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 Performance

DAX

Updated upon page load and reflects the latest available data with a 15 minute delay.

Factsheet >


Top 10 holdings*

LINDE PLC
LIN
Weight: 9.8%
SAP SE
SAP
Weight: 9.2%
SIEMENS AG
SIE
Weight: 7.9%

ALLIANZ SE
ALV
Weight: 5.6%
AIRBUS SE
AIR
Weight: 4.8%
DAIMLER AG
DAI
Weight: 4.3%
BASF SE
BAS
Weight: 4.2%
DEUTSCHE POST AG
DPW
Weight: 4.2%

DT. TELEKOM AG
DTE
Weight: 4.0%
ADIDAS AG
ADS
Weight: 3.7%

*As of September 20, 2021 (last regular rebalancing)

Sector allocation*

*As of September 20, 2021

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.

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