Your sums are correct wrt ALSI futures. Warrants are more complicated - all sort of in-the-money variations depending on the specific warrant. And out-of-the money also. Bottom line, with warrants, you cannot lose more than you paid. Futures (and CFDs) there is no limit! If you happy with your position (direction wise) some warrants may give you higher gearing than the futures. If that is what you looking for?
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