Ibovespa Futures: Contract Point Values for Full and Mini Sizes

Summary

The document explains why the Brazilian Ibovespa futures and Mini Ibovespa futures can track the same index while having different contract values. Their quoted index movement is translated into profit and loss using a point value: the full-size contract has a point value of 1, while the mini contract’s point value is 0.2.

On that basis, five mini contracts have the same point-value exposure as one full contract, assuming their prices move together. The answer frames this as a contract multiplier distinction rather than a difference in the underlying index. It cites contract documentation, but does not establish whether the futures prices always match exactly or discuss other contract specifications such as margin, liquidity, or settlement.

Key ideas

• Both Ibovespa futures sizes reference the Bovespa Index and are quoted in Brazilian reais.
• Profit and loss depends on the index point change multiplied by the contract’s point value.
• The full contract has a point value of 1 and the mini contract has a point value of 0.2.
• Five mini contracts therefore match one full contract’s point exposure if their futures prices move together.
• The answer leaves exact price alignment and other contract specifications unexamined.

Tags

# Difference between Ibovespa full and mini futures contract


# Difference between Ibovespa full and mini futures contract












What is the difference between the following two Brazilian futures contracts:

- The Ibovespa Futures Contract

- The Mini Ibovespa Futures Contract

As far as I can tell, both are priced in Brazilian Real (R$) following the Bovespa Index exactly. I would have guessed the mini contract to be cheaper than the full contract, or at least different in some way.

How are the Ibovespa and Mini Ibovespa futures contracts different?

## Answer by BlueTrin (score 2, accepted)

https://quant.stackexchange.com/a/9319

Futures have a value per point. According to this page, the contract point value is 1 for the normal contract and 0.2 for the smaller one (Mini):

http://www.terrafuturos.com.br/valor-dos-pontos-por-contrato_eng.php

Basically you should have the same PL if you were using 5 minis or 1 normal contract, assuming that the price of the two futures is always equal (which I do not know if it is the case).

Your documentation says that your PL is:

$$ \mathrm{\Delta{Points}} \cdot \mathrm{ValuePerPoint} $$

$\mathrm{ValuePerPoint}$ is 1 for the large contract and 0.2 for the other.

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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.