VIX FUTURES - CBOE FUTURES EXCHANGE
FUTURES ONLY POSITIONS AS OF 01/25/05                         |
--------------------------------------------------------------| NONREPORTABLE
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
  LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
($100 X VBI)                                         OPEN INTEREST:        9,034
COMMITMENTS
   4,617      632      290    2,370    7,594    7,277    8,516    1,757      518

CHANGES FROM 01/18/05 (CHANGE IN OPEN INTEREST:     -1,372)
    -107     -637       42   -1,043     -773   -1,108   -1,368     -264       -4

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    51.1      7.0      3.2     26.2     84.1     80.6     94.3     19.4      5.7

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:       24)
      13        4        4        5        6       22       11
 

Updated January 28, 2005