Chapter 365A
Options on S&P 500® Annual Dividend Index Futures
365A00.

SCOPE OF CHAPTER
This chapter is limited in application to options on S&P 500® Annual Dividend Index futures (“S&P500® Annual Dividend Index futures” or “futures”). In addition to this chapter, options on futures
shall be subject to the general rules and regulations of the Exchange as applicable.
Unless otherwise specified, times referenced herein shall refer to and indicate Chicago time.
365A00.A. Primary Listing Exchange
For the purposes of this chapter a Primary Listing Exchange shall be as defined in the “Plan toAddress Extraordinary Market Volatility Submitted to the Securities and Exchange Commission
Pursuant to Rule 608 of Regulation NMS Under the Securities Exchange Act of 1934” approved
31 May 2012 by the U.S. Securities and Exchange Commission (“SEC”), as amended from time
to time (SEC, SRO Rulemaking, National Market System Plans, File 4-631).
365A00.B. Regulatory Halt
For the purposes of this chapter a Regulatory Halt shall be as defined in the “Plan to Address
Extraordinary Market Volatility Submitted to the Securities and Exchange Commission Pursuant
to Rule 608 of Regulation NMS Under the Securities Exchange Act of 1934” approved 31 May
2012 by the SEC, as amended from time to time (SEC, SRO Rulemaking, National Market SystemPlans, File 4- 631) and as implemented under New York Stock Exchange Rule 7.12 for Trading
Halts Due to Extraordinary Volatility or under Nasdaq Stock Market Rule 4121 for Trading Halts
Due to Extraordinary Volatility.

365A01.

OPTIONS CHARACTERISTICS
365A01.A. Contract Months, Trading Hours, and Trading Halts
Options shall be listed for expiration on such dates and shall be scheduled for trading during such
hours as may be determined by the Exchange, provided that there shall be no trading in options
when trading is halted in the Primary Futures Contract Month for S&P 500® Annual Dividend Index
futures pursuant to Rule 36502.I.
In accordance with Rule 36502.I. the Exchange shall determine, in its sole discretion, the futuresdelivery month that represents such Primary Futures Contract.
365A01.B. Trading Unit
The trading unit shall be an option to buy in the case of a call, or to sell in the case of a put, one
S&P 500® Annual Dividend Index futures contract (Chapter 365).
365A01.C. Minimum Fluctuations
Option prices shall be quoted in Index points. Each Index point shall represent $250.00 per option
contract.
The minimum price fluctuation shall be 0.05 Index points (equal to $12.50 per option contract).
Premium > 5.00 index points, trading in increments of 0.05 index points ($12.50)
Premium <= 5.00 index points, trading in increments of 0.025 index points ($6.25)
365A01.D. Underlying Futures Contract
The Underlying Futures Contract shall be for delivery on the December S&P 500® AnnualDividend Index Futures contract of the same year.
365A01.E. Exercise Prices
Transactions and exercise of options shall be conducted for options contracts as set forth in theStrike Price Listing and Exercise Procedures Table.
The Exchange may modify the provisions governing the establishment of exercise prices as it
deems appropriate.
365A01.F. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, areset forth in the Position Limit, Position Accountability and Reportable Level Table in the© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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Interpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply
to the Market Regulation Department on forms provided by the Exchange, and the MarketRegulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
365A01.G. Nature of Options
Upon exercise of a put option by the buyer of such option, the seller of such option shall incur theobligation to assume a long position in one Underlying Futures Contract (Rule 365A01.D.) at such
option’s exercise price (Rule 365A01.E.). Upon exercise of a call option by the buyer of suchoption, the seller of such option shall incur the obligation to assume a short position in one
Underlying Futures Contract at such option’s exercise price. The options may only be exercisedat their expiration.
365A01.H. [Reserved]
365A01.I. Termination of Trading
Trading shall terminate at the same time of the termination of trading in the underlying futures.
365A01.J. Trading Prohibition
The following persons are prohibited from trading in futures (each, a “Prohibited Person”):
1. Any person who is a director or officer, subject to Section 16 of the Securities Exchange Act of1934 as amended from time to time, of a corporation that is a constituent of the S&P 500® index.
2. Any person who is in possession of material non-public information relating to ordinary cash
dividends of a constituent corporation of the S&P 500® index, including (but not limited to)
information concerning the timing or amount of any ordinary cash dividend.

365A02.

EXERCISE AND ASSIGNMENTIn addition to the applicable procedures and requirements of Chapter 7, the following shall apply
to the exercise of options.
365A02.A. Exercise
Any European Style (Rule 365A01.D.1.) option may be exercised only at, and not before, theexpiration of such option. Following termination of trading in expiring options, any such option thatis in the money shall be automatically exercised by the Clearing House, and any such option thatis out of the money shall be abandoned by the Clearing House. For the avoidance of doubt, nosuch option that expires in the money may be abandoned, and no such option that expires out of
the money may be exercised.
Whether an option expires in the money or out of the money shall be determined by the Exchange,
in its sole discretion, by reference to the Final Settlement Price of such option’s Underlying Futures
Contract (Rule 365A01.D.).
An expiring call option shall be in the money if the corresponding Final Settlement Price is at or
above such option’s exercise price and shall be out of the money if the corresponding Final
Settlement Price is strictly below such option’s exercise price.
An expiring put option shall be in the money if the corresponding Final Settlement Price is strictly
below such option’s exercise price and shall be out of the money if the corresponding Final
Settlement Price is at or above such option’s exercise price.
365A02.B. Assignment
For a given option contract, an exercise notice accepted by the Clearing House in accordancewith Rules 365A02.A. shall be assigned by the Clearing House through a process of random
selection to clearing members carrying open short positions in such option contract. A clearing
member to whom such exercise notice has been assigned shall be notified thereof as soon aspracticable following such assignment.
The clearing member to whom such exercise notice has been assigned shall be assigned a shortposition in such option’s Underlying Futures Contract (Rules 365A01.D.) if such option is a call, ora long position in such option’s Underlying Futures Contract if such option is a put. The clearing
member representing the option buyer making exercise shall be assigned a long position in such
option’s Underlying Futures Contract if such option is a call, or a short position in such option’s© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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Underlying Futures Contract if such option is a put.
All such futures positions shall be assigned at a price equal to the exercise price of such option
contract and shall be marked to market (in accordance with Rule 814) on the Business Day on
which the Clearing House accepts such exercise notice.

365A03.
[RESERVED]
365A04.
[RESERVED]
365A05.-29. [RESERVED](End Chapter 365A)

INTERPRETATIONS AND SPECIALNOTICES RELATING TO
CHAPTER 365A
S&P Dow Jones Indices LLC directly or through one or more affiliates (collectively, "S&P")
licenses the Exchange to use various S&P stock indices ("S&P Stock Indices") in connection
with the trading of futures contracts and options on futures contracts based upon such indices.
S&P shall have no liability for any damages, claims, losses or expenses caused by any errors
or delays in calculating or disseminating the S&P Stock Indices.
S&P Dow Jones Indices LLC and its affiliates (collectively, "S&P") do not guarantee theaccuracy and/or completeness of the S&P Stock Indices or any data included therein. S&P
makes no warranty, express or implied, as to the results to be obtained by any person or anyentity from the use of the S&P Stock Indices or any data included therein in connection with thetrading of futures contracts, options on futures contracts or any other use. S&P makes noexpress or implied warranties, and expressly disclaims all warranties of merchantability orfitness for a particular purpose or use with respect to the S&P Stock Indices or any data included
therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any
special, punitive, indirect, or consequential damages (including lost profits), even if notified ofthe possibility of such damages.

© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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