CBOE ETFs and HOLDRs

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CBOE trades options on Exchange Traded Funds (ETFs) and HOLding Company Depositary Receipts (HOLDRs). ETFs are shares of trusts that hold portfolios of stocks designed to closely track the price performance and yield of specific indices.

HOLDRs are trust-issued receipts that represent an investor's beneficial ownership of a specified group of stocks. HOLDRs allow investors to benefit from the ownership of stocks in a particular industry, sector or group.

As ETFs and HOLDRs trade like stock (see ETF/HOLDRs specifications below), options on these products are operationally similar to options on stock. Options on ETFs and HOLDRs are physically settled and have an American-style exercise feature. LEAPS are offered on some of the products.

1 CBOE Options on ETFs
2 CBOE Options on HOLDRs
3 ETF & HOLDR Product Specifications
4 References

CBOE Options on ETFs

As of late November 2007:

DBA - PowerShares DB Agriculture Fund
DBB - PowerShares DB Base Metals Fund
DBC - Powershares DB Commodity Index Tracking Fund
DBE - PowerShares DB Energy Fund
DBO - PowerShares DB Oil Fund
DBP - PowerShares DB Precious Metals Fund
DBS - PowerShares DB Silver Fund
DDM - Ultra Dow 30 ProShares
DGL - PowerShares DB Gold Fund
DGT - streetTRACKS® - DJ Global Titans Index Fund
DIA - Options on DIAMONDS® | QUARTERLYS SPECIFICATIONS
DUG - UltraShort Oil & Gas ProShares
DVY - iShares® DJ Select Dividend
DXD - UltraShort Dow 30 ProShares
EEM - iShares® MSCI Emerging Markets Index
EFA - Options on iShares® MSCI EAFE® Exchange Traded Fund
EWA - iShares® MSCI Australia Index Fund
EWC - iShares® MSCI Canada Index Fund
EWD - iShares® MSCI Sweden Index
EWG - iShares® MSCI Germany Index
EWH - iShares® MSCI Hong Kong Index
EWJ - iShares® MSCI Japan Index
EWM - iShares® MSCI Malaysia Index Fund
EWP - iShares® MSCI Spain Index
EWT - iShares® MSCI Taiwan Index Fund
EWY - iShares® iShares MSCI South Korea Index Fund
EWZ - iShares® MSCI Brazil Index Fund
EZA - iShares® MSCI South Africa Index
FEZ - DJ EURO STOXX 50
FPX - First Trust IPOX-100 Index Fund
FXI - iShares® FTSA/Xinhua China 25
FXY - CurrencyShares Japanese Yen Trust
GDX - Market Vectors Gold Miners ETF
GLD - SPDR Gold Shares
GSG - iShares GSCI Commodity-Indexed Trust
IBB - iShares® Nasdaq® Biotechnology
IDU - iShares® DJ® US Utilities Sector
IEF - iShares® Lehman 7-10 Year Treasury Bond Fund
IGM - iShares Goldman Sachs Tech. Index Fund
IGN - iShares® Goldman Sachs Networking Index Fund
IGV - iShares® Goldman Sachs Software Index Fund
IGW - iShares® Goldman Sachs Semiconductor Index Fund
IJR - iShares® S&P 600® Index Fund
ILF - iShares® S&P Latin America 40 Index
IVV - iShares® S&P 500® Index Fund
IYY - iShares® DJ U.S. Total Market
IWB - iShares® Russell 1000® Index Fund
IWC - iShares® Russell Microcap Index Fund
IWD - iShares® Russell 1000 Value Index Fund
IWF - iShares® Russell 1000® Growth Index Fund
IWM - iShares® Russell 2000® Index Fund | QUARTERLYS SPECIFICATIONS
IWN - iShares® Russell 2000 Value Index Fund
IWO - iShares® Russell 2000 Growth Index Fund
IWP - iShares® Russell Midcap® Growth Index Fund
IWR - iShares® Russell Midcap Index Fund
IWS - iShares® Russell Midcap Value Index Fund
IWV - iShares® Russell 3000® Index Fund
IWW - IShares Russell 3000 Value Index
IWZ - IShares Russell 3000 Growth Index
IYE - iShares® Trust - DJ US Energy Sector Index Fund
IYH - iShares® Trust - DJ US Healthcare Sector Index Fund
IYR - iShares® DJ U.S. Real Estate
IYY - iShares® DJ US Total Market
KCE - KBW Capital Markets ETF
LQD - iShares® GS$ InvesTop Corporate Bond Fund
MDY - Standard & Poor's MidCap 400® Index
MZZ - UltraShort MidCap 400 ProShares
OEF - Options on iShares®® S&P 100® Index Fund
ONEQ - Options on Fidelity® Nasdaq Composite Index® Tracking Stock
PBW - Powershares Wilderhill Clean Energy ETF
PEJ - Powershares Dynamic Leisure & Entertainment Portfolio
PHO - Powershares Water Resources ETF
PRF - PowerShares FTSETM RAFI US 1000 Portfolio
QDA - BLDRS Asia 50 ADR Index Fund
QDF - BLDRS Emerging Markets 50 ADR Index Fund
QID - UltraShort QQQ ProShares
QLD - Ultra QQQ ProShares
QQQQ - PowerShares QQQ Trust | QUARTERLYS SPECIFICATIONS
RSP - Rydex S&P Equal Weight Index Fund
SDS - UltraShort S&P 500 ProShares
SHY - iShares® Lehman 1-3 Year Treasury Bond Fund
SKF - UltraShort Financials ProShares
SPY - SPDR® Options | QUARTERLYS SPECIFICATIONS
SRS - UltraShort Real Estate ProShares
SSO - Ultra S&P 500 ProShares
TLT - iShares® Lehman 20+ Year Treasury Bond Fund
TWM - UltraShort Russell 2000® ProShares
UNG - United States Natural Gas Fund
USO - United States Oil Fund
UWM - Ultra Russell 2000® ProShares
VDE - Vanguard Energy ETF
VFH - Vanguard Financials ETF
VGK - Vanguard European ETF
VGT - Vanguard Information Technology ETF
VHT - Vanguard Health Care ETF
VIS - Vanguard Industrials ETF
VPL - Vanguary Pacific ETF
VTI - Vanguard Total Stock Market ETF
VTV - Vanguard Value ETF
VUG - Vanguard Growth ETF
VV - Vanguard Large-Cap ETF
VWO - Vanguard Emerging Markets ETF
VXF - Vanguard Extended Market ETF
XBI - SPDR® Biotech ETF
XHB - SPDR® Homebuilders ETF
XLB - Materials Select Sector SPDR
XLE - Energy Select Sector SPDR | QUARTERLYS SPECIFICATIONS
XLF - Financial Select Sector SPDR
XLI - Industrial Select Sector SPDR
XLK - Technology Select Sector SPDR
XLP - Consumer Staples Select Sector SPDR
XLU - Utilities Select Sector SPDR
XLV - Health Care Select Sector SPDR
XLY - Consumer Discretionary Select Sector SPDR
XME - SPDR® S&P Metals & Mining ETF
XSD - SPDR® Semiconductor ETF^[1]

CBOE Options on HOLDRs

As of late November 2007:

BBH - Biotech HOLDRs Trust
HHH - Internet HOLDRs Trust
OIH - Oil Services HOLDRs Trust
PPH - Pharmaceutical HOLDRs Trust
RKH - Regional Bank HOLDRs Trust
RTH - Retail HOLDRs Trust
SMH - Semiconductor HOLDRs Trust
SWH - Software HOLDRs Trust
TTH - Telecom HOLDRs Trust
UTH - Utilities HOLDRs Trust^[2]

ETF & HOLDR Product Specifications

Underlying	Generally, 100 shares of one of the exchange-traded funds or HOLDRs above
Strike Price Intervals	Minimum of one-point increments
Strike (Exercise) Prices	In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when the underlying shares trade through the highest or lowest strike price available.
Expiration Date	Saturday immediately following the third Friday of the expiration month
Expiration Months	Generally, two near-term months and two months from the March quarterly cycle (March, June, September and December). LEAPS may also be available.
Last Trading Day	Trading in Options on ETFs and HOLDRs ordinarily cease at the close on the business day (usually a Friday) preceding the expiration date.
Exercise Style	American-style
Settlement of Option Exercise	Physical Delivery. Exercise notices properly tendered on any business day will result in delivery of ETF or HOLDRs shares on the third business day following exercise.
Margin	Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current ETF or HOLDRs price multiplied by $100) minus the amount by which the option is out-of-the-money, if any. Minimum margin is 100% of the option proceeds plus 10% of the aggregate contract value. Long puts or calls must be paid in full.
Trading Hours	Open for trading whenever shares of the underlying ETF or HOLDRs are open in the primary market.