EFTA Document EFTA01393181

the reference index expiring in the two nearest months with at least 8 calendar days left to expiration. Implied volatility index values will be affected by any factor that affects the component options series of the index, includ- ing, among other things, applicable laws, regulations and trading rules, the market-making and order process- ing systems of the markets on which the options are traded, and the liquidity and efficiency of those markets. Implied volatility options that are descr