CBOE Options on the VXX and VXZ Exchange-Traded Notes www.cboe.com/VXX

VXX

VIX	16.36	-0.25
VXV	17.57	-0.18
VXX	19.89	-0.19
VXZ	21.94	-0.21
OVX	20.59	-0.05

Delayed Quotes

CBOE Options on the VXX and VXZ Exchange-Traded Notes

Beginning Friday, May 28, 2010, Chicago Board Options Exchange (CBOE) is offering options on these two Exchange-Traded Notes:

The iPath® S&P 500® Short-Term VIX® Futures Index ETN (VXX), and
The iPath® S&P 500® Mid-Term VIX® Futures Index ETN (VXZ)

Important information about the VXX and VXZ ETNs is contained in the Prospectus for VXX and VXZ.

VXX is an exchange-traded note ("ETN") based on The S&P 500 VIX Short-Term Futures™ Index, which is designed to provide access to equity market volatility through CBOE Volatility Index� ("VIX�") futures. Specifically, the S&P 500 VIX Short-Term Futures™ Index offers exposure to a daily rolling long position in the first and second month of VIX futures contracts and reflects the implied volatility of the S&P 500� Index one month later. The index futures roll continuously throughout each month from the first month of the VIX futures contract into the second month of the contract.

The VXZ ETN is based on The S&P 500 VIX Mid-Term Futures™ Index, which is designed to provide access to equity market volatility through CBOE Volatility Index� ("VIX�") futures. Specifically, the S&P 500 VIX Mid-Term Futures™ Index offers exposure to a daily rolling long position in the fourth, fifth, sixth and seventh month VIX futures contracts and reflects the implied volatility of the S&P 500� Index five months later. The Index futures roll continuously throughout each month from the fourth month VIX futures contract into the seventh month VIX futures contract.

Links

Price Graphs

Please note that the price movements for the VIX Index and the VXX and VXZ ETNs can be different from one another at different times. For more details, please see the Prospectus for VXX and VXZ and the VIX Options FAQ

CBOE Volatility Index (VIX) - One-year Graph

CBOE Volatility Index (VIX) - Five-year Graph

Please note that past performance is not necessarily an indicator of future returns.

If you wish to create customized, up-to-date charts, please visit the Advanced Charts page

Sample VIX Strategies

Investors who are -
Bullish on VIX, and Bearish on stocks** -
Might consider -

Long VIX Call Options
Long VIX Call Spreads
Short VIX Put Credit Spreads
Long VIX Futures

Investors who are -
Bearish on VIX, and Bullish on stocks** -
Might consider -

Long VIX Put Options
Long VIX Put Spreads
Short VIX Call Credit Spreads
Short VIX Futures

** Caution - sometimes VIX and stock prices move in the same direction. Please visit these links for more information about: prices and strategies.

* In the Protective Put and Buy-write diagrams, the faint grey line represents an equity position, and the colored "hockey-stick-shaped" line represents the combined stock plus options position. For more details, please click on strategies.

Standard & Poor's, S&P and S&P 500 are registered trademarks of McGraw-Hill Inc. iPath, iPath ETNs and the iPath logo are registered trademarks of Barclays Bank, PLC. Standard & Poor's does not promote, market, sell or endorse any product based upon its indices. The VXX and VXZ ETNs are not sponsored, endorsed, sold or promoted by S&P or CBOE.