Deutsche Börse Adjusts Composition of DivDAX

Bayer to replace Commerzbank in dividend index/ Changes are effective as of 23 March 2009

On Tuesday, Deutsche Börse announced changes to its dividend index DivDAX®. Bayer will replace the share of Commerzbank. The change is based on the fast-exit rule. According to this criterion, companies will be excluded from DivDAX once they have announced that they will not pay dividends in the ongoing year.

Changes in DivDAX will take effect 23 March , along with the changes announced by Deutsche Börse on 4 March concerning the indices DAX®, MDAX®, SDAX® and TecDAX®.


The dividend index DivDAX comprises the 15 DAX® companies with the highest dividend yields. The latter is calculated by dividing the dividend paid by the last price of the share on the trading day previous to the payout. The composition of DivDAX is regularly determined annually in September. The index provides investors with an objective and transparent benchmark for the price development of companies with high dividend yields.

DAX®, MDAX®, SDAX®, TecDAX® and DivDAX® are registered trademarks of Deutsche Börse AG.