BENCHMARK APPEAL
Capture the performance of the Dow the most widely recognised stock index in the world.

TRADING PLATFORM
Fully electronic with a level playing field. Trade the Dow, anywhere, almost anytime.

CONTRACT VALUE
Comparable to other mini-sized stock index futures. US$5 x current price of CBOT mini-sized Dow futures. For example, if CBOT mini-sized Dow futures are currently 8000, the value of one contract is US$40,000 ($5 x 8000).

CBOT MARGINS
Initial margin is currently US$2700, or approximately 6.75% of contract value. The CBOT mini-sized Dow offers more leverage by requiring less margin per contract than other stock index futures.

DOLLAR VOLATILITY
2002 average daily range (April-July): US$1080 or 216 points. Relative to comparable stock index futures, CBOT mini-sized Dow futures have lower exchange margin requirements for similar intraday dollar volatility. Consequently, CBOT mini-sized Dow futures offer the most 'bang per buck' of any mini-sized stock index future.

LIQUIDITY
Professional traders are making continuous two-sided markets in CBOT mini-sized Dow futures. As a result, liquidity is deep and constant.

EASE OF TRACKING
The DJIA is a price-weighted average of 30 of the largest, most liquid US stocks. Dow moves can be easily anticipated by following price moves in these widely-quoted stocks.

The S&P 500 Index represents about 70% of total domestic U.S. equity market capitalisation. S&P identifies important industry sectors within the U.S. equity market, approximates their relative importance in terms of market capitalisation and then allocates a representative sample of stocks within each sector of the S&P 500. The Index is capitalisation weighted (shares outstanding times stock price); each company's influence on Index performance is directly proportional to its market value. The daily Index values reported in the media are exclusive of dividend income, i.e. they reflect only price action of the underlying component stocks.

Mini S&P 500 futures are legally binding agreements to buy or sell the cash value of the S&P 500 Index at a specific future date. The contracts are valued at US$50 x the futures price. For example, if the Mini S&P 500 futures price is at 900.00, the value of the contract is US$45,000 (US$50 x 900.00). The minimum price movement of the futures or options contracts is called a "tick." The tick value is .25 index points, or US$12.50 per contract. This means that if the futures contract moves the minimum price increment (one tick), say, from 1300.00 to 1300.25, a long (buying) position would be credited US$12.50; a short (selling) position would be debited US$12.50. All futures positions (and all short option positions) require posting of a performance bond (or margin). Positions are marked-to-the-market daily. Additional deposits into the margin account may be required beyond the initial amount if your position moves against you. Mini S&P 500 contracts are cash settled, just like the Standard S&P 500; there is no delivery of the individual stocks. Even better, Mini S&P 500 daily settlements and quarterly expirations will use the exact same price as the S&P 500. The same daily settlement prices allow Mini contracts to benefit from the liquidity of the S&P 500 futures.

E-minis are cutting-edge products designed for the active trader who wants to trade electronically, and likes to have maximum control and highest profit potential. You can use E-minis stock index futures to:

• Actively trade stock indexes
• Hedge your portfolio or other investments
• Gain broad market exposure, at relatively low cost

Equities investors like the great "tradability" of these products. Besides having very tight bid/offer spreads, they are:

• Highly liquid
• High leverage
• No uptick rule, easy to short
• 100% electronic - no trading pits and brokers
• Sized for the individual investor
• Fast moving, exciting and stimulating to trade
• Backed by a strong financial safeguard system
• 60/40 short-term tax advantage
• Scandal and corruption free
• Monitoring only one index instead of dozens of stocks
• Less time consuming

And because these E-minis are futures, they offer some unique additional features:

• The capital requirement to trade is low relative to stock margin requirements (minimum US$2,000)
• Returns can be quite substantial
• You have the opportunity for profitable trading strategies regardless of market direction or volatility