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iShares Core DAX® UCITS ETF (DE)Index, costs, backtest, listings and taxation

ISIN: DE0005933931Ticker: DAXEXIssuer: iShares
Issuer-declared data
Declared index
DAX (Performance index) NET (EUR)
TER
0.16%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
8.7 bn EUR
NAV
214.06 EUR (1 September 2026)
Domicile
Germany
Inception date
27 December 2000
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares Core DAX® UCITS ETF (DE) tracks the issuer-declared index: DAX (Performance index) NET (EUR). The declared annual cost (TER) is 0.16%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is full physical replication (declared as “Replica” by the issuer); income is accumulated and reinvested in the fund. The fund has assets of about 8.7 billion euro, was launched on 27 December 2000 and is domiciled in Germany. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

The fund’s objective — in the issuer’s words

The Unit Class iShares Core DAX® UCITS ETF (DE) EUR (Acc) (the “Unit Class”) is a unit class of the iShares Core DAX® UCITS ETF (DE) (the “Fund”) which is a passively managed exchange traded fund (ETF) that aims to track the performance of the Core DAX® (Performance Index) as closely as possible. In this regard, it aims to replicate the benchmark (Index). The Index measures the performance of the 40 most traded and by free float market capitalisation largest German stocks listed on the Prime Standard segment of the Frankfurt Stock Exchange. The components are weighted by free float market capitalisation with a cap of 10%. Free float market capitalisation is the market value of a company's readily available outstanding shares. The index composition is reviewed annually and rebalanced quarterly, along with extraordinary reviews as needed. The Fund mostly invests in equities in order to achieve the investment objective. The proportion of assets in the Fund which matches the weighting of the Index (duplication percentage) is at least 95% of the Fund's assets. It is not the Investment Manager’s intention to leverage the Fund. However, the Fund may generate minimal amounts of leverage from time to time, for example, if using financial derivative instruments (FDIs) for efficient portfolio management purposes. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of the investment. The relationship between the return on the investment, how it is impacted and the period for which you hold the investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is State Street Bank International GmbH. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the Fund. These documents are available free of charge in German, English and certain other languages. These can be found, along with other (practical) information, including prices of units, by emailing info@iShares.de or from www.ishares.com or by calling +49 (0) 89 42729 5858. This Unit Class is accumulating. Income from the Unit Class’ investments will be included in the value of the units rather than being paid out as a dividend. The Unit Class is denominated in Euro. The units are listed on one or more Stock Exchange(s). Investors can buy or sell their units daily during business hours through an intermediary on such Stock Exchange(s). The value of the units is related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the units trade on the secondary market may deviate from the value of the units. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:This Fund is intended for retail investors with basic knowledge and experience, with the ability to bear losses up to the amount invested in the Fund. This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.16%: below the median of equity ETFs we track (0.22%).
  • Assets larger than 96% of equity ETFs we track.
  • Average tracking difference over the last 3 years: +0.15% p.a., against a declared TER of 0.16%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Dec 2000 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+240.2%
Annualised
+4.9%
Volatility (ann.)
22.0%
Max drawdown
-67.49%
-66%+15%+96%+177%+258%Dec 2000May 2007Oct 2013Apr 2020Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+240%Dec 2000Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-20%-40%-60%-80%2000200420082012201620202024−67.49% · 12 Mar 2003
Max drawdown
-67.49%
peak → trough
Trough
12 Mar 2003
from the 25 Jan 2001 peak
Recovery time
1,483 days
recovery only: trough to break-even · ≈ 4 years and 1 month
Underwater
2,259 days
decline + recovery: peak to break-even · ≈ 6 years and 2 months · → recovered on 03 Apr 2007

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
25 Jan 200112 Mar 2003-67.49%03 Apr 20072,259
16 Jul 200706 Mar 2009-55.19%16 Sept 20132,254
19 Feb 202018 Mar 2020-38.78%06 Jan 2021322
10 Apr 201511 Feb 2016-29.79%05 May 2017756
05 Jan 202229 Sept 2022-26.77%28 Jul 2023569

Calendar-year returns

2016
5.9%
2017
11.8%
2018
-19.0%
2019
24.8%
2020
3.0%
2021
15.2%
2022
-12.9%
2023
19.5%
2024
18.2%
2025
22.4%
2026
5.7%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.23.0-10.37.03.1-0.52.52.4-1.05.7
20259.13.7-1.71.56.4-0.40.6-0.7-0.10.3-0.52.722.4
20240.94.54.6-3.12.9-1.41.52.12.2-1.32.91.418.2
20238.61.51.71.8-2.03.11.8-3.1-3.5-3.89.53.319.5
2022-2.6-6.6-0.3-2.31.7-11.15.5-4.8-5.69.48.6-3.4-12.9
2021-2.12.68.80.71.70.70.11.9-3.62.8-3.85.215.2
2020-2.0-8.5-16.49.26.56.10.05.1-1.5-9.515.03.23.0
20195.83.00.17.0-5.35.7-1.7-2.14.13.52.90.124.8
20181.7-5.8-2.74.11.1-3.74.1-3.5-1.0-6.5-1.7-6.2-19.0
20170.52.64.01.00.9-2.3-1.7-0.56.43.1-1.6-0.811.8
2016-8.8-3.14.90.71.4-5.76.82.5-0.71.5-0.27.95.9
20159.16.64.9-4.3-1.0-4.13.3-9.3-5.812.34.9-5.68.7
2014-2.64.1-1.40.52.9-1.1-4.30.70.0-1.67.0-1.81.9
20132.1-0.50.71.54.6-4.74.0-2.16.15.14.11.524.3
20129.56.11.3-2.7-8.42.45.52.93.50.62.02.827.5
20112.32.7-3.26.7-3.61.1-3.0-19.2-4.911.6-0.9-3.2-15.4
2010-5.9-0.29.9-0.3-3.40.03.0-3.65.16.01.33.415.1
2009-9.8-11.46.316.72.4-2.710.92.53.8-4.63.95.922.2
2008-15.1-1.5-3.26.31.4-9.60.9-0.9-9.2-14.5-6.43.0-40.9
20072.9-1.13.07.15.81.6-5.30.72.92.0-1.92.521.4
20064.92.13.00.7-5.5-0.2-0.03.12.54.40.64.521.5
2005-0.12.40.0-3.65.63.26.5-1.74.5-2.55.84.126.2
20042.4-0.6-3.72.5-2.24.0-4.8-1.72.31.84.22.56.4
2003-6.3-5.6-5.222.1-0.810.06.80.7-7.312.22.26.235.8
2002-1.1-1.57.5-8.7-3.2-10.2-12.1-4.7-24.114.86.8-14.5-44.5
20014.9-7.3-5.56.2-2.5-1.6-3.3-11.1-17.37.58.23.7-19.9
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 8 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.15% /anno
Declared TER
0.16%
YearFundIndexDifference
2025+22.38%+22.30%+0.09%
2024+18.17%+18.01%+0.16%
2023+19.54%+19.35%+0.19%
2022-12.88%-13.11%+0.22%
2021+15.25%+15.18%+0.07%
2020+2.96%+2.83%+0.13%
2019+24.79%+24.60%+0.19%
2018-18.70%-18.81%+0.11%
2017+12.34%+12.51%-0.17%
2016+6.75%+6.87%-0.11%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)15.75%15.28%17.11%18.11%21.97%
Max drawdown-12.34%-16.02%-26.77%-38.78%-67.49%
Sharpe0.470.930.500.480.23
Sortino0.681.340.710.670.33
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
40
44 total lines: 4 cash & derivatives
Top-10 weight
64.9%

Top 10 holdings

SIEMENS N AG · SIE
11.69%
SAP · SAP
10.77%
ALLIANZ · ALV
9.57%
AIRBUS · AIR
6.47%
SIEMENS ENERGY N AG · ENR
6.45%
DEUTSCHE TELEKOM N AG · DTE
5.48%
INFINEON TECHNOLOGIES AG · IFX
4.10%
DEUTSCHE BANK AG · DBK
3.69%
MUENCHENER RUECKVERSICHERUNGS-GESE · MUV2
3.67%
DEUTSCHE BOERSE AG · DB1
2.99%

Sectors

Industrials
34.2%
Financials
21.8%
Information Technology
14.9%
Health Care
6.4%
Consumer Discretionary
6.2%
Communication
5.8%
Materials
4.5%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 93.5%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 6.5%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Germany93.5%
France6.5%
European Union0.1%
⬇ Download the full portfolio — Excel, 44 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Share classes of the same fund

This page covers ISIN DE0005933931. The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
class not declared · this pageDE0005933931DAXEXAccumulatingEUR
class not declaredDE000A2QP331EXICDistributingEUR
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

ETFs declaring the same index

FundTERIncomeFund size
EXIC · iSharesnot on Borsa Italiana
0.16%Dist.74 mln EUR
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

DE0005933931
  • BG Saxozero within the savings plan (buys)
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)DAXEX3 Nov 2008
Börse Düsseldorf—30 Jan 2001
Börse Frankfurt—23 May 2011
Börse Hamburg—23 Dec 2002
Börse Hannover—9 Dec 2022
Börse München / gettex—2 May 2003
Börse Stuttgart—3 Jan 2001
Euronext AmsterdamEXS13 Sept 2021
Tradegate Exchange—4 Jan 2010
Xetra (Deutsche Börse)DAXEX3 Jan 2001
+ 28 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares Core DAX® UCITS ETF (DE) track?
The issuer iShares declares the benchmark: DAX (Performance index) NET (EUR).
How much does DAXEX cost?
The issuer-declared TER is 0.16% per year; the transaction costs estimated in the KID are 0.01%.
What is the fund size of DAXEX?
The fund size declared by iShares is about 8.7 billion euro.
When was DAXEX launched?
The fund was launched on 27 December 2000: it has 25 years of history.
How does DAXEX replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (full replication) (issuer wording: “Replica”).
Does DAXEX pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does DAXEX trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (DAXEX), Euronext Amsterdam (EXS1), Xetra (Deutsche Börse) (DAXEX).
What was DAXEX's worst fall?
Over the available history (since 2000), the maximum drawdown was -67.49%, reached in March 2003. Past performance is not indicative of future results.
What is DAXEX's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.15% per year versus its index (from issuer-declared series).
How many securities does DAXEX hold?
The declared portfolio holds 40 securities (plus 4 cash & derivative lines); the top 10 positions weigh 64.9%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.