DAX family grows to include all-cap, larger small-cap and mid-cap variants

STOXX presents new selection indices that combine the DAX, MDAX and SDAX in different ways.

15 May 2025 ZUG (STOXX). STOXX, the index subsidiary of Deutsche Börse Group, is introducing new DAX composite indices. These offer investors the opportunity to combine different size segments of the German equity market in one index strategy.

The DAX® All Cap (DE000A4ALTF6) combines the DAX, the MDAX and the SDAX. The DAX LargeMid Cap (DE000A4ALUG2) combines the DAX and the MDAX. The DAX MidSmall Cap (DE000A4ALTC3) consists of MDAX and SDAX.

“The new indices complement the DAX index landscape and expand the possibilities for building portfolios and strategies that cover the German equity market. The new indices are based on the proven methodology and transparency that have made the DAX the benchmark index for the German equity market since 1988,” explains Veronika Kylburg, Head of Global Benchmarks.

The new DAX composite indices are the latest development in the DAX family, which is constantly growing: 

• In March 2024, STOXX, index administrator of the DAX indices, introduced a range of UCITS-capped DAX indices that comply with the capping limits of the EU Directive,
• as well as DAX indices with a maximum component weighting of 10 percent.
• In February of this year, a DAX version without a cap and a DAX version with a cap of 20 percent were introduced. 

The DAX, in its most frequently replicated version, has a cap of 15 percent. For the DAX All Cap and the DAX LargeMid Cap there is a choice of different caps. 

The introduction of the DAX Composite indices comes against a backdrop of increased interest in German equities, which have climbed to a multi-year high in terms of fund inflows this year*.

Net purchases of ETFs authorized in the EMEA region rose to EUR 3.1 billion this year. According to data provider ETFBook, this is the highest figure ever for a comparable period, based on data going back to 2015. According to ETFBook's analysis, net inflows into funds that track an index of the DAX family amounted to EUR 3 billion or 97 percent of the total volume during this period. Of this, EUR 1.31 billion flowed into ETFs that track the DAX benchmark index, while MDAX benchmark funds recorded a record inflow of EUR 1.37 billion.