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Sustainable products and services

Sustainable products and services

The trading floor of the Frankfurt Stock Exchange. The Group’s range of sustainable products helps investors to follow an investment strategy that includes sustainability criteria.

Deutsche Börse Group’s products and services offer investors, issuers and other market participants a marketplace as well as the infrastructure and the needed support to execute financial transactions or offer financial instruments. A comprehensive product portfolio in the area of sustainable investments has also emerged over the past few years. Deutsche Börse offers in particular a wide range of sustainability indices that investors can use as the basis for sustainable investment. STOXX, Deutsche Börse Group’s index arm, has been a signatory of the UN Principles of Responsible Investment (PRI) since 2012.

You can find a comprehensive description of Deutsche Börse’s sustainable index products in the sustainability portal.

STOXX ESG-X, STOXX ESG and DAX ESG Benchmark indices

Asset owners are steadily stepping up their fiduciary role and are implementing environmental, social and governance (ESG) investment strategies. STOXX is addressing this demand by offering two approaches for ESG-compliant versions of STOXX and DAX flagship benchmarks that meet the standard responsible criteria of leading investors:


The STOXX ESG-X indices are ESG-screened versions of flagship STOXX global, regional, country, size and blue-chip benchmarks. They incorporate standard norm- and product-based exclusions as defined by Sustainalytics, that aim to limit market and reputational risks while keeping a low tracking error and a similar risk-return profile to the respective benchmark.

Companies are removed when Sustainalytics considers they meet at least one of the following criteria:

  • Non-compliance with the Sustainalytics Global Standards Screening

  • Involvement in controversial weapons

  • Tobacco production

  • At least 25 per cent of their revenue comes from thermal coal extraction or exploration

  • At least 25 per cent of power output generation utilises thermal coal

Fast-exit rule: a company is excluded from the index if Sustainalytics increases the ESG Controversy Rating to “Category 5” and the company becomes non-compliant based on the Sustainalytics Global Standards Screening assessment.

Visit Qontigo’s website for a complete overview of all STOXX ESG-X indices. 


The EURO STOXX 50® ESG index is the sustainability version of the key eurozone benchmark that combines exclusionary screens (as described above) and ESG integration criteria.

The EURO STOXX 50 ESG index excludes 10 per cent of the companies from the benchmark with the lowest ESG score. Each excluded company is replaced by the largest non-controversial company with a higher ESG score from the same ICB supersector.

The result is a more comprehensive ESG-integrated strategy with a risk-return profile close to that of the benchmark index.


The DAX® 50 ESG is the new standard in German ESG investing. The index excludes from the HDAX® universe those stocks that fail to pass, according to Sustainalytics, at least one of the following filters:

  • Global Standard Screenings (if non-compliant)
  • Involvement in controversial weapons (if yes)
  • Military contracting (5 per cent revenue threshold)
  • Nuclear power (5 per cent revenue threshold)
  • Thermal coal (5 per cent revenue threshold)
  • Tobacco production (0 per cent revenue threshold)

The index then selects the 50 securities that rank highest in the quantitative criteria of free float market capitalisation, order book volume and ESG score. 

Selected components are weighted by free-float market capitalisation, subject to a 7 per cent component cap.

The HDAX universe comprises the joint set of companies included in DAX®, MDAX® and TecDAX®.

Both concepts (ESG-X and ESG) are suitable as underlying for mandates, passive funds, exchange-traded funds (ETFs), structured products and listed derivatives, with the ambition to increase liquidity and lower the cost of trading.

STOXX ESG Leaders indices

The STOXX® Global ESG Leaders Indices are based on research conducted on the criteria of social and environmental compatibility and corporate governance. Each category – environmental, social and governance (ESG) – has its own index in order to afford maximum transparency. Blue-chip indices are also offered for North America, Asia/Pacific, Europe and the euro zone.

STOXX Global ESG Impact indices

The STOXX® ESG Impact indices offers a broad market exposure that is tilted towards companies that score better with respect to a small set of environmental, social and governance KPIs. Companies are selected and weighted by the following KPIs: CDP emission/energy reduction target, percentage of women on the board, percentage of independent directors, policy against child labour, and golden parachute agreement. In addition coal miners, violators of United Nations Global Compact principles, and companies involved with controversial weapons are excluded. KPI standardisation by industry and country capping reduce unwanted systematic active exposures.

STOXX Climate Benchmark indices

The STOXX® Climate Benchmark indices are designed to facilitate the shift towards a low-carbon economy and align investments with the Paris Climate Agreement.

The indices are constructed to follow and exceed the EU Climate Benchmarks requirements and encourage climate stewardship as well as corporate engagement to meet carbon reduction goals.

  • STOXX Paris-Aligned Benchmark indices (PABs): These indices incorporate stringent carbon emission limitations in stock selection, in line with the global warming target of the Paris Climate Agreement. They aim for 60 per cent greenhouse gas (GHG) intensity reduction.
  • STOXX Climate Transition Benchmark indices (CTBs): These indices allow for more sectorial diversification and help investors adopt a portfolio decarbonisation trajectory. They aim for 40 per cent greenhouse gas (GHG) intensity reduction.

STOXX CTB and PAB climate and underlying indices

STOXX Climate indices

The STOXX® Global Climate Impact Ex Global Compact and Controversial Weapons and STOXX® Global Climate Impact Ex Global Compact Controversial Weapons & Tobacco indices select those companies that are considered leaders in the fight against climate change. These companies qualify based on particular actions that mark them as leaders or provide evidence that they understand their climate impact and take measures to manage it.

The STOXX Climate Awareness Ex Global Compact Controversial Weapons and STOXX Climate Awareness Ex Global Compact Controversial Weapons & Tobacco indices additionally include companies that have looked at implications of climate change for and on their business and display a high contextual knowledge of environmental issues.

STOXX Low Carbon indices

The STOXX® Low Carbon indices are designed to enable investors to decarbonise their portfolios, i.e. limit the exposure of their portfolios to climate-related risks, such as stricter regulations and physical damage, while participating in the low-carbon economic growth. To cater to different approaches, STOXX developed fully tailored solutions based on broad index universes, with six sub-families offering varying degrees of carbon exposure.

The comprehensive STOXX Low Carbon index family is derived from STOXX’s broad and liquid STOXX® Global 1800 Index and its regional subsets (STOXX® Europe 600, STOXX® Asia/Pacific 600, STOXX® North America 600). These fully transparent and rules-based solutions include:

  • STOXX® Low Carbon indices
  • STOXX® Reported Low Carbon indices
  • STOXX® Industry Leader Low Carbon indices
  • STOXX® Low Carbon Footprint indices
  • STOXX® Global Climate Change Leaders index

STOXX Sustainability indices

The STOXX® Sustainability index families provide access to companies that are leaders in terms of ESG criteria. Indices are available for Europe (STOXX® Europe Sustainability) and the eurozone (EURO STOXX® Sustainability). Components are selected from the STOXX® Europe 600 indices according to their respective sustainability rating.

Eurex Exchange

In February 2019, Eurex opened a new chapter in sustainable investment with the launch of an environmental, social and government (ESG) segment based on the EURO STOXX 50® Low Carbon index, the STOXX® Europe Climate Impact Ex Global Compact, Controversial Weapons & Tobacco index and the STOXX® Europe 600 ESG-X index.

Eurex ESG derivatives on three STOXX® indices:

European Energy Exchange

European Energy Exchange (EEX) offers a broad range of energy and environmental products, thereby contributing to an efficient transition to a low-carbon and sustainable energy supply. EEX runs a regulated, transparent marketplace for emissions trading certificates, enabling market participants to meet their obligations regarding the reduction of greenhouse gas emissions. With increasing flexibility and new products, EEX markets are opening up a growing market share for renewable energy in electricity trading. Among them are the new derivatives allowing market participants to hedge against increasing price peaks and weather risks.


Additional Information


Group ESG-Strategy