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Börse Frankfurt

Selection Indices


In order to be included in any of the selection indices of Deutsche Börse, companies must fulfill specific prerequisites. DAX®, MDAX®, TecDAX® and SDAX®, for instance, require that equities must be listed in the Prime Standard segment of the Frankfurt Stock Exchange. They are selected on the basis of market capitalization and turnover. Moreover, some indices are sector-based. You will find the specific criteria listed below.


DAX


The leading index of Deutsche Börse AG comprises the 30 largest and most actively traded German equities (blue chips). The DAX stocks are admitted to either the Official Market or Regulated Market and are listed in Prime Standard. The criteria for weighting the stocks in the index are: trading volume and market capitalization on the basis of the number of shares in free float, as well as their respective sector.

Deutsche Börse calculates DAX by the second on the basis of Xetra® prices. It decides whether changes are to be made to the composition of the index on an annual basis in September. Outside the regular review dates, a company can be taken out of the index if it does no longer belong to the 45 largest companies in terms of market capitalization and trading volume. Respectively, a company can be included in the index if it ranks among the 25 largest companies in terms of market capitalization and trading volume. The changeover takes effect as of the next scheduled chaining date.

MDAX


MDAX comprises the 50 largest companies from classic sectors in the Prime Standard segment of the Frankfurt Stock Exchange that rank below the DAX shares in terms of market capitalization and trading volume.

The composition of the index is reviewed on a semi-annual basis and adjusted in March and September. The criteria for weighting the shares in the index are: trading volume and market capitalization on the basis of the number of shares in free float, as well as position in the respective sector.

Outside the regular review dates, a company can be taken out of the index if it does no longer belong to the 75 largest companies in terms of market capitalization and trading volume. Respectively, a company can be included in the index if it ranks among the 40 largest companies in terms of market capitalization and trading volume. The changeover takes effect as of the next scheduled chaining date.

TecDAX


TecDAX comprises the 30 largest companies from technology sectors in the Prime Standard segment of the Frankfurt Stock Exchange that rank below the DAX shares in terms of market capitalization and trading volume.

The composition of the index is reviewed on a semi-annual basis and adjusted in March and September. The criteria for weighting the shares in the index are: trading volume and market capitalization on the basis of the number of shares in free float, as well as position in the respective sector. Outside the regular review dates, a company can be taken out of the index if it does no longer belong to the 45 largest companies in terms of market capitalization and trading volume. Respectively, a company can be included in the index if it ranks among the 25 largest companies in terms of market capitalization and trading volume. The changeover takes effect as of the next scheduled chaining date.

SDAX


SDAX comprises 50 shares from classic sectors in the Prime Standard segment of FWB® Frankfurter Wertpapierbörse that rank directly below the MDAX shares in terms of market capitalization and trading volume.

The composition of the index is reviewed on a quarterly basis and adjusted in March, June, September, and December. The criteria for weighting the shares in the index are: trading volume and market capitalization on the basis of the number of shares in free float, as well as position in the respective sector.

DAX International 100


The index holds the 100 most liquid stocks selected from the Prime, General and Entry Standard. Its constituents are chosen based on the trading volume generated through Xetra and the Börse Frankfurt over the past three months. Each individual equity may only comprise a maximum of 15% of the index at any given time.

DAX International Mid 100


DAX International Mid 100 contains the 100 most liquid national and international stocks from the Prime Standard, General Standard and Entry Standard, which fall immediately below the level of the DAX International 100. Index inclusion depends on the shares’ liquidity. Companies are admitted to the index independent of their country of origin

HDAX


HDAX reflects the price development of all shares in the DAX, MDAX and TecDAX. In total, the index includes the 110 largest equities in Prime Standard.

Midcap Market Index


The Midcap Market Index reflects the price development of all shares in MDAX and TecDAX. It includes 80 equities of medium-sized market capitalization in Prime Standard.

GEX


GEX, the German Entrepreneurial Index, comprises all German small- to medium-sized companies listed in the Prime Standard segment of the Frankfurt Stock Exchange, which have been listed on the exchange for no more than ten years. Another criterion for inclusion in the index stipulates that the companies must be owner-managed, i.e. the members of the executive and supervisory boards (or their families) must own between 25 and 75 percent of the voting rights.

General Standard Index


Made up of 200 equities with the highest trading volume, the General Standard Index allows for a diverse representation of firms listed within the General Standard.

Entry Standard Index


This index comprises companies that fulfill the transparency requirements of the Entry Standard segment in the Open Market (Regulated Unofficial Market). In the future it will contain those equities with the highest trading volumes. In addition, an All Share index will include all companies in Entry Standard. The companies are weighted equally, i.e. weighting is independent of the market capitalization based on shares in free float. The composition of the Entry Standard Index is reviewed every quarter.

ÖkoDAX


The ÖkoDAX focuses on renewable energies, listing the ten largest German firms according to market capitalization. All equities are weighted equally and reviewed on a per quarter basis. For inclusion in the ÖkoDAX, a company must be listed in the Prime Standard and belong to the renewable energy industry sector.

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