Index Families — ISS & STOXX Glossary
About This Section
This glossary covers specific index names, families, and benchmarks administered by STOXX, including the DAX, EURO STOXX, and STOXX index families. Terms are sourced from STOXX official documentation and index detail pages.
~46 terms across multiple sources.
B
Blue-Chip Index
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Quote
“The blue chips are the aristocracy of the stock market — they set the tone for everything else.”
— Peter Lynch, One Up on Wall Street (1989)
A stock market index composed of shares in the largest, most liquid, and most financially stable companies within a given market or region. Blue-chip indices serve as headline benchmarks and are widely used as underlyings for financial products including ETFs, futures, and options.
Note
a blue-chip index is a list of the biggest, most well-known companies in a market. When financial news reports that “the market is up,” they are usually referring to a blue-chip index such as the DAX or the EURO STOXX 50.
Key characteristics
- Geographic coverage: Varies by index (national, regional, or global)
- Number of constituents: Typically 20-50 of the largest companies
- Weighting method: Usually free-float market capitalisation
- Review frequency: Quarterly or semi-annually
Related terms
Source excerpts (5)
Regional and country indices are also calculated for our Benchmark and Blue-chip index families. Key benefits Complementary Our index methodologies are extended to regional and country segments Transparency Index calculation and changes
— Global and regional indices | STOXX
STOXX BLUE-CHIP INDICES STOXX GLOBAL 150 9.4.1. OVERVIEW The STOXX Global 150 Blue-Chip Index is a combination of the regional STOXX Blue-Chip indices for North America, Asia Pacific and Europe which cover the supersector leaders of the respec
— Stoxx Index Guide (PDF), p. 103
STOXX 50 daily options contracts have traded on average per month since launch.[1] In November last year, daily options were introduced on Germany’s blue-chip index DAX® (ODAP). As the daily options segment gains liquidity, its activity provides insights into risks priced in the market, measured by the implied vo
— Q&A on daily options at Eurex: expanding the trading opportunities around…
Between 2008 and 2017, the small-caps index had consistently lower annualized volatility — meaning it didn’t fluctuate as much as the blue-chip index. “Small stocks attract a strong investor following, and to many of them an index-based approach is the easiest and most efficient way to target this
— Exploring SDAX, the benchmark for German small companies | Blog posts | STOXX
2/24 Monthly Index News / February 2026 Featured index The EURO STOXX 50® — the Eurozone’s leading blue-chip index — turned 28 on February 26. The anniversary coincided with surging flows into European equities that are impacting the index and the related trading
D
DAX
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Quote
“The DAX is the pulse of German industry — when the DAX moves, it moves with the weight of Europe’s largest economy.”
— Deutsche Borse, DAX 30th Anniversary Publication (2018)
The DAX (Deutscher Aktienindex) is the blue-chip index of the 40 largest and most liquid companies trading on the Frankfurt Stock Exchange. Launched in 1988 with a base value of 1,000 points, the DAX was expanded from 30 to 40 constituents in September 2021. It is a total-return index by default, meaning dividends are reinvested into the index calculation.
Note
The DAX is Germany’s most important stock market index. It functions like a scoreboard for the health of the German economy, tracking the 40 biggest publicly listed companies in the country, including names such as SAP, Siemens, and Allianz.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: 40
- Weighting method: Free-float market capitalisation with a 10% cap per constituent
- Review frequency: Quarterly (March, June, September, December)
- Base date: 30 December 1987
- Base value: 1,000
Related terms
MDAX | SDAX | TecDAX | DAX 50 ESG | index-construction
Source excerpts (5)
The requirement applies for the main DAX and is not extended to the MDAX, SDAX or TecDAX. The rule refers to a positive EBITDA in the candidates’ two most recent annual financial statements.
— New DAX Rules, Part of Methodology Overhaul, Kick in in March 2021 | Blog pos…
This means that in addition to their roots in the domestic market, they are also closely linked to the global economy. In this respect, the iShares DAX® ESG UCITS ETF reflects the strength of a large part of the German economy as well as the global economy.
— DAX ESG Target Index selected as underlying index for a new iShares ETF | Pre…
X ESG Target’s outperformance has been consistent, too, with the notable exception of the COVID-19-induced sell-off in early 2020. Figure 2 shows the DAX ESG Target’s active return in a dotted line. ‘Specific returns’ refers to the idiosyncratic component from each stock’s return that can’t be explaine
— DAX ESG Target: An optimal solution to risk, return and impact in German stoc…
B AG | Medios AG | This change will become effective on 15 July 2024. SDAX® is a registered trademark of ISS STOXX Index GmbH. About STOXX STOXX® and DAX® indices comprise a global and comprehensive family of more than 17,000 strictly rules-based and transparent indices.
— Unscheduled component change in SDAX - July 10, 2024 | Press releases | STOXX
EUR 23 billion invested in linked ETFs.3 The DAX Covered Call ATM index is designed to reflect a hypothetical strategy in which an investor buys the DAX and simultaneously sells a DAX ATM call traded at Eurex, the leading European derivatives exchange.
— STOXX and Global X ETFs Europe collaborate on launch of Global X DAX Covered …
DAX 50 ESG
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Quote
“Sustainability is no longer about doing less harm. It is about doing more good.”
— Jochen Zeitz
The DAX 50 ESG index comprises 50 large and liquid German equities selected from the HDAX universe (the combined constituents of DAX, MDAX, and TecDAX) that meet environmental, social, and governance (ESG) screening criteria. Companies involved in controversial weapons, tobacco, coal, nuclear energy, and military contracting, and those violating the UN Global Compact principles, are excluded.
Note
Think of the DAX 50 ESG as a filtered version of the broader German stock market. It starts with the biggest German companies, removes those involved in activities many investors consider harmful, and then ranks the remaining companies partly by their ESG scores to arrive at the final 50.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: 50
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly
- Selection universe: HDAX (DAX + MDAX + TecDAX)
- ESG data provider: ISS ESG (formerly Sustainalytics data supplemented by ISS)
Related terms
Source excerpts (5)
We are observing a continuous trend towards sustainable investing, and the DAX 50 ESG is the ideal index to be used as the ESG flagship benchmark for the German equity market.” Stephan Flaegel, Global Head of Indices and Benchmarks at
— DAX 50 ESG Index licensed to Württembergische Lebensversicherung | Press rele…
27, 2020. It outpaced the flagship DAX® by 5.3 percentage points in the same period, while exhibiting lower volatility (Figure 1). The DAX 50 ESG Index applies exclusionary screens and uses environmental, social and governance (ESG) parameters in its stock selection methodology within a univers
— What’s Behind the DAX 50 ESG’s Outperformance During COVID-19? | Blog posts |…
The actions listed below will be effective as of March 21 this year. DAX 50 ESG - Additions: K+S AG, Aurubis AG - Deletions: United Internet AG, Bechtle AG DAX ESG Target - Addition: Daimler Truck Holding AG - Deletion: Kion Grou
— Aurubis, K+S to join DAX 50 ESG index; Daimler Truck enters DAX ESG Target | …
No composition changes effective on December 18, 2023 Dear Customer, STOXX Ltd. today announced the new composition of DAX 50 ESG Index as part of the regular review. Date Index ISIN Company Name Changes Rules Applied 06.12.2023 DAX 50 ESG - - - - For more information on the DAX
— Index Update Dax 50 Esg Index Eng 20231206 (PDF), p. 1
‘id’ suffix in the name denotes a DAX index that has been designed or customized specially for one client’s use. German sustainability benchmark The DAX 50 ESG Index is a broad-market ESG benchmark for German equities that extends beyond the DAX, designed for the growing pool of investors embracing sustainab
— Germany’s LBBW licenses DAX 50 ESG decrement index for structured products | …
DAX ESG Target
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The DAX ESG Target index is derived from the DAX universe and applies a best-in-class ESG optimisation approach. The index aims to achieve a significantly improved aggregate ESG score relative to the parent DAX index while maintaining similar risk and return characteristics. It uses an optimisation framework that maximises the ESG score subject to constraints on tracking error, sector weights, and individual stock weights.
Note
the DAX ESG Target takes the standard DAX and reweights its companies so that the overall portfolio tilts toward companies with better ESG practices. The goal is to look a lot like the regular DAX in terms of financial performance while being measurably “greener” and more responsible.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: Derived from DAX (up to 40)
- Weighting method: Optimised weights (ESG-score maximisation subject to constraints)
- Review frequency: Quarterly
- Benchmark: DAX
- Tracking error target: Minimised relative to DAX
Related terms
Source excerpts (5)
X ESG Target’s outperformance has been consistent, too, with the notable exception of the COVID-19-induced sell-off in early 2020. Figure 2 shows the DAX ESG Target’s active return in a dotted line. ‘Specific returns’ refers to the idiosyncratic component from each stock’s return that can’t be explained by a styl
— DAX ESG Target: An optimal solution to risk, return and impact in German stoc…
The actions listed below will be effective as of June 20 this year. DAX 50 ESG No changes DAX ESG Target Additions: GEA Group AG Deletions: Delivery Hero SE DAX Additions: Beiersdorf AG Deletions: Delivery Hero SE The DAX 50 ESG and DAX ESG Target indice
— GEA Group to join DAX ESG Target as Delivery Hero exits | Blog posts | STOXX
The DAX 50 ESG was conceived as a broad-market ESG benchmark with a larger composition than that of the flagship DAX. The DAX ESG Target aims to reflect the DAX and follows an optimized weighing methodology whose objective is to improve the portfolio’s ESG score and decrease its carbon
— Aurubis, K+S to join DAX 50 ESG index; Daimler Truck enters DAX ESG Target | …
Germany is taking a leading position on the global stage with a strong trend towards sustainable investing. The DAX ESG Target Index is an innovative solution that represents the German market, made possible by the combination of analytics and indexing that is at the core of
— DAX ESG Target Index selected as underlying index for a new iShares ETF | Pre…
ETFs managed by Amundi Asset Management and Credit Suisse Asset Management, for structured products, and for futures and options listed on Eurex. The DAX ESG Target underlies an ETF managed by BlackRock. The DAX ESG Screened and MDAX ESG Screened are replicated by respective ETFs from DWS. The next regular review
— Volkswagen, Daimler Truck to join DAX 50 ESG index; Puma, Bayer leave DAX ESG…
E
eb.rexx Bond Indices
▰ 5
The eb.rexx index family tracks the performance of the most liquid German government bonds (Bundesanleihen, Bundesobligationen, and Bundesschatzanweisungen) traded on the Eurex Bonds electronic trading platform. Sub-indices cover different maturity buckets (1-3 years, 3-5 years, 5-7 years, 7-10 years, and 10+ years). Prices are based on real-time tradeable quotes rather than dealer estimates.
Note
The eb.rexx indices measure how German government bonds are performing. Unlike many bond indices that rely on estimated prices, eb.rexx uses actual tradeable prices from the Eurex electronic platform, making the indices highly transparent and reliable. They are the bond-market equivalent of the DAX for fixed income.
Key characteristics
- Geographic coverage: Germany
- Asset class: Government bonds (sovereign fixed income)
- Weighting method: Market-value weighted (nominal outstanding)
- Maturity buckets: Overall, 1-3y, 3-5y, 5-7y, 7-10y, 10y+
- Pricing source: Eurex Bonds real-time tradeable quotes
- Review frequency: Monthly (rebalancing on the last business day)
Related terms
Source excerpts (3)
Solutions eb.rexx Bond indices German government bond indices based on ICE data The eb.rexx Bond indices cover the German government bond market with both total return and price re
— eb.rexx Bond indices | STOXX
Income and Data Services Separately, STOXX is already leveraging ICE’s fixed income pricing and reference data for calculation and reporting for its eb.rexx Bond Indices, which tracks the market for German government fixed income securities denominated in euros.
— STOXX and ICE collaborate on new suite of fixed income indices | Press releas…
income segment and strengthen its collaboration with ICE, which already provides pricing and reference data for calculation and reporting of STOXX’s eb.rexx bond indices. The new benchmarks offer investors the chance to combine different size segments of the German equity market in one index strategy. The STOXX Europe
EURO STOXX 50
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Quote
“The EURO STOXX 50 is to the Eurozone what the Dow Jones is to America — the index everyone watches.”
— Axel Lomholt, General Manager, STOXX
The EURO STOXX 50 is Europe’s leading blue-chip index, comprising 50 of the largest and most liquid stocks from Eurozone countries. Constituents are selected from the EURO STOXX index (the Eurozone subset of the STOXX Europe 600) using free-float market capitalisation ranking, subject to a review buffer and sector representation considerations. It was launched on 26 February 1998 with a base value of 1,000 as of 31 December 1991.
Note
The EURO STOXX 50 is the benchmark most people think of when they talk about European stock markets. It captures the 50 biggest companies across Eurozone nations — France, Germany, the Netherlands, Spain, Italy, and others that use the euro. It is the underlying for some of the most heavily traded futures and options contracts in the world.
Key characteristics
- Geographic coverage: Eurozone (countries using the euro)
- Number of constituents: 50
- Weighting method: Free-float market capitalisation
- Cap: No explicit single-stock cap (but monitored for concentration)
- Review frequency: Annually in September; quarterly fast-exit/fast-entry reviews
- Base date: 31 December 1991
- Base value: 1,000
- Derivatives: Among the most traded index futures globally (Eurex)
Related terms
Source excerpts (5)
In 2023, BlackRock’s iShares introduced an ETF tracking the EURO STOXX 50® ESG, the sustainable version of the Eurozone’s flagship equities benchmark. The EURO STOXX 50 ESG’s methodology is simple: it excludes companies in
— BlackRock’s Thurner on why iShares EURO STOXX 50 ESG ETF is attractive propos…
(“At The Money”) Index is designed to measure the performance of a hypothetical portfolio reflecting a covered call investment strategy based on the EURO STOXX 50® Index, Europe’s leading blue-chip index for the Eurozone. It reflects a strategy in which an investor buys the EURO STOXX 50® Index as an underlying
— STOXX and Global X ETFs Europe combine on launch of Global X’s EURO STOXX 50 …
panies by market capitalization listed on the Frankfurt Stock Exchange (FSE) that fulfill certain minimum quality and profitability requirements. The EURO STOXX 50 and DAX indices additionally filter stocks through a minimum liquidity threshold. The composition of both indices is determined by a clear and well-p
— Nomura AM lists currency-hedged EURO STOXX 50, DAX ETFs in Tokyo | Blog posts…
ents are weighted by their market capitalization, maintaining the same methodology as the benchmark. As is the case with other STOXX ESG indices, the EURO STOXX 50 ESG includes a ‘fast exit’ rule. This means that any component whose Controversy ESG risk level by Sustainalytics increases to ‘severe,’ is removed f
— EURO STOXX 50 ESG Index – The Eurozone’s Sustainable Benchmark | Blog posts |…
Stocks are weighted according to free-float market capitalization. The largest ETF to track the index is the $11.0bn iShares EURO STOXX 50 UCITS ETF (CSX5 LN), which costs 0.16% per annum in fees. The cheapest ETFs are the Source EURO STOXX 50 UCITS ETF (SX5S LN) and the HSBC EURO STOXX
— EURO STOXX 50 turns 20 as ETF-linked assets top $40bn | ETF Strategy - ETF St…
EURO STOXX 50 Volatility (VSTOXX) Subindices
▰▰▰▰ 68
Quote
“Volatility is the price of admission for long-term returns.”
— Nick Murray, Simple Wealth, Inevitable Wealth (1999)
The EURO STOXX 50 Volatility (VSTOXX) subindex family extends the headline VSTOXX index by providing implied-volatility measures across multiple fixed time horizons. Subindices are calculated for constant maturities of 30, 60, 90, 120, 150, 180, 210, 240, 300, 330, and 360 calendar days using interpolation of EURO STOXX 50 option prices, enabling a term structure view of expected Eurozone equity volatility.
Note
While the headline VSTOXX captures 30-day implied volatility, the subindices show what the market expects at different time horizons. Plotting them together reveals the “volatility term structure” — whether markets expect turbulence to be short-lived (higher short-term volatility) or prolonged (higher long-term volatility). This information is valuable for options traders and risk managers.
Key characteristics
- Underlying: EURO STOXX 50 options
- Maturities covered: 30, 60, 90, 120, 150, 180, 210, 240, 300, 330, and 360 calendar days
- Methodology: Constant-maturity interpolation of variance swap values
- Calculation frequency: Real-time during trading hours
- Unit: Annualised percentage points
- Use cases: Volatility term structure analysis, relative-value volatility trading, risk management
- Derivatives: Selected subindices serve as underlyings for Eurex-listed futures
Related terms
Source excerpts (5)
Chapter • November 2013: Introduction of EURO STOXX 50 Futures Roll • March 2014: Chapter 5. STOXX Short and Leverage • April 2014: Reformulation of EURO STOXX 50 Volatility (VSTOXX) methodology • June 2014: Addition of index flag description to EURO STOXX 50 Volatility (VSTOXX) methodology • July 2014: Addition of chapte
— Stoxx Strategy Guide (PDF), p. 7
0 Volatility Short- Term Futures Index and EURO STOXX 50 Volatility Mid-Term Futures Index. The indices constituting the Dynamic VSTOXX index are the EURO STOXX 50 Volatility Short- Term Futures Index and EURO STOXX 50 Volatility Mid-Term Futures Index. The goal of the dynamic allocation between the two components is to ex
— Istoxx Index Guide (PDF), p. 61
Despite strong market gains since the trough on March 18, 2020, the EURO STOXX 50 has failed to recoup all the ground lost to the EURO STOXX 50 Volatility-Balanced Index during the pandemic. That shows how long-lasting the benefit can be of having a tail-risk hedge in place during a market shock. The VS
— Monthly Index News October 2021 (PDF), p. 4
X 50 Volatility-Balanced Index is part of a wider menu of Qontigo volatility-focused solutions. The most-widely tracked indices in this suite are the EURO STOXX 50 Volatility (VSTOXX) Indices, which measure implied volatilities of EURO STOXX 50 Index options across their entire expiration curve and are considered the gauge
— Dynamic Allocation to Volatility Reaps Record Benefit from COVID-19 Market Tu…
GE 39] FILES GUIDE 7 Option type EURO STOXX 50 Option type (CALL/PUT) Text 8 2.4.3. Volatility - VVSTOXX The extended historical index data files for EURO STOXX 50 Volatility of Volatility (V-VSTOXX) Indices contain the portfolio of options on VSTOXX Futures with different exercise prices and weighting used for index closi
EURO STOXX Banks
▰▰▰ 34
Quote
“Banking is necessary, banks are not.”
— Bill Gates
The EURO STOXX Banks index tracks the performance of Eurozone banking-sector stocks within the EURO STOXX index. It includes all constituents classified under the ICB Banks supersector. The index is widely used as a barometer of Eurozone financial-sector health and serves as the underlying for Eurex-listed futures and options.
Note
This index is a focused lens on Eurozone banks. If you want to know how the big European banks — such as BNP Paribas, Deutsche Bank, or Santander — are performing collectively, this is the index to watch. It tends to be more volatile than the broader EURO STOXX 50 because banking stocks are sensitive to interest rate changes and economic cycles.
Key characteristics
- Geographic coverage: Eurozone
- Number of constituents: Variable (typically 20-30)
- Weighting method: Free-float market capitalisation
- Sector focus: ICB Banks supersector
- Review frequency: Quarterly
- Volatility profile: Higher than broad Eurozone benchmarks
Related terms
Source excerpts (5)
EURO iSTOXX BANKS CAP 5% INDEX OVERVIEW The EURO iSTOXX Banks Cap 5% index replicates the returns of a more strictly capped version of the EURO STOXX Banks index. Components are capped to a maximum of 5%. Universe: EURO STOXX Banks. Weighting scheme: The index is weighted according to free-float market c
— Istoxx Index Guide (PDF), p. 355
Banks have also, in the past, weighed on investor sentiment more than other sectors. Futures on the EURO STOXX Banks Index trading on Eurex far outweigh volumes on other sector indices. More than 5 million futures contracts on the EURO STOXX Banks Index exchanged ha
— Eurozone Banks Fall Back to Crisis-Mode Low | Blog posts | STOXX
for 2023 and 2024 suggest dividend expectations are still significantly below the levels before the invasion of Ukraine started. Figure 1: Futures on EURO STOXX Banks DVP Index While the 2022 contracts closed on March 23 7.9% below their pre-war level, the 2023 futures are trading 23% cheaper.
— Dividend index futures reflect lasting effect on European banks from Ukraine …
RO STOXX Large ESG-X EURO STOXX Mid ESG-X EURO STOXX Small ESG-X STOXX Europe Large 200 ESG-X STOXX Europe Mid 200 ESG-X STOXX Europe Small 200 ESG-X EURO STOXX Banks ESG-X STOXX Europe 600 Banks ESG-X Universe: The index universe is defined by the corresponding STOXX benchmark index. Weighting scheme: The indices
— Stoxx Index Guide (PDF), p. 176
The STOXX Europe 600 Banks beat all other 19 ICB Supersectors for a second consecutive year. The EURO STOXX Banks was the No.1 Supersector in 2025 and No.2 in 2024. A combination of better-than-expected industry earnings, regional economic optimism and low valuat
— European bank stocks have record year, lifting sector STOXX ETF assets above …
EURO STOXX Select Dividend 30
▰▰ 6
Quote
“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.”
— John D. Rockefeller
The EURO STOXX Select Dividend 30 index selects 30 high-dividend-yielding stocks from the EURO STOXX index. Stocks are ranked by indicated annual net dividend yield, subject to filters on dividend growth history and payout ratio. The index is weighted by indicated annual net dividend yield rather than by market capitalisation, giving higher weight to stocks with the largest yields.
Note
This is a dividend-hunter’s index. Instead of picking companies by size (like the EURO STOXX 50 does), it picks the 30 Eurozone companies that pay the most generous dividends relative to their share price. It also weights them by dividend yield, so the highest-yielding stocks matter the most. It is popular with income-focused investors.
Key characteristics
- Geographic coverage: Eurozone
- Number of constituents: 30
- Weighting method: Net dividend yield weighted (not market-cap weighted)
- Selection criteria: Dividend growth, payout ratio filter, net dividend yield ranking
- Review frequency: Annually in March
- Income focus: Designed for yield-oriented investment strategies
Related terms
Source excerpts (4)
If the number of stocks is below 30, the highest ranked non-components are added until the fixed number of index components is reached. EURO STOXX Select Dividend 30 Coverage: the 30 highest-yielding companies relative to their home market (STOXX Regional/Country TMI) are selected from EURO STOXX (plus secondary l
— Stoxx Index Guide (PDF), p. 113
If the number of stocks is below 30, the highest ranked non-components are added until the fixed number of index components is reached. EURO STOXX Select Dividend 30 Coverage: the 30 highest-yielding companies relative to their home market (STOXX Regional/Country TMI) are selected from EURO STOXX (plus secondary l
— Stoxx Index Guide (PDF), p. 113
n a daily basis. The EURO iSTOXX Select Dividend 30 Futures Roll TR Decrement 5% Index applies 5% annual deduction on the total return version of the EURO STOXX Select Dividend 30 Futures Roll Index, while the iSTOXX Global Select Dividend 100 Futures Roll TR Decrement 5% Index applies 5% annual deduction on the total return ve
— Istoxx Index Guide (PDF), p. 133
d. Underlying indices in focus The EURO STOXX Banks Index tracks companies from the Eurozone’s Banks supersector and currently has 22 components. The EURO STOXX Select Dividend 30 Index has 30 high-yielding components from the Eurozone, stemming from various industries. Cost-efficient access to total returns The total-return pr
— STOXX Indices to Underlie New Total Return Futures on Eurex | Blog posts | STOXX
EUROGOV Bond Indices
▰ 2
Quote
“The full faith and credit of a government is only as good as its people.”
— Anonymous
The EUROGOV index family measures the performance of euro-denominated government bonds issued by Eurozone sovereign issuers. The family includes a broad overall index and sub-indices segmented by maturity band (1-3y, 3-5y, 5-7y, 7-10y, 10y+) and by individual issuer country. Bonds must meet minimum outstanding amount and remaining maturity thresholds to qualify for inclusion.
Note
The EUROGOV indices are the Eurozone equivalent of tracking how well government bonds from countries like Germany, France, Italy, and Spain are doing. They break the bond universe down by how long until the bonds mature, making it easy for investors to target specific parts of the yield curve.
Key characteristics
- Geographic coverage: Eurozone sovereign issuers
- Asset class: Government bonds (euro-denominated)
- Weighting method: Market-value weighted (outstanding amount)
- Maturity buckets: Overall, 1-3y, 3-5y, 5-7y, 7-10y, 10y+
- Minimum outstanding: Varies by sub-index
- Review frequency: Monthly rebalancing
- Country sub-indices: Available for individual Eurozone issuers
Related terms
Source excerpts (2)
mber 18 19 Month-to-date Return Month-to-date return of the index Number 8 20 Nominal Value Nominal Value of the index as at time t Number 2 2.5.3.2. Eurogov Bond Indices The file is available on Qontigo Website with the following naming convention: File name: o eod_indices_xxxxx o eod_indices_xxxxx_YYYYMMDD With x
— Index Files Guide 20230619 (PDF), p. 64
urrently underly USD 3.2 billion in ETFs managed by BlackRock’s iShares.[4] The first eb.rexx indices were introduced in 2002. STOXX also manages the EUROGOV bond indices, which track government bonds denominated in euros. [1] Source: iShares, ‘Bond market opportunities meet ETF innovation,’ April 23, 2025.
— STOXX and ICE launch fixed income climate indices | Blog posts | STOXX
I
ISS STOXX Biodiversity Indices
▰▰▰ 40
Quote
“Nature is the next frontier of financial risk — biodiversity loss threatens supply chains, asset values, and long-term returns.”
— TNFD, Taskforce on Nature-related Financial Disclosures (2023)
The ISS STOXX Biodiversity index family integrates biodiversity-related data from ISS ESG into equity index construction. These indices aim to reduce portfolio exposure to companies with high negative impacts on biodiversity, including deforestation, water pollution, and habitat destruction, while increasing exposure to companies offering biodiversity-positive solutions. The methodology draws on frameworks such as the Taskforce on Nature-related Financial Disclosures (TNFD) and the Kunming-Montreal Global Biodiversity Framework.
Note
These indices are designed for investors who want their portfolios to account for biodiversity risk. They systematically underweight or exclude companies whose operations damage ecosystems — for example, through deforestation or chemical runoff — and overweight companies that contribute to biodiversity preservation or restoration.
Key characteristics
- Geographic coverage: Global (multiple regional variants)
- Number of constituents: Varies by variant
- Weighting method: Optimised weights based on biodiversity scores
- Data provider: ISS ESG biodiversity impact and dependency data
- Frameworks referenced: TNFD, Kunming-Montreal Global Biodiversity Framework
- Review frequency: Quarterly or semi-annually
- Thematic focus: Biodiversity impact reduction, nature-positive tilting
Related terms
Source excerpts (5)
In general, measuring a company’s biodiversity impact is complex and requires a robust methodology to provide a thorough assessment. How are the ISS STOXX Biodiversity indices built? The ISS STOXX Biodiversity indices include three screens, plus an additional layer that reduces the portfolio’s carbon footprint.
— ISS STOXX Biodiversity Indices | STOXX
C – An industry comparison. Improvement in SDG exposures The publication also presents an analysis of average SDG ratings per business sector. In the ISS STOXX Biodiversity indices (broad versions), 34 of 43 sectors have a negative average rating. However, 13 of those 34 improve to a positive rating when a top 80% SDG rating sel
— New report examines rationale, methodology of ISS STOXX Biodiversity indices …
Disclosure Regulation (SFDR), while those in the Leaders cluster are, as per present regulation, aligned with SFDR’s more ambitious Art. 9. Figure 1: ISS STOXX Biodiversity indices framework Four-step stock selection process Figures 1 and 2 lay out the ISS STOXX Biodiversity indices’ building process.
— ISS STOXX indices use comprehensive framework to help investors address biodi…
Finally, the fourth pillar seeks to achieve a 30% carbon footprint reduction in the portfolio relative to the starting universe. Figure 1: ISS STOXX Biodiversity indices framework Hernando Cortina, Head of Index Strategy at ISS ESG, described the methodology and spirit behind the two key metrics employed in biodiversi
— Unveiling the biodiversity paradigm: an emerging risk frontier for portfolios…
DF) Assessment Tool Mean Species Abundance (MSA) Sustainable ISS ESG SDG Rating and Solutions Assessment Development Goals Source: STOXX, ISS ESG The ISS STOXX Biodiversity indices can provide a comprehensive framework to help investors integrate biodiversity considerations into their portfolios. Learn more about ISS STOXX Biodi
— Stoxx Integrate Biodiversity Infographic 202402 (PDF), p. 1
ISS STOXX Net Zero Transition Indices
▰▰▰ 38
Quote
“A Paris-aligned benchmark must self-decarbonise at a rate consistent with limiting warming to 1.5 degrees.”
— EU Technical Expert Group on Sustainable Finance, EU Climate Benchmarks Regulation (2020)
The ISS STOXX Net Zero Transition index family is designed to align investment portfolios with a 1.5 degree Celsius global warming trajectory. These indices comply with the EU Paris-Aligned Benchmark (PAB) and Climate Transition Benchmark (CTB) regulations, incorporating greenhouse gas emissions data, forward-looking decarbonisation targets, and fossil fuel revenue thresholds. The methodology mandates a minimum year-on-year self-decarbonisation rate of 7% for PAB-aligned variants.
Note
In simple terms, these indices reweight the stock market to favour companies that are reducing their carbon footprint and penalise those that are not. They are built to meet strict EU rules about what qualifies as a “climate-friendly” benchmark, making them suitable for funds that want to market themselves as aligned with the Paris Agreement goals.
Key characteristics
- Geographic coverage: Global, European, and regional variants
- Number of constituents: Varies by parent index
- Weighting method: Optimised (emissions-intensity reduction subject to constraints)
- Regulatory alignment: EU PAB and CTB regulations
- Decarbonisation rate: Minimum 7% year-on-year (PAB variant)
- Data provider: ISS ESG climate data (Scope 1, 2, and 3 emissions)
- Review frequency: Quarterly
Related terms
Source excerpts (5)
ally important companies from high-emitting sectors that play a crucial role in the climate transition. Compliance with key regulatory guidelines The ISS STOXX Net Zero Transition indices are aligned with ESMA’s fund naming guidelines and comply with SFDR requirements. Key ISS STOXX Net Zero Transition indices Related news & research G
— ISS STOXX Net Zero Transition indices | STOXX
December 2025 Net Zero Transition indices Key points The ISS STOXX® Developed World Net Zero Transition added 0.4% last month and 20.1% in 2025. The ISS STOXX Net Zero Transition indices are a next-generation, optimized set focused on net-zero targets, real-world transition-aligned metrics, and encompassing of all industries included
— Monthly Index News December 2025 (PDF), p. 12
German. This webinar will be moderated by Veronika Kylburg, Head of Global Benchmarks – DAX, STOXX. The STOXX team will cover the following topics: - ISS STOXX Net Zero Transition indices, and - Updates on DAX indices Christina Sell, Chief Sustainability Officer, Trading & Clearing, Deutsche Börse AG, will provide an overview about STO
he overweighting of the output of these minerals with respect to the screened parent benchmark. In order to encourage real world decarbonization, the ISS STOXX Net Zero Transition indices will increase allocation to issuers with revenues coming from renewables versus issuers with revenues coming from fossil fuels.
— Stoxx Index Guide (PDF), p. 275
ntegration of forward-looking metrics, and are designed to encourage stewardship, while keeping expected tracking error below 1%. Key features of the ISS STOXX Net Zero Transition indices • Real-world aligned decarbonization metrics (including sector-specific year-on-year emissions reduction and share of green revenues) • Forward-looki
M
MDAX
▰▰▰▰▰ 665
The MDAX comprises 50 mid-cap companies that rank immediately below the DAX constituents in terms of order-book volume and free-float market capitalisation on the Frankfurt Stock Exchange. It represents the second tier of the German equity market and covers companies across all sectors except technology (which has its own dedicated index, TecDAX, though dual-listing in both MDAX and TecDAX is permitted since September 2018).
Note
The MDAX is where you find Germany’s mid-sized listed companies — firms that are large and well-established but not quite big enough to make it into the DAX. It is often considered a better gauge of the domestic German economy than the DAX because its companies tend to earn a larger share of revenue within Germany.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: 50
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly (March, June, September, December)
- Selection universe: Companies listed on Frankfurt Stock Exchange below DAX threshold
- Relationship to DAX: Second tier; companies promoted to DAX are removed from MDAX
Related terms
Source excerpts (5)
‘non-tech’ industries) have so far been eligible for inclusion in the MDAX and SDAX. Before the revision, technology companies were eligible for the TecDAX only. Expanding the number of MDAX and SDAX constituents “ensures th
— Change Ahead for the SDAX, MDAX and TecDAX Indices | Blog posts | STOXX
The index is unique in both its scope and its market reach.” STOXX is the administrator of all DAX indices, including the MDAX. Figure 1: Performance MDAX: Key performance in numbers Highly investable market There are currently four ETFs tracking the MDAX, the first of which
— MDAX index: 30 years benchmarking Germany’s Mittelstand | Blog posts | STOXX
MDAX®, the index for German mid-sized stocks, turns 25 today, in a year that sees important changes to its methodology. The MDAX was introduced on Jan.
— MDAX Turns 25 | Blog posts | STOXX
Equity Index Methodology Guide) — Minimum Free Float of 10%. Fresenius Medical Care AG (currently MDAX) will replace Covestro AG in the DAX index. In MDAX, Deutsche Wohnen SE is added from the SDAX and replaces Fresenius Medical Care AG. In SDAX, LPKF Laser & Electronics SE replaces Deutsche Wohnen SE.
— Unscheduled component changes in DAX, MDAX and SDAX (December 19, 2024) | Pre…
MDAX will include the 60 companies below DAX that are the largest and have the highest order book turnover. 15 companies will be newly included in MDAX, five will be deleted. SDAX will include the 70 largest and most-traded companies below MDAX.
— Wirecard AG to be included in DAX – new composition for TecDAX, MDAX and SDAX…
S
SDAX
▰▰▰▰▰ 416
The SDAX comprises 70 small-cap companies ranking below the MDAX constituents in terms of order-book volume and free-float market capitalisation on the Frankfurt Stock Exchange. It represents the third tier of the German equity market and offers exposure to smaller, often domestically focused, growth companies.
Note
The SDAX covers the next layer of German companies below the MDAX. These are smaller firms that are still big enough to be meaningfully traded on the stock exchange. The index often includes fast-growing companies that may eventually graduate into the MDAX or even the DAX.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: 70
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly (March, June, September, December)
- Selection universe: Companies listed on Frankfurt Stock Exchange below MDAX threshold
- Relationship to MDAX: Third tier; companies promoted to MDAX are removed from SDAX
Related terms
Source excerpts (5)
‘non-tech’ industries) have so far been eligible for inclusion in the MDAX and SDAX. Before the revision, technology companies were eligible for the TecDAX only. Expanding the number of MDAX and SDAX constituents “ensures the indices
— Change Ahead for the SDAX, MDAX and TecDAX Indices | Blog posts | STOXX
Therefore, the announced deletion of thyssenkrupp nucera AG & Co. KGaA from the SDAX will not be implemented. SDAX® is a registered trademark of ISS STOXX Index GmbH. About STOXX STOXX® and DAX® indices comprise a global and comprehen
— Unscheduled component change in SDAX | Press releases | STOXX
The index is also a popular underlying for listed investment certificates. Figure 1: SDAX in numbers Performance In the past ten years, SDAX has beaten the blue-chip DAX by a total 17 percentage points.
— Exploring SDAX, the benchmark for German small companies | Blog posts | STOXX
+49 (0) 69 211 14284 Instead, SGL CARBON SE replaces SNP Schneider-Neureither & Partner SE in SDAX, and Leoni AG replaces Deutsche Beteiligungs AG in SDAX (regular exit rule). Other changes to the DAX, MDAX, SDAX or TecDAX are not affected. The next scheduled index review is 3 June 2021. DAX®, MDAX®, SD
— Correction: Changes in SDAX | Press releases | STOXX
SDAX it will be replaced by Medios AG, in TecDAX it will be replaced by SMA Solar Technology AG. These changes will become effective on 20 June 2022. SDAX® and TecDAX® are registered trademarks of Qontigo Index GmbH. Media Contact General Inquiries: media@qontigo.com Index Inquiries: Andreas von Brevern
— Unscheduled component changes in SDAX and TecDAX | Press releases | STOXX
STOXX AI Global Artificial Intelligence Index
▰▰ 16
The STOXX AI Global Artificial Intelligence index identifies and tracks companies that are significant participants in the artificial intelligence value chain. Constituents are selected using a combination of natural language processing (NLP) analysis of company filings, patent data, and revenue exposure to AI-related activities. The index covers hardware, software, and services companies involved in machine learning, robotics, autonomous systems, and related technologies.
Note
This index is a way to invest in the AI theme across the entire global stock market. Rather than just picking the obvious big tech names, it uses data-driven methods — including analysis of patents and company filings — to find companies genuinely involved in AI, from chipmakers to software companies to firms deploying AI in their operations.
Key characteristics
- Geographic coverage: Global (developed and emerging markets)
- Number of constituents: Variable (typically 80-200)
- Weighting method: Modified market capitalisation (with diversification constraints)
- Selection methodology: NLP-based analysis of filings, patents, and revenue data
- Review frequency: Quarterly
- Thematic focus: Artificial intelligence value chain
Related terms
Source excerpts (5)
gies and services by extracting information based on their AI-related patents. Getting the constituents with smart precision Company selection in the STOXX AI Global Artificial Intelligence Index is based on two measures: AI exposure and AI contribution. AI exposure refers to the number of AI-related patents registered by a company relative to
— First AI-Driven Index Tracking Artificial Intelligence Innovators | Blog post…
“We will continue to develop innovative indices as our most recently launched STOXX AI Global Artificial Intelligence Index shows, the first AI index that uses AI to select its constituents.” Etfexpress, founded in 2002, is a digital news publisher serving institutional in
— STOXX Awarded “Most Innovative Index Provider” By Etfexpress For The Eighth T…
In 2016, there were over 1,600 different entities filing AI-related patents, four times the amount of 20 years earlier. Companies in the STOXX AI Global Artificial Intelligence Index include hardware and data providers as well as AI users that need to file their own patents.
— These Robots Will Recognize Your Moods | Blog posts | STOXX
ties Index and STOXX Global Silver Economy Index June 2023: Name change & amendements in STOXX Global Intelligent Computing Index ( formerly known as STOXX AI Global Artificial Intelligence index) and amendments in STOXX Global Artificial Intelligence Index June 2023(2): Clarification of dissemination calendar for STOXX Minimum Variance & Mini
— Stoxx Index Guide (PDF), p. 19
mponent is called a ‘knowledge graph.’ On a basic level, it is a framework that turns unstructured data into quantifiable metrics. In the case of the STOXX AI Global Artificial Intelligence Index, the knowledge graph is fed all granted patents from a number of US and international databases; it ultimately returns a list of International Patent
— Using AI in Index Creation: Gaining True Insight from Big Data | Blog posts |…
STOXX Asia/Pacific 600
▰▰▰ 50
The STOXX Asia/Pacific 600 index tracks 600 companies across developed markets in the Asia/Pacific region, including Australia, Hong Kong, Japan, New Zealand, and Singapore. It is one of the three regional building blocks of the STOXX Global 1800, alongside the STOXX Europe 600 and the STOXX North America 600, and serves as the primary STOXX benchmark for Asia/Pacific developed-market equities.
Note
This is STOXX’s main index for the Asia/Pacific region’s developed stock markets. It covers 600 companies across countries like Japan, Australia, Hong Kong, and Singapore. Together with the STOXX Europe 600 and STOXX North America 600, it forms the STOXX Global 1800.
Key characteristics
- Geographic coverage: Asia/Pacific developed markets (Japan, Australia, Hong Kong, New Zealand, Singapore)
- Number of constituents: 600
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly
- Role: Asia/Pacific component of the STOXX Global 1800
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (5)
North America : components of the STOXX North America 600 Index ▪ Europe: components of the STOXX Europe 600 Index ▪ Asia/Pacific: components of the STOXX Asia/Pacific 600 Index c. Country For each country i, a maximum number of components is calculated as follows, rounded to the nearest integer: K =(SXW1 +10%)∗N i i wh
— Istoxx Index Guide (PDF), p. 434
Data as of March 31st, 2025. The U.S. and Asia-Pacific are represented by STOXX USA 500 and STOXX Asia/Pacific 600 indices. S T E P B Y S T E P How Is the STOXX Europe 600 Constructed? Simplified illustration, not all criteria are shown. 1 C O U N T R Y I N D I C
— Stoxx Infographic Stoxxeurope600 (PDF), p. 1
STOXX Europe 600 Index increased from 8.1166 trillion euros to 8.1422 trillion euros. The STOXX Global 1800 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index are also part of this regular quarterly review. So are the STOXX Europe Total Market Index, STOXX EU Enlarged Total Market, STOXX Eastern Europ
— Changes In Composition Of STOXX Benchmark Indices - Mar. 2, 2020 | Press rele…
50, selected from the STOXX Europe 600 Index STOXX Nordic 30, selected from STOXX Nordic Total Market Index STOXX Asia/Pacific 50, selected from the STOXX Asia/Pacific 600 Index STOXX North America 50, selected from the STOXX North America 600 Index For the EURO STOXX 50 please refer to chapter 9.2. Universe: The index
— Stoxx Index Guide (PDF), p. 100
9, falling to its first bear market since 2016. The Global 1800 Index, North America 600 Index and STOXX Asia/Pacific 600 Index have shed, respectively, 17.5%, 19% and 11.3% during the period. Chart 1 – Benchmarks performance since Feb.
STOXX Digital Asset Indices
▰ 2
Quote
“Digital currency is going to be a very powerful thing.”
— John Donahoe
The STOXX Digital Asset index family provides benchmarks for the digital asset and cryptocurrency space. These indices track the performance of digital assets such as Bitcoin and Ethereum, applying institutional-grade methodology including multi-exchange pricing, anti-manipulation safeguards, and liquidity filters. The family is designed to meet the requirements of regulated financial products including ETPs, futures, and structured products.
Note
These indices bring the same methodological rigour that STOXX applies to traditional stock indices into the world of cryptocurrencies and digital assets. They aggregate price data from multiple exchanges, apply safeguards against price manipulation, and filter for liquidity, making them suitable as benchmarks for institutional investment products.
Key characteristics
- Asset class: Digital assets and cryptocurrencies
- Coverage: Bitcoin, Ethereum, and broader digital asset baskets
- Pricing methodology: Volume-weighted across multiple exchanges with outlier filtering
- Anti-manipulation: Multi-source aggregation, staleness checks
- Review frequency: Varies by sub-index (monthly to quarterly)
- Product use cases: ETPs, futures, structured products, fund benchmarks
Related terms
Source excerpts (1)
and market segments. » The STOXX Digital Asset Methodology guide contains the index specific rules regarding the construction and calculation of the STOXX Digital Asset Indices. All rule books are available for download on http://www.stoxx.com/indices/rulebooks.html STOXX® DIGITAL ASSET METHODOLOGY GUIDE 5/31 2.
STOXX Emerging Markets
▰▰▰▰ 55
Quote
“Emerging markets are where the growth is — ignoring them means ignoring the future of the global economy.”
— Antoine van Agtmael, who coined the term “emerging markets” (1981)
The STOXX Emerging Markets index family provides broad equity coverage of emerging-market countries worldwide. The indices track large, mid, and small capitalisation segments across markets in Asia, Latin America, Europe, the Middle East, and Africa. The family is part of the broader STOXX World Equity index framework and complements the developed-market STOXX Global 1800.
Note
These indices cover stock markets in developing economies — countries like China, India, Brazil, South Korea, Taiwan, South Africa, and Mexico. They give investors a systematic way to access the growth potential of emerging markets using STOXX’s standardised methodology, making performance directly comparable to STOXX’s developed-market benchmarks.
Key characteristics
- Geographic coverage: Emerging markets globally (Asia, Latin America, EMEA)
- Number of constituents: Variable (typically 800+)
- Weighting method: Free-float market capitalisation
- Countries covered: China, India, Brazil, South Korea, Taiwan, South Africa, Mexico, and others
- Size segments: Large, mid, and small capitalisation variants
- Review frequency: Quarterly
- Role: Complement to developed-market STOXX indices within the World Equity framework
Related terms
Source excerpts (5)
Care Select 30 and STOXX Global Technology Select 30 indices in chapter 16.6.1, Addition of STOXX USA 500 in Chapter 7.1 August 2017 (2): Addition of STOXX Emerging Markets 800 LO index in chapter 7.7 STOXX INDEX METHODOLOGY GUIDE 13/639 2.
— Stoxx Index Guide (PDF), p. 12
In addition, the Index aims to reduce its greenhouse gas emissions and intensity at least by half by December 2024 (versus the baseline values of STOXX Emerging Markets Index in December 2019) and aims to track the STOXX Emerging Markets Index with a tracking error close to 0.50%. Parent Index: STOXX Emerging Markets
— Istoxx Index Guide (PDF), p. 706
Index rose 4.2%. The STOXX® Total Market Chile Index came up last in the group following an 8.5% retreat, posting its widest underperformance to the STOXX Emerging Markets 1500 Index on record. The country saw the largest popular unrest since the return of democracy in 1990 as more than one million people took to the st
— Stocks Extend Gains in October | Blog posts | STOXX
hey are reviewed on a semi-annual basis in March and September. [1] Specific exceptions are the Financials Industry for the STOXX Developed World and STOXX Emerging Markets indices, and consumer-related industries for the STOXX Developed World.
— New STOXX Optimal 100 indices offer optimized replication strategies on bench…
outh African rand and Turkish lira, for example, have lost more than 50% of their value to the greenback, hurting the dollar-based performance of the STOXX Emerging Markets 1500 Index. The pull of the US bull While currency fluctuations have weighed on the translation effect of stock returns, they only explain part of th
STOXX Europe 600
▰▰▰▰▰ 980
Quote
“The STOXX Europe 600 is the de facto broadest representation of the European equity market.”
— Stuart Heath, Director, Equity & Index Product Design, Eurex
The STOXX Europe 600 index covers 600 companies across 17 European countries, representing large, mid, and small capitalisation segments. It is derived from the STOXX Europe Total Market Index and subdivides into the STOXX Europe Large 200, STOXX Europe Mid 200, and STOXX Europe Small 200 sub-indices. The index serves as the primary pan-European equity benchmark for institutional investors.
Note
The STOXX Europe 600 is the go-to index for a broad view of European stock markets. It spans 600 companies across 17 countries — not just the Eurozone but also the UK, Switzerland, Sweden, and others. Because it covers large, medium, and small companies, it offers a more complete picture of European equities than narrower indices like the EURO STOXX 50.
Key characteristics
- Geographic coverage: 17 European countries (including non-Eurozone)
- Number of constituents: 600
- Weighting method: Free-float market capitalisation
- Size segments: Large 200, Mid 200, Small 200
- Review frequency: Quarterly (March, June, September, December)
- Countries covered: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (5)
ICB Industries until the number of selected stocks reaches a third of the number in the starting benchmark. Figure 1: Methodology comparison between STOXX Europe 600 SRI and STOXX Europe 600 ESG-X ESG results Since 2014, the SRI portfolio has had an average ESG score that is 7.4% higher than that of the benchmark
— New STOXX Europe 600 SRI futures on Eurex broaden sustainable derivatives off…
As issuers select different constituents to construct those portfolios, at the end of the day they are likely to hedge their exposures with a STOXX Europe 600 TRF. There is hedging demand for TRFs, not necessarily from the users of STOXX Europe 600 products at Eurex, but also from buyers of STOXX Europe 600
— Q&A with Eurex’s Stuart Heath: STOXX Europe 600 total return futures | Bl…
A new report2 now delves deeper into the performance characteristics of this European index. The study looks into the returns and risk profile of the STOXX Europe 600 PAB Index and provides a factor and performance attribution analysis. The conclusions tell us about the performance of low-carbon portfolios at a tim
— The STOXX Europe 600 Paris-Aligned Benchmark: Higher Returns, Lower Risk for …
, commented: “We are delighted to collaborate with Qontigo and are pleased to be the first provider to offer a Paris Aligned Climate ETF tracking the STOXX Europe 600 Paris-Aligned Benchmark Index. We believe that the STOXX Europe 600 is the key parent European benchmark for our clients and their portfolios.
— STOXX Europe 600 Paris-Aligned Benchmark Index Licensed To Franklin Templeton…
Not taking any action, on the other hand, has been a drag for dollar-based investors. As of February 18, 2025, almost 90% of the STOXX Europe 600’s weight is in three currencies (Figure 2). Figure 2: STOXX Europe 600 currency exposure Foreign-exchange fluctuations can be an important variable i
— Taking stock of the STOXX Europe 600’s record-breaking rally and its FX-hedge…
STOXX Europe Large 200
▰▰ 8
The STOXX Europe Large 200 index comprises the 200 largest constituents of the STOXX Europe 600 by free-float market capitalisation. It represents the large-cap segment of the pan-European equity market and serves as the top size tier within the STOXX Europe 600 framework.
Note
This index captures the biggest companies in Europe — the top third of the STOXX Europe 600 by market value. These are multinational giants like Nestle, ASML, Shell, and Novo Nordisk. Because large caps dominate the market-cap-weighted STOXX Europe 600, the Large 200 behaves quite similarly to the full 600 but with slightly lower volatility and higher liquidity.
Key characteristics
- Geographic coverage: 17 European countries (same as STOXX Europe 600)
- Number of constituents: 200
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly (aligned with STOXX Europe 600)
- Size segment: Large cap (top 200 of STOXX Europe 600)
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (4)
To obtain the EURO STOXX Large only the stocks with countries eligible for the Eurozone as defined in section 4.3 are chosen from the STOXX Europe Large 200. All EURO STOXX size indices sum-up again to the parent index, the EURO STOXX. Region Index Name Global STOXX Global 3000
Europe STOXX Europe — Stoxx Index Guide (PDF), p. 69
To obtain the EURO STOXX Large only the stocks with countries eligible for the Eurozone as defined in section 4.3 are chosen from the STOXX Europe Large 200. All EURO STOXX size indices sum-up again to the parent index, the EURO STOXX. Region Index Name Global STOXX Global 3000
Europe STOXX Europe — Stoxx Index Guide (PDF), p. 69
he maximum portion that can be given to the risky asset, set to 150% and subject to the exceptions listed in the following table. Index Tolerance Cap STOXX Europe Large 200 Risk Control Index 5% 100% STOXX Nordic Strong Quality 20 Risk Control Index 5% 100% S TOXX® STRATEGY INDEX GUIDE 59/99 17.
— Stoxx Strategy Guide (PDF), p. 58
t components of the three regions are derived from their respective STOXX
Benchmark index. E.g. the STOXX Europe 600 serves as basis for the STOXX Europe Large 200 Index. For the iSTOXX Börsen-Zeitung Global 600 Index the three “ Large 200” indices are aggregated (North America, Asia/Pacific, Europe).
STOXX Europe Small 200
▰ 1
The STOXX Europe Small 200 index comprises the 200 smallest constituents of the STOXX Europe 600, ranked between positions 401 and 600 by free-float market capitalisation. It represents the small-cap segment of the pan-European equity market.
Note
The Small 200 is the bottom third of the STOXX Europe 600 by company size. These are still sizeable firms by most standards, but they are smaller and often more domestically focused than the large-cap names. Small-cap indices tend to offer higher long-term growth potential but also greater volatility and lower liquidity.
Key characteristics
- Geographic coverage: 17 European countries (same as STOXX Europe 600)
- Number of constituents: 200
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly (aligned with STOXX Europe 600)
- Size segment: Small cap (ranks 401-600 of STOXX Europe 600)
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (1)
ETF Stream, which organizes ETF Ecosystem Unwrapped, is a leading publication of ETF news in Europe. The media outlet in April recognized the iShares STOXX Europe Small 200 UCITS ETF (EXSE), which replicates the STOXX® Europe Small 200 index, as the “ETF of the month” in its ETF Insider magazine. Overall, ETF Ecosystem U
— Europe’s ‘Magnificent’ equities in focus at ETF Ecosystem Unwrapped event | B…
STOXX Europe Total Market
▰▰▰▰ 100
The STOXX Europe Total Market index is the broadest European equity benchmark in the STOXX family, covering approximately 95% of the free-float market capitalisation across European developed markets. It serves as the starting universe from which the STOXX Europe 600 and other narrower European indices are derived.
Note
Think of this as the “everything” index for European stocks. While the STOXX Europe 600 selects 600 companies from across Europe, the Total Market index captures nearly the full investable universe. It is primarily used as the selection pool and as a benchmark for funds that want exposure to the entire European market, including micro-caps that fall outside the Europe 600.
Key characteristics
- Geographic coverage: European developed markets
- Number of constituents: Variable (typically 1,000+)
- Weighting method: Free-float market capitalisation
- Coverage target: ~95% of free-float market capitalisation
- Review frequency: Quarterly
- Role: Parent universe for STOXX Europe 600 and sub-indices
Related terms
Source excerpts (5)
, out of 40 in total. Figure 1: Index top 10 components Performance In the past ten years, the STOXX Europe Total Market Leaders index has beaten the STOXX Europe Total Market benchmark by a cumulative 35 percentage points (Figure 2). Figure 2: Index performance STOXX and Xtrackers by DWS have now collaborated in the design
— Xtrackers by DWS ETF switches to new STOXX Europe Total Market Leaders index …
ndex is comprised of companies categorized by the Industry Classification Benchmark (ICB)’s Aerospace & Defense sector. The index is derived from the STOXX Europe Total Market Index (TMI) which represents the European region as a whole and covers approximately 95 percent of the market’s free-float capitalization. About STOX
— STOXX Europe Total Market Aerospace & Defense chosen as underlying index …
fied approach that also includes providers of space technology and cybersecurity, which are essential for modern defense systems.” Coverage scope The STOXX Europe Total Market Defence Space and Cybersecurity Innovation index selects companies from specific ICB[2] sectors that have either high revenues from sectors associate
— New ETF from Xtrackers by DWS tracks STOXX Europe Total Market Defence Space …
mental criteria. Universe: Depending on the Style index, the eligible universe is defined as the components of one of the following parent indices: - STOXX Europe Total Market - STOXX Europe Total Market
Weighting scheme: The index is weighted according to free-float market capitalization. Base value and date: 1,000 — Stoxx Index Guide (PDF), p. 134
has received regulatory approval and will be listed on main European stock exchanges in coming days. The Eurex futures started trading on May 12. The STOXX Europe Total Market Defense Capped index was introduced in March and selects European companies[1] from ICB’s Aerospace and Defense Sector that have revenues from specif
— Amundi ETF, Eurex launch products tracking STOXX Europe Total Market Defense …
STOXX Global 1800
▰▰▰▰▰ 816
The STOXX Global 1800 index comprises 1,800 stocks from developed markets worldwide, constructed by combining three regional sub-indices: the STOXX Europe 600, the STOXX North America 600, and the STOXX Asia/Pacific 600. Each region contributes exactly 600 constituents, ensuring balanced global representation.
Note
The STOXX Global 1800 is a straightforward way to track the global developed-market stock universe. It combines three regional indices of equal size — 600 from Europe, 600 from North America, and 600 from Asia/Pacific — into one global benchmark. This structure makes it easy to decompose global performance into regional contributions.
Key characteristics
- Geographic coverage: Global developed markets (Europe, North America, Asia/Pacific)
- Number of constituents: 1,800 (600 per region)
- Weighting method: Free-float market capitalisation (within each region)
- Regional sub-indices: STOXX Europe 600, STOXX North America 600, STOXX Asia/Pacific 600
- Review frequency: Quarterly
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (5)
The STOXX® Asia/Pacific 600 Index was the worst performer among major regional indices, rising only 0.4% in dollars. The STOXX Global 1800 rose 16.9% last year, its second straight year of double-digit percentage gains, as investors raised expectations that policy support and vaccines wi
— Stock Rally Continues in April as STOXX Global 1800 Breaks Record | Blog post…
TOXX® Global Climate Change Leaders (-3%), which selects corporate leaders that are publicly committed to reducing their carbon footprint, lagged the STOXX Global 1800 index by 74 basis points. Sustainability indices The STOXX® Global 1800 ESG-X index lost 2.3% in the month.
— STOXX Global 1800 index drops in February; European stocks buck trend | Blog …
14 on the Frankfurt stock exchange and Italy’s EuroTLX, and requires a minimum investment of 1,000 euros. In the five years to Jan. 15, 2020, the STOXX Global 1800 Index rose 43.7%.2 That compares to a 43.9% gain for the MSCI World Index and a 42.3% advance for the FTSE World Index. 1 SRP, ‘Exclusive: Cirdan dep
— STOXX Global 1800 Index Qualities Highlighted by Structured Products Industry…
The STOXX® Emerging Markets 1500 Index gained 14% in dollars and 11% in euros. Likewise, all 21 Supersectors in the STOXX Global 1800 Index advanced in the month, led by some of this year’s worst performers.
— STOXX Global 1800 Index Posts Best Month on Record in November on Vaccine New…
Shares, Free Float, and Capping are reviewed quarterly. For the capping procedure, the benchmark is defined as the new composition of the STOXX Global 1800 which becomes effective on the review date on the 3rd Friday of March, June, September and December. Weighting scheme: All components are free float
STOXX Global Metaverse
▰▰▰ 37
The STOXX Global Metaverse index captures companies positioned to benefit from the development of the metaverse ecosystem, including virtual worlds, augmented reality, virtual reality, blockchain-based digital ownership, and supporting infrastructure. Companies are selected based on revenue exposure, patent activity, and strategic positioning within defined metaverse sub-themes.
Note
This thematic index tracks companies building or enabling the “metaverse” — the convergence of virtual reality, augmented reality, gaming, digital economies, and related technologies. It casts a wide net across hardware manufacturers, software platforms, content creators, and infrastructure providers.
Key characteristics
- Geographic coverage: Global (developed and emerging markets)
- Number of constituents: Variable (typically 50-100)
- Weighting method: Modified market capitalisation with diversification constraints
- Thematic sub-categories: VR/AR hardware, virtual worlds, blockchain infrastructure, content platforms
- Review frequency: Quarterly
- Selection methodology: Revenue exposure, patents, and strategic analysis
Related terms
Source excerpts (5)
The new index expands Qontigo’s suite of solutions targeting the upside of a digital future. “The STOXX Global Metaverse index complements our suite of Qontigo thematic strategies focusing on transformative technologies in a world which is digitalizing at a rapid speed,
— New STOXX Global Metaverse Index licensed to BlackRock’s iShares for ETF targ…
We look as well at the index performance before concluding with an outlook on the opportunities for the Metaverse in the years to come. The STOXX Global Metaverse index employs EconSight’s innovative patents database. The specialist analytics provider uses a sophisticated patent classification system and indica
— STOXX Global Metaverse | STOXX
Other members of this industry body include Dell Technologies and Microsoft, both of which are also constituents of the STOXX Global Metaverse. Top 3 companies by number of high-quality digital twin patents in the STOXX Global Metaverse Rockwell Automation is another company with a strong co
— The industrial Metaverse – beyond gaming and social media | Blog posts | STOXX
Index August 2022: Minor edits to STOXX Europe 600 Energy ESG+ Index August 2022 (2): Addition of GCC Total Market Index August 2022 (3): Addition of STOXX Global Metaverse Index August 2022 (4): Change in the base date and value of STOXX USA 900 Index August 2022 (5): Update to Section 6.4.1 STOXX INDEX METHO
— Stoxx Index Guide (PDF), p. 17
The green line in Figure 3 shows the cumulative USD gross return of the STOXX Global Metaverse since March 2012. The light green area exhibits its excess performance over the STOXX® Global 3000 Technology benchmark (depicted in light blue).
— The Metaverse: investing at the new digital frontier | Blog posts | STOXX
STOXX Global Select Dividend 100
▰▰ 8
Quote
“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.”
— John D. Rockefeller
The STOXX Global Select Dividend 100 index selects the 100 highest-dividend-yielding stocks from the STOXX Global 1800 universe. Constituents are drawn from three regional Select Dividend sub-indices: STOXX Europe Select Dividend 30, STOXX North America Select Dividend 40, and STOXX Asia/Pacific Select Dividend 50 (with a total of 30 + 40 + 30 = 100 stocks). Selection is based on indicated annual net dividend yield, subject to filters on dividend growth and payout ratio. The index is weighted by net dividend yield.
Note
This is the global version of the STOXX Select Dividend family. It combines the highest-yielding stocks from Europe, North America, and Asia/Pacific into one worldwide income-focused index. Like its regional siblings, it weights stocks by dividend yield rather than market cap, making it a distinctly income-oriented benchmark.
Key characteristics
- Geographic coverage: Global developed markets (Europe, North America, Asia/Pacific)
- Number of constituents: 100
- Weighting method: Net dividend yield weighted
- Selection criteria: Dividend yield ranking, non-negative DPS growth, payout ratio filter
- Regional composition: Europe 30, North America 40, Asia/Pacific 30
- Review frequency: Annually in March
- Parent universe: STOXX Global 1800
Related terms
Source excerpts (4)
Index, while the iSTOXX Global Select Dividend 100 Futures Roll TR Decrement 5% Index applies 5% annual deduction on the total return version of the STOXX Global Select Dividend 100 Futures Roll Index. Due to the percentage of performance deductions, the iSTOXX Select Dividend Futures Roll TR Decrement indices underperform the co
— Istoxx Index Guide (PDF), p. 133
ocks is still below 30, the highest ranked non- components from the regional ranking are added until the fixed number of index components is reached. STOXX Global Select Dividend 100 The index is a combination of the STOXX Europe Select Dividend 30 Index, the STOXX North America Select Dividend 40 Index and the STOXX Asia/Pacific
— Stoxx Index Guide (PDF), p. 114
ocks is still below 30, the highest ranked non- components from the regional ranking are added until the fixed number of index components is reached. STOXX Global Select Dividend 100 The index is a combination of the STOXX Europe Select Dividend 30 Index, the STOXX North America Select Dividend 40 Index and the STOXX Asia/Pacific
— Stoxx Index Guide (PDF), p. 114
ent income approaches. The STOXX Global Select 100 EUR Index, which blends increasing dividend yields with low stock price volatility, rose 3.0%. The STOXX Global Select Dividend 100 Index, which tracks companies with sizeable dividends but also applies a quality filter such as a history of stable payments, advanced 2.9% in dollar
STOXX ICE Fixed Income Sustainability Indices
▰ 3
The STOXX ICE Fixed Income Sustainability index family, developed in partnership with Intercontinental Exchange (ICE), integrates ISS ESG data into fixed income benchmarks. The indices apply ESG screening, norms-based exclusions, and sustainability scoring to corporate and government bond universes. Variants include EU PAB and CTB-aligned bond indices as well as broad ESG-screened fixed income benchmarks.
Note
These indices extend ESG and sustainability principles into the bond market. While most ESG indices focus on stocks, this family applies similar screening and scoring to bonds — both corporate and government. Partnering with ICE (a major bond data provider) ensures broad, accurate fixed income coverage, and ISS ESG provides the sustainability data layer.
Key characteristics
- Asset class: Fixed income (corporate bonds, government bonds)
- Geographic coverage: Global, European, and US variants
- Data providers: ICE (bond data and pricing), ISS ESG (sustainability data)
- Weighting method: Market-value weighted (outstanding notional)
- ESG integration: Screening, exclusions, and ESG-score tilting
- Regulatory alignment: EU PAB and CTB variants available
- Review frequency: Monthly rebalancing
Related terms
Source excerpts (3)
Find out more about STOXX’s fixed income indices, including our collaboration with Intercontinental Exchange (ICE) to develop the STOXX ICE Fixed Income Sustainability indices. Fixed income index categories Key benefits Transparency and simplicity We provide a clear and easy-to-explain, rules-based framework Liquidity and t
— Fixed Income indices | STOXX
tfolio company risks, and meet evolving regulatory requirements. Here are a few milestones that we achieved along the way: 2025 - Jun: STOXX launches STOXX ICE Fixed Income Sustainability indices - May: STOXX launches 3 DAX composite indices - Jan: STOXX launches ISS STOXX Net Zero Transition indices 2024 - May: STOXX launches STOXX 100 Optima
— History & Milestones | STOXX
launched a suite of optimized fixed income climate indices, combining their expertise in an area of increasing demand for index-based investing. The STOXX ICE Fixed Income Sustainability indices cover the investment-grade segment in US dollars, euros, sterling and other currencies, and high-yield bonds in dollars and euros.
— STOXX and ICE launch fixed income climate indices | Blog posts | STOXX
STOXX Industry Neutral Ax Factor Indices
▰▰ 10
Quote
“The capital asset pricing model has been the backbone of modern portfolio theory.”
— William Sharpe
The STOXX Industry Neutral Ax Factor index family isolates single risk-factor exposures (value, momentum, quality, low risk, size) while neutralising industry tilts. Each index targets maximum exposure to one specific factor by reweighting constituents within each ICB industry group, ensuring that outperformance or underperformance is attributable to the targeted factor rather than sector bets.
Note
Factor investing is about targeting specific characteristics — like buying cheap stocks (value) or stocks with rising prices (momentum). These indices do exactly that, but with an important twist: they keep sector allocations neutral. This means when the value index outperforms, you know it is because of the value factor, not because value stocks happened to cluster in a hot sector.
Key characteristics
- Geographic coverage: Global, European, US, and regional variants
- Number of constituents: Varies by parent index
- Weighting method: Factor-score weighted within industry groups
- Factors available: Value, Momentum, Quality, Low Risk, Size
- Industry neutrality: Achieved by reweighting within ICB industry groups
- Review frequency: Quarterly
- Parent indices: STOXX Europe 600, STOXX USA 500, STOXX Global 1800
Related terms
Source excerpts (4)
The futures will start trading on Apr. 26, Eurex said in a press release. The STOXX Industry Neutral Ax Factor Indices were introduced in February and implement the same methodology of the STOXX® Factor Indices while reducing the active industry constraint from +/- 5%
— Eurex to List Futures on STOXX Industry Neutral Ax Factor Indices | Blog post…
In March 2021, we expanded our equity index segment with new factor-based futures tracking the STOXX Industry Neutral Ax Factor indices and covering the Value, Momentum, Low Risk, Quality and Size factors. As you can see, we work well together.
— 25 years forging better markets: Eurex and STOXX celebrate unique partnership…
They are built using widely accepted and institutionally tested factor definitions and advanced portfolio-construction tools and risk models. STOXX Industry Neutral Ax Factor Indices covering the European and US markets underlie futures on Eurex. This offers investors the trading and hedging benefits of listed derivatives targetin
— Industry Neutral Factor Indices | STOXX
opean and US markets and allow investors to target well-researched and robust factor strategies from Axioma’s Risk Models and optimization tools. The STOXX Industry Neutral Ax Factor Indices are derived from industry-leading regional benchmarks — the STOXX® Europe 600 Index and STOXX® USA 500 Index — and track six factor styles: Value, Mo
— Q&A: What do Eurex’s new futures on STOXX Factor Indices offer? | Blog po…
STOXX Minimum Variance Indices
▰▰▰▰ 174
Quote
“The portfolio with the highest return is not necessarily the most desirable one.”
— Harry Markowitz
The STOXX Minimum Variance index family uses portfolio optimisation techniques to construct indices that target the lowest possible portfolio volatility for a given universe of stocks. The optimisation process considers the variance-covariance matrix of constituent returns and applies constraints on turnover, individual stock weights, and sector/country deviations relative to the parent index.
Note
These indices are built for investors who want stock market exposure with reduced volatility. Instead of weighting stocks by market cap, the index uses mathematical optimisation to find the combination of weights that historically produces the smoothest ride. Constraints prevent the optimiser from producing extreme or impractical portfolios.
Key characteristics
- Geographic coverage: Global, European, US, and regional variants
- Number of constituents: Derived from parent index (e.g., STOXX Europe 600)
- Weighting method: Optimised weights (minimum variance objective)
- Optimisation constraints: Maximum stock weight, sector/country deviation limits, turnover caps
- Review frequency: Quarterly
- Risk objective: Minimise portfolio variance
- Parent indices: STOXX Europe 600, STOXX USA 500, STOXX Global 1800
Related terms
Source excerpts (5)
Consequently, it is unlikely that the market will arbitrage away the strategy of the MVP any time soon. STOXX LIMITED 11 STOXX MINIMUM VARIANCE INDICES 4 Methodology of STOXX Minimum Variance Indices, highlighting the unique approach for the index series As the minimum variance concept has grown in i
— Stoxx Minvar Paper (PDF), p. 11
Based on Modern Portfolio Theory, the STOXX Minimum Variance indices aim to limit volatility using a consistently applied and rules-based methodology.
— Minimum Variance Indices | STOXX
Points Minimum variance strategies had strong relative returns in Europe last month but underperformed when considering US and global portfolios. The STOXX Minimum Variance Indices come in two versions. A constrained version has similar exposure to its market- capitalization-weighted benchmark but with lower risk.
— Monthly Index News June 2021 (PDF), p. 30
That compares with the 1.2% gain for the benchmark STOXX Global 1800. The STOXX Minimum Variance Indices offer investors a low-volatility, low-correlation portfolio for relative protection in market downturns.
— Monthly Index News August 2018 (PDF), p. 6
However, STOXX data show that the minimum variance model also outperforms in most rising markets too. For more on the construction of the STOXX Minimum Variance Indices, you can read our research paper on the topic. The outlook for China Since nearly trebling in value in the year to Jun.
STOXX North America 600
▰▰▰▰ 51
The STOXX North America 600 index tracks 600 companies across the United States and Canada, serving as the North American building block of the STOXX Global 1800. It is subdivided into the STOXX USA 500 (covering the 500 largest US equities) and a Canadian component. The index provides a STOXX-methodology-consistent benchmark for the North American equity market.
Note
This is STOXX’s comprehensive index for North American stocks, covering 600 companies from the US and Canada. It pairs with the STOXX Europe 600 and STOXX Asia/Pacific 600 to form the STOXX Global 1800, ensuring that each of the three main developed-market regions is represented by the same number of constituents.
Key characteristics
- Geographic coverage: United States and Canada
- Number of constituents: 600
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly
- Sub-indices: STOXX USA 500 (US component), Canadian component
- Role: North American component of the STOXX Global 1800
- Base date: 31 December 1991
- Base value: 100
Related terms
Source excerpts (5)
from STOXX Nordic Total Market Index STOXX Asia/Pacific 50, selected from the STOXX Asia/Pacific 600 Index STOXX North America 50, selected from the STOXX North America 600 Index For the EURO STOXX 50 please refer to chapter 9.2. Universe: The index universe is defined as all stocks from regional aggregates as defined in
— Stoxx Index Guide (PDF), p. 100
-offs: Spin-off companies are not added permanently iSTOXX TRANSATLANTIC US 30 9.5.1.4. OVERVIEW Universe: the index is derived from the parent index STOXX North America 600 Weighting scheme: equal-weighted Base value: 1000 Base Date: 20 November 2015 Index types and currencies: Gross Return in EUR, USD Dissemination cale
— Istoxx Index Guide (PDF), p. 89
Index is a combination of the 600 largest stocks measured by free-float market cap of the following regions: Europe, the Americas, Asia/Pacific. The STOXX North America 600 comprises the 600 largest stocks from the STOXX North America TMI. The STOXX Asia/Pacific 600 comprises the 600 largest stocks from the STOXX Asia/Pa
-float market cap of the reconstituted STOXX Europe 600 Index increased from 7.59 trillion euros to 7.62 trillion euros. The STOXX Global 1800 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index are also part of this regular quarterly review. So are the STOXX Europe Total Market Index, STOXX EU Enlarged
— Changes In Composition Of STOXX Benchmark Indices - Jun. 1, 2020 | Press rele…
2, 2020) – Qontigo today announced the new composition of STOXX Benchmarks and their sub and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index. Effective as of the opening of European markets on March 23, 2020, the following stocks will be added to and
— Changes In Composition Of STOXX Benchmark Indices - Mar. 2, 2020 | Press rele…
STOXX Select Dividend Indices
▰▰ 14
Quote
“Do you know the only thing that gives me pleasure? It is to see my dividends coming in.”
— John D. Rockefeller
The STOXX Select Dividend index family identifies high-dividend-yielding stocks from regional and global universes. Selection is based on indicated annual net dividend yield, with filters on dividend growth history (non-negative dividend-per-share growth over a trailing period) and payout ratio (to exclude unsustainable payouts). Indices are weighted by net dividend yield, giving higher weights to stocks with larger yields. The family includes regional variants such as STOXX Europe Select Dividend 30, STOXX North America Select Dividend 40, and STOXX Asia/Pacific Select Dividend 50.
Note
The Select Dividend family is a set of indices for income-seeking investors across different regions. Each index screens for companies that pay generous, growing dividends without stretching their finances too thin. By weighting stocks by dividend yield rather than company size, these indices prioritise the highest-yielding opportunities.
Key characteristics
- Geographic coverage: Regional variants (Europe, North America, Asia/Pacific, Global)
- Number of constituents: Varies by region (30, 40, or 50)
- Weighting method: Net dividend yield weighted
- Selection criteria: Dividend yield ranking, non-negative DPS growth, payout ratio screen
- Review frequency: Annually (March)
- Regional variants: Europe 30, North America 40, Asia/Pacific 50, Global 100
Related terms
Source excerpts (3)
X World AC Net Zero Transition and ISS STOXX Developed World Net Zero Transition Index January 2025(3): Methodology update and rule clarification for STOXX Select Dividend Indices and STOXX ESG-X Select Dividend Indices January 2025(4): Change in STOXX logo, alignment of fonts to STOXX Brandbook STOXX INDEX METHODOLO
— Stoxx Index Guide (PDF), p. 21
X World AC Net Zero Transition and ISS STOXX Developed World Net Zero Transition Index January 2025(3): Methodology update and rule clarification for STOXX Select Dividend Indices and STOXX ESG-X Select Dividend Indices January 2025(4): Change in STOXX logo, alignment of fonts to STOXX Brandbook STOXX INDEX METHODOLO
— Stoxx Index Guide (PDF), p. 21
mEUR) >= 300. Further Screens: The companies are further screened according to the criteria detailed in section 10.1.2, “Component selection,” in the STOXX Select Dividend Indices methodology within the STOXX Index Methodology Guide for further details. Composition List iSTOXX Europe Select Dividend ESG Filtered 30 Coverage: th
STOXX USA 500
▰▰▰▰ 134
The STOXX USA 500 index tracks 500 of the largest US equities by free-float market capitalisation. It is the US component of the STOXX North America 600 index and provides a broad, STOXX-methodology-consistent benchmark for the US market. The index is comparable in scope to other major US large-cap indices but follows STOXX’s own selection and maintenance rules.
Note
The STOXX USA 500 is STOXX’s benchmark for the US stock market, covering the 500 biggest American companies. It serves a similar role to other well-known US large-cap indices but uses STOXX’s standardised methodology, making it directly comparable to the STOXX Europe 600 and other STOXX regional indices.
Key characteristics
- Geographic coverage: United States
- Number of constituents: 500
- Weighting method: Free-float market capitalisation
- Review frequency: Quarterly
- Parent index: STOXX North America 600
- Role: US component of the STOXX Global 1800 framework
Related terms
Source excerpts (5)
In February 2020, sustainable investing will reach a new chapter when Eurex lists futures on the STOXX® USA 500 ESG-X Index. The STOXX USA 500 ESG-X Index is a benchmark for US equities that incorporates basic responsible exclusions and that was designed based on feedback from European asset
— Eurex Launches Futures on STOXX USA 500 ESG-X | Blog posts | STOXX
Here, we focused on the effect on risk and returns of implementing the four ESG-X exclusions on the STOXX USA 500. Data show that the exclusions increased volatility relative to the benchmark, although did so only marginally.
— New Study: Gauging the Effect of ESG Exclusions Through the STOXX USA 500 ESG…
esting in a basket of stocks that meet sustainability standards can cost multiple times more than buying futures on the STOXX Europe 600 ESG-X or the STOXX USA 500 ESG-X indices because of the accumulation of fixed fees and holding costs for every stock purchased.
— Q&A: Swedbank’s Linder on New STOXX USA 500 ESG-X ESG Futures | STOXX
a constituent of the index long enough to allow investors to have benefited from this year’s stock surge — even after the recent pullback. Figure 1 – STOXX USA 500 Index components Tesla represents about three quarters of the Automobile & Parts Supersector’s 1.43% weight in the STOXX USA 500 Index and is one of
— Tesla’s place in a US stock benchmark | Blog posts | STOXX
Data as of March 31st, 2025. The U.S. and Asia-Pacific are represented by STOXX USA 500 and STOXX Asia/Pacific 600 indices. S T E P B Y S T E P How Is the STOXX Europe 600 Constructed? Simplified illustration, not all criteria are shown.
STOXX World Equity Indices
▰▰▰▰ 95
The STOXX World Equity index family provides comprehensive coverage of global equity markets, including both developed and emerging markets. The family includes the STOXX World AC (All Countries) index, which covers approximately 95% of the global free-float market capitalisation, and sub-indices by region, country, size, and sector. It serves as the broadest equity universe in the STOXX family.
Note
This is STOXX’s widest-reaching equity index family, covering stocks from virtually every investable market on the planet — developed and emerging alike. It is the starting point for investors who want a truly global equity benchmark, and it is the universe from which many narrower STOXX indices and thematic strategies are derived.
Key characteristics
- Geographic coverage: Global (developed and emerging markets)
- Number of constituents: Variable (typically 3,000+ for All Countries variant)
- Weighting method: Free-float market capitalisation
- Coverage target: ~95% of global free-float market capitalisation
- Sub-indices: By region, country, size segment, sector, and style
- Review frequency: Quarterly
- Variants: Developed Markets, Emerging Markets, All Countries
Related terms
Source excerpts (5)
3 Newsletter updates We regularly update this newsletter to include additional indices and consider layout modifications to the various sections. The STOXX World Equity indices section has been introduced in this month’s issue, and the STOXX® Europe Luxury 10 index has been added to the Thematic indices section. 1/34 Copyrig
— Monthly Index News April 2023 (PDF), p. 2
STOXX® World Equity Index Series Building blocks for targeted investment solutions The STOXX World Equity indices are market-capitalization weighted indices tracking the performance of large, mid and small cap stocks from developed and emerging markets.
— Stoxx World Equity 2022 12 (PDF), p. 1
Our indices quickly acquired a global footprint, too: the STOXX® Global 1800 Index became a popular benchmark, and in 2022 we introduced the STOXX World Equity indices. This new suite allows investors to slice and dice the world’s equity markets in a modular way, with a consistent methodology and international stand
— STOXX celebrates 25 years of pioneering excellence in ever-changing financial…
dices are a modular suite that allows investors to flexibly build portfolios covering a broad and liquid universe of markets. Introduced in 2022, the STOXX World Equity indices comprise Qontigo’s largest pool of markets and stocks to date. With turnover and market-capitalization filters in the stock selection to ensure they
— Monthly Index News June 2023 (PDF), p. 6
We offer a broad range of global, regional and country indices in different size segments. Our STOXX World Equity indices provide a global comprehensive, modular offering that can serve as building blocks to create sophisticated indices.
T
TecDAX
▰▰▰▰▰ 413
The TecDAX comprises the 30 largest and most liquid technology stocks listed on the Frankfurt Stock Exchange, ranked by order-book volume and free-float market capitalisation. Since September 2018, TecDAX membership is no longer mutually exclusive with the DAX or MDAX, meaning a company can belong to multiple indices simultaneously. Technology classification is based on sector assignment.
Note
The TecDAX is Germany’s answer to a technology-focused index. It tracks the 30 biggest tech companies listed in Frankfurt. Since 2018, companies can be in both the TecDAX and the DAX or MDAX at the same time, so large tech companies like SAP appear in both the DAX and TecDAX.
Key characteristics
- Geographic coverage: Germany
- Number of constituents: 30
- Weighting method: Free-float market capitalisation
- Sector focus: Technology (broadly defined)
- Review frequency: Quarterly (March, June, September, December)
- Dual membership: Allowed with DAX and MDAX since September 2018
- Base date: 30 December 1997
- Base value: 1,000
Related terms
DAX | MDAX | SDAX | index-construction | index-construction
Source excerpts (5)
‘non-tech’ industries) have so far been eligible for inclusion in the MDAX and SDAX. Before the revision, technology companies were eligible for the TecDAX only. Expanding the number of MDAX and SDAX constituents “ensures the indices are representative and continues to safeguard the high level of liquidi
— Change Ahead for the SDAX, MDAX and TecDAX Indices | Blog posts | STOXX
KGaA and STRATEC SE will leave the SDAX, with Nagarro also leaving the HDAX and TecDAX, due to the breach of Basic Criteria defined in chapter 5.4.2 of the DAX Equity Index Methodology Guide (Timely publication of the audited annual fin
— Unscheduled component changes in SDAX, HDAX and TecDAX (May 6, 2025) | Press …
(Zug, 22 January 2024) – STOXX Ltd. has announced unscheduled component changes in the MDAX, SDAX and TecDAX indices. The free float of Telefónica Deutschland Holding AG has dropped below ten per cent and the company will be deleted from the MDAX and TecDAX.
— Unscheduled component changes in MDAX, SDAX and TecDAX | Press releases | STOXX
SE) in the index and the ratio for the spin-off. At the closing of Xetra-trading on 3 October, PENTIXAPHARM HLDG NA O.N. is taken out of the SDAX and TecDAX indices again. SDAX® and TecDAX® are registered trademarks of ISS STOXX Index GmbH. Media Contact Sarah Ball Executive Director, Communications press
— Unscheduled adjustments in SDAX and TecDAX | Press releases | STOXX
This would mean that companies classified as tech could be simultaneously entered in the TecDAX as well as the MDAX or SDAX in the future. Another would be that DAX companies allocated to the tech sectors could also be entered in the TecDAX, reg
— Deutsche Börse extends market consultation on potential rule changes for the …
V
VSTOXX
▰▰▰▰▰ 890
Quote
“Volatility is not risk — what matters is the permanent impairment of capital.”
— Seth Klarman, Margin of Safety (1991)
The VSTOXX index measures the implied volatility of the EURO STOXX 50 index over a 30-day horizon. It is calculated from the prices of EURO STOXX 50 put and call options across multiple strike prices and expiration dates, using a variance swap methodology. The VSTOXX is expressed in annualised percentage points and rises when market uncertainty or fear increases.
Note
The VSTOXX is Europe’s “fear gauge.” When investors are nervous about the future and rush to buy options to protect their portfolios, option prices rise and the VSTOXX goes up. When markets are calm and complacent, the VSTOXX falls. A VSTOXX reading of 20, for example, implies that the market expects the EURO STOXX 50 to fluctuate by roughly 20% over the next year (annualised).
Key characteristics
- Underlying: EURO STOXX 50 options
- Measurement: 30-day implied volatility (annualised)
- Methodology: Variance swap approach across multiple strikes
- Calculation frequency: Real-time during trading hours
- Unit: Annualised percentage points
- Typical range: 10-30 in normal markets; spikes above 40 during crises
- Derivatives: VSTOXX futures and options traded on Eurex
- Analogue: Comparable to the CBOE VIX for S&P 500
Related terms
Source excerpts (5)
- Backwardation may be defined in many ways. In this case, backwardation is defined as comparing spot VSTOXX to the first three monthly VSTOXX futures contracts. As an example, the figure below shows this curve based on closing prices on Apr.
— VSTOXX Backwardation Streaks and Short Volatility Trades | STOXX
STOXX also compiles the VDAX®, which measures volatility in German stocks. VSTOXX and last year’s settlement changes In recent years, STOXX has worked to ensure that VSTOXX is fit for purpose and continues to meet market needs.
— What’s next for VSTOXX? Eurex-hosted panel explores the next evolution in vol…
Although the main VSTOXX 30 days index (STOXX ticker V2TX) is the most popular – and is usually referred to as “the VSTOXX” – eleven other indices are calculated, covering fixed maturities up to 360 days in increments of 30 days. A new STOXX whitepaper from Hamish Seegopa
— VSTOXX 101: Understanding Europe’s volatility benchmark | Blog posts | STOXX
dex’s trading ecosystem. All indices in the VSTOXX family have a settlement level that is calculated on the 30th calendar day preceding the expiry of VSTOXX options on Eurex.[1] A settlement level is calculated as the arithmetic average of all index ticks over a time window of 30 minutes — i.e.
— VSTOXX daily settlement price window expanded to enhance volatility trading |…
Index® (VIX® Index), climbed from 11 to just 15 in the same period, indicating that the source of volatility was mainly a European affair. Figure 2: VSTOXX and VIX behavior in 2017 As of February 10 this year, the VIX was trading higher than the VSTOXX, at 23.9 and 21.8, respectively. Start-of-year wobbl
— VSTOXX futures see increased activity amid market pullback and ahead of Frenc…
Additional Index Families
STOXX Europe 50
▰▰▰▰ 79
The STOXX Europe 50 index comprises 50 blue-chip stocks from 17 European countries, selected from the STOXX Europe 600. It covers the largest companies across the full geographic scope of European developed markets, including non-Eurozone countries such as the United Kingdom and Switzerland.
Note
This is the broader European counterpart to the EURO STOXX 50. While the EURO STOXX 50 is limited to Eurozone countries, the STOXX Europe 50 includes heavyweights from the UK, Switzerland, and Scandinavia, providing a pan-European blue-chip view.
Key characteristics
- Geographic coverage: 17 European developed-market countries
- Number of constituents: 50
- Weighting method: Free-float market capitalisation
- Review frequency: Annually in September; quarterly fast-entry/fast-exit
- Base date: 31 December 1991
- Base value: 1,000
Related terms
Source excerpts (5)
he Boerse Group’s index business, and a global provider of innovative and tradable index concepts, today announced a change in the composition of the STOXX Europe 50 Index. The shares of Linde (IE00BZ12WP82) will be included in the index and will replace the shares of Barclays (GB0031348658).
— Linde Replaces Barclays In The STOXX Europe 50 Index | Press releases | STOXX
today announced the results of the regular annual review of the STOXX Blue-Chip Indices, among them the EURO STOXX 50, STOXX Europe 50, and the STOXX Eastern Europe 50 indices. All changes will be effective with the opening of European markets on September 23, 2024. Media Contact Sar
— London Stock Exchange and Intesa Sanpaolo to be included in the STOXX Europe …
America s 50 apply. Fast entry: The rules of the STOXX Europe 50, STOXX Asia/Pacific 50 and STOXX North America 50 apply. Spin-offs: The rules of the STOXX Europe 50, STOXX Asia/Pacific 50 and STOXX North America 50 apply. STOXX INDEX METHODOLOGY GUIDE 104/639 9.
— Stoxx Index Guide (PDF), p. 103
ICB 30), Basic Materials (ICB 55) and Energy (ICB 60) industry are also deleted from L S E X B A iSTOXX® METHODOLOGY GUIDE 983/1024 134. iSTOXX EUROPE 50 EX FINANCIALS EX BASIC MATERIALS EX ENERGY INDEX this index. If a replacement stock in the parent index is not classified as one of the of the exclud
— Istoxx Index Guide (PDF), p. 983
ange. STOXX Europe STOXX Europe Small 200 600 ESG-X Tracks 200 small-sized The index applies standardized companies in Europe. ESG exclusion screens. STOXX Europe 50 Tracks the 50 largest blue- chip companies in Europe. Source: STOXX. The STOXX Europe 600 is the defining benchmark for European equities. Find Out M
STOXX Europe 600 Sector Indices
▰ 5
The STOXX Europe 600 Sector index family breaks the STOXX Europe 600 into its constituent ICB supersectors and sectors. Each sector index contains all STOXX Europe 600 members classified under a given ICB grouping. The family provides granular views of European equity performance by industry.
Note
These are sub-indices of the STOXX Europe 600, each tracking a specific sector — banks, healthcare, technology, energy, and so on. They allow investors to isolate the performance of individual industries within the broader European market.
Key characteristics
- Geographic coverage: 17 European countries (same as STOXX Europe 600)
- Number of constituents: Variable by sector
- Weighting method: Free-float market capitalisation
- Classification system: ICB (Industry Classification Benchmark)
- Number of sector indices: 20 supersector indices, additional sector and sub-sector breakdowns
- Review frequency: Quarterly (aligned with STOXX Europe 600 reviews)
Related terms
Source excerpts (3)
ONGOING MAINTENANCE Replacements: Replacements are handled similar to STOXX Europe 600 Sector indices, except for replacements of Greece, Czech Republic or Iceland. A combined factor of 1 is applied to all new components that are added between two rev
— Stoxx Index Guide (PDF), p. 130
ONGOING MAINTENANCE Replacements: Replacements are handled similar to STOXX Europe 600 Sector indices, except for replacements of Greece, Czech Republic or Iceland. A combined factor of 1 is applied to all new components that are added between two rev
— Stoxx Index Guide (PDF), p. 130
The STOXX Europe 600 Banks index has the second-lowest price-to-earnings ratio among the 20 STOXX Europe 600 sector indices.[2] The Banks index has the highest dividend yield: its 8.7% payout compares with the average 3.2% for all 20 sector indices.[3] Figure 3 shows the l
— Sector watch: Europe bank stocks lead gains in 2024, have best year since 202…
STOXX ESG-X Indices
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Quote
“Exclusion is the simplest form of responsible investing — remove what you cannot accept, keep the rest.”
— Rodolphe Bocquet, Global Head of Sustainable Investing, Qontigo
The STOXX ESG-X index family applies exclusionary ESG screening to standard STOXX benchmark indices. Companies involved in controversial weapons (cluster munitions, anti-personnel mines, biological and chemical weapons), tobacco production, and those violating the UN Global Compact principles are removed. The “X” in the name denotes “exclusion.”
Note
ESG-X indices are the simplest form of ESG integration: they take a standard STOXX benchmark and remove companies that fail basic ethical screens. There is no fancy ESG scoring or optimisation — just straightforward exclusion of the most controversial business activities. This makes them a low-tracking-error, easy-to-implement ESG option.
Key characteristics
- Geographic coverage: Mirrors parent index (Europe 600, Global 1800, etc.)
- Number of constituents: Parent index minus exclusions (typically 2-5% removed)
- Weighting method: Free-float market capitalisation (same as parent)
- Exclusion criteria: Controversial weapons, tobacco, UN Global Compact violations
- Review frequency: Quarterly (aligned with parent index)
- Tracking error: Very low relative to parent index
Related terms
Source excerpts (5)
- Shaded area: Aug. 2019. Jan. 2004 – Aug. 2019. Source: STOXX Ltd. Source: STOXX Ltd. 2/14 August 2019 ESG-X Indices Key points The STOXX ESG-X Indices performed largely in line with their benchmarks during August. The STOXX® Global 1800 ESG-X Index underperformed marginally, by 10 basis points.
— Monthly Index News August 2019 (PDF), p. 3
STOXX SUSTAINABILITY INDICES STOXX ESG-X SELECT DIVIDEND INDICES 14.9.1. OVERVIEW The STOXX ESG-X Select Dividend indices are derived from the STOXX ESG-X indices and select a fixed number of stocks which represent the highest-yielding stocks relative to their home markets in the respective benchmark index.
— Stoxx Index Guide (PDF), p. 189
December 2025 ESG-X indices Key points The STOXX® Global 1800 ESG-X rose 1% in December. It climbed 19.9% over the year, less than its benchmark. The STOXX ESG-X indices are versions of traditional, market capitalization-weighted benchmarks that observe standard responsible exclusions.
— Monthly Index News December 2025 (PDF), p. 9
For us it was very interesting that the policies of asset owners were directly taken into account in the development of the STOXX ESG-X Indices through a consultation process. This guaranteed that the indices and the derivatives were of easy adoption and ensured vast interest from people in t
— Q&A: Swedbank’s Linder on New STOXX USA 500 ESG-X ESG Futures | STOXX
DAX 50 ESG Index remove companies involved in activities that are undesirable or controversial from a responsible-investing perspective, like do the STOXX ESG-X indices. Additionally, they integrate sustainability parameters into stock selection, meaning they prioritize companies with the highest ESG scores over the
— STOXX Europe 600 ESG-X Futures Reach 1 Million Traded Contracts Milestone | B…
STOXX True Exposure Indices
▰ 1
The STOXX True Exposure index family redefines geographic allocation based on where companies earn their revenues rather than where they are listed. Using revenue-source data, the indices reweight or reclassify companies to reflect their actual economic exposure. A European-listed company generating most of its revenue in emerging markets would be classified accordingly.
Note
Most indices assign a company to a country based on where its headquarters or listing is. True Exposure indices flip this logic: they look at where a company actually makes its money. This matters because many European-listed multinationals generate the bulk of their revenues in the US or Asia, meaning their stock prices behave more like US or Asian equities.
Key characteristics
- Geographic coverage: Global
- Number of constituents: Derived from parent index
- Weighting method: Revenue-source adjusted weights
- Data requirement: Company-level geographic revenue breakdown
- Review frequency: Annually (revenue data refresh)
- Use case: Investors seeking exposure based on economic activity, not listing location
Related terms
Source excerpts (1)
track companies not only by their country of domicile, but also by the country or region of revenue sourcing. Figure 3 shows the performance of four STOXX True Exposure Indices for the UK, where companies are grouped by the ratio of sales derived domestically: at least 25% (exporters), 50%, 75% and 100% (domestic-focused). C
— Unfazed UK Stocks Reach Record Ahead of Brexit | Blog posts | STOXX
STOXX Sustainability Indices
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The STOXX Sustainability index family selects companies from standard STOXX benchmarks based on comprehensive ESG criteria provided by ISS ESG. The selection process combines exclusionary screening (controversial activities and norms violations) with best-in-class ESG performance within each sector, retaining the top-ranked companies. These indices were among the earliest sustainability benchmarks in Europe.
Note
The STOXX Sustainability indices represent a middle ground in ESG indexing — stricter than simple exclusion-only approaches (like ESG-X) but less complex than full optimisation-based methods. They first exclude controversial companies, then rank the rest by ESG performance within each sector and keep the leaders.
Key characteristics
- Geographic coverage: European and global variants
- Number of constituents: Approximately 50% of parent index retained
- Weighting method: Free-float market capitalisation
- Selection methodology: Exclusion screening + best-in-class ESG ranking by sector
- Data provider: ISS ESG
- Review frequency: Annually
- History: Among the earliest European sustainability benchmarks (launched 2001)
Related terms
Source excerpts (3)
STOXX Sustainability indices provide a toolkit to incorporate sustainability objectives and constraints. Key benefits Transparency and simplicity We provide a clear and easy-to-e
— Sustainability indices | STOXX
5 www.stoxx.com/documents/stoxxnet/Documents/Resources/Data_Vendor_Codes/vendor_codes_sheet.csv STOXX INDEX METHODOLOGY GUIDE 164/639 14. STOXX SUSTAINABILITY INDICES Derived indices: The EURO STOXX Sustainability Index is a subset of the STOXX Europe Sustainability Index covering only Eurozone countries. 14.1.3.
— Stoxx Index Guide (PDF), p. 164
5 www.stoxx.com/documents/stoxxnet/Documents/Resources/Data_Vendor_Codes/vendor_codes_sheet.csv STOXX INDEX METHODOLOGY GUIDE 164/639 14. STOXX SUSTAINABILITY INDICES Derived indices: The EURO STOXX Sustainability Index is a subset of the STOXX Europe Sustainability Index covering only Eurozone countries. 14.1.3.
iSTOXX Indices
▰ 5
The iSTOXX index family is a range of customisable and innovative indices designed primarily for use as underlyings for structured products, ETFs, and other financial instruments. The “i” prefix denotes indices that use non-standard or proprietary methodologies, including risk-control mechanisms, leverage overlays, decrement features, and bespoke selection rules.
Note
The iSTOXX brand is where STOXX puts its more specialised, product-oriented indices. If a bank needs a custom index for a structured product — for example, one that caps volatility at a certain level or deducts a fixed annual amount — it will typically be an iSTOXX index. These indices are more exotic than the standard STOXX benchmarks.
Key characteristics
- Geographic coverage: Varies (global, regional, or single-country)
- Number of constituents: Varies by design
- Weighting method: Varies (risk-controlled, leveraged, decrement, custom)
- Use cases: Structured products, risk-controlled strategies, decrement indices
- Features: Volatility targeting, fixed decrement, leverage, custom rules
- Review frequency: Varies by specific index
Related terms
Source excerpts (3)
, L&G has performed extensive research in developing proprietary factor scores across value, quality and momentum that are integrated into customised iSTOXX indices. - The L&G Developed World Momentum Factor Index Fund tracks the iSTOXX L&G Developed World Momentum Index NTR and aims to deliver exposure to compan
— STOXX and L&G collaborate on launch of three L&G developed world fact…
innovate once again with a new index concept that provides a systematic, rules-based and transparent approach.” Analysis of pairs Figures 2 to 4 show iSTOXX indices tracking the spread ratio between securities issued, respectively, by SSAB, Royal Dutch Shell and Carnival.
— Spread Ratio Indices Help Trade Relative Value Between Related Securities | B…
today announced its expanding collaboration with L&G, with L&G’s launch of three developed world factor-based index funds tracking customized iSTOXX indices. Stocks gained for a fifth consecutive month in August amid expectations the Federal Reserve is poised to cut interest rates as early as this month.
STOXX Maximum Dividend 40 Index
▰ 4
The STOXX Maximum Dividend 40 index selects the 40 stocks from the STOXX Global 1800 with the highest expected dividend yields for the upcoming 12-month period. Expected dividends are derived from exchange-traded dividend futures rather than historical dividends, making the index forward-looking. The index is equally weighted.
Note
Unlike most dividend indices that look at what companies have paid in the past, this index uses dividend futures — financial contracts that price what the market expects companies to pay in the future. This forward-looking approach can identify dividend opportunities that backward-looking screens would miss.
Key characteristics
- Geographic coverage: Global developed markets (STOXX Global 1800 universe)
- Number of constituents: 40
- Weighting method: Equal weighted
- Dividend source: Exchange-traded dividend futures (forward-looking)
- Review frequency: Annually
- Unique feature: Uses implied (expected) dividends rather than trailing dividends
Related terms
Source excerpts (4)
The measure climbed 31.3% in 2020. 1 All results are total returns before taxes unless specified. 2 STOXX Maximum Dividend 40 Index is calculated in net returns. 3 This index is measured in euros.
— Stocks Cap Dramatic Year with December Gains | Blog posts | STOXX
d their trend. 1 All results are total returns before taxes unless specified. 2 The European index is in euros, while the other two are in dollars. 3 STOXX Maximum Dividend 40 Index is calculated in net returns. 4 This index is measured in euros.
— Stocks Gain in February; Economic Optimism Offsets Inflation Concerns | Blog …
l results are total returns before taxes unless specified. 2 See WSJ, ‘GameStop Stock, Reddit and Robinhood: What You Need to Know,’ Jan. 29, 2021. 3 STOXX Maximum Dividend 40 Index is calculated in net returns. 4 This index is measured in euros.
— Stocks Start Year on Cautious Note | Blog posts | STOXX
mpact Ex Global Compact Controversial Weapons & Tobacco Index STOXX Thematic Indices 1 All results are total returns before taxes unless specified. 2 STOXX Maximum Dividend 40 Index is calculated in net returns.
— STOXX Global 1800 Index Posts Best Month on Record in November on Vaccine New…
DAX Risk Control Indices
▰ 4
Quote
“Risk comes from not knowing what you are doing.”
— Warren Buffett
The DAX Risk Control index family applies a volatility-targeting mechanism to the DAX. The strategy dynamically shifts allocation between the DAX (the risky asset) and a cash component (the risk-free asset) to target a specified level of realised volatility. Variants target different volatility levels, such as 5%, 10%, 15%, or 20% annualised.
Note
Risk control indices are like an autopilot for managing market turbulence. When the DAX becomes volatile, the index automatically shifts money out of stocks and into cash to dampen swings. When markets calm down, it shifts back into stocks. The result is an index that aims to deliver more predictable volatility over time.
Key characteristics
- Geographic coverage: Germany (DAX as underlying)
- Mechanism: Dynamic allocation between DAX and cash
- Volatility targets: 5%, 10%, 15%, 20% annualised variants
- Rebalancing: Daily or intraday (depending on variant)
- Inputs: Realised volatility of the DAX over lookback period
- Use cases: Structured products, insurance portfolios, risk-managed mandates
Related terms
Source excerpts (2)
8, 2021 − Transition from EONIA to the euro short-term rate (€STR) in the methodology for the Effective following indices: Nov. 8, 2021 − DAX Risk Control indices as the risk-free money market investment – sections 1.13, 2.13 and 3.9 − Leverage and Short indices as the interest term in the calculation formula –
— Dax Equity Index Methodology Guide 5526498614 (PDF), p. 113
) Otherwise, Index Level Determination Date t will not be an Index Rebalancing Day and 𝑤 =𝑤 𝑡 𝑡−1 Where: DAX STRATEGY INDEX GUIDE 26/57 6. DAX RISK CONTROL INDICES 𝑇𝑜𝑙𝑒𝑟𝑎𝑛𝑐𝑒 = 5% 𝑤 = Equity Weight on Index Level Determination Date t / t - 1 𝑡/𝑡−1 𝑇𝑔𝑡𝑤 = Target Weight on Index Level Determination Date t-1 𝑡−1 𝐶𝑎𝑝
STOXX Global ESG Leaders Index
▰▰▰ 44
Quote
“ESG integration is not about sacrificing returns — it is about understanding the full picture of risk.”
— Larry Fink, BlackRock CEO, Annual Letter to CEOs (2020)
The STOXX Global ESG Leaders index selects companies from the STOXX Global 1800 that demonstrate leadership in environmental, social, and governance performance. Companies are assessed across ESG pillars and ranked within their sectors; those in the top quartile of each pillar are eligible for inclusion. The index targets approximately 300-400 constituents.
Note
This index identifies global ESG leaders by evaluating companies across three separate pillars — environment, social, and governance — rather than relying on a single blended ESG score. A company must rank well in at least one pillar to be included, and the sector-relative approach prevents any single industry from dominating.
Key characteristics
- Geographic coverage: Global developed markets (STOXX Global 1800 universe)
- Number of constituents: ~300-400
- Weighting method: Free-float market capitalisation
- Selection methodology: Top-quartile ESG ranking within each sector across E, S, and G pillars
- Data provider: ISS ESG
- Review frequency: Annually
- Sub-indices: Environmental Leaders, Social Leaders, Governance Leaders
Related terms
Source excerpts (5)
The ratings form the basis to calculate an overall ranking for each stock and finally for entry into the specialized ESG indices and the overarching STOXX Global ESG Leaders Index. The latter comprises all components eligible for at least one of the specialized indices and is weighted by stocks’ sustainability scores. In a pre-
— New STOXX Global ESG Leaders index constituents announced | Blog posts | STOXX
ilities, Basic Materials and Real Estate. Exhibit 1 – Country allocation (right) and industry allocation (left) “The 2020 annual index review for the STOXX Global ESG Leaders Index has resulted in a slightly improved average ESG score for the index, with allocations to countries and sectors witnessing only marginal changes,” wri
— STOXX Global ESG Leaders Index: Methodology and Composition | Blog posts | STOXX
The combination of all components in the specialized indices form the basis of the overall STOXX Global ESG Leaders Index. After the review, the main index now comprises 410 constituents. A total of 81 stocks have been added, while 66 companies are no longer part of the
— Qontigo announces new composition of STOXX Global ESG Leaders Index | Press r…
Screening (GSS) assessment,1 and those involved with controversial weapons, are excluded.2 For more on the methodology, please click here. Table 1 – STOXX Global ESG Leaders Index members per country following latest review While the US now accounts for a 14% weight of the Global ESG Leaders, it makes up 65% in the benchmark ST
— New STOXX Global ESG Leaders Announced | Blog posts | STOXX
f company: the closing prices of the Thursday before the second Friday of it(cid:3116) the review month are used. STOXX Global ESG Leaders Index: The STOXX Global ESG Leaders index components are weighted according to the weighted sum of their specialized index weights. The index weight of company i is determined by .
Last updated: 2026-03-28