CBOT Launches Its First Co-Branded CBOT X-Fund

The Chicago Board of Trade (CBOT®) today launched the exchange's first co-branded CBOT X-Fund(SM) futures contract, called Zap Futures Extreme CBOT X-Fund. ZAP Futures, a Division of Refco, specializes in professionally managed products and services.

The cooperative marketing efforts between the CBOT and ZAP Futures will enhance the exposure of this new innovative product to a wider target audience.

ZAP Futures Extreme CBOT X-Funds Components:
Short 1 June 02 CBOT 30-year Treasury Bond
Long 1 June 02 CBOT Dow Jones Industrial Average(SM)
Short 1 June 02 COMEX Gold
Short 1 May 02 COMEX Silver

First launched on February 1, 2002, CBOT X-Funds trade in the open auction marketplace. CBOT X-Funds offer market users rapid entry into a low-cost futures index product that provides enhanced leverage, market transparency, and creative trading opportunities.

CBOT X-Funds are short-duration futures contracts based on the performance of a professionally selected futures index. The components that make up the index are selected by an exchange-authorized CBOT X-Fund designer and will be designated as either long or short positions. These components and positions remain fixed throughout the two-week trading cycle.