From: Jeffrey Woodring
Sent: March 22, 2006
Subject: File No. SR-OCC-2006-01

In regards to the .125 cap on special divs, will this apply to ETFs as well? Example: ABC stock declares a .5 special div, resulting in a .1 div to an ETF. Will the ETF receive an adjustment also? Also, if a company INCREASES their normal quarterly div this will not be adjusted, regardless of size, right?

I think .125 is too low and that we will see a proliferation of option symbols/deliverables. (this is NOT a UBS comment)

It is great to see the move away from rounding as this was always arbitraged.