OBJECTIVES: The aim of this study is to evaluate cardiovascular risk factors in a group of early postmenopausal women and the impact of low-dose hormonal replacement therapy on long term cardiovascular risk replacement therapy (LD-HRT) (combined estradiol 1mg and noretisterone acetate 0.5mg). METHODS: Epidemiological, observational, prospective and multicenter study on menopausal women who initiate LD-HRT with Activelle (r) (combined estradiol 1mg and noretisterone acetate 0.5mg) for six months. Anthropometric and demographic characteristics, dietetic and hygienic habits, gynecologic and obstetric history were recorded at the beginning of treatment. Blood pressure was registered and blood lipids analysis was performed at inclusion and at the end of study. RESULTS: A total of 728 women were enrolled, mean age 51.6±4.3 years. Smokers 18.7% (13,5±7,8 cig/day. Alcohol intake was greater than 30g/day in 14% of women. After 6 months of treatment a significant improvement of blood lipid levels was achieved: cholesterol decreased from 217± 36.24 to 207±40.54 mg/dl (p<0.001) y LDL decreased from 136.4±39.31 to 126.4±34.14 mg/dl (p<0.05), HDL increased from 63.4±19.49 to 64.4±17.55 mg/dl (p<0.001), triglyceride level decreased from 109.4±51.74 to 106±42,09 mg/dl. Cardiovascular Disease Risk estimated to 10 years calculated by Framingham algorithm decreased from 6.04±3.87% to 5.34±3.42% (p <0.001) Relative risk factor decreased as well ( from 1.35±0.85 to 1.18±0.72 (p <0.001). CONCLUSIONS: LD-HRT (Activelle(r)) treatment reduces blood pressure and blood lipids levels. This positive effect on Cardiovascular Risk factors implies a decrease on Cardiovascular Disease Risk estimated to 10 years.