CEDEAR Ratio Converter: Apple vs. Microsoft🇦🇷
A CEDEAR (Certificado de Depósito Argentino) is an Argentine depositary receipt that allows local investors to gain exposure to foreign stocks—like Apple (AAPL) or Microsoft (MSFT)—without directly accessing international markets. The conversion ratio (relación de conversión) defines how many CEDEARs equal one underlying share. For Apple, the ratio is typically 10:1 (10 CEDEARs = 1 AAPL share), and for Microsoft it is commonly 8:1 (8 CEDEARs = 1 MSFT share). To find the implied USD price per CEDEAR, divide the current ADR price by the ratio, then multiply by the prevailing USD/ARS exchange rate (usually the CCL—contado con liquidación rate). This tool instantly converts between CEDEAR quantities, implied share fractions, and ARS/USD equivalents for both tickers.
When to use this calculator
- Calculating how many Apple CEDEARs to buy to replicate owning 0.5 shares of AAPL at the current CCL rate
- Comparing the implied USD price of an MSFT CEDEAR against the Nasdaq-listed MSFT price to detect arbitrage gaps (CEDEAR premium/discount)
- Converting an ARS investment budget (e.g., ARS 500,000) into the equivalent number of Apple or Microsoft CEDEARs and fractional share exposure
- Evaluating the effective ARS cost of rebalancing a CEDEAR portfolio when the CCL exchange rate shifts by ±5%
- Checking whether the market price of a CEDEAR on BYMA diverges from its theoretical fair value derived from the ADR price and official ratio
Calculation Example
- Base example
- Result
How it works
3 min readHow It's Calculated
CEDEARs trade on BYMA (Bolsas y Mercados Argentinos) in Argentine pesos, but their value is anchored to the USD price of the underlying foreign share via a fixed conversion ratio and the implicit CCL (Contado con Liquidación) FX rate.
# Core formula
Fair CEDEAR Price (ARS) = (ADR Price in USD / Conversion Ratio) × CCL Rate (ARS/USD)
# Implied CCL from market prices
Implied CCL = CEDEAR Market Price (ARS) × Conversion Ratio / ADR Price (USD)
# ARS investment → fractional share exposure
Share Fraction = (ARS Amount / CEDEAR Market Price) / Conversion Ratio
# Number of CEDEARs for a target share fraction
CEDEARs Needed = Target Share Fraction × Conversion RatioKey variables:
---
Reference Table
| Ticker | CEDEAR Ratio | Example ADR Price (USD) | CCL Used (ARS/USD) | Fair CEDEAR Price (ARS) | CEDEARs per 1 Full Share |
|---|---|---|---|---|---|
| AAPL | 10 : 1 | $220.00 | $1,250 | $27,500 | 10 |
| AAPL | 10 : 1 | $220.00 | $1,350 | $29,700 | 10 |
| MSFT | 8 : 1 | $430.00 | $1,250 | $67,187.50 | 8 |
| MSFT | 8 : 1 | $430.00 | $1,350 | $72,562.50 | 8 |
| AAPL | 10 : 1 | $200.00 | $1,200 | $24,000 | 10 |
| MSFT | 8 : 1 | $400.00 | $1,200 | $60,000 | 8 |
> ADR prices are illustrative reference values. Always verify live prices on Nasdaq.com or Bloomberg before trading.
---
Typical Cases
Case 1 — Converting ARS 500,000 into Apple CEDEARs
An investor has ARS 500,000 to invest. The market shows Apple CEDEARs at ARS 26,800 each (AAPL at $214 USD, CCL $1,252, ratio 10).
Case 2 — Detecting a CEDEAR Premium on Microsoft
MSFT trades at $432 USD on Nasdaq. The MSFT CEDEAR on BYMA is priced at ARS 71,500.
This spread is typical in Argentine markets due to demand for USD hedging via CEDEARs.
Case 3 — Ratio Change Impact
If Caja de Valores adjusts the AAPL CEDEAR ratio from 10:1 to 5:1 (a ratio split), the fair price per CEDEAR halves: ($220 ÷ 5) × $1,250 = ARS 55,000 per CEDEAR. The investor's total ARS exposure is unchanged, but each individual CEDEAR unit is worth twice as much.
---
Common Errors
1. Using the official USD rate instead of CCL: The official Banco Nación rate (~$1,000 ARS/USD) is NOT the rate embedded in CEDEAR prices. CEDEARs reflect the CCL rate, which can be 20–40% higher. Using the wrong rate will make CEDEARs appear massively overpriced.
2. Confusing the ratio direction: The ratio is CEDEARs per 1 foreign share, not the reverse. Dividing the ADR price by the ratio gives USD per CEDEAR. Multiplying (instead of dividing) gives a number ~100× too large.
3. Ignoring broker commissions and spreads: BYMA trades include a 0.6%–1.0% broker commission plus a bid-ask spread that can add 0.5%–2% on less liquid CEDEARs. The theoretical fair value does not include these costs.
4. Treating CEDEARs as direct share ownership: CEDEARs do not grant voting rights and dividend payments may be delayed or reduced by Argentine tax withholding (currently 7% on dividends for individual investors under Ley 27.430).
5. Not accounting for ratio adjustments after stock splits: Apple's 4:1 split in August 2020 caused Caja de Valores to adjust the CEDEAR ratio proportionally. Failing to use the updated ratio yields completely wrong valuations.
---
Related Calculators
Since no related slugs were provided for this calculator, explore other financial tools on Hacé Cuentas for currency conversion, portfolio return calculations, and inflation-adjusted investment analysis.
Frequently asked questions
What is the current conversion ratio for Apple (AAPL) CEDEARs?
As of 2025–2026, the standard AAPL CEDEAR conversion ratio set by Caja de Valores is 10:1, meaning 10 CEDEARs represent economic exposure to 1 share of Apple Inc. (AAPL) traded on Nasdaq. This ratio was adjusted after Apple's 4-for-1 stock split in August 2020. Always confirm the current ratio on BYMA's official site or your broker before transacting, as Caja de Valores can update ratios.
What is the conversion ratio for Microsoft (MSFT) CEDEARs?
The Microsoft CEDEAR conversion ratio is 8:1 as of 2025–2026, so 8 MSFT CEDEARs equal the economic value of 1 share of Microsoft Corporation (MSFT) listed on Nasdaq. At an MSFT price of $430 USD and a CCL of $1,250 ARS/USD, each CEDEAR carries a fair value of ($430 ÷ 8) × $1,250 = ARS 67,187.50. Verify the ratio on Caja de Valores or BYMA before trading.
What exchange rate should I use when pricing CEDEARs—official, blue, or CCL?
You must use the CCL (Contado con Liquidación) rate, which is the implicit USD/ARS exchange rate derived from asset prices that can settle internationally. CEDEARs essentially embed the CCL because they allow indirect capital outflow. The official Banco Nación rate undervalues CEDEARs and will make them look expensive. In 2024–2025, the CCL has typically ranged from ARS 1,100 to ARS 1,400 per USD, roughly 15–35% above the official rate.
Can the CEDEAR price differ from its theoretical fair value?
Yes, and frequently does. The difference is called the CEDEAR premium or discount. Premiums occur when local demand for USD hedging is high, driving CEDEAR prices above fair value—sometimes 1%–5% above. Discounts are rare but can appear during forced selling or low liquidity sessions. The spread between the market price and fair value also implies a real-time CCL rate, which traders use as a reference for all USD-linked assets in Argentina.
Do AAPL or MSFT CEDEARs pay dividends?
Yes, but with important caveats. Apple pays a quarterly cash dividend (approximately $0.25 USD per share as of 2025), and Microsoft pays approximately $0.83 USD per share per quarter. CEDEAR holders receive proportional dividends in ARS, converted at the CCL rate on the payment date. However, Argentine tax law (Ley 27.430) withholds 7% on dividends for resident individuals, and the ARS credit may arrive weeks after the ex-dividend date due to Caja de Valores processing.
What happens to my CEDEARs if Apple or Microsoft does a stock split?
After a stock split, Caja de Valores adjusts the conversion ratio to maintain economic equivalence. For example, after Apple's 4:1 split in August 2020, the CEDEAR ratio was multiplied by 4 (from ~2.5:1 to ~10:1). Your total ARS value is unchanged, but the number of CEDEARs you hold increases proportionally. You do not need to take any action—the adjustment is automatic and handled by your broker and Caja de Valores.
Is there a minimum investment in CEDEARs, and can I buy fractional CEDEARs?
CEDEARs trade in whole units on BYMA (no fractional CEDEAR purchases). The minimum buy is 1 CEDEAR. At a typical Apple CEDEAR price of ~ARS 27,000, the minimum ARS investment is around ARS 27,000 (~$21 USD at CCL). To own the equivalent of one full AAPL share, you would need 10 CEDEARs worth ~ARS 270,000 (~$216 USD). This makes CEDEARs accessible for small investors who cannot afford a full share on Nasdaq.
How do brokerage fees affect the real cost of buying CEDEARs?
Argentine brokers (ALyCs) typically charge 0.5%–1.0% commission per trade on BYMA, plus market fees of ~0.06% and settlement charges. For a ARS 500,000 AAPL CEDEAR purchase at 0.75% commission, fees total ARS 3,750. Additionally, bid-ask spreads on less liquid CEDEARs can add another 0.5%–1.5%. These costs mean the effective breakeven price is 1%–2.5% above the theoretical fair value, which is critical for short-term traders but less impactful for long-term holders.