Simon, apologies. KOW's are still confusing me, the higher the risk the higher the reward - right? Therefore if the TOP 40 is trading smack bang half way between the strikes, the warrants should move cent for cent (inline with the index). If however it (TOP 40) is much closer to one or the other strike, the volatility on the KOW close to the barrier should be much more volatile - right? Accordingly you got a VIX variable added to the greeks - right or wrong? There must be some mathematical formaula to calculate the value, surely? Can't you guys do an online educational on these things (like you did when you launched instalments), as they are attractive to trade for okes like me, however without a matrix, you have no idea where you going. The disconnect between the hedge and the barrier is the cause for there to be no matrix I find even more difficult to understand. Please help!