ISE 50 Index

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The ISE Stock Exchange's proprietary ISE 50 Index (IXK) tracks the performance of the “Mega-Cap” stocks in information technology, health care, financials, industrials, consumer discretionary and staples, telecommunications and energy, listed in the United States (subset of the ISE 250, generally including the top 50 stocks). The ISE 50 is a capitalization-weighted index.

As of Nov. 1, 2007, there are 31 ISE index options listed.

ISE 50 Index components:

Apple
Abbott Labs
AIG American Int'l. Group
Altria Group
American Express
Amgen
AT&T Inc.
Bank of America
Boeing Company
Chevron
Cisco Systems
Citigroup
Coca Cola

Comcast
ConocoPhillips
Eli Lilly
Exxon Mobil
General Electric
Google Inc.
Goldman Sachs
Hewlett-Packard
Home Depot
IBM International
Intel Corp.
Johnson & Johnson
JPMorgan Chase & Co.

Medtronic Inc.
Merck & Co.
Merrill Lynch
Microsoft
3M Company
Morgan Stanley
News Corporation
Oracle Corp.
PepsiCo Inc.
Pfizer
Procter & Gamble
QUALCOMM Inc.

Schlumberger Ltd.
Time Warner Inc.
Tyco International
United Health Group Inc.
United Parcel Service
United Technologies
Verizon Communications
Wachovia Corp.
Wal-Mart Stores
Walt Disney
Wells Fargo
Wyeth

Contract Overview

Full specifications can be found at the ISE web site.^[1]

Index multiplier	$100 (e.g., options premiums are multiplied by 100 to obtain the actual premium amount).
Strike price intervals	At least $2.50.
Minimum trading increments	The minimum trading increment for an options contract trading at less than $3.00 is $0.05. The minimum trading increment for an options contract trading at $3.00 or higher is $0.10.
Expiration Months	Up to three near-term months followed by three additional months from the March quarterly cycle (March, June, September and December).
Exercise Style	European exercise -- options generally may be exercised only on the last business day before expiration.
Trading hours	9:30 A.M. - 4:15 P.M. Eastern Time (New York time).