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From September, the DAX 30 will be no more as it expands to include ten additional members, creating the DAX 40. 

The German benchmark will be expanded by ten members, to a total of 40 constituents, while the MDAX Index will be reduced from 60 to 50 constituents. 

Deutsche Borse said it is making the changes to increase the quality of the DAX indices and to align them with international standards.

Selection criteria for the DAX 

  • DAX candidates must have a positive EBITDA in their two most recent annual financial statements.
  • The obligation to be listed in the Prime Standard of the Frankfurt Stock Exchange will no longer apply; a listing on the Regulated Market will be sufficient
  • DAX indices will have a scheduled main review twice a year in March and September. Previously there was just a single review each September.
  • All members will need to comply with the recommendations of the German Corporate Governance Code with respect to the formation of an audit committee in the supervisory board.
  • Constituents will be selected by market capitalization only from September. The exchange turnover criterion will no longer be part of the ranking process. Instead, constituents will need to meet minimum turnover requirements.

Potential new DAX constituents 

Heading into the end of August, the largest companies by market cap on the MDAX and therefore potentially set to feature in the new expanded DAX 40 include Airbus SE, Siemens Healthineers AG, Sartorius AG, Beiersdorf AG, Zalando SE, Hannover Rueck SE, Symrise AG, Hellofresh SE, Carl Zeiss Meditec AG and Puma SE. 

But the new rules could have implications for loss-making tech companies. Delivery Hero, for instance, has posted EBITDA losses of more than €330m in each of its last two years. This would make in ineligible under the new rules, though it will remain in the index as an existing member. 

Nothing should change to DAX pricing

We are not anticipating any major changes to prices to our current DAX cash & DAX future products. However, there could be implications to prices as the market responds to the inclusion of the new members.

You can continue trading both instruments at their current market values under the following tickers:

  • Germany 30
  • Germany 30 – Futures
  • MT5 Cash – De30
  • MT4 Futures – Germany30

Please note: there will be no out of hours pricing for these instruments between 22:00 CET on 27th August and 02:10 on 30th August.

Any questions or queries please don’t hesitate to contact us at

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