Report Summary 1. Key Events - The 2510 series contracts of SHFE's commodity options on copper, rubber, gold, aluminum, zinc, rebar, silver, synthetic rubber, nickel, tin, lead, and alumina will expire on September 24, 2025, which is also the expiration date for 9 major ETF options [1] 2. Option Types - Commodity options are American - style options, allowing the buyer to exercise the right on any trading day before and including the expiration date. ETF options are European - style options, exercisable only on the expiration date [1] 3. Operation Deadlines - The deadline for closing positions on the expiration date is 15:00, and the deadline for exercise and waiver operations is 15:10. Commodity in - the - money options with sufficient available funds in the account will be automatically exercised, while out - of - the - money and at - the - money options will be automatically waived. ETF options require an active exercise application during trading hours [7] 4. Opportunities of End - of - Cycle Options - Low - cost bet on market trends: With extremely low contract prices, if the underlying asset experiences an unexpected large increase or decrease, investors may achieve returns of dozens or even hundreds of times [7] - Profit from time - value decay: Option sellers can earn premiums through the rapid decay of time value when the price of the underlying asset is stable. However, this involves unlimited risks and is suitable for professional investors [7] 5. Risks of End - of - Cycle Options - Time - value zeroing risk: If the price of the underlying asset fails to meet expectations before expiration, the option value may shrink significantly due to the rapid loss of time value and become worthless at expiration [7] - Liquidity risk: Some end - of - cycle options have low trading activity, large bid - ask spreads, and it is difficult to execute trades at the desired price, potentially leading to actual losses exceeding expectations [7] - Leverage magnification risk: End - of - cycle options have low prices and extremely high leverage. Small fluctuations in the underlying asset can cause violent oscillations in option prices, potentially resulting in huge short - term fluctuations [6] - Direction misjudgment risk: With a short expiration time, it is difficult for the underlying asset to have a significant trend. Once the direction is misjudged, there is little time for adjustment and recovery [7]