Description of Index	The NYSE Arca Mini-Biotechnology Index (BJE) is equal to 1/20th of the value of the NYSE Arca Biotechnology Index (BTK). The NYSE Arca Biotechnology Index (BTK) is an equal dollar weighted index designed to measure the performance of a cross section of companies in the biotechnology industry that are primarily involved in the use of biological processes to develop products or provide services. Such processes include, but are not limited to, recombinant DNA technology, molecular biology, genetic engineering, monoclonal antibody-based technology, lipid/liposome technology, and genomics. The BTK Index was established with a benchmark value of 200.00 on October 18, 1991. The BTK Index is rebalanced quarterly based on closing prices on the third Friday in January, April, July and October to ensure that each component stock continues to represent approximately equal weight in the Index.
Components	For Index components click here.
Trading Unit	The minimum trade size is one option contract. The notional value underlying each contract equals $100 multiplied by the Index value.
Expiration Cycle	Three consecutive near-term expiration months plus two successive months from the January cycle.
Expiration	The Saturday following the third Friday of the expiration month.
Last Trading Day	Two business days prior to expiration (normally a Thursday).
Limited Exercise of Options	European style. Options may be exercised only on the last business day prior to expiration (normally a Friday). Writers are subject to assignment only at expiration. Check with your broker to ascertain cut-off times for exercise and provisions for automatic exercise.
Delivery Method if Exercised	Cash settlement based on the dollar difference between the final settlement value of the Index and strike price of the contract multiplied by $100.
Exercise Price Intervals	Exercise (strike) prices are set at $5.00 intervals, bracketing the current value of the Index, when the Index is above 200. If the Index is below 200, the interval will be $2.50.
Premium Quotations	Stated in dollars and cents. Minimum price variant $0.05 (nickel) for series trading under $3.00 and $0.10 (dime) for series trading $3 and above.
Final Index Settlement Value	Determined on the last business day prior to expiration, based on the first (opening) reported sale price for each component stock.
Settlement	Next business day following expiration.
Position Limits	590,000 contracts on the same side of the market.
Minimun Customer Margin for Uncovered Writers	100% of the market value of the option plus 20% of the aggregate Index value less any out-of-the-money amount, subject to a minimum of 100% of the market value of the option plus 10% of the aggregate Index value.
Trading Hours	9:30 a.m. to 4:00 p.m., New York time.
Trading System	Specialist/Registered Options Trader.
Trading Symbol	BJE
Final Settlement Value Symbol	VFY