Daily chaining Clausole campione

Daily chaining. As mentioned in Section 2, the value of a factor Index is calculated by applying, on a daily basis, the corresponding leverage- and financial component to the daily change in the Reference Instrument. The Index is calculated on the basis of the change in the price of the Reference Instrument as compared to its most recent Fixing Price, which, in this case, will be represented by the “prezzo di riferimento” which is calculated at closing and published by the Reference Exchange. Thus every new fixing price for the Reference Instrument represents a new reference price, which serves as the basis for calculating the percentage variation in underlying Fixing Price and apply the daily constant leverage factor, according to the index calculation methodology described in the present document, in order to derive the fixing value of the index. This daily adjustment of the factor Index is automatic and is known as chaining.