF - The underlying asset price went from 1.476 on October 22, 2025, to 1.535 on October 24, 2025, with cumulative increases of - 0.07%, - 0.20%, and 4.21% respectively [46]. - The current month IV was 34.06% on October 22, 34.89% on October 23, and 32.68% on October 24; the next month IV was 35.20%, 35.20%, and 34.18% respectively [46]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [46]. 3.9 Science and Technology Innovation Board 50ETF - The underlying asset price increased from 1.429 on October 22, 2025, to 1.487 on October 24, 2025, with cumulative increases of - 0.07%, - 0.35%, and 4.42% respectively [51]. - The current month IV was 34.31% on October 22, 34.55% on October 23, and 33.01% on October 24; the next month IV was 34.37%, 34.55%, and 34.64% respectively [51]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [51]. 3.10 300 Index - The underlying asset price rose from 4592.570 on October 22, 2025, to 4660.684 on October 24, 2025, with cumulative increases of - 0.33%, 0.30%, and 1.18% respectively [59]. - The current month IV was 17.00% on October 22, 17.30% on October 23, and 15.88% on October 24; the next month IV was 18.00%, 18.22%, and 17.55% respectively [59]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [59]. 3.11 1000 Index - The underlying asset price increased from 7312.210 on October 22, 2025, to 7419.235 on October 24, 2025, with cumulative increases of - 0.43%, - 0.06%, and 1.52% respectively [64]. - The current month IV was 22.42% on October 22, 21.95% on October 23, and 20.58% on October 24; the next month IV was 23.26%, 23.33%, and 22.38% respectively [64]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [64]. 3.12 Shanghai Composite 50 Index - The underlying asset price rose from 3010.095 on October 22, 2025, to 3045.816 on October 24, 2025, with cumulative increases of 0.09%, 0.56%, and 0.62% respectively [73]. - The current month IV was 14.88% on October 22, 15.86% on October 23, and 15.82% on October 24; the next month IV was 52.31%, 54.67%, and 57.72% respectively [73]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [73].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents the price, price changes, implied volatility (IV), and IV quantiles of various ETFs and indices over a specific period, as well as related data such as skew indices, smile curves, and the relationship between price, IV, and trading volume. It aims to help investors understand the market trends and volatility characteristics of these financial products. 3. Summary by Related Catalogs 3.1 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the 50ETF price changed from 3.110 to 3.144, with a 1.06% increase on October 21. The current month's IV decreased from 17.52% to 14.65%, and the next month's IV decreased from 16.91% to 14.79% [1]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 65.70% - 73.80%, and the next month's IV quantiles were 54.80% - 67.60% [1]. - **Skew Index**: The skew index on October 21 was 102.33 [2]. 3.2 Shanghai 300ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai 300ETF price changed from 4.624 to 4.710, with a 1.51% increase on October 21. The current month's IV decreased from 20.10% to 15.86%, and the next month's IV decreased from 18.81% to 16.36% [3]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 46.50% - 84.20%, and the next month's IV quantiles were 62.40% - 76.30% [3]. - **Skew Index**: The skew index on October 21 was 104.33 [7]. 3.3 Shenzhen 300ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen 300ETF price changed from 4.768 to 4.858, with a 1.50% increase on October 21. The current month's IV decreased from 19.51% to 16.41%, and the next month's IV decreased from 18.99% to 16.80% [8]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 70.60% - 80.90%, and the next month's IV quantiles were 61.40% - 75.70% [8]. - **Skew Index**: The skew index on October 21 was 101.86 [15]. 3.4 Shanghai CSI 500ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai CSI 500ETF price changed from 7.114 to 7.280, with a 2.33% increase on October 21. The current month's IV decreased from 24.66% to 16.40%, and the next month's IV decreased from 23.23% to 20.98% [18]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 75.90% - 81.30%, and the next month's IV quantiles were 59.90% - 72.70% [18]. - **Skew Index**: The skew index on October 21 was 104.26 [21]. 3.5 Shenzhen CSI 500ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen CSI 500ETF price changed from 2.844 to 2.906, with a 1.61% increase on October 21. The current month's IV decreased from 26.35% to 18.52%, and the next month's IV decreased from 23.71% to 21.13% [27]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 82.80% - 85.80%, and the next month's IV quantiles were 62.00% - 75.00% [27]. - **Skew Index**: The skew index on October 21 was 109.85 [32]. 3.6 ChiNext ETF - **Price and IV Data**: From October 17 - 21, 2025, the ChiNext ETF price changed from 2.915 to 3.062, with a 3.06% increase on October 21. The current month's IV decreased from 35.56% to 29.25%, and the next month's IV decreased from 33.60% to 29.32% [33]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 70.00% - 86.70%, and the next month's IV quantiles were 59.90% - 82.80% [33]. - **Skew Index**: The skew index on October 21 was 99.06 [38]. 3.7 Shenzhen 100ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen 100ETF price changed from 3.393 to 3.512, with a 2.54% increase on October 21. The current month's IV decreased from 26.27% to 20.89%, and the next month's IV decreased from 26.40% to 23.11% [43]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 79.50% - 85.80%, and the next month's IV quantiles were 75.10% - 85.20% [43]. - **Skew Index**: The skew index on October 21 was 98.08 [46]. 3.8 Science and Technology Innovation 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the Science and Technology Innovation 50ETF price changed from 1.433 to 1.477, with a 2.78% increase on October 21. The current month's IV increased from 41.33% to 37.58%, and the next month's IV decreased from 40.03% to 34.10% [52]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 73.40% - 85.20%, and the next month's IV quantiles were 59.90% - 80.50% [52]. - **Skew Index**: The skew index on October 21 was 92.62 [54]. 3.9 STAR 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the STAR 50ETF price changed from 1.388 to 1.430, with a 2.66% increase on October 21. The current month's IV decreased from 42.72% to 32.04%, and the next month's IV decreased from 40.51% to 33.88% [58]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 57.10% - 87.90%, and the next month's IV quantiles were 53.00% - 86.80% [58]. - **Skew Index**: The skew index on October 21 was 92.43 [60]. 3.10 300 Index - **Price and IV Data**: From October 17 - 21, 2025, the 300 Index price changed from 4514.235 to 4607.872, with a 1.53% increase on October 21. The current month's IV decreased from 18.96% to 16.69%, and the next month's IV decreased from 20.44% to 18.28% [66]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 68.90% - 78.10%, and the next month's IV quantiles were 69.30% - 79.70% [66]. - **Skew Index**: The skew index on October 21 was 102.69 [68]. 3.11 1000 Index - **Price and IV Data**: From October 17 - 21, 2025, the 1000 Index price changed from 7185.478 to 7344.047, with a 1.45% increase on October 21. The current month's IV decreased from 25.42% to 22.48%, and the next month's IV decreased from 25.34% to 23.68% [69]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 61.60% - 68.90%, and the next month's IV quantiles were 55.50% - 66.60% [69]. - **Skew Index**: The skew index on October 21 was 111.40 [72]. 3.12 Shanghai Composite 50 Index - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai Composite 50 Index price changed from 2967.775 to 3007.263, with a 1.09% increase on October 21. The current month's IV decreased from 16.99% to 15.08%, and the next month's IV increased from 48.66% to 51.17% [73]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 57.10% - 66.20%, and the next month's IV quantiles were 53.00% - 80.50% [73]. - **Skew Index**: The skew index on October 21 was 102.34 [79].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View No clear core view is presented in the provided reports. The documents mainly offer detailed data on various financial products, including price movements, implied volatility (IV), and skew indices. 3. Summary by Related Catalogs 3.1 General Information - Multiple financial products are covered, including 50ETF, various 300ETF (Shanghai, Shenzhen), various CSI 500ETF (Shanghai, Shenzhen),创业板ETF, 深证100ETF, 科创50ETF, 科创板50ETF, 300指数, 1000指数, and 上证50指数 [1][3][8][18][27][33][44][53][59][69][73][77] 3.2 Price and Volatility Data 3.2.1 50ETF - From Oct 16 - 20, 2025, the price ranged from 3.11 - 3.159, with a maximum increase of 0.67% and a maximum decrease of 1.55%. The monthly IV ranged from 14.20% - 17.52%, and the next - month IV from 15.90% - 16.91% [1] 3.2.2 Shanghai 300ETF - From Oct 16 - 20, 2025, the price ranged from 4.624 - 4.721, with a maximum increase of 0.35% and a maximum decrease of 2.05%. The monthly IV ranged from 17.12% - 20.10%, and the next - month IV from 17.49% - 18.81% [3] 3.2.3 Shenzhen 300ETF - From Oct 16 - 20, 2025, the price ranged from 4.768 - 4.872, with a maximum increase of 0.38% and a maximum decrease of 2.13%. The monthly IV ranged from 15.73% - 19.51%, and the next - month IV from 17.75% - 18.99% [8] 3.2.4 Shanghai CSI 500ETF - From Oct 16 - 20, 2025, the price ranged from 7.114 - 7.336, with a maximum increase of 0.64% and a maximum decrease of 3.77%. The monthly IV ranged from 22.63% - 24.66%, and the next - month IV from 22.62% - 23.23% [18] 3.2.5 Shenzhen CSI 500ETF - From Oct 16 - 20, 2025, the price ranged from 2.844 - 2.927, with a maximum increase of 0.56% and a maximum decrease of 2.84%. The monthly IV ranged from 22.99% - 26.35%, and the next - month IV from 22.78% - 23.71% [27] 3.2.6 创业板ETF - From Oct 16 - 20, 2025, the price ranged from 2.915 - 3.014, with a maximum increase of 1.92% and a maximum decrease of 3.28%. The monthly IV ranged from 30.26% - 35.56%, and the next - month IV from 30.49% - 34.02% [33] 3.2.7 Shenzhen 100ETF - From Oct 16 - 20, 2025, the price ranged from 3.393 - 3.495, with a maximum increase of 0.94% and a maximum decrease of 2.92%. The monthly IV ranged from 24.39% - 26.27%, and the next - month IV from 24.78% - 26.40% [44] 3.2.8 科创50ETF - From Oct 16 - 20, 2025, the price ranged from 1.433 - 1.487, with a maximum increase of 0.28% and a maximum decrease of 3.63%. The monthly IV ranged from 31.85% - 41.33%, and the next - month IV from 34.74% - 39.93% [53] 3.2.9 科创板50ETF - From Oct 16 - 20, 2025, the price ranged from 1.388 - 1.441, with a maximum increase of 0.36% and a maximum decrease of 3.68%. The monthly IV ranged from 33.05% - 42.72%, and the next - month IV from 36.91% - 39.33% [59] 3.2.10 300指数 - From Oct 15 - 17, 2025, the price ranged from 4514.235 - 4618.422, with a maximum increase of 1.48% and a maximum decrease of 2.26%. The monthly IV ranged from 14.69% - 18.96%, and the next - month IV from 17.27% - 20.44% [69] 3.2.11 1000指数 - From Oct 15 - 17, 2025, the price ranged from 7185.478 - 7483.449, with a maximum increase of 1.50% and a maximum decrease of 2.92%. The monthly IV ranged from 19.06% - 25.42%, and the next - month IV from 21.47% - 25.34% [73] 3.2.12 Shanghai 50指数 - From Oct 15 - 17, 2025, the price ranged from 2967.775 - 3019.197, with a maximum increase of 1.36% and a maximum decrease of 1.70%. The monthly IV ranged from 14.57% - 16.99%, and the next - month IV from 48.66% - 62.00% [77] 3.3 IV Quantile Data - IV quantiles for different products over the past 1 - 2 years are provided, such as for 50ETF, 300ETF, etc [1][3][8] 3.4 Skew Index Data - Skew indices for different products and different time points (today, yesterday, etc.) are presented, including calculation methods [2][7][15] 3.5 Other Data - Price, IV, and volume trends over the past 1 - 3 years are shown for various products, as well as IV term structures and intraday IV trends for different months [1][3][8]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the given text. The report mainly provides data on various financial products such as ETFs and indices, including their prices, price changes, implied volatility (IV), IV quantiles, skew indices, and related historical trends. 3. Summaries by Related Catalogs 3.1 General Information - The report covers multiple financial products including 50ETF, Shanghai 300ETF, Shenzhen 300ETF, Shanghai CSI 500ETF, Shenzhen CSI 500ETF, ChiNext ETF, Shenzhen 100ETF, Science and Technology Innovation 50ETF, Science and Technology Innovation Board 50ETF, 300 Index, 1000 Index, and Shanghai 50 Index [1][3][11][19][25][31][40][49][54][61][67][71] - The current month's contract expiration is 9 days away for most products, except for the 300 Index, 1000 Index, and Shanghai 50 Index, where it is 6 days away [1][3][11][19][25][31][40][49][54][61][67][71] 3.2 Price and Price Change Data - For each product, the report provides the price, price change percentage, current - month IV, and next - month IV for specific dates (2025/9/29, 2025/9/30, 2025/10/9) [1][3][11][19][25][31][40][49][54][61][67][71] 3.3 Implied Volatility (IV) Data - IV quantiles for the current month and next month over the past 1 and 2 years are provided for each product [1][3][11][19][25][31][40][49][54][61][67][71] - ATM IV term structures and intraday trends of different - month at - the - money IV are presented [1][3][11][19][25][31][40][49][54][61][67][71] 3.4 Skew Index Data - The skew index is calculated as the ratio of the implied volatility of a call option with a delta of 0.75 to that of a call option with a delta of 0.25. The skew index values for the current day, yesterday, two days ago, three days ago, and four days ago are provided for each product [2][7][18][22][30][37][43][51][56][66][70][76] 3.5 Other Data - Smile curves of the main - month options for each product are presented [2][5][18][21][30][36][42][50][55][66][70][75] - Price, IV, and volume trends over the past 1 and 3 years are provided for each product [1][3][11][19][25][31][40][49][54][61][67][71] - Price, IV, and open - interest PCR trends are also provided for each product [2][8][18][23][30][38][45][53][58][66][70][77]

1. Report Industry Investment Rating - No information provided in the given documents 2. Report's Core View - No clear core view is presented in the provided documents. The reports mainly focus on presenting data related to various ETFs and indices, including price, volatility, and skew index over a certain period. 3. Summary by Related Catalogs 3.1 General Data (13 - day data) - For 50ETF, from Sep 23 - 25, 2025, the price increased from 3.054 to 3.087, with the highest daily increase of 0.59% on Sep 24. The monthly IV decreased from 21.49% to 17.69% [1]. - For Shanghai 300ETF, from Sep 23 - 25, 2025, the price rose from 4.622 to 4.695, with the highest daily increase of 0.89% on Sep 24. The monthly IV fluctuated between 16.03% and 19.72% [3]. - For Shenzhen 300ETF, from Sep 23 - 25, 2025, the price increased from 4.762 to 4.844, with the highest daily increase of 1.01% on Sep 24. The monthly IV changed from 17.19% to 19.19% [7]. - For Shanghai CSI 500ETF, from Sep 23 - 25, 2025, the price went up from 7.277 to 7.441, with the highest daily increase of 2.25% on Sep 25. The monthly IV increased from 16.69% to 26.03% [14]. - For Shenzhen CSI 500ETF, from Sep 23 - 25, 2025, the price first rose from 2.906 to 2.972 and then slightly dropped to 2.970. The monthly IV increased from 16.57% to 26.58% [22]. - For ChiNext ETF, from Sep 23 - 25, 2025, the price increased from 3.093 to 3.211, with the highest daily increase of 2.17% on Sep 24. The monthly IV changed from 30.72% to 41.46% [26]. - For Shenzhen 100ETF, from Sep 23 - 25, 2025, the price rose from 3.494 to 3.595, with the highest daily increase of 1.75% on Sep 24. The monthly IV fluctuated between 25.27% and 29.03% [33]. - For Science and Technology Innovation 50ETF, from Sep 23 - 25, 2025, the price increased from 1.475 to 1.548, with the highest daily increase of 3.73% on Sep 24. The monthly IV increased from 41.63% to 50.25% [41]. - For STAR 50ETF, from Sep 23 - 25, 2025, the price rose from 1.442 to 1.513, with the highest daily increase of 3.68% on Sep 24. The monthly IV increased from 41.58% to 49.81% [48]. - For 300 Index, from Sep 23 - 25, 2025, the price increased from 4519.778 to 4593.488, with the highest daily increase of 1.02% on Sep 24. The monthly IV decreased from 20.20% to 18.16% [55]. - For 1000 Index, from Sep 23 - 25, 2025, the price first rose from 7408.069 to 7534.222 and then dropped to 7506.512. The monthly IV fluctuated between 27.42% and 28.25% [63]. - For Shanghai - Shenzhen 50 Index, from Sep 23 - 25, 2025, the price increased from 2919.515 to 2952.735, with the highest daily increase of 0.68% on Sep 24. The monthly IV decreased from 19.89% to 19.08% [68]. 3.2 IV Quantile Data - For 50ETF, the monthly IV quantile in the past 1 - year was between 63.60% and 84.80%, and in the past 2 - year was between 74.80% and 91.00% [1]. - For Shanghai 300ETF, the monthly IV quantile in the past 1 - year was between 47.30% and 77.90%, and in the past 2 - year was between 60.30% and 83.20% [3]. - For Shenzhen 300ETF, the monthly IV quantile in the past 1 - year was between 55.50% and 72.20%, and in the past 2 - year was between 70.90% and 84.00% [7]. - For Shanghai CSI 500ETF, the monthly IV quantile in the past 1 - year was between 21.60% and 80.80%, and in the past 2 - year was between 26.10% and 86.90% [14]. - For Shenzhen CSI 500ETF, the monthly IV quantile in the past 1 - year was between 22.40% and 80.00%, and in the past 2 - year was between 26.70% and 86.50% [22]. - For ChiNext ETF, the monthly IV quantile in the past 1 - year was between 61.60% and 91.70%, and in the past 2 - year was between 78.90% and 94.80% [26]. - For Shenzhen 100ETF, the monthly IV quantile in the past 1 - year was between 70.60% and 86.50%, and in the past 2 - year was between 83.20% and 92.40% [33]. - For Science and Technology Innovation 50ETF, the monthly IV quantile in the past 1 - year was between 73.80% and 87.30%, and in the past 2 - year was between 88.90% and 94.40% [41]. - For STAR 50ETF, the monthly IV quantile in the past 1 - year was between 78.30% and 88.70%, and in the past 2 - year was between 86.90% and 94.60% [48]. - For 300 Index, the monthly IV quantile in the past 1 - year was between 53.40% and 80.50%, and in the past 2 - year was between 62.40% and 83.00% [55]. - For 1000 Index, the monthly IV quantile in the past 1 - year was between 56.70% and 79.90%, and in the past 2 - year was between 70.60% and 79.10% [63]. - For Shanghai - Shenzhen 50 Index, the monthly IV quantile in the past 1 - year was between 65.30% and 90.20%, and in the past 2 - year was between 59.10% and 95.00% [68]. 3.3 Skew Index Data - For 50ETF, the skew index on Sep 25, 2025, was 82.18, decreasing from 83.73 the previous day [2]. - For Shanghai 300ETF, the skew index on Sep 25, 2025, was 98.87, increasing from 94.55 the previous day [5]. - For Shenzhen 300ETF, the skew index on Sep 25, 2025, was 96.50, increasing from 95.51 the previous day [12]. - For Shanghai CSI 500ETF, the skew index on Sep 25, 2025, was 100.56, decreasing from 103.35 the previous day [17]. - For Shenzhen CSI 500ETF, the skew index on Sep 25, 2025, was 98.83, decreasing from 99.08 the previous day [25]. - For ChiNext ETF, the skew index on Sep 25, 2025, was 99.99, increasing from 95.76 the previous day [30]. - For Shenzhen 100ETF, the skew index on Sep 25, 2025, was 98.60, increasing from 96.56 the previous day [37]. - For Science and Technology Innovation 50ETF, the skew index on Sep 25, 2025, was 98.68, increasing from 88.91 the previous day [44]. - For STAR 50ETF, the skew index on Sep 25, 2025, was 94.06, increasing from 91.22 the previous day [51]. - For 300 Index, no skew index data is provided. - For 1000 Index, no skew index data is provided. - For Shanghai - Shenzhen 50 Index, no skew index data is provided.

1. Report Industry Investment Rating - Not provided in the content 2. Report Core Viewpoints - Not provided in the content 3. Summary by Related Catalogs 3.1 50ETF - From September 19 - 23, 2025, the price changed from 3.045 to 3.054, with a 0.30% increase on the 22nd and 0.00% on the 23rd; the monthly IV increased from 18.07% to 21.49%, and the next - month IV decreased from 18.96% to 18.43% [1] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 84.80% and the 2 - year reaching up to 91.00% [1] - The skew index of the main contract month on September 23 was 85.59 [2] 3.2 Shanghai 300ETF - From September 19 - 23, 2025, the price changed from 4.604 to 4.622, with a 0.33% increase on the 22nd and 0.06% on the 23rd; the monthly IV decreased from 18.21% to 16.03%, and the next - month IV decreased slightly from 19.78% to 19.51% [3] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 63.70% and the 2 - year reaching up to 75.20% [3] - The skew index of the main contract month on September 23 was 96.85 [5] 3.3 Shenzhen 300ETF - From September 19 - 23, 2025, the price changed from 4.747 to 4.762, with a 0.36% increase on the 22nd and - 0.04% on the 23rd; the monthly IV decreased from 19.54% to 17.19%, and the next - month IV decreased from 20.66% to 20.39% [9] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 68.50% and the 2 - year reaching up to 81.70% [9] - The skew index of the main contract month on September 23 was 94.82 [11] 3.4 Shanghai CSI 500ETF - From September 19 - 23, 2025, the price changed from 7.261 to 7.277, with a - 1.30% decrease on the 19th, 0.36% increase on the 22nd, and 0.22% on the 23rd; the monthly IV decreased from 24.13% to 16.69%, and the next - month IV increased from 25.49% to 25.99% [13] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 70.60% and the 2 - year reaching up to 80.10% [13] - The skew index of the main contract month on September 23 was 106.94 [16] 3.5 Shenzhen CSI 500ETF - From September 19 - 23, 2025, the price changed from 2.903 to 2.906, with a - 0.34% decrease on the 19th, 0.69% increase on the 22nd, and - 0.58% on the 23rd; the monthly IV decreased from 23.80% to 16.57%, and the next - month IV decreased from 26.02% to 25.31% [21] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 65.70% and the 2 - year reaching up to 77.00% [21] - The skew index of the main contract month on September 23 was 102.72 [24] 3.6 ChiNext ETF - From September 19 - 23, 2025, the price changed from 3.062 to 3.093, with a - 0.16% decrease on the 19th, 0.65% increase on the 22nd, and 0.36% on the 23rd; the monthly IV decreased from 37.86% to 30.72%, and the next - month IV decreased from 42.49% to 41.28% [25] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 91.50% and the 2 - year reaching up to 95.70% [25] - The skew index of the main contract month on September 23 was 97.74 [29] 3.7 Shenzhen 100ETF - From September 19 - 23, 2025, the price changed from 3.475 to 3.494, with a 0.38% increase on the 19th, 0.55% on the 22nd, and 0.00% on the 23rd; the monthly IV increased from 24.53% to 25.27%, and the next - month IV increased from 27.03% to 28.34% [35] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 70.60% and the 2 - year reaching up to 83.20% [35] - The skew index of the main contract month on September 23 was 96.93 [38] 3.8 Science and Technology Innovation 50ETF - From September 19 - 23, 2025, the price changed from 1.431 to 1.475, with a - 1.31% decrease on the 19th, 3.35% increase on the 22nd, and - 0.27% on the 23rd; the monthly IV decreased from 44.82% to 41.63%, and the next - month IV decreased from 49.19% to 48.22% [42] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 90.30% and the 2 - year reaching up to 94.20% [42] - The skew index of the main contract month on September 23 was 94.59 [45] 3.9 STAR 50ETF - From September 19 - 23, 2025, the price changed from 1.398 to 1.442, with a - 1.20% decrease on the 19th, 3.51% increase on the 22nd, and - 0.35% on the 23rd; the monthly IV decreased from 46.57% to 41.58%, and the next - month IV decreased from 50.41% to 47.52% [49] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 87.30% and the 2 - year reaching up to 94.20% [49] - The skew index of the main contract month on September 23 was 93.04 [52] 3.10 300 Index - From September 19 - 23, 2025, the price changed from 4501.920 to 4519.778, with a 0.08% increase on the 19th, 0.46% on the 22nd, and - 0.06% on the 23rd; the monthly IV decreased from 21.19% to 20.20%, and the next - month IV increased from 20.05% to 20.54% [56] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 83.00% and the 2 - year reaching up to 86.90% [56] - The skew index of the main contract month on September 23 was 95.20 [63] 3.11 1000 Index - From September 19 - 23, 2025, the price changed from 7438.189 to 7408.069, with a - 0.51% decrease on the 19th, 0.69% increase on the 22nd, and - 1.09% on the 23rd; the monthly IV decreased slightly from 27.67% to 27.93%, and the next - month IV increased from 25.77% to 26.92% [64] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 74.20% and the 2 - year reaching up to 80.50% [64] - The skew index of the main contract month on September 23 was 106.39 [67] 3.12 Shanghai 50 Index - From September 19 - 23, 2025, the price changed from 2909.744 to 2919.515, with a - 0.11% decrease on the 19th, 0.43% increase on the 22nd, and - 0.09% on the 23rd; the monthly IV decreased from 20.74% to 19.89%, and the next - month IV increased from 57.44% to 58.30% [68] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 83.60% and the 2 - year reaching up to 92.40% [68] - The skew index of the main contract month on September 23 was 92.99 [74]