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Index Products

DAX®

The German equity benchmark – for over 30 years

Deutsche Version
DAX® tracks the performance of the 40 largest companies listed on the Regulated Market of Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) that fulfil certain minimum quality and profitability requirements. Constituent selection is based on free float market capitalization. DAX is primarily calculated as a performance index and is therefore one of the few major country indices that also takes dividend yields into account, thus fully reflecting the actual performance of an investment in the index portfolio.

Key benefits

Recognized

DAX is the defining index for the German equity market, it serves as underlying for financial products (options, futures, ETFs, structured products) and for benchmarking purposes

Transparent

Index calculation and changes to the index composition follow publicly available transparent rules. Please visit the Guide to the DAX Equity Indices for a complete overview

Diversified across sectors

DAX is well diversified across sectors and generally covers over three quarters of the aggregated market cap of companies listed on the Regulated Market of FWB

Well balanced

Diversification is achieved by incorporating a capping factor of 10% at component level, which ensures that no component can dominate the index

High quality

Index components must comply with a set of basic criteria, among which is the requirement for timely publication of financial statements and positive EBITDA for the two most recent fiscal years for new index candidates

Index methodology

Index composition is determined on the basis of a clear and publicly available set of rules.

The basic criteria for including companies in DAX are: an existing listing on the Regulated Market of the FWB (Frankfurt Stock Exchange), continuous trading on Xetra®, minimum free float of 10%, legal headquarters or operating headquarters in Germany, timely publication of audited Annual Financial Report, half-yearly Financial Reports and Quarterly Statements.

To be included in DAX, a company that is not an index component yet, must satisfy the following FWB minimum liquidity requirement: minimum order book volume over the last 12 months of 1 bn EUR or turnover rate of 20%. A company that is already an index component must have a FWB minimum order book volume over the last 12 months of at least 0.8 bn EUR or show a turnover rate of 10%. In order to be eligible for DAX, companies that are not components of DAX at the time the ranking list is compiled must show a positive EBITDA for the two most recent fiscal years.

The selection of index components is based on free float market capitalization. The index composition is reviewed quarterly based on the Fast Exist and Fast Entry rules and semi-annually based on the Regular Exit and Regular Entry rules.

The index weighting of an individual share is capped at 10%.

The number of DAX holdings was increased from 30 to 40 effective September 20, 2021.

Deutsche Börse Group has been calculating DAX since July 1, 1988. In September 2019, STOXX Ltd. started administering DAX.


Details

Calculation
End-of-day
ISIN
DE0008469008
Last Value
14,541.38 +1.82 (+0.01%)
As of 05:55 pm CET
Week to Week Change
1.12%
52 Week Change
-4.84%
Year to Date Change
-9.23%
Daily Low
14498.05
Daily High
14571.66
52 Week Low
11975.5529 Sep 2022
52 Week High
16271.755 Jan 2022
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Benchmarks

DAX’s two-year methodology overhaul cements German benchmark’s standing with investors, issuers 

Qontigo has been busy in the past two years enhancing the DAX rulebook, to bolster the quality of constituent companies, bring selection criteria in line with international standards and improve representativeness of the underlying markets. Serkan Batir, Qontigo’s Managing Director for Indices, says the overhaul helps ensure the benchmark is fit for purpose in an evolving financial landscape.

Benchmarks

Stocks rebound in October on hopes for Fed’s policy pivot

The STOXX Global 1800 index rose 7.1% in dollars last month, after falling to a two-year low. While most economists rightly forecast the Federal Reserve’s fourth consecutive hike of 75 basis points on Nov. 2, speculation grew during October that the central bank could indicate it would slow the pace of monetary tightening.

Benchmarks

Stocks extend rout in September as central banks tighten monetary policy further

The STOXX Global 1800 index dropped 9.3% in dollars last month, taking its retreat in 2022 to 25.5%. The Federal Reserve, European Central Bank and Bank of England increased the cost of borrowing in the month, with the first two hiking by a larger-than-average 75 basis points.

Benchmarks

Scout24 to join DAX ESG Target index as Hellofresh exits; Siemens Energy enters DAX ESG Screened

Changes were announced as part of the September regular review of the DAX 50 ESG, DAX ESG Target, DAX ESG Screened and DAX indices.

Benchmarks

Stocks resume pullback in August on outlook for higher interest rates

The STOXX Global 1800 index dropped 4.1% in dollars last month, taking its retreat in 2022 to 17.9%. Investors are bracing for even tighter monetary policy as central banks fight higher-for-longer inflation.

Benchmarks

New DAX review timeline to reduce trading risk for index trackers 

In modifying how DAX composition changes are fixed and publicized every quarter, Qontigo is providing index trackers more visibility and a more stable base upon which to trade the changes and replicate the index.

ESG & Sustainability

Three different DAX benchmarks to build distinct German ESG portfolios

Investors can access three different German benchmarks that follow an ESG strategy designed to meet specific needs and responsible objectives, and that have the same rules and transparency characteristics as the blue-chip DAX index.

Benchmarks

Stocks jump by most since 2020 in July on interest-rate outlook, earnings beats

The STOXX Global 1800 index gained 7.9% in dollars last month, its best monthly showing since November 2020. The index is still down 14.4% in 2022.

Trading in STOXX, DAX listed derivatives jumps in H1 2022 amid market volatility

Futures and options enable investors to take directional views and hedge portfolios as markets pull back and price swings increase this year.

Benchmarks

DAX indices to change rules around corporate actions, keep single-stock capping at 10% 

Changes follow a market consultation with stakeholders and were devised to bring the German equity benchmarks in line with international standards.