Expiration Cycle (Example)

If today were May 15, 1994, then the current bracket of contracts would be: June 1994, September 1994, December 1994, and March 1995. The next bracket Of contracts are the "reds": June 1995, September 1995, December 1995, and March 1996. The following bracket of contracts are "blues": June 1996, September 1996, December 1996, and March 1997. Again, "blues" are then followed by "greens" and "golds," respectively.

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