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 15% 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.
As of March 18, 2024, the index weighting of an individual share is capped at 15% (previously 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
Top 10 Components
| SAP | DE |
| SIEMENS | DE |
| ALLIANZ | DE |
| AIRBUS | DE |
| DEUTSCHE TELEKOM | DE |
| MERCEDES-BENZ GROUP | DE |
| MUENCHENER RUECK | DE |
| BASF | DE |
| INFINEON TECHNOLOGIES | DE |
| DEUTSCHE POST | DE |
Related research
Scout24, Jenoptik, Talanx among companies joining DAX ESG indices
Changes were announced as part of the December regular review of the DAX 50 ESG, DAX 50 ESG+, DAX ESG Target, DAX ESG Screened, MDAX ESG+, MDAX ESG Screened and DAX indices.
DAX-Kappungsgrenze wird auf 15 Prozent angehoben
STOXX Ltd. wird die Kappungsgrenze für die DAX-Indexfamilie von 10 auf 15 Prozent anheben. Vorangegangen war eine breite Marktkonsultation, die vom 11. Oktober bis zum 8. November 2023 andauerte und sich an alle Marktteilnehmer richtete. Die Antworten spiegelten eine große Bandbreite an Überlegungen unterschiedlicher Marktteilnehmer wider. Eine Mehrheit sprach sich dafür aus, die Kappungsgrenze auf 15 Prozent anzuheben.
DAX capping will be adjusted to 15 per cent
STOXX Ltd. will adjust the capping in the DAX index family from 10 to 15 per cent. This was preceded by a broad market consultation which lasted from 11 October to 8 November 2023. The responses reflected a wide range of considerations from different stakeholders. A majority of participants were in favour of raising the capping limit to 15 percent.
United Internet to be included in MDAX
STOXX Ltd. has announced the new composition of the DAX index family. All changes will become effective on 18 September 2023.
United Internet wird in den MDAX aufgenommen
STOXX Ltd. hat die neue Zusammensetzung der DAX-Indexfamilie bekannt gegeben. Alle Änderungen werden ab dem 18. September 2023 wirksam.
Rheinmetall to be included in DAX
Qontigo has announced the new composition of the DAX index family, which will become effective on 20 March 2023. DAX, MDAX, SDAX and TecDAX represent the largest companies on the Regulated Market of Frankfurt Stock Exchange; they are reviewed every three months.
Linde to be removed from Germany’s DAX benchmark, STOXX indices on Feb. 27
The largest constituent of Germany’s equity benchmark has announced it plans to delist its shares from the Frankfurt Stock Exchange. A replacement in DAX and STOXX indices will be announced on Feb. 17.
Information bezüglich der Löschung von Linde aus dem DAX
STOXX Ltd., der globale Indexanbieter des Finanzdienstleisters Qontigo, gibt bekannt, dass Linde plc zum 27. Februar 2023 aus dem DAX Index genommen wird. Grund ist das vom Unternehmen kommunizierte Delisting der Stammaktien von der Frankfurter Wertpapierbörse.
Information regarding deletion of Linde from the DAX
Qontigo’s global index provider STOXX Ltd. announces that Linde plc will be deleted from the DAX index effective 27 February 2023. The reason for this is the company’s announcement related to the delisting of its ordinary shares from the Frankfurt Stock Exchange.
Wechsel im DAX: Porsche ersetzt Puma
STOXX Ltd., der globale Indexanbieter von Qontigo hat die neue Zusammensetzung der DAX-Indexfamilie mit Wirkung zum 19. Dezember 2022 bekannt gegeben.