VIX FUTURES - CBOE FUTURES EXCHANGE
FUTURES ONLY POSITIONS AS OF 01/11/05                         |
--------------------------------------------------------------| NONREPORTABLE
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
  LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
($100 X VBI)                                         OPEN INTEREST:        9,924
COMMITMENTS
   4,813    1,414      245    2,275    7,109    7,333    8,768    2,591    1,156

CHANGES FROM 01/04/05 (CHANGE IN OPEN INTEREST:        545)
     224      -10        1     -331       10     -106        1      651      544

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    48.5     14.2      2.5     22.9     71.6     73.9     88.4     26.1     11.6

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:       27)
      14        5        3        5        7       22       13
 

Updated January 11, 2005