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.
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
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
Diversification is achieved by incorporating a capping factor of 10% at component level, which ensures that no component can dominate the index
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
Top 10 holdings*
|DT. TELEKOM AG|
| BAYER AG|
| AIRBUS SE|
| DEUTSCHE POST AG|
*As of June 20, 2022 (last regular rebalancing)
*As of September 20, 2021
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.
Blog – SEP 17, 2021
Qontigo’s Flaegel: ‘DAX Reform Puts Index Family in Best Possible Position for the Future’
Blog – SEP 6, 2021
DAX Index Grows to 40 Constituents – Looking at Impact on Market Cap and Liquidity
Press Release – Sep 3, 2021
DAX Welcomes Ten New Members
Press Release – Mar 3, 2021
New in DAX: Siemens Energy AG
Press Release – NOV 24, 2020
German Benchmark Index DAX Will be Strengthened by Additional Qualification Criteria and Harmonization with International Standards
Press Release – Oct 5, 2020
Qualification Criteria, International Standards, Transparency: Market Consultation on DAX Reform Launched
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