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16/08/2018 10:09:48
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Börse Frankfurt News

Rule changes for MDAX, SDAX and TecDAX - Shadow indices map new rules

On the next review date of the index composition, the reforms decided in May will also be taking effect: The previous separation of classic sectors and technology will be lifted, the MDAX will be increased to 60 and the SDAX to 70 companies respectively. Shadow indices show what the new rules would mean on the basis of current market data.
16 August 2018. FRANKFURT (Frankfurt Stock Exchange). The new rules for the composition and size of the MDAX, SDAX and TecDAX selection indices will take effect on September 24. Among other things, the distinction between technological and classic business fields is repealed. As a consequence, heavyweights from technology sectors can now also be included in the MDAX and SDAX with the TecDAX then containing the 30 largest tech stocks. The TecDAX is thus a kind of parallel index for tech stocks. In theory, until now it had been been possible for a share to rise from the TecDAX to the DAX; this has only happened once in the case of Infineon.

The deadline for the index ranking list is 31 August. Stock exchange turnover and market capitalization based on the closing price determine the rank of a share and the rank decides, among other things, whether it is included in an index or removed from an index.

The new compositions will be announced on September 5 after the close of the US stock exchange. The index review takes place every three months in March, June, September and December. On the third trading day of the month, Deutsche Börse announces its resolutions, with the composition of the DAX only being reviewed in September.

Changes take effect on the Monday after the third Friday of the month. The new methodology will therefore be reflected in the index calculation from 24 September. This Friday is the triple expiration date of the major index and equity options and futures on the global futures markets. The Friday closing prices from Xetra trading determine the weighting of the individual stocks in the selection indices.

What if the new rules would already apply

The shadow indices on are already reflecting this. They show which 60 companies based on the May ranking would be in the MDAX and which 70 companies would be in the SDAX today. The shadow indices are intended to give investors an outlook regarding the effects on risk and return. The calculations are based on historical calculations, but do not yet provide any information on the future composition of the indices.

Will the indices jump on September 24?

The recomposition alone has no effect on the index level, nor have previous changes in the composition. Index levels are references to the changes in value of the values contained. After the adjustment, who has which share of an index point changes according to composition and weighting.

And what happens to my ETF?

The prices of the ETFs will not change as a result of the index change. The value of an ETF remains unaffected after all - only the capital invested in the ETF is distributed in a different ratio among the stocks included in the index, i.e. the ETF must reduce its holdings to the current index values and invest in the new index stocks. This also happens with any normal index adjustment during the year.

Further information

16 August 2018 © Deutsche Börse AG

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