# Difference between Ibovespa full and mini futures contract

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

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? ## 1 Answer 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.

• @Randomblue: I am not sure what you mean, the values from the table (0.2 and 1) are the 'value of each point' in your formula. This is what is changing between the contracts. – BlueTrin Oct 31 '13 at 11:46