Finance

CEDEAR Ratio Converter: Apple vs. Microsoft

Calculate CEDEAR conversion ratios between Apple and Microsoft stocks. Free tool updated 2026.

Data verified · June 2026
Edited by Martín Rodríguez
Formula verified by automated tests
Private — runs on your device

Suggest an improvement

Calculator Free · Private

Data updated: Jun 14, 2026

Edited by: Martín Rodríguez (editorial policy )

Suggest an improvement

🧮 Keep calculating

Price-to-Book Ratio (P/B) CalculatorCalculate P/B ratio for stocks vs. sector averages. Free calculator to find undervalued stocks by book value and identify value investing opportunities.Currency Converter: Enter Your Rate, Get the Exact AmountConvert any currency amount using the exact exchange rate you enter — from your bank, broker, or a live quote. Instant result + inverse rate. No stale data, ever.Foreign Residency & ID Cost CalculatorCalculate Argentina foreigner residency & ID costs (temporary/permanent). Free estimator updated for 2026.Risk-Reward Ratio Calculator (R:R)Enter your entry, stop-loss and take-profit to get the exact R:R, minimum win rate to break even, and total P&L. Professional minimum: 1:2.

Want to change something?Edit any field and calculate again.

Instant resultIt recalculates in your browser, no page reload.

Fast and transparent

How to use this calculator

Follow this tool’s steps, then review its formula, assumptions, and limits below.

Step by step

Enter your data

Tap the Calculate button

Check the result

Calculator specific to Argentina. Laws, brackets and values are those currently in force in Argentina (ARCA, BCRA, ANSES).

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 20:1 (20 CEDEARs = 1 AAPL share), and for Microsoft it is 30:1 (30 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

CEDEAR Conversion Ratios: AAPL vs. MSFT (Fixed Parameters)

Ticker	Ratio (CEDEARs : 1 Share)	CEDEARs por acción completa	Fuente del ratio	Derechos de voto	Retención dividendos (personas físicas)
AAPL	20 : 1	20	Caja de Valores / BYMA (2026)	No otorga	7% (Ley 27.430)
MSFT	30 : 1	30	Caja de Valores / BYMA (2026)	No otorga	7% (Ley 27.430)

Fuente: Caja de Valores (BYMA, 2026) y Ley 27.430 (Argentina). Los ratios son fijos y solo cambian por decisión de Caja de Valores (p. ej., ante splits accionarios). El precio ARS de cada CEDEAR = (Precio ADR en USD ÷ Ratio) × CCL (ARS/USD); usar siempre la tasa CCL, no el tipo de cambio oficial.

CEDEAR Conversion Ratios for the Most Traded Tickers (BYMA, Jun 2026)

Conversion ratios for the nine most-traded CEDEARs on BYMA, plus the fraction of an underlying share each CEDEAR represents.

Ticker	Underlying Asset	Ratio (CEDEARs : 1 Share)	1 CEDEAR = Fraction of a Share
AAPL	Apple	20 : 1	0.0500 share (1/20)
MSFT	Microsoft	30 : 1	0.0333 share (1/30)
NVDA	NVIDIA	24 : 1	0.0417 share (1/24)
AMZN	Amazon	144 : 1	0.0069 share (1/144)
GOOGL	Alphabet (Google)	58 : 1	0.0172 share (1/58)
META	Meta Platforms	24 : 1	0.0417 share (1/24)
TSLA	Tesla	15 : 1	0.0667 share (1/15)
SPY	S&P 500 ETF (SPDR)	60 : 1	0.0167 share (1/60)
QQQ	Nasdaq-100 ETF (Invesco)	20 : 1	0.0500 share (1/20)

Fuente: Caja de Valores / BYMA (junio 2026). Los ratios cambian tras splits accionarios — verificá siempre el valor vigente en BYMA o tu broker antes de operar. Fórmula: precio ARS del CEDEAR = (precio del ADR en USD ÷ ratio) × CCL. Cuantos más CEDEARs hay por acción (p. ej. AMZN 144), menor es el valor en pesos de cada unidad y más accesible la compra mínima.

Underlying U.S. Stock Splits and Their Effect on the CEDEAR Ratio

How each major ticker's last stock split moved its CEDEAR conversion ratio — the single most common reason a ratio you remember is now outdated.

Ticker	Last U.S. Stock Split	Split Date	Effect on CEDEAR Ratio	Current Ratio (Jun 2026)
AAPL	4-for-1	Aug 31, 2020	Ratio divided by 4 (80 : 1 → 20 : 1)	20 : 1
AMZN	20-for-1	Jun 6, 2022	Ratio divided by 20	144 : 1
GOOGL	20-for-1	Jul 15, 2022	Ratio divided by 20	58 : 1
TSLA	3-for-1	Aug 25, 2022	Ratio divided by 3	15 : 1
NVDA	10-for-1	Jun 10, 2024	Ratio divided by 10	24 : 1
MSFT	None since 2003 (2-for-1)	Feb 18, 2003	No recent split-driven change	30 : 1

Fuentes: split histories from Nasdaq / company filings; CEDEAR ratios from Caja de Valores / BYMA (junio 2026). When a U.S. stock splits N-for-1, each share gets cheaper, so Caja de Valores divides the CEDEAR ratio by N to keep the economic value of one CEDEAR roughly constant — you simply end up holding more, lower-priced CEDEARs. Your total exposure does not change, but any old ratio you have memorized becomes wrong. BYMA can also adjust ratios outside of splits (e.g., the 2020 and 2023 accessibility reductions) purely to lower the minimum ticket, so always confirm the live ratio before trading.

How it works

How 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 Ratio

Key variables:

ADR Price: The closing price of AAPL or MSFT on Nasdaq/NYSE (USD), sourced from real-time feeds.

Conversion Ratio: Fixed by Caja de Valores (Argentine securities depository). AAPL = 20, MSFT = 30 (verified on BYMA, 2026).

CCL Rate: The implicit FX rate discovered through CEDEAR arbitrage; typically trades at a premium to the official USD rate.

---

Reference Table

Ticker	CEDEAR Ratio	Example ADR Price (USD)	CCL Used (ARS/USD)	Fair CEDEAR Price (ARS)	CEDEARs per 1 Full Share
AAPL	20 : 1	$220.00	$1,250	$13,750	20
AAPL	20 : 1	$220.00	$1,350	$14,850	20
MSFT	30 : 1	$430.00	$1,250	$17,916.67	30
MSFT	30 : 1	$430.00	$1,350	$19,350.00	30
AAPL	20 : 1	$200.00	$1,200	$12,000	20
MSFT	30 : 1	$400.00	$1,200	$16,000	30

> 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 13,400 each (AAPL at $214 USD, CCL $1,252, ratio 20).

CEDEARs purchasable: 500,000 ÷ 13,400 ≈ 37 CEDEARs (whole units only)

Fractional AAPL exposure: 37 ÷ 20 = 1.85 shares of AAPL

USD equivalent: 1.85 × $214 = $395.90 USD notional

Remaining ARS: 500,000 − (37 × 13,400) = ARS 4,200 uninvested

Case 2 — Detecting a CEDEAR Premium on Microsoft

MSFT trades at $432 USD on Nasdaq. The MSFT CEDEAR on BYMA is priced at ARS 19,000.

Theoretical fair price at official CCL $1,300: ($432 ÷ 30) × $1,300 = ARS 18,720

Market price: ARS 19,000

Premium: (19,000 − 18,720) / 18,720 = 1.50% above fair value

Implied CCL from CEDEAR: 19,000 × 30 ÷ 432 = ARS 1,319.44/USD

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 20:1 to 10:1 (a ratio change), the fair price per CEDEAR doubles: ($220 ÷ 10) × $1,250 = ARS 27,500 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.

Apple (AAPL) CEDEAR with a 20:1 ratio

AAPL share price: USD 220 | Ratio: 20 | CCL: ARS 1,250

CEDEAR price = (220 × 1,250) ÷ 20

= 275,000 ÷ 20

= ARS 13,750 per CEDEAR

Each CEDEAR = 1/20 share = USD 11.00

To replicate 1 full share you need 20 CEDEARs = ARS 275,000

ARS 13,750 per CEDEAR — 20 CEDEARs = 1 AAPL share

Disclaimer: Educational tool, not investment advice or a recommendation. Returns and capital can fluctuate or be lost; verify costs and risks with an authorized provider or adviser.

Frequently asked questions

What is the current conversion ratio for Apple (AAPL) CEDEARs?

As of 2026, the standard AAPL CEDEAR conversion ratio set by Caja de Valores is 20:1, meaning 20 CEDEARs represent economic exposure to 1 share of Apple Inc. (AAPL) traded on Nasdaq. This ratio dropped to 20:1 (from 80:1) 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 30:1 as of 2026, so 30 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 ÷ 30) × $1,250 = ARS 17,916.67. 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 preserve the economic value of each CEDEAR. For example, after Apple's 4:1 split in August 2020, the AAPL CEDEAR ratio was adjusted from 80:1 to 20:1 (divided by four, so each CEDEAR keeps representing the same slice of a now-cheaper share). Your total economic exposure is unchanged. 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 13,500, the minimum ARS investment is around ARS 13,500 (~$11 USD at CCL). To own the equivalent of one full AAPL share, you would need 20 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.

Sources & references

Methodology & trust

Editorial

Finance calculator with its formula verified automatically against Nasdaq – AAPL Stock Quote & Historical Data, per our editorial policy and methodology.

Updates

Updated: June 2026. Parameters are verified periodically against the cited sources.

Privacy

Calculations run 100% in your browser. We do not store or transmit your data.

Limitations

Indicative results. For critical decisions, consult a professional.

📌 How to cite this calculator

Rodríguez, M. (2026). CEDEAR Ratio Converter: Apple vs. Microsoft. Hacé Cuentas. https://hacecuentas.com/en/cedears-ratio-conversion-apple-microsoft

Content licensed under CC-BY 4.0 — reuse it citing the source with a link to Hacé Cuentas.

✉️ Report an error in this calculator