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BLUE-CHIP

EQUITY
LEADING

UNDERLYING

GERMANY

DEUTSCHE BÖRSE AG

METHODOLOGY

RULES-BASED

DAX® INDEX.

TRANSPARENT

PERFORMANCE

TRADABLE

Volkswagen METHODOLOGY. or generate a significant proportion of their trading turnover on the FWB® and have their headquarters in a member state of the EU or EFTA. SAP. Deutsche Börse has been calculating the DAX® index since July 1. 1998. INDEX MEMBERS EXAMPLES Adidas. Bayer. The DAX® is the leading benchmark index for the German equity market. Allianz. Deutsche Lufthansa. . The 30 stocks included in the DAX® represent around 80 percent of the free float market capital that is authorized in Germany. companies either have to have their registered office or operational headquarters in Germany. transparent and fast access to investments in the German equity market via index derivatives.INTRODUCTION. Admission to the Prime Standard is also a prerequisite for inclusion in the index. It includes the 30 largest and most liquid companies listed on the Frankfurt Stock Exchange (FWB®). The main function of the DAX® index is to provide investors with straightforward. but according to clearly defined. Deutsche Börse. Daimler. rules-based criteria: market capitalization and exchange turnover. UNIVERSE In order to qualify for a listing. Deutsche Bank. provides a representative picture of the German equity market. The index members are not chosen at random. The index is designed in such a way that it is ideally suited as an underlying for derivatives and. BMW. at the same time.

Calculation begins each trading day as soon as up-to-date prices are available for all shares in the index. To further enhance the diversification of the index. In addition. provided there is an advanced issue ranking no. REVIEW FREQUENCY The composition of the index is reviewed once a year in September.GDAXIP Bloomberg Ticker DAX DAXK . The free float weights are reviewed quarterly. but at 9. According to these criteria the 30 components are selected as follows: A share outside the index is included if it ranks no. 30 or better in both criteria. the fast entry and fast exit rules are applied: The fast entry rule allows a company to enter the index ahead of the stock exchange's periodic review if it ranks within the 25 biggest companies both in terms of market capitalization and turnover.GDAXI . provided there is an index value ranking worse than 35 in one criterion. A stocks is excluded if it ranks worse than 40. The fast exit rule is applied if a stocks ranks worse than 45 in either exchange turnover or market capitalization. 35 or better in one criterion.45 hours (CET) after the Xetra® closing auction has ended.SELECTION All eligible components are ranked by free float market capitalization and exchange turnover.03 hours (CET) the latest. the components are monitored quar terly to ensure that the fast exit/fast entry criteria continue to be met. In addition. CALCULATION The index is based on share prices taken from the electronic trading system Xetra®. the index weighting of an individual share is limited to 10 percent. WEIGHTING AND CAPPING The weighting of a share in the index is determined on the basis of market capitalization of the shares in free float. It ends at 17. ISIN DE0009469008 (TR) DE0009467440 (P) Reuters RIC .

more than 24. EXCHANGE TRADED FUNDS » The average assets under management (AuM) based on the DAX® exceeded EUR 15 billion in 2011. two out of the top five European ETF ranked by AUM are based on DAX®. EXCHANGE TRADED DERIVATIVES » The DAX® was one of the top ten underlyings for worldwide index futures and index options contracts traded on EUREX in 2011 with 45 million traded future contracts and 68 million traded option contracts. making it a leading index for structured products worldwide. STRUCTURED PRODUCTS » In 2011. the DAX® index options are the only ones with European exposure apart from the EURO STOXX 50® index options.MARKET FIGURES. » In addition. » The largest ETF in Europe ranked by AUM is based on DAX®. » Of the top ten worldwide index options. .200 DAX®-based structured products were issued on average. with a combined AuM of more than EUR 22 billion.

and covers 80% of the German free float market capital. such as amount of share capital and number of shares in free float. and the guidelines are highly transparent to ensure that they are comprehensible for all market participants. and consumer goods. Diversification is further enhanced by incorporating a capping factor. Due to its liquidity. REPRESENTATIVE AND DIVERSIFIED » The DAX® is well-diversified across sectors such as automotive. which ensures that no country or component can dominate the index. FAST EXIT RULE » The fast exit rule ensures that the index accurately represents the performance of only the biggest and most liquid stocks. » As the data relevant to weighting. RULES-BASED METHODOLOGY » The DAX® is completely rules-based. Included are only the largest and best performing stocks. investors generally only have to adjust the index portfolio on these dates. LIQUIDITY AND TRADABILITY » The DAX® is a fixed component index with 30 stocks. the DAX® is an ideal underlying for exchange-traded funds and other investable products. is updated in the index on a quarterly basis. construction. .KEY ADVANTAGES. This gives them high tradability and cost-efficient index replication. banking.

March 2012. Structured Retail Products. is the marketing agent for Deutsche Börse and SIX Swiss Exchange Ltd. STOXX Ltd. The use of the DAX® indices for financial products or for other purposes requires a license from Deutsche Börse AG.dax-indices.stoxx.STOXX Ltd. Selnaustrasse 30 CH-8021 Zurich P +41 (0)58 399 5300 stoxx@stoxx.com STOXX is part of Deutsche Börse and SIX DAX® and the underyling data are protected through intellectual property rights. “DAX” is a registered trademark of Deutsche Börse AG. Blackrock ETP Landscape Industry Highlights.com www.com Useful links: www. Source Market Figures: EUREX. Q1 2012 © STOXX Limited. All rights reserved. .