CBOT mini-sized Dow - Daniels Trading.pdf by handongqp

VIEWS: 4 PAGES: 18

									EQUITIES
TRADING THE MARKET’S MEASURE




                               FUTUR




                               OPTIO
The DOW                        SM



Never Before Have Three Letters Spelled So Much Opportunity



“The Dow” has long been synonymous with “the market.” In fact, this
basket of 30 leading stocks is recognized worldwide as the standard
for stock markets and is simply referred to as “the market’s measure.”

Now traders can profit from the world’s leading stock index through the
                                     SM
all-electronic CBOT mini-sized Dow futures and options. There has never
been a better time to take your trading to the next level. Whether you are an
active trader or novice, the CBOT mini-sized Dow futures and options offer
unparalleled trading advantages including: lower margins, greater leverage,
large intra-day volatility, transparent electronic access, extremely tight bid/ask                      FUTUR
spreads and deep, liquid markets.



ACCELERATE YOUR TRADING                                                                                 OPTIO




                                                                                     www.cbot.com/dow           3
    The DOW: Your Trading Advantage



    The Dow is the market’s measure. CBOT mini-sized Dow futures and options help smart traders
    get in on the action and trade contracts based on the world’s most widely known index.



    Trade the CBOT mini-sized Dow and take advantage of:

    100% Electronic Access, from Virtually                   equity option contracts, the tight spreads enable
    Anywhere, Anytime. CBOT mini-sized Dow                   traders to quickly enter and exit trades with lower
    futures and options are fully electronic, and            transaction costs.
    trade almost around the clock. Traders have
    direct access through the Internet via a futures         Additional Trading Points. CBOT mini-sized
    broker. Traders can also access free, real-time          Dow futures offer traders a wider variety of
    prices and live charts at www.cbot.com/dow.              trading points. For instance, a $50 move in CBOT
                                                             mini-sized Dow futures offers the trader 10 price
    More Bang for the Buck. CBOT mini-sized                  points to trade the market. Compare this to a
    Dow futures and options require lower exchange           $50 move in the E-mini™ S&P, which offers only 4
    margins than other stock index futures of similar        price points to trade. The CBOT mini-sized Dow
    dollar value.                                            provides 6 additional order entry/exit points on a
                                                             comparable move.
    Tighter Spreads. CBOT mini-sized Dow futures
    and options have extremely tight bid/ask spreads.
    When compared to other stock Index futures and




4
CBOT mini-sized Dow futures and options also enable:

Ease of Tracking. Monitoring and understanding       is just as easy as buying them – and you are not
the price dynamics in the Dow is easier than         subject to uptick rules, fees, or loans for short-
with broader indexes. This is because the Dow        selling as you can be with stocks.
consists of 30 well-known companies and it is a
price-weighted index. This means that a dollar       Ease of Spreading and Hedging. CBOT
change in any of these stocks will have an equal     mini-sized Dow futures and options are easy
effect on the index. Because CBOT mini-sized Dow     to use, whatever your trading strategy. For
futures and options are based on the underlying      instance, futures can be spread against other
portfolio of the Dow 30 stocks, price changes in     index futures, exchange traded funds (ETFs),
the futures price closely reflect changes in the     such as DIAMONDS™, as well as options based
underlying Dow index.                                on the Dow.

Ease of Shorting. Whether bullish or bearish, you
can easily turn your market expectations into a
trade with CBOT mini-sized Dow futures. Unlike
other markets, selling CBOT mini-sized Dow futures




                                                                             www.cbot.com/dow             5
    Trading CBOT mini-sized Dow Futures



    The following contract specifications and examples illustrate the power of trading CBOT mini-sized Dow futures.




      CBOT mini-sized Dow Futures Contract Specifications


    Contract Value                                               Margins
    Contract value defines your market exposure. To              Initial margins for CBOT mini-sized Dow futures
    determine the contract value of CBOT mini-sized              are a small percentage of the total contract value,
    Dow futures, multiply the current futures price by the       typically between four and seven percent. Exchange
    contract multiplier, which is $5. For example, if a          margin requirements for CBOT mini-sized Dow
    CBOT mini-sized Dow futures contract is currently            futures are less than most other mini-sized stock
    trading at 10,000, the contract value is $50,000             index futures, and they are significantly less than
    ($5 X 10,000).                                               margin requirements for securities and single stock
                                                                 futures. The Chicago Board of Trade (CBOT) and
    Tick Size: Minimum Price Fluctuation                         the CBOT clearing service provider determine
    For CBOT mini-sized Dow futures, a one-tick                  CBOT mini-sized Dow futures margin requirements.
    change is equivalent to a one-point change in the            Brokerage firms may require margins slightly higher
    futures price or a $5 change in the contract value.          than those required by the CBOT.
    For example, if a CBOT mini-sized Dow futures
    contract increased from 10,000 to 10,010, the                Leverage
    futures price would have increased ten ticks or ten          Because CBOT mini-sized Dow futures margins
    points. In this case, the contract value would have          are typically lower as a percent of contract value,
    increased by $50 ($5 X 10) from $50,000 to $50,050.          they offer more leverage than other stock index
                                                                 futures and considerably more leverage than
                                                                 securities, exchange traded funds (ETFs), or single
                                                                 stock futures. More leverage means greater exposure
                                                                 to market changes – more bang for your buck.
                                                                 For example, assume a CBOT mini-sized Dow
                                                                 contract is trading at 10,000, and initial margin is
                                                                 $2500. You buy one contract at 10,000, and two
                                                                 days later you offset it by selling one at 10,100 .
                                                                 The result is a profit of $500 (1 X [$5 X 100]), or a
                                                                 20% return on your initial margin.




6
Expiration and Settlement                                                                                                 of the expiration month. The final settlement price
The expiration and settlement of CBOT mini-sized                                                                          for CBOT mini-sized Dow is based on a Special
Dow futures are easy to understand because they                                                                           Opening Quotation (SOQ) of the Dow Jones
are similar to most other stock index futures. These                                                                      Industrial Average (DJIASM) calculated from the
contracts have four expiration months available for                                                                       opening prices of the 30 component stocks on
trading: March, June, September, and December.                                                                            settlement day. CBOT mini-sized Dow futures
The last day of trading for CBOT mini-sized Dow                                                                           contracts are settled in cash and do not involve
futures is the Thursday preceding the third Friday                                                                        delivery of the underlying securities.




  Day Trading Example


Whether you are a day trader or a position trader, CBOT mini-sized Dow futures and options offer many
trading opportunities for you. The following chart provides an example of ranges and trends that may develop
during a trading day.

                             500                                                                                                                                                      9950

                                                                               CBOT mini-sized Dow futures-10 minute intraday
                             400
                                          9835 - Short                                                                                                                                9900
                                          position initiated at
                                          open
                             300

                                                                                                                                                                                      9850
                             200
                                                                                                                                                                                             CBOT mini-sized Dow Futures




                                                                                                                                                                                      9800
                             100
           Profit/Loss ($)




                                0
                                                                                                                                                                                      9750


                             -100
                                                                                                                                                                                      9700

                             -200
                                                                                                Profit/Loss ($)

                                                                                                                                                      9753 - Short                    9650
                             -300                                                                                                                     position covered
                                                                                                                                                      at close

                             -400                                                                                                                                                     9600

                                 0   AM                 0   AM        0   AM           0   AM                    0   AM        0   AM       0   PM       0   PM              0   PM
                             7:2                    8:2           9:2             10:2                      11:2          12:2          1:2          2:2                 3:2




                                                                                                                                                             www.cbot.com/dow                                              7
    For a day trading example, a relatively active day has been chosen where the CBOT mini-sized Dow started
    higher and then moved lower on news related selling. To demonstrate how a trader could utilize the CBOT
    mini-sized Dow to benefit from this market move, let’s assume you believed that the recent up-trend in the
    market was overly optimistic and you sold at 9835. Although initially the market appeared to be moving against
    you, by mid-day the market had dropped, bringing your short position well into profit. Assuming you sold one
    CBOT mini-sized Dow futures contract and covered at the close, your profit would have been $410 ($5 x
    [9835 - 9753]), excluding exchange and brokerage fees.




      PROFIT (LOSS) ANALYSIS OF POSSIBLE ONE DAY TRADE

      Time                        7:20 am           11:30 am             1:30 pm             4:00 pm

      Trades                      Sold 1 at                                                  Bought 1 at 9753
                                  9835

      Position                    (1)               (1)                  (1)                 Flat
      Long (Short)

      Price                       9835              9832                 9789                9753

      Price Change-               0                 -3                   -46                 -82
      Dow Points

      Net Profit (Loss)*          $0                $15                  $230                $410

    * Excludes brokerage costs.




8
   Comparing CBOT mini-sized Dow Futures and DIAMONDS


The following table compares CBOT mini-sized Dow Futures to DIAMONDS, the ETF based on the DJIA. In
order to have similar values and exposures, you must buy 500 DIAMONDS. If you bought 500 at $100, your
margin would be $25,000 (500 X $100 X 50%). Suppose you sold your 500 shares two days later at $101.
You would still receive $500 (500 X $1), but the return on your margin would be only 2%.



                                               CBOT mini-sized          DIAMONDS                  Futures on
                                               Dow (YM)                 (DIA)                     DIAMONDS

  UNDERLYING                                   DJIA                     DJIA                      DIA
  CASH

  MULTIPLIER                                   $5                       $0.01                     100 shares

  DOLLAR VALUE                                 $50,000/contract         $100/share                $10,000
  (APPROX., BASED
  ON DJIA AT 10,000)

  TRADING                                      Electronic               Specialist or ECN         Electronic
  PLATFORM

  MINIMUM MARGIN                               4% to 5%                 50% of share price        20% of
  REQUIREMENT                                  of contract value        of contract value         contract value

  COST: AVERAGE                                1 to 2 ticks/points      $0.03 to $0.05 or         5 to 10 ticks or
  BID-OFFER                                    or 1 to 2 basis points   3 to 6 basis points       6 to 11 basis points

  COST: MANAGEMENT                             None                     18 basis point            None
  FEE                                                                   annual fee

* Comparisons are estimates and exclude brokerage costs.




                                                                                              www.cbot.com/dow           9
     Trading CBOT mini-sized Dow Options



     The mini-sized Dow options contract is actively traded in an all-electronic
     environment. Like the mini-sized Dow futures, this electronic market is
     very transparent and the trader can view real-time price action for free
     at www.cbot.com/dow.

     CBOT mini-sized Dow options provide the trader several advantages by
     combining the efficiency of electronic trading with the flexibility of options.
     With CBOT mini-sized Dow options, traders can take advantage of their
     market opinions, while limiting their risk. A long position limits a trader’s risk
     to the premium paid for the option. Positions can be held for longer time
     periods without the worry of unlimited risk exposure, as can be the case
     with futures.




10
 CBOT mini-sized Dow Futures Options Contract Specifications



Contract Value                                         Margins
CBOT mini-sized Dow options are based on a             Margin for CBOT mini-sized Dow options is
trading unit of one mini-sized Dow futures contract.   calculated using a risk-based, portfolio approach
                                                       called SPAN (Standard Portfolio Analysis of Risk).
Listing Cycle                                          In comparison to related option products on
CBOT mini-sized Dow options trade on a serial          indexes, the margin for mini-sized Dow options
(monthly) and quarterly basis.                         will be smaller than other margin requirements
                                                       that do not employ a SPAN-based margining
Tick Size/Strike Price Intervals:                      system. Furthermore, traders with hedged
Minimum Price Fluctuation                              positions in mini-sized Dow futures and options
The minimum price fluctuation for mini-sized Dow       will receive the additional benefit of portfolio
options is 1 point, which equals $5. Strike price      margining combining the two positions, thereby
intervals are twenty 100 index point intervals up      reducing total margin required.
and down from the futures price, plus ten additional
200 point intervals above and below the highest        Expiration and Settlement
and lowest 100 point intervals.                        The expiration and settlement for CBOT
                                                       mini-sized Dow options varies for the serial
                                                       (monthly) and quarterly options. Quarterly options
                                                       expire into the quarterly futures, which cash settle
                                                       to the quarterly SOQ. Serial options also expire
                                                       into the quarterly futures and result in a position in
                                                       the futures contract. For example, expiration of a
                                                       January serial option will result in a long or short
                                                       position in the March futures contract.




                                                                                www.cbot.com/dow                11
      Options Trading Example




      CBOT mini-sized Dow
           April 10,000
         Call Profit / Loss
     (Premium in Dow Points)




     As an example using theoretical option premiums for        Specifically, assume on December 2nd you purchase
     CBOT mini-sized Dow options, assume you wanted             one April CBOT mini-sized Dow 10,000 call option at
     to enter into a bullish position in early December, and    a premium of 206 points, or $5 x 206 = $1,030, with
     hold that position at least into early April. Although     CBOT mini-sized Dow futures trading at 9855 and 88
     your view turns out to be correct and the market was       days left until April options expiration. Your total risk is
     higher by early April – there was significant volatility   the option premium of $1,030 if you hold the option
     including a 650-pt decline from the February high to       until expiration and futures settle below 10,000. But
     the March low.                                             by April 8th, with the CBOT mini-sized Dow futures
                                                                trading at 10,550 and 10 days left until expiration, the
     If you would have initially entered a bullish futures      April 10,000 call option premium had risen to 580
     position, it could have been difficult to maintain your    points, or $5 x 580 = $2,900. If you had closed out
     position through the volatility. However, holding a long   the position on this day, you would have made a
     call option on CBOT mini-sized Dow futures allows a        profit of $1,870 ($2,900 - $1,030).*
     trader to maintain the position throughout the entire
     adverse move in February, and then reap the benefits       * Theoretical premiums.
     of the market’s rise in March.




12
  Comparing CBOT mini-sized Dow Options on Futures to DJX and DIAMOND Options*


                        Options on CBOT mini-sized             Options on                               Options on DJIA
                        Dow Futures (YM)                       DIAMONDS                                 Cash Index

  Underlying            One CBOT mini-sized                    100 shares of DIAMONDS                   Options are based on 1/100th of the DJIA
                        Dow futures contract

  Tick Size             1 index point, or $5.                  In decimals. One point = $100.00.        In decimals. One point = $100.00.
                        Ex: 8,400 call quoted                  Ex: 84 call quoted 3.40 to 3.50.         Ex: 84 call quoted 3.40 to 3.50.
                        340 to 341.

  Premium Quote         $5 multiplier. Ex: 346 = $1,730        Stated in decimals. One point equals     Stated in decimals. One point equals
                        premium.                               $100. Ex: 3.46 = $346 premium.           $100. Ex: 3.46 = $346 premium.


  Strike Price          100 index point intervals.             1 point increments. Ex: 84.00,           1 point increments. Ex: 84.00,
  Intervals             Ex: 8400, 8500, 8600.                  85.00, 86.00.                            85.00, 86.00.

  Contract Months       Same as Futures quarterly cycle        3 near term and 3 months from            3 near term and 3 months from
                        plus 2 to 3 nearest months.            March quarterly cycle.                   March quarterly cycle.

  Last Trading Day      Quarterly expirations same as          Trading in DIA options will ordinarily   Trading in DJX will ordinarily cease on the
                        futures, serial expirations close      cease at the close on the business       business day (usually a Thursday) preceding
                        third Friday of contract month.        day (usually a Friday) preceding the     the day on which the exercise-settlement
                                                               expiration date.                         value is calculated.

  Final Settlement      Third Friday of contract month.        Delivery of DIA shares on the third      Calculated based on the opening prices of
                                                               business day following exercise.         the component securities on the business
                                                                                                        day prior to expiration, usually a Friday. The
                                                                                                        exercise-settlement amount is equal to the
                                                                                                        difference between exercise-settlement
                                                                                                        value and the exercise price of the option,
                                                                                                        multiplied by $100.

  Exercise /            American style. Serial options         American style. Physical delivery.       European style. Cash settled.
  Settlement            exercise into underlying futures.
                        Exercise of quarterly options result
                        in cash settlement.

  Expiration            Quarterly expire business day          Saturday immediately following the       Saturday following the third Friday of the
                        following last trading day. Serial     third Friday of the expiration month.    expiration month.
                        expire on last trading day.

  Trading Hours         Electronic Only: 7:17pm – 4:00pm       8:30am – 3:15pm CST, Mon - Fri           8:30am – 3:15pm CST, Mon - Fri
                        CST, Sun- Fri


* Comparisons are estimates and exclude brokerage costs.




                                                                                                             www.cbot.com/dow                            13
     Salient Features – CBOT mini-sized Dow Futures



     Trading Unit
     Five ($5.00) times the Dow Jones Industrial            Ticker Symbols
     AverageSM Index. The DJIASM is a price-weighted        Electronic Trading – YM
     index of 30 of the largest, most liquid U.S. stocks.
                                                            Daily Price Limit
     Tick Size                                              Successive 10%, 20%, and 30% limits. Price limits
     Minimum price fluctuation is one point                 are only effective for limit moves below the previous
     ($5.00 per contract).                                  day's close. Daytime price limits are coordinated
                                                            with NYSE circuit-breakers. All price limits are
     Price Quote                                            recomputed at the beginning of each quarter.
     One point (1) equals $5.00 per contract.
                                                            Reportable Position
     Contract Months                                        25 contracts
     March, June, September, and December.
     Four months listed at all times.                       Fungibility
                                                            CBOT mini-sized Dow futures ($5) and CBOT
     Last Trading Day                                       DJIA futures ($10) are fungible contracts. You can
     The trading day preceding the final settlement day.    offset positions in these contracts on a 2:1 ratio if
                                                            they are held in the same account and they have
     Final Settlement Day                                   identical expiration dates.
     The third Friday of the contract month.
                                                            Order Types
     Settlement                                             The CBOT electronic trading platform supports
     Cash settlement on the final settlement day.           market orders and several types of limit orders.
     The final settlement price is $5 times a Special       Stop orders are Independent Software Vendor
     Opening Quotation of the index.                        (ISV) supported.

     Trading Hours
     Electronic Trading – 7:15 p.m. to 4:00 p.m.,
     Chicago time, Sunday – Friday. Trading in expiring
     contracts closes at 3:15 p.m. Chicago time on the
     last trading day.




14
Salient Features – CBOT mini-sized Dow Options



Trading Unit
One CBOT mini-sized Dow futures contract.                     For expiring quarterly options, exercise results in cash
                                                              settlement based on the final settlement price of the
Tick Size                                                     underlying futures contract. The final settlement price is
1 point equals $5.                                            a Special Opening Quotation of the DJIA calculated
                                                              from the opening prices of the stocks in the index.
Strike Price Intervals
Twenty 100 index point intervals up and down from             On the last day of trading for serial options and the day
the futures price plus ten additional 200 point intervals     following the last day of trading for quarterly options,
above and below the highest and lowest 100 point              in-the-money options are automatically exercised
intervals.                                                    unless notice is given prior to 6:00 pm Chicago time.

Contract Months                                               Expiration
Quarterly cycle of March, June, September, December           Unexercised quarterly expiration options expire at
plus two monthly (serial) option contracts.                   7:00 p.m. Chicago time on the business day following
                                                              the last trading day. Unexercised serial expiration
Last Trading Day                                              options expire at 7:00 p.m. on the last trading day.
For standard quarterly option contracts: The Thursday
immediately preceding the Final Settlement Day. Final         Trading Hours
Settlement Day is the third Friday of the                     Electronic: 7:17 p.m. – 4:00 p.m. Chicago time,
contract month.                                               Sun.-Fri. Trading in expiration quartery options closes
                                                              at 3:15 p.m. Chicago time on the last trading day.
For serial option contracts: The third Friday of the serial
contract month.                                               Ticker Symbol
                                                              OYM
Exercise
Options are American style. Buyers of options can             Daily Price Limit
exercise options on any business day prior to expira-         Successive 10%, 20%, and 30% price limits based
tion. Deadline for notice to the CBOT’s clearing service      on the average daily close of the cash index in the
provider is 6:00 pm Chicago time.                             last month of the preceding quarter. Price limits are
                                                              effective only for limit moves below the previous day's
For serial options, exercise is into the underlying futures   close. If trading in CBOT mini-sized Dow futures halts,
contract. The final settlement price is the settlement        options will also cease trading. Daytime price limits are
price of the nearest futures contract on the last day         coordinated with NYSE circuit-breakers. All price limits
of trading.                                                   are recomputed at the beginning of every quarter.




                                                                                  www.cbot.com/dow                         15
     Dow Stocks



                                                                       close
      Name                            Ticker   Sector                  5/25/2004   weight

      Alcoa                           AA       Basic Materials         31.35       2.20%
      DuPont                          DD       Basic Materials         42.63       2.99%
      Altria                          MO       Consumer Cyclical       46.29       3.25%
      Disney                          DIS      Consumer Cyclical       23.58       1.66%
      General Motors                  GM       Consumer Cyclical       44.74       3.14%
      HomeDepot                       HD       Consumer Cyclical       35.22       2.47%
      McDonalds                       MCD      Consumer Cyclical       25.50       1.79%
      Coca-Cola                       KO       Consumer Non-Cyclical   50.39       3.54%
      Proctor & Gamble                PG       Consumer Non-Cyclical   107.60      7.56%
      WalMart                         WMT      Consumer Non-Cyclical   55.21       3.88%
      ExxonMobile                     XOM      Energy                  43.72       3.07%
      AIG                             AIG      Financials              71.82       5.05%
      Am Exp                          AXP      Financials              50.36       3.54%
      Citigroup                       C        Financials              46.39       3.26%
      JPM Chase                       JPM      Financials              36.76       2.58%
      Johnson&Johnson                 JNJ      Health Care             55.41       3.89%
      Merck                           MRK      Health Care             46.71       3.28%
      Pfizer                          PFE      Health Care             34.77       2.44%
      3M                              MMM      Industrials             83.65       5.88%
      Boeing                          BA       Industrials             44.62       3.13%
      Caterpillar                     CAT      Industrials             74.49       5.23%
      General Electric                GE       Industrials             31.20       2.19%
      Honeywell                       HON      Industrials             33.56       2.36%
      United Technologies             UTX      Industrials             83.99       5.90%
      HewlettPackard                  HPQ      Technology              21.00       1.48%
      IBM                             IBM      Technology              88.70       6.23%
      Intel                           INTC     Technology              28.26       1.99%
      Microsoft                       MSFT     Technology              26.19       1.84%
      SBC Communications              SBC      Telecom                 24.07       1.69%
      Verizon                         VZ       Telecom                 35.32       2.48%

     As of 5/25/2004.
     Dow Jones & Company, Inc. 2003




16
Your Next Step



To learn more about trading CBOT mini-sized Dow futures and options and the unparalleled
opportunities they deliver, visit the Dow product section of the CBOT web site at
www.cbot.com/dow.


This site will provide you with the educational and trading tools you need to get started trading the
CBOT mini-sized Dow including:

• Free real-time CBOT mini-sized Dow futures market depth information (“the book”)
• Streaming options quotes
• Futures & options trading strategies from industry experts
• Online interactive seminars with industry experts
• Free market profile for CBOT mini-sized Dow futures
• Free futures tutorial
• Free electronic trading simulators
• Dow complex electronic newsletter
• Dow products reference guide
• Links to trading resources
• Links to the Dow trading community



ACCELERATE YOUR TRADING!




                                                                                www.cbot.com/dow        17
     The Chicago Board of Trade



     CBOT mini-sized Dow futures and options trade exclusively on the CBOT electronic trading platform,
     which provides fully-transparent, quick, and efficient electronic execution.

     Offering a diverse mix of financial and commodity futures and options on futures contracts, the Chicago
     Board of Trade enters the 21st Century on the strength of more than 155 years of member-trader expertise,
     unparalleled liquidity, and market integrity. Through its open auction and screen-based trading platforms,
     the CBOT provides premier customer service to risk managers and traders worldwide. CBOT members trade
     more than 60 different contracts, including futures and options on futures on U.S. Treasury bonds and notes,
     interest rate swaps, gold and silver, agriculture, the Dow Jones Industrial Average, as well as electronically
     traded CBOT mini-sized Dow futures and options.




18
Business Development
141 W. Jackson Boulevard
Chicago, IL 60604-2994
312-341-7955 • fax: 312-341-3027

New York Office
One Exchange Plaza
55 Broadway, Suite 2602
New York NY 10006
212-943-0102 • fax: 212-943-0109

European Office
St. Michael’s House
1 George Yard
LONDON EC3V 9DH
United Kingdom
44-20-7929-0021 • fax: 44-20-7929-0558                           SM
                                          CBOT Dow Complex
Latin American Contact
                                          CONTRACT                  CONTRACT VALUE        CBOT SYMBOL           PLATFORM
52-55-5605-1136 • fax: 52-55-5605-4381
                                          CBOT® mini-sized          $5 x index            YM                    Electronic
                                          DowSM Futures ($5)        value
www.cbot.com
                                          CBOT® mini-sized          $5 x index            OYM                   Electronic
                                          DowSM Options ($5)        value

                                          DJIASM Futures            $10 x index value     DJ/ZD                 Open outcry/Electronic
                                               SM
                                          DJIA Options              $10 x index value     DJC, DJP/OZD          Open outcry/Electronic
                                          DJ US TMISM Futures       $500 x index value    TMI                   Electronic


                                         ©2004 Board of Trade of the City of Chicago, Inc. All rights reserved.

                                         S&P500® is a registered trademark of The McGraw Hill Companies, Inc.

                                         E-mini™ is a trademark of Chicago Mercantile Exchange.

                                         The information in this publication is taken from sources believed to be reliable. However, it is
                                         intended for purposes of information and education only and is not guaranteed by the Chicago
                                         Board of Trade as to accuracy, completeness, nor any trading result, and does not constitute
                                         trading advice or constitute a solicitation of the purchase or sale of any futures or options. The
                                         Rules and Regulations of the Chicago Board of Trade should be consulted as the authoritative
                                         source on all current contract specifications and regulations.
                                         “Dow JonesSM,” “The DowSM,” “Dow Jones Industrial AverageSM,” and “DJIASM” are service
                                         marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes
                                         by the Board of Trade of the City of Chicago, Inc. (CBOT®). The CBOT futures and futures
                                         options contracts based on the Dow Jones AveragesSM and the Dow Jones Total Market
                                         IndexSM are not sponsored, endorsed, sold, or promoted by Dow Jones, and Dow Jones
                                         makes no representation regarding the advisability of trading in such products.
                                         “DIAMONDS‚” is a trademark of Dow Jones & Company, Inc. (“Dow Jones”) and has been
                                         licensed for use for certain purposes by the American Stock Exchange and PDR Services
                                         LLC. The DIAMONDS Trust is not sponsored, endorsed, sold or promoted by Dow Jones and
                                         Dow Jones makes no representation regarding the advisability of investing in such products.
                                         EM51-2R1      06.04.2500     04-03576

								
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