Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker or from The Options Clearing Corporation at www.theocc.com. Supporting documentation for any claims, comparisons, statistics or other technical data in this document is available by visiting www.cboe.com or contacting CBOE at www.cboe.com/Contact. The information in this document is provided solely for informational purposes is not intended and should not be construed to constitute investment advice or recommendations to purchase or sell securities or futures. Investors should consult their tax advisor as to how taxes affect the outcome of contemplated options transactions. Past performance is not indicative of future results. This document contains index performance data based on back-testing, i.e., calculations of how the index might have performed prior to launch. Backtested performance information is purely hypothetical and is provided in this document solely for informational purposes. Backtested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. The methodologies of the CBOE volatility indexes are owned by Chicago Board Options Exchange, Incorporated (CBOE) and may be covered by one or more patents or pending patent applications. CBOE®, Chicago Board Options Exchange®, CBOE Volatility Index® and VIX® are registered trademarks and SPX and VVIX are service marks of CBOE. Standard & Poor's, S&P® and S&P 500® are trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE.