Nikkei 225 Leveraged Index
Nikkei 225 Inverse Index
Nikkei 225 Double Inverse Index
Real-time version
Index Guidebook

Nikkei Inc.
・ This document is the index guidebook of the Nikkei 225 Leveraged Index, theNikkei 225 Inverse Index and the Nikkei 225 Double Inverse Index calculated
and published by Nikkei Inc (Nikkei). The document is drawn up by Nikkei and it
would be changed or modified corresponding to the revision of the index
calculation rule etc.
・ Copyright of this document is owned by Nikkei, and any copies, reprints andreproduction of this document are prohibited without the prior approval of
Nikkei. This document is prepared solely for the understanding of the index that
Nikkei calculates and publishes, and it is not to be construed as a solicitation or
an offer to buy or sell any securities or related financial instruments.
・ This English document is a translation of the original document dated June 16,
2014 in Japanese and may not be an entirely accurate translation of the original
Japanese document. In any case where differences arise between the English
version and the original Japanese version, the original Japanese document willprevail.

(July 18, 2017 version)

GB-LAI-E-20170718

1: Concept
The Nikkei 225 Leveraged Index represents the doubled performance of the Nikkei
Stock Average (Nikkei 225), the Nikkei 225 Inverse Index represents the inverse
performance of the Nikkei 225 and the Nikkei 225 Double Inverse Index represents
the doubled inverse performance of Nikkei 225.
For instance, if the Nikkei 225 rises by 5% from the closing price of the previous day,the Leveraged Index rises by 10% for the same period, the Inverse Index falls by 5%
and the Double Inverse Index falls by 10%. Similarly, Nikkei 225 falls by 5% fromthe closing price of the previous day, the Leveraged Index falls by 10% for the same
period, the Inverse Index rises by 5% and the Double Inverse Index rises by 10%.
2: Calculation method( 1 ) Basic points
・ Unit of the index value is “points” and the figure is rounded to two decimal places.
・ Index values of the Nikkei 225 Leveraged Index and the Nikkei 225 Inverse Index
on December 28, 2001 were 10,000 points.
・ Index value of the Nikkei 225 Double Inverse Index on December 28, 2001 was100,000 points.
( 2) Index Calculation
・ The Nikkei 225 Leveraged Index, the Nikkei 225 Inverse Index and the Nikkei 225
Double Inverse Index are designed to represent the doubled, inverse and doubled
inverse performances of the Nikkei 225 respectively. Therefore, the each index value
is calculated by multiplying the closing value of the index on the previous day by thecurrent return based on the current change rate of the Nikkei 225 from the previousday.
・ The indices have been calculated at 5-second intervals during the trading hours ofthe Tokyo Stock Exchange. From July 23, 2012 to July 14, 2017, those indices werecalculated in every 15 seconds (as for the Nikkei 225 Double Inverse Index from June16, 2014). Also the Nikkei 225 Leveraged Index and the Nikkei 225 Inverse Index
had been calculated and published on end-of-day basis from June 6, 2011 until July20, 2012.

Copyright © Nikkei Inc. All rights reserved.

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( 3) FormulaIndex Value (current value) = Index Value (closing value on previous day)×{1 + α × (Nikkei 225 (current value)
Nikkei 225 (closing value on previous day)- 1)}

* Closing value of the index is calculated by using the closing price of Nikkei 225 on thecurrent day for “Nikkei 225 (current value)”.

When:・ Nikkei 225 Leveraged Index： α = 2・ Nikkei 225 Inverse Index： α =－ 1
・ Nikkei 225 Double Inverse Index： α =－ 2
3: Calculation Example (the value at 15 seconds after 9:00 am on March 31, 2014)* In the following examples, “current day” was March 31, 2014 and “previous day” was March 28,
2014. These are just examples as the actual publication starts from June 16, 2014.

( 1) Nikkei 225 Leveraged Index
・ Nikkei 225 Leveraged Index (closing value on previous day) = 9,253.21
・ Nikkei 225 (closing value on previous day) = 14,696.03
・ Nikkei 225 (current value at 9:00:15 am on current day) = 14,839.54
Nikkei 225 Leveraged Index (current value at 9:00:15 am on current day)
= 9,253.21×{1+2×(14,839.54 / 14,696.03 – 1)} = 9,433.92930… ≈ 9,433.93( 2) Nikkei 225 Inverse Index
・ Nikkei 225 Inverse Index (closing value on previous day) = 3,454.02
・ Nikkei 225 (closing value on previous day) = 14,696.03
・ Nikkei 225 (current value at 9:00:15 am on current day) = 14,839.54
Nikkei 225 Inverse Index (current value at 9:00:15 am on current day)= 3,454.02×{1+(–1)×(14,839.54 / 14,696.03 – 1)} = 3,420.29072... ≈ 3,420.29( 3) Nikkei 225 Double Inverse Index
・ Nikkei 225 Double Inverse Index (closing value on previous day) = 5,744.49
・ Nikkei 225 (closing value on previous day) = 14,696.03
・ Nikkei 225 (current value at 9:00:15 am on current day) = 14,839.54
Nikkei 225 Double Inverse Index (current value at 9:00:15 am on current day)Copyright © Nikkei Inc. All rights reserved.

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= 5,744.49×{1+(–2)×(14,839.54 / 14,696.03 – 1)} = 5,632.29755... ≈ 5,632.30
4: Treatment of the index value( 1) Retroactively Calculation in the past
The Nikkei 225 Leveraged Index and the Nikkei 225 Inverse Index were calculated
retroactively dating back from the base date of these indices (December 28,2001=10,000 points) to June 3, 2011 on the end-of-day basis. Also the Nikkei 225
Double Inverse Index was calculated retroactively dating back from the base date ofthe index (December 28, 2001=100,000 points) to June 13, 2014 on the end-of-daybasis.
( 2) Modification of the index value
If the Nikkei Stock Average (Nikkei 225) used to calculate the Nikkei 225 Leveraged
Index and the Nikkei 225 Inverse Index will be modified retroactively, these indices
may also be modified retroactively.
5: Others(1)Index LicenseThe Nikkei 225 Leveraged Index, the Nikkei 225 Inverse Index and the Nikkei 225
Double Inverse Index are the copyrighted materials calculated in a methodology
independently developed and created by Nikkei Inc. (“Nikkei”) and Nikkei is the sole
exclusive owner of the copyright and other intellectual property rights in the Nikkei
225 Leveraged Index, the Nikkei 225 Inverse Index and the Nikkei 225 Double
Inverse Index themselves and the methodology to calculate the Nikkei 225 LeveragedIndex, the Nikkei 225 Inverse Index and the Nikkei 225 Double Inverse Index.
Commercial use of the Nikkei 225 Leveraged Index, the Nikkei 225 Inverse Index
and the Nikkei 225 Double Inverse Index must be licensed by Nikkei. Such uses
include, but not limited to, provision of derivative products such as futures andoptions, creation and marketing of linked funds or linked securities, or distribution of
the index for the data and analytic services. Also in case of using the index for
creation of Exchange Traded Fund listed on Japanese markets, a license to use theindex shall not be granted for a certain period of time after the index is launchedbecause a company that provides advices in developing the index makes an offer touse the index in advance for the purpose.
(2)Disclaimer
Nikkei has no obligation to publish the Nikkei 225 Leveraged Index, the Nikkei 225
Copyright © Nikkei Inc. All rights reserved.

4Inverse Index and the Nikkei 225 Double Inverse Index continuously, and Nikkei is
not responsible for any error, delay or omission in the Nikkei 225 Leveraged Index,
the Nikkei 225 Inverse Index and the Nikkei 225 Double Inverse Index. Nikkei is
entitled to change the details of the Nikkei 225 Leveraged Index, the Nikkei 225
Inverse Index and the Nikkei 225 Double Inverse Index and to suspend or stop thecalculation and the announcement of the indices.
Although, in principle, the Nikkei 225 Leveraged Index, the Nikkei 225 InverseIndex and the Nikkei 225 Double Inverse Index are calculated and maintained inaccordance with the information provided here, Nikkei has discretion to takemeasures that Nikkei deems appropriate when the events which are not covered inthis document happen or under the circumstances where it is difficult to continue tocalculate the indices using the current rules. The specifications described may beamended without notice. Nikkei does not assume any loss or damage caused by theuse of this document.
In addition, the disclaimers in the above are also applied to Nikkei Stock Average(Nikkei 225) which is used to calculate the Nikkei 225 Leveraged Index and theNikkei 225 Inverse Index.
This English document may not be an entirely accurate translation of the original
Japanese document. In any case where differences arise between the English version
and the original Japanese version, the original Japanese document will prevail.
(3)ContactIndex Business Office, Nikkei Inc.
Tel: +813-6256-7341, mail: index@nex.nikkei.co.jp

Copyright © Nikkei Inc. All rights reserved.

5Appendix : Change history of Index Guidebook
July 23, 2012 version

Initial version

May 28, 2014 version

Add the description for the Nikkei 225 Double Inverse Index
and modify the example for the index values at 15 second after
9:00 am on March 31, 2014 in “3:Calculation Example”

July 18, 2017 version

Due to the calculation intervals change(every 5 sec.), revise
the description in “2:Calculation method (2)Index Calculation”

Copyright © Nikkei Inc. All rights reserved.

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