Press Releases — September 3, 2021

DAX Welcomes Ten New Members

  • German flagship index expanded to 40 constituents
  • Most comprehensive index reform in the history of the DAX concluded
  • Changes will become effective on 20 September

ZUG (September 3, 2021) – Qontigo’s global index provider STOXX Ltd. today announced the new composition of the DAX index family.

The German flagship index DAX is being increased to 40 constituents, marking a significant evolution of the index and of the German capital market. Simultaneously, the MDAX will be reduced from 60 to 50 members.

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Changes in DAX

Additions (from MDAX):

  • Airbus SE
  • Zalando SE
  • Siemens Healthineers AG
  • Symrise AG
  • HelloFresh SE
  • Sartorius AG Vz
  • Porsche Automobil Holding
  • Brenntag SE
  • Puma SE
  • Qiagen N.V.

All changes in MDAX, SDAX and TecDAX can be found in the attached document.

The expansion of the DAX concludes a comprehensive reform process which was started in the summer of 2020. Several new rules were implemented gradually during the last nine months:

Effective since December 2020

  • DAX candidates must have a positive EBITDA in their two most recent annual financial statements.

Effective since March 2021

  • Index eligibility extended to all issuers in the Regulated Market of the Frankfurt Stock Exchange.
  • Financial reporting requirements with specified sanctions for non-compliance introduced.
  • Adherence to certain provisions relating to audit committees in the German Corporate Governance Code.
  • Additional DAX review introduced for March according to Regular Entry and Regular Exit criteria.

Effective since September 2021

  • Ranking according to the single parameter market capitalization.
  • Introduction of minimum liquidity requirement.
  • DAX expanded to 40 constituents and MDAX reduced to 50.

Stephan Flaegel, Chief Product Officer, Indices and Benchmarks at Qontigo said:

“We are completing the biggest DAX reform in our history, manifesting the DAX as the German Blue Chip index which will represent a larger spectrum of the German capital market. The qualitative improvements and alignment with international standards are largely owed to feedback from market participants. Together, we have put the DAX index family in the best possible position for the future.”

The next scheduled index review is 3 December 2021.

Further information:

DAX®, MDAX®, SDAX® and TecDAX® are registered trademarks of Qontigo Index GmbH.

Further Information: Changes in DAX, MDAX, SDAX and TecDAX