The DAX (abbreviation for German Share Index) is the most important share index in Germany and measures the performance of the 30 largest stock corporations in Germany. The German benchmark index is one of the most popular underlyings, particularly among private traders and private investors in Germany. The DAX Futureswhich are traded on Eurex, are suitable for speculative purposes and for hedging equity portfolios. In addition to the regular contract size, Eurex has also been offering smaller contracts (mini DAX futures) with a value of one-fifth of the large contract since 2015.
Contract specifications
| Designation | German Share Index DAX Futures |
| Abbreviation | FDAX/DAX |
| Contract size | EUR 25 x DAX Index |
| Price quote | Index points |
| Tick size | 0.5 Index points |
| Tick value | 12.50 EUR |
| Daily price limit | None |
| Stock Exchange | Eurex |
| Trading hours (DE) | 02:15 - 22:05 |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) for the next 3 quarters |
What is the Dax Future?
The DAX Future (also known as FDAX) is a futures contract on the German stock index DAX. The futures expire on the third Friday in March, June, September and December. The maturity months of the next three expiration dates are traded. The contract value of a DAX future is 25 euros per point.
The price is formed by supply and demand. The future is normally quoted somewhat higher than the spot index. The premium is greater for expiration dates further in the future.
Contract size
To calculate the equivalent value moved with a DAX future, the DAX score must be multiplied by EUR 25. With a score of 13,000, the equivalent value is therefore EUR 325,000. A movement of the future by 100 points thus causes an account movement of EUR 2500.
Since only a fraction of the countervalue has to be deposited as collateral in futures trading due to the margin system, the DAX Future can also be traded with significantly smaller accounts; however, the contract is still too large for many private traders, which is why Eurex has been offering a significantly smaller contract with the DAX Mini Futures for several years.
Mini DAX future
Since October 2015, Eurex has also been offering mini-DAX futures with a point value of EUR 5 in addition to the regular DAX futures. A fluctuation of e.g. 100 points thus causes a profit or loss of EUR 500 instead of EUR 2500. The mini futures are especially aimed at private traders with smaller accounts.
DAX options
While for American share indices such as the S&P 500 or the Nasdaq 100 Options While options can be traded on both the index and the index futures, no options are available for the DAX future. However, options can be traded on the DAX index with a multiplier of five euros.