Share Class and Benchmark performance displayed in EUR, hedged fund benchmark performance is displayed in EUR. Resulting adjustments to the indices are announced quarterly in March, June, September and December; however, the indices with their new composition are not calculated until the rebalancing dates around two weeks after announcement of adjustments. For a company to be included in a ranking list: DAX is subject to a regular annual review in September; there is an additional regular review of the MDAX, SDAX and the TecDAX in March and September.
Tax is however withheld on the investor level at year-end for reinvesting fund. Review the MSCI methodology behind the Sustainability Characteristics, using links below. Source: Blackrock. MSCI has established an information barrier between equity index research and certain Information. March 2016: Deutsche Börse Group response to ESMA Discussion Paper on Benchmark Regulation, Frankfurt Stock Exchange (under public law), Overall assessment by the Executive Board, Green and Sustainable Finance Cluster Germany, Recovery and Resolution Regulation for CCPs, Order book turnover on Xetra and the Frankfurt trading floor (in the preceding twelve months), Free float market capitalisation on a specific date (last trading day of a month) - this figure is calculated using the volume-weighted average price (VWAP) of the last 20 trading days, shares must have a minimum free float of ten percent, it must have its legal headquarters or operating headquarters in Germany, must have a minimum period since first listing: at least 30 trading days, foreign companies may be admitted to the DAX if they have their legal headquarters in the European Union or in an EFTA state and a focus of trading volume on XETRA. The Deutsche Börse Weighting Files, accessed on 29.12.2017 were used regarding index composition, market capitalization and ownership concentration (“Free Float Factor”). The composition of the indices is reviewed quarterly. The shares of Wirecard AG will be included in the DAX index, and will replace the shares of Commerzbank AG, which will move to MDAX. The SDAX, meanwhile, is composed of the 50 next biggest companies that follow on from those in the MDAX index. The new composition not only involves adding new companies to the index but also updating relevant key figures in the indices on a quarterly basis and limiting the weighting to a maximum of ten percent to prevent heavyweights from dominating.
The above Sustainability Characteristics and Business Involvement metrics are not to be taken as an exhaustive list of the controversial areas of interest and are part of an extensive set of MSCI ESG metrics. To be included in MSCI ESG Fund Ratings, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. These so-called small caps rank directly below the MDAX shares in terms of order book volume and market capitalization. DAX is usually considered a performance index. The information displayed above may not include all of the screens that apply to the relevant index or the relevant Fund.
Amounts shown under “Distributions” refer to the deemed distributed (or accumulated) income that constitutes the tax basis. All financial investments involve an element of risk. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF.
It lays out the new rules in detail. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited. For more information regarding a fund's investment strategy, please see the fund's prospectus. 15 companies will be newly included in MDAX, five will be deleted. These may arise, for example due to companies that no longer have the necessary size (free float market capitalization) or liquidity (order book volume), for example due to large changes in the free float or large drops in price. Upcoming DAX indices composition review dates: All selection indices are calculated as price indices (tracking pure price performance), performance indices (fully reinvesting all dividends) and net return indices (reinvesting the net dividend).
Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments. The shadow indices that have been calculated for information purposes since mid-June will be discontinued as of 21 September, close of trading. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. The screening applied by MSCI may include revenue thresholds set by MSCI.
All data is from MSCI ESG Fund Ratings as of 01/Oct/2020, based on holdings as of 31/Jul/2020. Learn more. September 2018 wird MDAX unter Anwendung einer neuen Indexmethodologie berechnet. The price of the investments may go up or down and the investor may not get back the amount invested. Business Involvement exposures shown above for Thermal Coal and Oil Sands are calculated and reported for issuers within the fund that generate more than 5% of revenue from thermal coal mining or oil sands extraction, as defined by MSCI ESG Research. All indices are also subject to a quarterly basis based on the “Fast Entry” and “Fast Exit” rules, with higher inclusion and exclusion hurdles than for the regular reviews. The business unit Market Data + Services is part of the devision Post-Trading, Data & Index of Deutsche Börse and encompasses the Group’s extensive market data offering and external technology and connectivity services. This analysis can provide insight into the effective management and long-term financial prospects of a fund. This scheduled review of the selection indices of Deutsche Börse marks the first application of the new rules, which were announced on 18 May following a market consultation. The separation of the Tech and Classic segments was eliminated in this context. The figures shown relate to past performance. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The metrics are based on MSCI Fund Ratings and, unless otherwise stated in Fund documentation and included within a Fund’s investment objective, ESG integration does not change a Fund’s investment objective or constrain the Investment Manager’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a Fund. We recommend you seek independent professional advice prior to investing.In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. The shadow indices that have been calculated for information purposes since mid-June will be discontinued as of 21 September, close of trading. DAX®, MDAX®, SDAX® and TecDAX® are registered trademarks of Deutsche Börse AG.
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