Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the implied volatility of the two - level options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility indicates the relative level of implied volatility to historical volatility. A larger difference means the implied volatility is relatively higher, and a smaller difference means it is relatively lower [3] Group 2: Implied Volatility Quantile and Volatility Spread - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - The volatility spread is related to the implied volatility index and historical volatility [5] Group 3: Implied Volatility Quantile Data - Implied volatility quantile data is presented for various items such as 500E, 50E, 1000 ta za, 300 index, and rebar [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 13, 2026, the stock indices oscillated and declined, with CSI 1000 and CSI 500 leading the losses. The total market trading volume was 3698.7 billion yuan, an increase of 54.1 billion yuan from the previous day. The decline was due to the significant increase in the valuation of previously rising stocks and the increasing need for profit - taking by profitable funds. Since the beginning of 2026, the performance of large - and small - cap stocks has diverged, with small - cap stocks rising more, so CSI 1000 and CSI 500 led the decline in this correction. The continuous increase in trading volume indicates that market sentiment remains optimistic, and the short - term correction will not change the strong trend of the stock indices. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds, the medium - and long - term upward logic of the stock indices is relatively solid. It is expected that the stock indices will oscillate and strengthen in the short term. In the options market, the current position PCR and implied volatility have both increased, and a bull spread strategy can be considered [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On January 13, 2026, 50ETF fell 0.12% to 3.214; SSE 300ETF fell 0.35% to 4.896; SZSE 300ETF fell 0.40% to 4.972; CSI 300 Index fell 0.60% to 4761.03; CSI 1000 Index fell 1.84% to 8203.13; SSE 500ETF fell 1.31% to 8.306; SZSE 500ETF fell 1.77% to 3.271; GEM ETF fell 1.93% to 3.306; Shenzhen 100ETF fell 1.13% to 3.512; SSE 50 Index fell 0.34% to 3132.93; STAR 50ETF fell 2.82% to 1.55; E Fund STAR 50ETF fell 2.73% to 1.50 [5]. - **Volume PCR and Position PCR**: The volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 56.98 (previous day: 58.99), and the position PCR was 98.88 (previous day: 99.05) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of various options' at - the - money options were provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in January 2026 was 16.96%, and the 30 - day historical volatility of the underlying was 11.77% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Included charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Included charts of SSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Included charts of SZSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23]. - **CSI 300 Index Options**: Included charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35]. - **CSI 1000 Index Options**: Included charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [42]. - **SSE 500ETF Options**: Included charts of SSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [55]. - **SZSE 500ETF Options**: Included charts of SZSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [68]. - **GEM ETF Options**: Included charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [81]. - **Shenzhen 100ETF Options**: Included charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [92]. - **SSE 50 Index Options**: Included charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [105]. - **STAR 50ETF Options**: Included charts of STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [118]. - **E Fund STAR 50ETF Options**: Included charts of E Fund STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock indices continued to fluctuate and consolidate. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 282.62 billion yuan, a decrease of 5.53 billion yuan from the previous day. After a significant upward movement, the stock indices need time to consolidate technically. However, the trading volume in the stock market remains at a relatively high level, and the buying amount of margin trading funds also stays high, indicating that the market sentiment is still relatively optimistic. With the unchanged positive policy expectations and the trend of capital inflow, and the stock indices having broken through the upper limit of the previous consolidation range, the stock indices are likely to remain relatively strong in the future. In general, it is expected that the stock indices will fluctuate with a slight upward trend in the short term. For options, as the current position PCR and implied volatility have both increased, a bull spread strategy can be considered [4]. 3. Summary by Related Catalogs 3.1 Option Indicators - On January 8, 2026, the 50ETF fell 0.68% to close at 3.198; the 300ETF (Shanghai Stock Exchange) fell 0.78% to close at 4.863; the 300ETF (Shenzhen Stock Exchange) fell 0.66% to close at 4.944; the CSI 300 Index fell 0.82% to close at 4737.65; the CSI 1000 Index rose 0.82% to close at 7971.59; the 500ETF (Shanghai Stock Exchange) rose 0.31% to close at 8.024; the 500ETF (Shenzhen Stock Exchange) rose 0.29% to close at 3.166; the ChiNext ETF fell 0.72% to close at 3.287; the Shenzhen 100ETF fell 1.13% to close at 3.502; the SSE 50 Index fell 0.73% to close at 3122.06; the STAR 50ETF rose 0.72% to close at 1.53; and the E Fund STAR 50ETF rose 0.82% to close at 1.48 [6]. - The trading volume PCR and position PCR of various options on January 8, 2026, and their changes compared with the previous trading day are provided in detail in the report [7]. - The implied volatility of at - the - money options in January 2026 and the 30 - day historical volatility of the underlying assets for various options are also presented in the report [8][9]. 3.2 Related Charts - The report includes various charts related to different types of options, such as the trend charts, volatility charts, trading volume PCR charts, position PCR charts, implied volatility curve charts, and charts of at - the - money implied volatility for different tenors of options including the 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [10][21][34] etc.

Core Points - The Shanghai Stock Exchange announced the expiration and exercise dates for five ETF options, which will expire on November 26, 2025 [1] - Investors are advised to closely monitor the trading and exercise of these options and prepare accordingly [1] Group 1: Options Details - The five ETF options include: 50ETF options (510050), 300ETF options (510300), 500ETF options (510500), Sci-Tech 50ETF options (588000), and Sci-Tech Board 50ETF options (588080) [1] - The last trading day, exercise day, and expiration day for these options are all set for November 26, 2025 [1] Group 2: Exercise Procedures - On the exercise day, holders of call options must prepare sufficient funds, while holders of put options must have the underlying assets ready [2] - The underlying assets transferred from margin accounts to securities accounts cannot be used for the same day's option exercise settlement [2] - The underlying assets obtained through exercising call options can be sold starting from the next trading day after the exercise settlement [2]

Group 1: Introduction to Volatility Indexes - The financial options implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity options implied volatility index is obtained by weighting the IV of the two - strike options around the at - the - money option of the front - month contract, reflecting the IV change trend of the front - month contract [3] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means higher IV relative to HV, and a smaller difference means lower IV relative to HV [3] Group 2: Volatility Data Graphs - There are graphs showing the IV, HV, and IV - HV differences for various financial and commodity options, including 300 Index, 50ETF, 1000 Index, 500ETF, and many commodity options such as silver, gold, sugar, cotton, etc. [4] Group 3: Quantile Rankings of Volatility - Implied volatility quantiles represent the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the IV is low. Volatility spread is related to the IV index and historical volatility [5] - There are rankings of implied volatility quantiles and historical volatility quantiles for different varieties, such as 300 Index with quantiles of 0.89 and 0.74, 300 Index with 0.62, etc. [5][6]

1. Report Summary - Report Date: November 3, 2025 [1] - Report Name: Pioneer Futures Options Daily Report 2. Options Underlying Volatility Ranking - The report presents a ranking of options underlying based on three volatility metrics: implied volatility of at - the - money options, 30 - day historical volatility of the underlying, and the underlying's true range on the day. For example, ps2512 ranks first in implied volatility of at - the - money options with 3.1%, while rm601 ranks first in the underlying's true range on the day with 4.8% [3][4]. - The implied volatility of at - the - money options reflects the market's expectation of future fluctuations of the variety, the 30 - day historical volatility reflects the past actual market size, and the true range on the day reflects the intraday market size [5]. 3. Exchange - Specific Options Analysis 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF on the day is 632,460 lots, the open interest is 897,163 lots, the trading volume ratio of call options to put options is 1.45, and the weighted average implied volatility is 15.93% [19][21]. - **Volatility Trading**: Volatility trading suggestions include selling the month with the curve on top and buying the month with the curve below for different months, and selling the option with the point above the curve and buying the option with the point below the curve for the same month [26]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.67% when trading at the settlement price and 1.16% when trading at the counter - party price [28][30]. 3.1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The trading volume of the main options of Huatai - Berry SSE 300ETF on the day is 670,871 lots, the open interest is 740,234 lots, the trading volume ratio of call options to put options is 1.23, and the weighted average implied volatility is 16.61% [31][33]. - **Volatility Trading**: Similar to Shanghai 50ETF, sell the month with the curve on top and buy the month with the curve below for different months, and sell the option with the point above the curve and buy the option with the point below the curve for the same month [37]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.45% when trading at the settlement price and 0.18% when trading at the counter - party price [40][42]. 3.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF on the day is 1,244,691 lots, the open interest is 790,230 lots, the trading volume ratio of call options to put options is 0.9, and the weighted average implied volatility is 20.66% [43][45]. - **Volatility Trading**: Follow the same volatility trading suggestions as above [49]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 25.3% when trading at the settlement price and 5.60% when trading at the counter - party price [52][54]. 3.1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of Huaxia SSE STAR 50ETF on the day is 995,460 lots, the open interest is 1,173,825 lots, the trading volume ratio of call options to put options is 1.15, and the weighted average implied volatility is 37.4% [55][57]. - **Volatility Trading**: Adopt the same volatility trading strategies [62]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 12.3% when trading at the settlement price and 0.66% when trading at the counter - party price [64][66]. 3.1.5 E Fund SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of E Fund SSE STAR 50ETF on the day is 194,205 lots, the open interest is 286,584 lots, the trading volume ratio of call options to put options is 1.34, and the weighted average implied volatility is 38.24% [67][68]. - **Volatility Trading**: Use the same volatility trading methods [72]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 14.6% when trading at the settlement price and 2.75% when trading at the counter - party price [76][78]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest SSE 300ETF - **Basic Information**: The trading volume of the main options of Harvest SSE 300ETF on the day is 126,768 lots, the open interest is 151,843 lots, the trading volume ratio of call options to put options is 0.96, and the weighted average implied volatility is 17.72% [79][81]. - **Volatility Trading**: Apply the same volatility trading suggestions [87]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 19.4% when trading at the settlement price and 1.52% when trading at the counter - party price [89][91].

Group 1: Report Summary - The report is the Pioneer Futures Options Daily Report dated October 29, 2025, presenting data on option implied volatility, historical volatility, and real - time volatility of various underlying assets, along with information on different exchanges' option products [1][3] Group 2: Option Volatility Ranking - The table shows the ranking of at - the - money option implied volatility, 30 - day historical volatility, and daily real - time volatility of multiple underlying assets. For example, ps2512 has the highest at - the - money option implied volatility of 2.6% and the highest daily real - time volatility of 3.4% [3] Group 3: Explanation of Volatility Indicators - At - the - money option implied volatility reflects the market's expectation of future price fluctuations of the underlying asset. Higher values suggest a greater likelihood of significant market movements. 30 - day historical volatility reflects the actual past price movements of the underlying asset. If it is lower than the implied volatility, the option price may be relatively high. The daily real - time volatility reflects the intraday price movements of the underlying asset [6] Group 4: Exchange - Specific Option Information 4.1 Shanghai Stock Exchange Options - **Shanghai 50ETF**: The trading volume of the main options is 405,811 lots, the open interest is 741,948 lots, the trading volume ratio of call options to put options is 1.57, and the weighted average implied volatility is 16.23%. Volatility trading and risk - free arbitrage strategies are provided, with the lowest annualized return of 6.48% for the optimal arbitrage portfolio at the settlement price and 0.87% at the counter - party price [20][22][28] - **Huatai - Baoying CSI 300ETF**: The trading volume of the main options is 555,860 lots, the open interest is 653,745 lots, the trading volume ratio of call options to put options is 1.36, and the weighted average implied volatility is 17.2%. The lowest annualized return of the optimal arbitrage portfolio is 3.89% at the settlement price and 1.00% at the counter - party price [30][33][41] - **Southern CSI 500ETF**: The trading volume of the main options is 1,125,835 lots, the open interest is 699,515 lots, the trading volume ratio of call options to put options is 1.21, and the weighted average implied volatility is 20.44%. The lowest annualized return of the optimal arbitrage portfolio is 33.9% at the settlement price and 7.21% at the counter - party price [44][46][52] - **Huaxia Shanghai Science and Technology Innovation Board 50ETF**: The trading volume of the main options is 844,973 lots, the open interest is 1,038,411 lots, the trading volume ratio of call options to put options is 1.78, and the weighted average implied volatility is 37.57%. The lowest annualized return of the optimal arbitrage portfolio is 17.6% at the settlement price and 3.96% at the counter - party price [55][57][63] - **E Fund Shanghai Science and Technology Innovation Board 50ETF**: The trading volume of the main options is 148,138 lots, the open interest is 252,084 lots, the trading volume ratio of call options to put options is 2.14, and the weighted average implied volatility is 37.4%. The lowest annualized return of the optimal arbitrage portfolio is 15.0% at the settlement price and 3.07% at the counter - party price [67][75] 4.2 Shenzhen Stock Exchange Options - **Harvest CSI 300ETF**: The trading volume of the main options is 70,155 lots, the open interest is 120,034 lots, the trading volume ratio of call options to put options is 1.86, and the weighted average implied volatility is 19.01%. The lowest annualized return of the optimal arbitrage portfolio is 12.1% at the settlement price and 0.23% at the counter - party price [78][80][88] - **E Fund ChiNext ETF**: The trading volume of the main options is 1,477,866 lots, the open interest is 953,760 lots, the trading volume ratio of call options to put options is 1.38, and the weighted average implied volatility is 35.11%. The lowest annualized return of the optimal arbitrage portfolio is 11.7% at the settlement price and 2.02% at the counter - party price [90][92][98]

Report Information - Report Title: Pioneer Futures Options Daily Report - Report Date: October 28, 2025 [1] Option Underlying Market Volatility Ranking - The report provides a ranking of option underlying market volatility, including implied volatility of at-the-money options, 30-day historical volatility, and daily true range for various underlying assets [3][4]. - For example, ps2512 has an implied volatility of 2.8%, ranking 1st; lc2512 has an implied volatility of 2.6%, ranking 2nd [3]. Directory Summary 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - **Basic Information**: The report presents the T-type quotation table of Shanghai 50ETF options, including call and put option prices at different strike prices. The trading volume of the main options is 629,174 lots, the open interest is 729,512 lots, the volume ratio of call to put options is 1.19, and the weighted average implied volatility is 16.04% [19][21]. - **Volatility Trading**: Volatility trading suggestions are provided, such as selling the month with the curve above and buying the month with the curve below for different months; selling options with points above the curve and buying options with points below the curve for the same month [22]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 2.72% when traded at the settlement price and 1.61% when traded at the counterparty price [26][28]. 1.2 Huatai-PineBridge CSI 300ETF - **Basic Information**: The T-type quotation table of Huatai-PineBridge CSI 300ETF options is presented. The trading volume of the main options is 650,165 lots, the open interest is 630,680 lots, the volume ratio of call to put options is 1.21, and the weighted average implied volatility is 17% [29][31]. - **Volatility Trading**: Similar volatility trading suggestions are given [38]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 2.87% when traded at the settlement price and 0.02% when traded at the counterparty price [39][41]. 1.3 Southern CSI 500ETF - **Basic Information**: The T-type quotation table of Southern CSI 500ETF options is provided. The trading volume of the main options is 1,059,387 lots, the open interest is 690,068 lots, the volume ratio of call to put options is 1.03, and the weighted average implied volatility is 20.53% [42][44]. - **Volatility Trading**: Volatility trading suggestions are similar to the above [48]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 34.5% when traded at the settlement price and 7.48% when traded at the counterparty price [51][53]. 1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The T-type quotation table of Huaxia Shanghai Science and Technology Innovation 50ETF options is shown. The trading volume of the main options is 885,668 lots, the open interest is 987,813 lots, the volume ratio of call to put options is 1.63, and the weighted average implied volatility is 36.69% [54][55]. - **Volatility Trading**: Similar volatility trading suggestions are provided [61]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 8.84% when traded at the settlement price and 2.31% when traded at the counterparty price [63][65]. 1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The T-type quotation table of E Fund Shanghai Science and Technology Innovation 50ETF options is presented. The trading volume of the main options is 153,032 lots, the open interest is 248,888 lots, the volume ratio of call to put options is 1.81, and the weighted average implied volatility is 36.8% [66][68]. - **Volatility Trading**: Similar volatility trading suggestions are given [70]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 14.3% when traded at the settlement price and 2.51% when traded at the counterparty price [74][76]. 2. Shenzhen Stock Exchange Options 2.1 Harvest CSI 300ETF - **Basic Information**: The T-type quotation table of Harvest CSI 300ETF options is provided. The trading volume of the main options is 104,115 lots, the open interest is 122,101 lots, the volume ratio of call to put options is 1.62, and the weighted average implied volatility is 18.03% [77][79]. - **Volatility Trading**: Volatility trading suggestions are similar to the above [84].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the option market data of multiple underlying assets, including the ranking of option volatility, trading volume, and open interest of major options, as well as provides volatility trading suggestions and no - risk arbitrage analysis for various exchange - listed options [3][20][22]. 3. Summary by Directory 3.1 Option Volatility Ranking - The report lists the implied volatility, 30 - day historical volatility, and daily true range of multiple option underlying assets, along with their rankings [3]. - The zc511 has the highest implied volatility of 10.1%, ranking first; the 30 - day historical volatility of the科创50etf10月 is 2.4%, ranking first; and the daily true range of the科创50etf10月 is 6.7%, ranking first [3]. 3.2 Shanghai Stock Exchange Options 3.2.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 948,596 lots, the open interest is 996,227 lots, the trading volume ratio of call options to put options is 1.61, and the weighted average implied volatility is 17.82% [20]. - **Volatility Trading**: Suggestions are to sell options in months with higher curves and buy those in months with lower curves; for the same month, sell options with points above the curve and buy those below [22]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 12.2% at the settlement price and 1.30% at the counter - price [26][28]. 3.2.2 Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options is 1,091,824 lots, the open interest is 785,510 lots, the trading volume ratio of call options to put options is 1.13, and the weighted average implied volatility is 17.04% [31]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in months with lower curves; for the same month, sell options with points above the curve and buy those below [33]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 16.6% at the settlement price and 4.13% at the counter - price [37][39]. 3.2.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,404,681 lots, the open interest is 662,200 lots, the trading volume ratio of call options to put options is 1.11, and the weighted average implied volatility is 20.21% [42]. - **Volatility Trading**: The same trading suggestions as above, sell high - curve options and buy low - curve options [44]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 26.0% at the settlement price and 5.55% at the counter - price [48][50]. 3.2.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 1,569,435 lots, the open interest is 1,118,938 lots, the trading volume ratio of call options to put options is 1.12, and the weighted average implied volatility is 44.48% [53]. - **Volatility Trading**: Sell options in months with higher curves and buy those in months with lower curves; for the same month, sell high - point options and buy low - point options [56]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 31.7% at the settlement price and 3.44% at the counter - price [60][62]. 3.2.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 361,098 lots, the open interest is 320,378 lots, the trading volume ratio of call options to put options is 1.38, and the weighted average implied volatility is 45.36% [65]. - **Volatility Trading**: The same trading suggestions as other options, sell high - curve options and buy low - curve options [67]. - **No - Risk Arbitrage**: No relevant data provided.