Abstract: A treadmill, having: (a) a frame with front and rear rollers and a continuous tread wrapped therearound; (b) a flywheel connected to one of the front or rear rollers; and (c) a magnetic resistance unit positioned near the flywheel to provide resistance to rotation of the flywheel. The magnetic resistance unit is moved up and down by an operator to move a series of magnets to different positions near the flywheel such that the position of the magnets determines the amount of resistance provided to rotation of the flywheel.