GER30 in 30 seconds
GER30 is the CFD ticker for the DAX, the benchmark for Germany's 40 largest listed companies (still called GER30 from the pre-September-2021 era when it tracked 30 names). Unlike SPX500, UK100, or US30, the DAX is a total return index: net dividends paid by constituents are reinvested into the index value rather than tracked separately. That single design choice means GER30 compounds upward over the long run faster than a comparable price-only benchmark, and CFD pricing reflects it.
What GER30 Tracks
GER30 follows the DAX, Deutsche Boerse's flagship equity index. It measures the 40 largest companies listed on the Frankfurt Stock Exchange, ranked by free-float market capitalisation and order-book turnover. The constituent list is rules-based: companies are included or removed by quarterly review using objective size and liquidity thresholds, not by committee vote like the Dow.
Until 3 September 2021 the DAX tracked exactly 30 companies, and the legacy '30' label survives in nearly every retail broker's symbol naming, including GER30. On that date Deutsche Boerse added 10 more constituents to broaden sector exposure beyond autos, banks, and chemicals. Airbus, Siemens Healthineers, Symrise, Sartorius, Porsche Holding, Zalando, Brenntag, Puma, HelloFresh, and Qiagen joined in the first wave; subsequent reviews have rotated several of those out.
The DAX is dominated by industrial exporters and software. SAP, Siemens, Allianz, Deutsche Telekom, Infineon, Mercedes-Benz, BMW, Volkswagen, Bayer, and BASF are the recurring large weights. Roughly 80% of constituent revenue is generated outside Germany, which makes GER30 a leveraged play on global trade and China demand rather than a pure read on the domestic German economy.
Key point: The DAX is the only widely-traded major index calculated as a total return index. SPX500, UK100, FRA40, NAS100, and US30 are all price indices that subtract dividends out as they are paid. The DAX adds them back in. Over a decade that gap compounds into a 30 to 40% difference between the price-only DAX Kursindex (DAXK) and the headline DAX you see quoted everywhere.
Top GER30 Constituents
Weights below are representative of recent quarterly reviews. The DAX is free-float market-cap weighted with a 10% cap per name, so weights shift as share prices move and as the quarterly review reshuffles. Always verify current weights via Deutsche Boerse's STOXX index data before sizing a position.
| Ticker | Company | Sector |
|---|---|---|
| SAP | SAP SE | Software |
| SIEGN | Siemens AG | Industrial Conglomerate |
| ALVG | Allianz SE | Insurance |
| DTEGN | Deutsche Telekom | Telecommunications |
| IFXGN | Infineon Technologies | Semiconductors |
| MSFG | Munich Re | Reinsurance |
| BMWG | BMW AG | Automotive |
| BAYNG | Bayer AG | Pharmaceuticals |
| BASPD | BASF SE | Chemicals |
| VOWG-P | Volkswagen Pref | Automotive |
SAP has consistently been the top weight since the 2021 expansion, often pressing against the 10% single-stock cap. Below the top 10, names like Mercedes-Benz, Deutsche Boerse, Adidas, Henkel, Porsche AG, Airbus, and Deutsche Bank rotate through depending on share-price moves and free-float adjustments.
Sector breakdown
Industrials, software, and autos together account for roughly 45 to 50% of GER30. Financials (insurers and banks) add another 15 to 20%. Chemicals and pharmaceuticals (BASF, Bayer, Merck KGaA, Symrise) sit around 10 to 12%. Consumer and retail names are the smallest cluster. That mix is why GER30 reacts to ECB rate decisions, China PMIs, and global auto-cycle data more than to German consumer confidence.
How GER30 Is Calculated
GER30 is a free-float market-cap weighted total return index. Each constituent's weight is its free-float shares multiplied by its share price, divided by the sum of all 40 constituents' free-float market caps. A 10% single-stock cap is applied at each quarterly review so no single company can dominate the index.
The total return part is where GER30 diverges from every other major you can trade. When a DAX constituent pays a dividend, the dividend amount net of German withholding tax is reinvested into the index at the ex-dividend price. The result is that the index level you see quoted (the Performance Index, the default DAX) includes both share-price gains and reinvested dividends. The price-only version (DAXK, the Kursindex) exists in parallel but is rarely quoted and is not what GER30 CFDs track.
For a CFD trader this has two concrete consequences. First, on ex-dividend days the index does not drop by the dividend amount the way SPX500 or UK100 does; the dividend is added back in the same calculation step. That means swap and dividend adjustments on GER30 CFD positions work differently from other index CFDs and are typically smaller in absolute terms. Second, over multi-year horizons GER30 has structurally outperformed price-only benchmarks like the Euro Stoxx 50 even when the underlying companies have not, purely because the methodology compounds dividends back into the price.
Why this matters: The DAX has averaged a dividend yield in the 2.5 to 3.5% range since the late 1990s. Compounded back into the index over 10 years, that adds roughly 30 to 40% to the headline DAX level versus the price-only DAXK. Cross-index comparisons that quote the DAX against the S&P 500 or FTSE 100 without adjusting for this are not comparing like with like.
Quarterly Reviews and the DAX 30 to DAX 40 Transition
The DAX has been rules-based since launch in 1988. The selection criteria are size (free-float market cap rank) and liquidity (order-book turnover on Xetra). Reviews happen every quarter in March, June, September, and December, with the cut-off based on data through the last trading day of February, May, August, and November respectively. Changes take effect at the open on the third Friday of the review month.
The September 2021 expansion from 30 to 40 constituents was the most significant methodology change in the index's history. Deutsche Boerse introduced the change in part because the 30-name DAX had become heavily concentrated in autos, banks, and chemicals after years without sector rotation. Adding 10 more names brought in healthcare (Siemens Healthineers, Sartorius, Qiagen), aerospace (Airbus), consumer tech (Zalando, HelloFresh), and ingredients (Symrise, Brenntag), reducing the weight of any single sector.
On review days, additions and deletions are announced after the cash close. The named stocks then rally or fall sharply over the following two sessions as passive index funds and ETFs rebalance. GER30 itself can gap on the open of the effective date because the new weight calculation kicks in for the first time. If you carry a position over a review weekend, expect a wider opening range and check Deutsche Boerse's index news section for the changeset.
Trading Sessions and Hours
The DAX is calculated from continuous trading on Xetra, Deutsche Boerse's electronic trading venue. GER30 CFD pricing follows Xetra during the German cash session and uses DAX futures (FDAX on Eurex) outside cash hours.
For a CFD trader that means two distinct liquidity regimes: tight, deep pricing during Xetra hours, and slightly wider pricing tracking futures the rest of the trading week. Position around the Xetra open and close if execution quality matters.
Xetra cash session (regular hours)
9:00 AM to 5:30 PM Frankfurt time (3:00 AM to 11:30 AM ET in summer, 4:00 AM to 12:30 PM ET in winter). This is when the underlying DAX components trade on Xetra and the index updates from live prints. Spreads on GER30 CFDs are tightest here. The morning Xetra auction at 9:00 AM and the closing auction at 5:30 PM Frankfurt are the two most concentrated bursts of activity.
European CFD hours (futures-driven)
Outside the Xetra cash session, GER30 CFD pricing follows the FDAX futures contract on Eurex, which trades roughly 1:10 AM to 10:00 PM Frankfurt time. Spreads widen by 50 to 100% versus the cash session. Avoid market orders during the first 30 minutes of futures-only pricing.
US session overlap
From 9:30 AM to 11:30 AM ET (the first two hours of the US cash session) GER30 is still inside Xetra hours, which produces strong cross-Atlantic flow. SPX500 and US30 reactions to US economic data (CPI at 8:30 AM ET, ISM at 10:00 AM ET) often spill into GER30 in real time.
Asian overnight
GER30 CFD pricing is live during the Asian session via FDAX futures. Liquidity is thin and spreads can widen sharply on China data releases (Caixin PMI typically at 9:45 PM ET). Most reaction to overnight Asian news shows up at the Xetra open the next morning rather than during the futures session itself.
GER30 typically prints 0.7 to 1.5% daily ranges in normal conditions. ECB decision days (8 times per year, 2:15 PM Frankfurt time), German Ifo Business Climate releases (around 10:00 AM Frankfurt time), and major China trade-data prints can produce 2 to 3% same-session moves.
What Drives GER30 Price
GER30 reacts to a concentrated set of catalysts tied to European monetary policy, China demand, and the European auto cycle. Roughly 80% of DAX constituent revenue is earned outside Germany, so global macro often matters more than domestic data.
European Central Bank policy
ECB Deposit Facility Rate decisions, the quarterly Monetary Policy Statement, and Lagarde press conferences move GER30 sharply. A 25 basis point surprise versus consensus typically produces a 1 to 1.5% same-day move. Forward guidance changes on bond purchase pace or the inflation trajectory drive similar reactions even without a rate change.
China demand and trade data
China is the single largest export market for German autos, chemicals, and machinery. Caixin Manufacturing PMI, Chinese passenger-vehicle sales, and any US-China or EU-China tariff news move GER30 the same morning. Mercedes-Benz, BMW, Volkswagen, BASF, and Siemens are the names that lead these moves.
Auto industry cycles
BMW, Mercedes-Benz, Porsche AG, Porsche Holding, and Volkswagen Pref together represent roughly 8 to 12% of GER30. EU EV mandate news, China NEV subsidy changes, US tariff announcements on European cars, and individual production guidance from any of the big three routinely produce 1 to 2% index moves on the same day.
German and Eurozone economic data
ZEW Economic Sentiment (second Tuesday each month at 11:00 AM Frankfurt), Ifo Business Climate (around the 25th at 10:00 AM Frankfurt), German manufacturing PMI flash and final prints, and Eurozone CPI all move GER30 on release. ZEW and Ifo are the two highest-impact German prints; a 5 point miss versus consensus on either typically produces a 0.5 to 1% move.
Natural gas prices and energy headlines
Germany's industrial base is the most natural-gas-exposed of any major economy. Dutch TTF gas futures, Nord Stream news, EU energy storage levels, and any winter supply disruption move GER30 inversely. The 2022 energy crisis demonstrated that a 50% TTF spike could produce a 5 to 8% multi-day GER30 drawdown even with no other catalyst.
Euro strength versus the dollar
GER30 generally moves inversely to EUR/USD. A stronger euro reduces the translated value of constituents' US and Chinese revenue when reported in euros, compressing earnings estimates. A 2% EUR/USD rally typically pulls GER30 down 0.5 to 1% on the same session, and the relationship has become tighter since the 2021 expansion added more globally-exposed names.
GER30 vs Other Major European Indices
GER30 is one of four flagship European indices LHFX offers. They differ in country exposure, number of constituents, and (critically) return calculation methodology.
| Index | Country | Constituents | Return type |
|---|---|---|---|
| GER30 | Germany | 40 | Total return (dividends reinvested) |
| EUSTX50 | Eurozone (8 countries) | 50 | Price (dividends excluded) |
| FRA40 | France | 40 | Price (dividends excluded) |
| UK100 | United Kingdom | 100 | Price (dividends excluded) |
GER30 is the methodology outlier. The other three European indices on LHFX (EUSTX50, FRA40, UK100) all calculate as price indices, which means dividend payments are subtracted from the index level on each ex-dividend day. GER30 reinvests them. Over the long run that produces a structural performance gap unrelated to underlying business performance.
For sector exposure, FRA40 is the luxury and consumer-goods play (LVMH, Hermes, Kering, L'Oreal), UK100 leans into energy and miners (Shell, BP, Glencore, Rio Tinto), EUSTX50 is the broadest Eurozone benchmark including ASML's semiconductor weight, and GER30 is industrials, software, and autos with China as the dominant external factor.
Trading GER30 at LHFX
At LHFX you trade GER30 as a CFD on MetaTrader 5 with STP/ECN execution. The contract follows the DAX (total return) Performance Index, so dividend reinvestment is baked into the price you trade. Specs below.
Up to 1:200. Given GER30's sensitivity to ECB decisions, China data, and energy headlines, most experienced traders use effective leverage in the 1:10 to 1:20 range so that a 2% same-session move costs no more than 2 to 4% of account.
$3 per side, $6 round turn per 1.0 lot. Spreads typical during Xetra hours.
MetaTrader 5. Add GER30 to Market Watch from the symbol list under Indices.
STP/ECN routing on MT5. No dealing desk, no requotes during normal liquidity. Standard slippage applies on news releases and outside Xetra hours.
Sunday 5:00 PM ET through Friday 5:00 PM ET, with a brief daily maintenance break. Tightest spreads 3:00 AM to 11:30 AM ET (Xetra cash session).
Typically tightest during the Xetra cash session and widens by 50 to 100% during futures-only hours and around major economic releases.
A worked sizing example
With the DAX at 18,500 and a $1,000 account, opening 0.05 lots on GER30 requires roughly $46 in margin at 1:200 (verify in MT5 before sending the order). A 2% adverse move equals 370 index points, which on a 0.05 lot costs $185, or 18.5% of account. Scale down to 0.02 lots to keep the same scenario inside 8% of account.
For the live GER30 instrument page, current spreads and fees, and detail on leverage rules, see the linked pages.
Key Risks for GER30 Traders
GER30 carries a different risk profile from US-centric indices. Three factors do most of the damage when they move against a position.
Trade-tension shocks
GER30 is more exposed to global trade headlines than any other major index LHFX offers, because 80% of constituent revenue comes from outside Germany. A single tariff announcement from Washington or Beijing can produce a 2 to 3% intraday move with no advance warning, and gap risk on the Monday open after a weekend headline is real.
Energy and natural gas exposure
Germany's industrial base is the most natural-gas-dependent of any major economy. A sustained 30 to 50% rise in Dutch TTF gas futures has historically dragged GER30 down 5 to 8% over a few weeks even without other catalysts. Carry-positions through European winter months with this in mind.
Quarterly review gap risk
Index reviews in March, June, September, and December can produce gap-opens on the third Friday of the review month as passive funds rebalance. Single-stock additions and deletions are announced after the prior cash close, so any position carried over the review weekend faces wider-than-normal opening spreads and potential 1 to 2% gaps.
Leverage on a volatile index
1:200 maximum leverage means a 0.5% adverse move equals 100% of margin posted on a maximum-leveraged position. Given GER30 routinely prints 1 to 1.5% daily ranges and 2 to 3% on ECB or China-data days, effective leverage above 1:30 leaves very little room before stop-outs trigger.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.