Description of Index	The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) Index is a modified equal dollar weighted index of companies involved in gold mining. The HUI Index is designed to provide significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyond 1.5 years. The HUI Index was developed with a base value of 200.00 as of March 15, 1996. Adjustments are made quarterly after the close of trading on the third Friday of March, June, September, and December so that each component stock represents its assigned 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 March 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 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 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	24,000 contracts on the same side of the market.
Minimun Customer Margin for Uncovered Writers	Premium plus 20% of the aggregate Index value (Index value x $100) minus the amount by which the option is out-of-the-money, if any. The minimum margin is premium 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	HUI
Final Settlement Value Symbol	HUV