Equities
2
30
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
IBEX 35® WITH DIVIDENDS
The IBEX 35® WITH DIVIDENDS comprises the
same securities and has the same calculation criteria
as the IBEX 35®. Adjustments to the index include the
same adjustments to the IBEX 35®, plus a technical
adjustment for each ordinary dividend payment and
other payments to shareholders similar to ordinary di-
vidends. The gross value of the dividend or payment
is discounted.
IBEX 35® WITH NET DIVIDENDS
The IBEX 35® WITH NET DIVIDENDS comprises
the same securities and has the same calculation crite-
ria as the IBEX 35®. Adjustments to the index include
the same adjustments to the IBEX 35®, plus a technical
adjustment for each ordinary dividend payment and
other payments to shareholders similar to ordinary di-
vidends. The net value of the dividend or payment is
discounted.
IBEX 35® INVERSE
The IBEX 35® INVERSE comprises the same secu-
rities as the IBEX 35®. The calculation criteria replica-
te the daily movements of the IBEX 35® WITH DIVI-
DENDS, in the opposite direction; i.e. if a session of
the IBEX 35® WITH DIVIDENDS has a positive return,
the IBEX 35® INVERSE, in that same market session,
will have a negative return in a similar amount.
IBEX 35® DOUBLE INVERSE
The IBEX 35® DOUBLE INVERSE comprises the
same securities as the IBEX 35®. The calculation crite-
ria duplicate the inverse daily movements of the IBEX
35® WITH DIVIDENDS, in the opposite direction; i.e.
if a session of the IBEX 35® WITH DIVIDENDS has a
positive return, the IBEX 35® DOUBLE INVERSE, in
that same market session, will have a negative return
in a duplicated amount.
IBEX 35® TRIPLE INVERSE
The IBEX 35® TRIPLE INVERSE comprises the
same securities as the IBEX 35®. The calculation crite-
ria triplicate the inverse daily movements of the IBEX
35® WITH DIVIDENDS, in the opposite direction; i.e.
if a session of the IBEX 35® WITH DIVIDENDS has a
positive return, the IBEX 35® TRIPLE INVERSE, in that
same market session, will have a negative return in a
triplicate amount.
IBEX 35® DOUBLE LEVERAGE
The IBEX 35® DOUBLE LEVERAGE comprises
the same securities as the IBEX 35®. The calculation
criteria duplicate the inverse daily movements of the
IBEX 35®, i.e. if a session of the IBEX 35® has a posi-
tive return, the IBEX 35® DOUBLE LEVERAGE, in that
same market session, will have a positive return in a
duplicated amount.
IBEX 35® DOUBLE LEVERAGE GROSS
The IBEX 35® DOUBLE LEVERAGE GROSS com-
prises the same securities as the IBEX 35® WITH DI-
VIDENDS. The calculation criteria duplicate the daily
movements of the IBEX 35® WITH DIVIDENDS.
IBEX 35® DOUBLE LEVERAGE NET
The IBEX 35® DOUBLE LEVERAGE NET compri-
ses the same securities as the IBEX 35® WITH NET DI-
VIDENDS. The calculation criteria duplicate the daily
movements of the IBEX 35® WITH NET DIVIDENDS.
IBEX 35® TRIPLE LEVERAGE
The IBEX 35® TRIPLE LEVERAGE comprises the
same securities as the IBEX 35®. The calculation cri-
teria triplicate the daily movements of the IBEX 35®,
i.e. if a session of the IBEX 35® has a positive return,
the IBEX 35® TRIPLE LEVERAGE, in that same mar-
ket session, will have a positive return in a triplicated
amount.
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