Best DAX 40 ETFs: Cheapest Tracker Funds + Alternatives

The DAX — Deutscher Aktienindex — has been calculated by Deutsche Börse Group since July 1, 1988, starting from a base value of 1,000 on its base date of 30 December 1987. It was expanded from 30 to 40 constituents in the third quarter of 2021, following a decision prompted by the Wirecard scandal. The index is administered by STOXX Ltd. and tracks the 40 largest companies on the Frankfurt Stock Exchange’s Xetra segment, representing around 80 percent of Germany’s listed market capitalisation.

Unlike most major country indices, the DAX’s most commonly quoted version is a performance index — meaning it accounts for reinvested dividends, reflecting total return rather than price changes alone. Constituents are weighted by free-float market capitalisation, with a single-stock cap of 15%.

The DAX 40 index members span several sectors:

• Technology: SAP SE
• Industrials: Siemens AG, Airbus SE, Rheinmetall AG
• Financials: Allianz SE, Munich Re, Deutsche Bank AG
• Automotive: Mercedes-Benz, BMW, Volkswagen
• Telecoms: Deutsche Telekom AG

There are currently 11 UCITS ETFs tracking the DAX, with total expense ratios ranging from 0.08% to 0.16% per year. For US-based exposure, the Global X DAX Germany ETF (ticker: DAX) is the only US-listed fund tracking this index. Among UCITS options, both accumulating and distributing share classes are available, and physical replication is the dominant method. You can also explore the full list of largest listed companies in Germany or browse European ETFs across all sectors.

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The table below lists all available DAX 40 tracker ETFs with their fees, replication methods, dividend policies, and share class details.