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+500 Part V: Index Options and Futures 
+of IBM, one might figure that capitalization-weighted indices that contained that 
+stock would also be showing somewhat unusual price changes in the same direction 
+that IBM is moving. A price-weighted index that contained IBM would, of course, 
+also be affected by IBM's price change, but not extraordinarily so since IBM would 
+have far less weight in the price-weighted index. 
+SECTORS 
+Sector is a term used to refer to an index of stocks in which all the stocks are mem­
+bers of the same industry group. Examples of groups on which sectors have been cre­
+ated - and on which options have traded - are computers and technology, interna­
+tional oils, domestic oils, gold, transportation, airlines, and gaming and hotels. These 
+indices are computed in the same ways as described above - either price-weighted 
+or capitalization-weighted. They generally consist of fewer stocks than their major 
+counterparts, however. Most sectors are comprised of between 20 and 30 stocks, 
+since that is about all of the stocks in any one specific industry group. The large 
+indices are usually referred to as "broad-based" indices, as opposed to the smaller 
+sectors which are often referred to as "narrow-based" indices. 
+Options trade on these sectors. The intent of these options is to allow portfolio 
+managers -who often are group-oriented- to be able to hedge off parts of their port­
+folio by industry group. The options on these sectors are usually cash-based options. 
+Strategies will be discussed later, but there is not much difference in strategy 
+between broad-based or narrow-based index options. One difference is that broad­
+based option writers receive more favorable margin treatment ( that is, they are 
+required to put up less collateral) than narrow-based option writers. 
+CASH-BASED OPTIONS 
+Now that the reader is familiar with indices, let us look at the most popular type of 
+listed index option, the cash-based option. 
+Cash-based options do not have any physical entity underlying the option con­
+tract. Rather, if the option is exercised or assigned, the settlement is done with cash 
+only - there is no equity involved. This type of option is generally issued on an index, 
+such as the S&P 500, for which it would be virtually impossible to actually deliver the 
+underlying securities in case of assignment or exercise. 
+Since many investors feel that it is easier to predict the market's movement 
+rather than that of an individual stock, the cash-based index option has become very 
+popular. Other indices that underlie cash-based option contracts are the New York 
+Stock Exchange Index, the S&P 500 Index, the S&P 100 Index (OEX - an index