HUI Index

The HUI Index represents the symbol of the AMEX Gold BUGS Index. BUGS stands for Basket of Un-hedged Gold Stocks which means that companies included in the HUI Index limit any hedging of their gold positions to one and a half years. To the contrary, another major gold index, the XAU Index, does include companies that hedge for the long term. As a result, the HUI Index tends to be more volatile than the XAU Index. At its inception in March 1996, the HUI Index was set at a value of 200. The HUI Index tracks a group of companies (i.e. there were 15 in 2008) involved in the mining of gold. The HUI Index is a modified equal dollar weighted index. In computing the HUI Index, AMEX ranks these gold mining companies based on market capitalization. AMEX then gives greater index weighting to the top three ranked HUI Index companies while the remaining HUI Index stocks are given equal weighting. AMEX maintains the HUI Index in accordance with the eligibility criteria set forth in Exchange Rule 901c. Composition of the HUI Index is reviewed quarterly at the close of trading on the last Friday in March, June, September and December. AMEX can also, at its discretion, decide to add or remove companies from the HUI Index to respond to changes in the gold mining industry and to ensure that the companies included in the HUI Index are still a fair representation of gold mining companies.