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S&P Insurance Index IUX

The IUX is an index comprised of U.S. insurance companies traded on the NASDAQ. The stocks in the IUX are high capitalization stocks from a sector of the S&P 500. Each stock is weighted according to the total market value of their outstanding shares; those with greater total market value exert greater impact on the index. The components' individual weight is determined by its share price multiplied by the number of shares outstanding. The total of all stocks in the index is divided by a predetermined base value to arrive at the index value. The base value is adjusted to reflect changes in the index resulting from mergers and/or acquisitions, stock rights, substitutions, or other factors.

The expiration dates for IUX options is the Saturday immediately following the third Friday of the expiration month. Expiration months are up to three near-term months plus up to three additional months from the March quarterly cycle (March, June, September, and December).

An industry sector index affords investors the opportunity to participate in market trends without having to research and select specific stocks or groups of stock. A market sector index is a simpler, more efficient measure of movement within a given industry. A contract within a market sector index affords investors to focus efforts on overall market movement rather than the risks behind a specific stock.

Sector indices will reflect movement within their given markets to the extent their member companies represent the given industry. A sector index is "benchmarked" against the value at which it was originally set and will typically be altered at least once per year to maintain an accurate representation.

Options are traded on a given index and are settled in cash, unlike equity options which are settled in stock. The assigned writer (seller) is obligated to pay the exercising holder (buyer) the difference between the closing value of the underlying index and the exercise (strike) price of the option, multiplied by the specified index multiplier (usually $100). Basically, a multiplier of 100 in a sector index means that for every point a sector option is "in the money," there is an incremental $100 of intrinsic value.

Symbol     Name                             Shares Market Value
(In millions)
Weight      
(In millions)
AGC AMERICAN GENERAL CORP 252.05 18,809.23 5.53%
AIG AMERICAN INTERNATIONAL GROUP 1,227.97 145,821.79 42.86%
ALL ALLSTATE CORP 820.488 31,486.23 9.26%
CB CHUBB CORP 162.943 9,939.52 2.92%
CI CIGNA CORP 206.483 16,957.42 4.98%
CINF CINCINNATI FINANCIAL 166.968 6,344.78 1.87%
CNC CONSECO INC. 320.35 11,332.38 3.33%
HIG ITT HARTFORD GROUP INC 233.443 13,554.28 3.98%
JP JEFFERSON PILOT CORP 105.99 7,876.38 2.32%
LNC LINCOLN NATIONAL CORP IND 101.038 9,813.32 2.88%
LTR LOEWS CORP 113.691 9,095.28 2.67%
MBI MBIA 99.351 6,116.30 1.80%
MTG MGIC INVESTMENT CORP. 109.511 3,894.49 1.14%
PGR PROGRESSIVE CORP 72.491 10,148.74 2.98%
PVT PROVIDENT INSURANCE COMPANIES 135.243 4,868.75 1.43%
SAFC SAFECO CORP 136.256 5,790.88 1.70%
SPC ST PAUL COMPANIES INC 235.733 7,734.99 2.27%
TA TRANSAMERICA CORP 124.728 9,019.39 2.65%
TMK TORCHMARK CORP 140.265 4,742.71 1.39%
UNM UNUM CORP 138.383 6,849.96 2.01%

 


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