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Blog Posts — March 5, 2021

Siemens Energy to Join DAX, Replace Beiersdorf

Siemens Energy AG, which was spun off from its parent company last year, will join the DAX® Index, Qontigo said in a press release. Beiersdorf AG, the personal-care products maker founded in 1882, will move to the MDAX®

The changes come as Siemens Energy shares have risen 37% since being listed on Sep. 28, 2020. The market value of Beiersdorf, which has been a DAX constituent since 2008, has fallen 15% in the past year, lowering its ranking in terms of size. 

All changes will become effective on Mar. 22. 

Index overhaul

Several methodology changes to Germany’s DAX® Index family kicked in recently, as announced on Nov. 24, following new rules already in place since last December.

They are part of the DAX family’s biggest rules reform since inception and were designed by Qontigo’s global index provider STOXX Ltd. following a month-long market consultation last year. The update is aimed at bolstering the quality of member companies, bringing selection criteria in line with international standards and simplifying the methodology. DAX will also be expanded to 40 constituents next September.

As part of the overhaul, this latest review inaugurated the semi-annual regular review schedule for the DAX (March and September), replacing the old once-a-year review schedule (September).1 Also as of now, all companies in the DAX Selection Indices will have the obligation to timely publish quarterly statements, half-yearly financial reports and audited annual financial reports; and to have an audit committee formed according to certain recommendations of the German Corporate Governance Code.2

For a complete review of all methodology modifications, visit our recent blog post here. To find about the outcome of the related market consultation, click here


Four changes will take place in the mid-cap MDAX, the press release said. Beiersdorf will replace Siemens Energy, while Porsche Automobil Holding SE, Encavis AG and Nordex SE will enter in the place of Aareal Bank AG, Metro AG and Osram Licht AG, respectively. There were six changes in the SDAX®.

1 The index composition of DAX, MDAX, SDAX and TecDAX is reviewed quarterly based on the Fast Exit and Fast Entry rules and semi-annually based on the Regular Exit and Regular Entry rules.
2 The audit committee requirement is for all new DAX Selection Indices constituents as of the current review. Pre-existing index members will be given a grandfathering right to adapt to the new requirement through August 2022. The loss of index membership before August 2022 will result in the loss of the grandfathering right.