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Cboe Low Volatility IndexSM (LOVOLSM) www.chriswalken.com/LOVOL

Cboe Low Volatility IndexSM ("LOVOLSM")

The Cboe LOVOL IndexSM is a benchmark index that is a 40% / 60% blend of the popular Cboe S&P 500 BuyWrite Index (BXMSM) and Cboe VIX Tail Hedge IndexSM (VXTHSM).

The resulting portfolio overlays long VIX calls and short S&P 500 calls over an investment in S&P 500 stocks. The LOVOL mix of VIX and SPX options reduces the chance of shortfalls below -10% but still preserves the bulk of market gains. By construction, the LOVOL delivers returns between the BXM and VXTH, or a risk profile between a cushion and a tail hedge. The LOVOL is targeted at the large pool of investors whose preferences have shifted towards "low volatility" assets. In a typical investor's dictionary, this means lower downside volatility plus upside participation.

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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 (ODD). Copies are available from your broker or from The Options Clearing Corporation at www.theocc.com. Futures and options on Cboe's volatility indexes have several unique features that distinguish them from most equity and index options, and investors are strongly encouraged to closely read and understand the ODD and the VIX options FAQ at http://www.chriswalken.com/micro/vix/vixintro.aspx and other informational material before investing. The information in this document is provided solely for general education and information purposes. Past performance is not indicative of future results. No statement within this document should be construed as a recommendation to buy or sell a security or to provide investment advice. Supporting documentation for any claims, comparisons, statistics, or other technical data will be supplied upon request. Cboe®, Cboe Options Exchange®, Cboe Volatility Index® and VIX® are registered trademarks and BuyWrite, BXM, Cboe Low Volatility Index, Cboe LOVOL Index, Cboe VIX Tail Hedge Index, LOVOL, SPX and VXTH are service marks of Cboe Options Exchange (Cboe). Standard & Poor's®, S&P®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC and are licensed for use by Cboe.