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Press Releases — November 22, 2023

DAX capping will be adjusted to 15 per cent

  • New capping rule will apply for DAX, MDAX, SDAX and TecDAX
  • Applicable for the first time with the index review March 2024

(Zug, November 22, 2023) – STOXX Ltd. will adjust the capping in the DAX index family from 10 to 15 per cent. This was preceded by a broad market consultation which lasted from 11 October to 8 November 2023. The responses reflected a wide range of considerations from different stakeholders. A majority of participants were in favour of raising the capping limit to 15 percent.

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With this capping limit, STOXX is aligning the DAX index family with international standards. The capping limit defines how high the maximum weight of an individual company may be in the index. If the weighting rises above this value, the weighting is adjusted accordingly every three months as part of the index review.

A capping at 10 per cent resulted in 38 incidents in the DAX index in the course of the past ten years. Not a single company would have been capped if the limit had been 15 per cent instead.

The capping limit of 15 per cent will become applicable for the first time with the index review in March, which will become effective on 18 March 2024. The DAX rulebook will then be adjusted accordingly.

The results of the market consultation can be found here.

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STOXX Ltd., part of Deutsche Boerse Group, is the administrator of the STOXX and DAX indices under the European Benchmark Regulation.

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 3,400 professionals operating across 33 global locations in 19 countries. Its approximately 6,400 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.

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