ZUG (May 15, 2025) – STOXX Ltd., part of the ISS STOXX group of companies and a leading provider of benchmark and custom index solutions to global institutional investors, today announced the launch of new DAX composite benchmarks offering investors the opportunity to combine different size segments of the German equity market into one index strategy.
The DAX® All Cap combines the DAX, MDAX and SDAX. The DAX® LargeMid Cap combines the DAX and MDAX and the DAX® MidSmall Cap combines the MDAX and SDAX.
“The new indices augment the DAX index landscape and expand the possibilities for portfolio construction and strategies in the German equity market, with the tested methodology and transparency that has made DAX the go-to market reference since 1988,” said Veronika Kylburg, Head of Global Benchmarks, DAX.
The new combined benchmarks are the latest development in the DAX universe which has seen considerable innovation in recent years. STOXX, which administers the DAX indices, in March 2024 introduced a family of ‘UCITS-capped’ DAX indices that comply with single-stock weight limits in the European Union directive, as well as DAX Selection Indices with a maximum component weight of 10%. In February this year, a DAX uncapped version and a DAX 20%-capped version were introduced. The flagship DAX in its most followed version has a single-stock cap of 15%. With regard to the new benchmarks, the DAX® All Cap and DAX® LargeMid Cap come with several capping alternatives.
The new combined benchmarks launch comes against a backdrop of interest in German stocks having climbed to a multi-year high this year, by reference to fund flows, with net purchases of ETFs tracking German assets listed in EMEA[1] having climbed to EUR 3.1 billion this year[2],the most for any similar period, based on data going back to 2015, according to ETFBook. The net flows into funds tracking a DAX family index[3] amounted to EUR 3 billion over the period, or 97% of the total, according to the ETFBook analysis. Of those, EUR 1.31 billion flowed into ETFs tracking the benchmark DAX, while a record EUR 1.37 billion flowed into MDAX benchmark funds.
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About STOXX
STOXX® and DAX® indices comprise a global and comprehensive family of more than 18,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50®, STOXX® Europe 600 and DAX®, the portfolio of index solutions consists of total market, benchmark, blue-chip, sustainability, thematic and factor-based indices covering a complete set of world, regional and country markets. STOXX and DAX indices are licensed to more than 550 companies around the world for benchmarking purposes and as underlyings for ETFs, futures and options, structured products, and passively managed investment funds. STOXX Ltd., part of the ISS STOXX group of companies, is the administrator of the STOXX and DAX indices under the European Benchmark Regulation. stoxx.com
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Sarah Ball
Executive Director, Communications
press@iss-stoxx.com
Legal disclaimer:
STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. None of their products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or trading strategies. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company and may not be relied on as such. Financial instruments based on the STOXX® indices, DAX® indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group or their licensors, research partners or data providers.
[1] The analysis includes 70 funds with a German focus, covering equities and fixed income.
[2] Data through March 6, 2025.
[3] STOXX Ltd., part of the ISS STOXX group of companies, is the administrator of the STOXX and DAX indices under the European Benchmark Regulation.
STOXX Launches DAX Composite Indices
ZUG (May 15, 2025) – STOXX Ltd., part of the ISS STOXX group of companies and a leading provider of benchmark and custom index solutions to global institutional investors, today announced the launch of new DAX composite benchmarks offering investors the opportunity to combine different size segments of the German equity market into one index strategy.
The DAX® All Cap combines the DAX, MDAX and SDAX. The DAX® LargeMid Cap combines the DAX and MDAX and the DAX® MidSmall Cap combines the MDAX and SDAX.
“The new indices augment the DAX index landscape and expand the possibilities for portfolio construction and strategies in the German equity market, with the tested methodology and transparency that has made DAX the go-to market reference since 1988,” said Veronika Kylburg, Head of Global Benchmarks, DAX.
The new combined benchmarks are the latest development in the DAX universe which has seen considerable innovation in recent years. STOXX, which administers the DAX indices, in March 2024 introduced a family of ‘UCITS-capped’ DAX indices that comply with single-stock weight limits in the European Union directive, as well as DAX Selection Indices with a maximum component weight of 10%. In February this year, a DAX uncapped version and a DAX 20%-capped version were introduced. The flagship DAX in its most followed version has a single-stock cap of 15%. With regard to the new benchmarks, the DAX® All Cap and DAX® LargeMid Cap come with several capping alternatives.
The new combined benchmarks launch comes against a backdrop of interest in German stocks having climbed to a multi-year high this year, by reference to fund flows, with net purchases of ETFs tracking German assets listed in EMEA[1] having climbed to EUR 3.1 billion this year[2],the most for any similar period, based on data going back to 2015, according to ETFBook. The net flows into funds tracking a DAX family index[3] amounted to EUR 3 billion over the period, or 97% of the total, according to the ETFBook analysis. Of those, EUR 1.31 billion flowed into ETFs tracking the benchmark DAX, while a record EUR 1.37 billion flowed into MDAX benchmark funds.
###
About STOXX
STOXX® and DAX® indices comprise a global and comprehensive family of more than 18,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50®, STOXX® Europe 600 and DAX®, the portfolio of index solutions consists of total market, benchmark, blue-chip, sustainability, thematic and factor-based indices covering a complete set of world, regional and country markets. STOXX and DAX indices are licensed to more than 550 companies around the world for benchmarking purposes and as underlyings for ETFs, futures and options, structured products, and passively managed investment funds. STOXX Ltd., part of the ISS STOXX group of companies, is the administrator of the STOXX and DAX indices under the European Benchmark Regulation. stoxx.com
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Sarah Ball
Executive Director, Communications
press@iss-stoxx.com
Legal disclaimer:
STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. None of their products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or trading strategies. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group or their licensors, research partners or data providers on the merits of that company and may not be relied on as such. Financial instruments based on the STOXX® indices, DAX® indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX Ltd., ISS STOXX GmbH, ISS STOXX Index GmbH, Deutsche Börse Group or their licensors, research partners or data providers.
[1] The analysis includes 70 funds with a German focus, covering equities and fixed income.
[2] Data through March 6, 2025.
[3] STOXX Ltd., part of the ISS STOXX group of companies, is the administrator of the STOXX and DAX indices under the European Benchmark Regulation.
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