Options on S&P/B3 Bovespa VIX Index

The product
The S&P/B3 Bovespa VIX Index seeks to measure the implied volatility in the Brazilian equity market. It is a real-time index that reflects investor sentiment regarding the expected volatility in the benchmark for equities in Brazil, the Bovespa Index (Ibovespa B3).

Options on the S&P/B3 Bovespa VIX Index enable the market to trade future expectations of volatility in the Brazilian market, offering the ability to diversify a portfolio as well as hedge, mitigate, or capitalize on broad market volatility through a simple instrument.

Underlying	S&P/B3 Bovespa VIX Index
Ticker	VXBR
Option style	European
Contract size	S&P/B3 Bovespa VIX Index Futures contract multiplied by the index point value in Brazilian Reals (BRL), each point BRL 1.00
Quotation	Index points up to two decimal places
Tick size	0.01 Index point
Round-lot	1 contract
Last trading day	The expiration date
Expiration date	Thirty calendar days prior to the Wednesday nearest to the 15th of the month immediately following the month in which the contract expires.
Contract months	All months
Option exercise	On the expiration date, the option exercise is performed automatically by B3, according to the following conditions: Call option (call): If the result of the difference between the settlement price of the contract object and the exercise price for the principal owner, is positive. Put option (put): If the result of the difference between the exercise price and the settlement price of the contract subject to the principal owner, is positive.