Product Specifications

Options on the Nasdaq-100^® Index Tracking Stock (QQQ)

Symbol:
QQQ

Underlying:
Generally, 100 shares of the Nasdaq-100 Index Tracking Stock, an exchange-traded fund designed to track the performance of the Nasdaq-100 Index.

Index Components

Strike Price Intervals:
Strike prices are set at a minimum of 1-point increments.

Strike (Exercise) Prices:
In-, at- and out-of-the-money strike prices are initially listed. New series generally will be added when QQQ shares trade through the highest or lowest strike price available.

Premium Quotation:
Prices are quoted in dollars and cents with a minimum increment of $0.01 (a penny).

Expiration Date:
Saturday immediately following the third Friday of the expiration month.

Expiration Months:
Three near-term months and up to three months from the March quarterly cycle (March, June, September and December). LEAPS are also available.

Last Trading Day:
Trading in QQQ options will ordinarily cease on the business day (usually a Friday) preceding the expiration date.

Exercise Style:
American - QQQ options generally may be exercised on any business day before the expiration date.

Settlement of Option Exercise:
Exercise notices properly tendered on any business day will result in delivery of QQQ shares on the third business day following exercise.

Position and Exercise Limits:
* 150,000 contracts on the same side of the market.

Margin:
Uncovered writers must deposit 100% of the options proceeds plus 15% of the aggregate contract value (current QQQ 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.

CUSIP Number:
QQQ - 631100104; VZQ - 630906105

Trading Hours:
8:30 a.m. - 3:15 p.m. Central Time (Chicago time).

* Position and exercise limits are subject to change.