Dreifacher Verfallstermin

Viermal im Jahr enden an der Terminbörse Eurex gleichzeitig die Laufzeiten dreier Derivatearten: DAX-Future, DAX-Optionen und Aktienoptionen auf Einzelwerte. An diesem Tag steigen Handelsvolumen und Kursschwankungen spürbar an – besonders in der Mittagsauktion auf Xetra, in der der maßgebliche Abrechnungspreis für die DAX-Derivate ermittelt wird. Wer weiß, wie dieser Mechanismus funktioniert, kann die Marktbewegungen an diesem Tag richtig einordnen.

Was ist der dreifache Verfallstermin?

Der dreifache große Verfallstermin – im Marktjargon auch „Hexensabbat" oder „Triple Witching Day" genannt – bezeichnet den Tag, an dem an wichtigen Terminmärkten weltweit Terminkontrakte auslaufen. Dies sind Wertpapiere, deren Gegenstand erst in der Zukunft geliefert werden kann, anders als Aktien, Anleihen etc. im Kassamarkt, die innnerhalb von zwei Tagen verbucht sein müssen.

Für den deutschen Aktienmarkt zählen sind drei Kontraktarten im Handel an der Terminbörse Eurex relevant:

  • der DAX-Future, mit dem Marktteilnehmende auf die künftige Entwicklung des deutschen Leitindex setzen oder sich gegen dessen Bewegung absichern,
  • die DAX-Optionen, die das Recht (aber nicht die Pflicht) einräumen, den Index zu einem festgelegten Preis zu kaufen oder zu verkaufen,
  • sowie die Aktienoptionen auf einzelne im DAX oder anderen Indizes enthaltene Werte.

Dieser Termin fällt auf den dritten Freitag der Monate März, Juni, September und Dezember und markiert das Laufzeitende eines Quartals.

Kleiner vs. großer Verfallstag

Small vs. Large Expiration Day

On every third Friday of the month, the monthly stock options expire—this is the small expiration day. Only four times a year do the quarterly DAX futures and DAX options also expire. This overlap of multiple expiration dates makes the day the major or triple expiration day.

How the expiration works technically

For DAX futures and DAX options, Eurex precisely determines the final settlement price: It corresponds to the index level calculated from the prices of DAX stocks in the Xetra intraday auction at 1:00 p.m. On this day, this midday auction specifically aggregates buy and sell orders for the 40 DAX constituents to determine a reliable reference price. Based on this price, the cash settlement for all open DAX futures and DAX options positions is calculated, since an index itself cannot be physically delivered.

For stock options on individual securities, expiration works differently: Holders decide whether to exercise their option rights. If a call option is exercised, the buyer receives the underlying shares at the agreed-upon strike price; the writer either delivers these shares or purchases them on the market. These stock options expire at the regular close of trading.

Not every position is closed out or exercised. Anyone wishing to maintain an exposure beyond the expiration date closes the expiring position and simultaneously opens a new one with a later maturity date in the subsequent contract. This so-called “rolling” of positions also concentrates during the midday auction and contributes to the increased trading volume.

What This Means for Retail Investors

Investors who hold DAX stocks, a DAX ETF, or an index certificate in their portfolio do not need to actively manage the triple expiration date—the settlement of derivatives affects market participants with open options or futures positions. Nevertheless, it’s worth paying attention on this day for two reasons:

First, the midday auction at 1:00 p.m. concentrates an unusually large number of orders in DAX stocks. As a result, the prices of individual stocks may fluctuate more sharply for a short time than on a typical trading day—not because of new corporate news, but because option and futures positions are being closed out or hedged on a large scale. Anyone who specifically places an order in a DAX stock on this day will encounter market conditions around 1:00 p.m. that differ from those on other days.

Second, the total trading volume in the DAX and in many individual stocks increases noticeably on the triple expiration day. This generally also means higher liquidity and, consequently, tighter bid-ask spreads—a circumstance that tends to facilitate rather than hinder the execution of regular buy and sell orders.

For long-term investors with stock or ETF savings plans, the triple expiration date does not alter their fundamental investment strategy. Short-term price swings around the midday auction are technically driven and generally do not last long.

In a Nutshell

  • The triple expiration date falls on the third Friday of March, June, September, and December. On this day, DAX futures, DAX options, and stock options on individual securities all expire simultaneously.
  • The final settlement price for DAX futures and DAX options is determined at 1:00 p.m. during the Xetra midday auction based on the prices of the DAX constituent stocks.
  • Stock options, on the other hand, are settled through the exercise and delivery of the underlying shares or through closing out the position.
  • Typical consequences include higher trading volume and temporarily sharper price swings around 1:00 p.m., which are mostly technical in nature and have no fundamental basis.
  • For retail investors with a long-term investment horizon, there is no need to take action. It might be less stressful to postpone orders in DAX ETFs to another day.
  • Setting a limit order is always advisable—and three times more so on the major expiration date.
  • Those placing orders specifically for DAX securities can take the timing of the midday auction into account when placing their orders.

by Edda Vogt
September 2026 © Deutsche Börse AG