Options on iShares Russell 2000® Index Fund (IWM) www.cboe.com/IWM

Tools for Managing Small-cap Exposure

In recent years interest in small-capitalization stocks has grown considerably, and options on the iShares Russell 2000® Index Fund (ticker symbol IWM) have grown to become one of the largest options contracts in terms of trading volume.

The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The Russell 2000 index represents the approximately 2,000 smallest companies in the Russell 3000 Index (whereas, the Russell 1000 Index represents the approximately 1,000 largest companies in the Russell 3000 Index).


Cboe Russell 2000 Volatility Index (RVX)

The Cboe Russell 2000 Volatility IndexSM (RVXSM) is a key measure of market expectations of near-term volatility conveyed by Russell 2000® stock index option prices. It measures the market's expectation of 30-day volatility implicit in the prices of near-term Russell 2000 options. Please visit the RVX microsite at www.cboe.com/RVX for more information about the RVX Index, and futures and options on the RVX Index.

Updated Price Charts


Benchmark Index -- Cboe Russell 2000 BuyWrite Index (BXR)

The Cboe Russell 2000 BuyWrite Index (BXR) is a benchmark index that measures the performance of a theoretical portfolio that sells Russell 2000 Index (RUT) call options, against a portfolio of the stocks included in the Russell 2000 Index. A "buy-write," also called a covered call, generally is considered to be an investment strategy in which an investor buys a stock or a basket of stocks, and also sells call options that correspond to the stock or basket of stocks. This strategy can be used to enhance portfolio returns and reduce volatility. Historical daily values for the BXR are available dating back to December 29, 2000. For more information and prices on the BXR Index, please visit www.cboe.com/BXR.

The information in these materials is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in these materials. No statement within these materials should be construed as a recommendation to buy or sell a security or to provide investment advice. Any strategies discussed, including examples, do not include commissions, dividends, margin, taxes, and other transaction costs. However, these costs will affect the outcome of transactions and should be considered. The methodologies of the Cboe BuyWrite Indexes and the Cboe Volatility Indexes are owned by Cboe and may be covered by one or more patents or pending patent applications. Cboe's BuyWrite Indexes are designed to represent a proposed hypothetical buy-write strategy. Like many passive indexes, the BuyWrite Indexes do not take into account significant factors such as transaction costs and taxes and, because of factors such as these, many or most investors should be expected to under perform passive indexes. Investors attempting to replicate the BuyWrite Indexes should discuss with their brokers possible timing and liquidity issues. Transaction costs and taxes for buy-write strategies could be significantly higher than transaction costs for a passive strategy of buying-and-holding stocks. Past performance does not guarantee future results. The "Russell 2000 Index is a registered trademark of Frank Russell Company, used under license. SPX, LEAPS, Long-term Equity AnticiPation Securities, FLEX, FLexible EXchange, Cboe, Cboe Options Exchange and OEX are registered trademarks of Cboe.