EURO STOXX 50

The EURO STOXX 50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group. As of August 2020, the index is dominated by France (representing 36.4% of all total assets) and Germany (35.2%).[2]

EURO STOXX 50 Index

Foundation	26 February 1998
Operator	STOXX
Constituents	50
Type	Mega cap
Market cap	€1.962 trillion (March 2016)[1]
Weighting method	Free-float market capitalization
Related indices	STOXX Europe 50
Website	stoxx.com

According to STOXX, its goal is "to provide a blue-chip representation of Supersector leaders in the Eurozone". It is made up of fifty of the largest and most liquid stocks. The index futures and options on the EURO STOXX 50, traded on Eurex, are among the most liquid products in Europe and the world.

The EURO STOXX 50 was introduced on 26 February 1998. Its composition is reviewed annually in September. The index is available in several currency (EUR, USD, CAD, GBP, JPY) and return (Price, Net Return, Gross Return) variant combinations. Calculation takes place every 15 seconds between 09:00 CET and 18:00 CET for the EUR and USD variants of any return type, while the CAD, GBP and JPY variants are available as end-of-day calculation only (18:00 CET).

The EURO STOXX 50 Index is derived from the 19 EURO STOXX regional Supersector indices and represents the largest super-sector leaders in the Eurozone in terms of free-float market capitalization. The index captures about 60% of the free-float market capitalization of the EURO STOXX Total Market Index (TMI), which in turn covers about 95% of the free-float market capitalization of the represented countries.

The EURO STOXX 50 serves as the basis for single sub-indices such as the EURO STOXX 50 ex Financials, which excludes all companies assigned to the ICB code 8000. It is one of the most liquid indices for the Eurozone: an ideal underlying for financial products or for benchmarking purposes. Additionally, the index serves as an underlying for many strategy indices, such as the EURO STOXX 50 Risk Control Indices. Buffers are used to achieve the fixed number of components and to maintain stability of the indices by reducing index composition changes. Selection methodology ensures a stable and up-to-date index composition. Fast-entry and fast-exit rules ensure the index accurately represents the performance of only the biggest and most liquid stocks.

Development

Performance of the Euro Stoxx 50 stock market index since 1998
(end-of-year points)[3]

The following table shows the end-of-year values of the Euro Stoxx 50 index since 1986.[4]

A record closing high of 5,464.43 was recorded on 6 March 2000.

Year	Year end value	Change, in points	Change, in %
1986	900.82
1987	648.13	−252.69	−28.05
1988	861.36	213.23	32.90
1989	1098.49	237.13	27.53
1990	858.72	−239.77	−21.83
1991	1000.00	141.28	16.45
1992	1033.51	33.51	3.35
1993	1433.34	399.83	38.69
1994	1320.59	−112.75	−7.87
1995	1506.82	186.23	14.10
1996	1850.32	343.50	22.80
1997	2531.99	681.67	36.84
1998	3342.32	810.33	32.00
1999	4904.46	1562.14	46.74
2000	4772.39	−132.07	−2.69
2001	3806.13	−966.26	−20.25
2002	2386.41	−1419.72	−37.30
2003	2760.66	374.25	15.68
2004	2951.24	190.58	6.90
2005	3578.93	627.69	21.27
2006	4119.94	541.01	15.12
2007	4399.72	279.78	6.79
2008	2451.48	−1948.24	−44.28
2009	2966.24	514.76	21.00
2010	2792.82	−173.42	−5.85
2011	2316.55	−476.27	−17.05
2012	2635.93	319.38	13.79
2013	3109.00	473.07	17.95
2014	3146.43	37.43	1.20
2015	3267.52	121.09	3.85
2016	3290.52	23.00	0.7
2017	3503.96	213.44	6.47
2018	3001.42	−502.54	−14.34
2019	3745.15	743.73	24.78
2020	3571.59	−176.88	−4.72

Calculation

The calculation of the indices employ the Laspeyres formula, which measures price changes against a fixed base quantity weight:[5]

${\displaystyle Index_{t}={\frac {\displaystyle \sum _{i=1}^{n}(p_{it}\cdot s_{it}\cdot ff_{it}\cdot cf_{it}\cdot x_{it})}{D_{t}}}={\frac {M_{t}}{D_{t}}}}$

where:

t = Time the index is computed

n = Number of companies in the index

p_it = Price of company (i) at time (t)

s_it = Number of shares of company (i) at time (t)

ff_it = Free float factor of company (i) at time (t)

cf_it = Weighting cap factor of company (i) at time (t)

x_it = Exchange rate from local currency into index currency for company (i) at time (t)

M_t = Free-float market capitalization of the index at time (t)

D_t = Divisor of the index at time (t)

Changes in weights due to corporate actions are distributed proportionally across all index components. The index divisors, which is adjusted to maintain the continuity of the values of the index across changes due to corporate actions, are calculated as follows:

${\displaystyle D_{t+1}=D_{t}\cdot {\frac {\displaystyle \sum _{i=1}^{n}(p_{it}\cdot s_{it}\cdot ff_{it}\cdot cf_{it}\cdot x_{it})\pm \Delta MC_{t+1}}{\displaystyle \sum _{i=1}^{n}(p_{it}\cdot s_{it}\cdot ff_{it}\cdot cf_{it}\cdot x_{it})}}}$

where ΔMC_t+1 = The difference between the closing market capitalization of the index and the adjusted closing market capitalization of the index: for companies with corporate actions effective at time (t+1), the free-float market capitalization is calculated with adjusted closing prices, the new number of shares at time (t+1) and the free-float factor at time (t+1) minus the free-float market capitalization calculated with closing prices, number of shares at time (t) and free-float factor at time (t).

Composition

As of May 2018, Euro Stoxx 50 consists of the following companies:[6]

Ticker	Main listing	Name	Corporate form	Registered office	Industry	Founded
ADS.DE	FWB: ADS	Adidas	Aktiengesellschaft	Germany	Sportwear	1924
AD.AS	Euronext: AD	Ahold Delhaize	Naamloze vennootschap	Netherlands	Retail	2016 (1867)
AI.PA	Euronext: AI	Air Liquide	Société Anonyme	France	Chemistry	1902
AIR.PA	Euronext: AIR	Airbus	Societas Europaea	Netherlands	Aerospace	1970
ALV.DE	FWB: ALV	Allianz	Societas Europaea	Germany	Insurance	1890
ABI.BR	Euronext: ABI	Anheuser-Busch InBev	Société Anonyme/ Naamloze vennootschap	Belgium	Food and beverage	2008 (1366/1888/1852/1895)
ASML.AS	Euronext: ASML	ASML Holding	Naamloze vennootschap	Netherlands	Technology	1984
AMS.MC	BMAD: AMS	Amadeus IT Group	Sociedad Anónima	Spain	Technology	1987
CS.PA	Euronext: CS	AXA	Société Anonyme	France	Insurance	1816
BBVA.MC	BMAD: BBVA	Banco Bilbao Vizcaya Argentaria	Sociedad Anónima	Spain	Banking	1857
SAN.MC	BMAD: SAN	Banco Santander	Sociedad Anónima	Spain	Banking	1857
BAS.DE	FWB: BAS	BASF	Societas Europaea	Germany	Chemistry	1865
BAYN.DE	FWB: BAYN	Bayer	Aktiengesellschaft	Germany	Chemistry	1863
BMW.DE	FWB: BMW	BMW	Aktiengesellschaft	Germany	Automotive industry	1916
BNP.PA	Euronext: BNP	BNP Paribas	Société Anonyme	France	Banking	2002 (1848/1872)
CRG.IR	ISEQ: CRG	CRH	Public Limited Company	Ireland	Construction and materials	1970 (1936)
SGO.PA	Euronext: SGO	Compagnie de Saint-Gobain	Société Anonyme	France	Construction and materials	1665
DAI.DE	FWB: DAI	Daimler AG	Aktiengesellschaft	Germany	Automotive industry	2007 (1926)
DPW.DE	FWB: DPW	Deutsche Post	Aktiengesellschaft	Germany	Logistics	1995
DTE.DE	FWB: DTE	Deutsche Telekom	Aktiengesellschaft	Germany	Telecommunication	1995
ENEL.MI	BIT: ENEL	Enel	Società per azioni	Italy	Electric utility	1962
ENGI.PA	Euronext: ENGI	Engie	Société Anonyme	France	Electric utility	2008
ENI.MI	BIT: ENI	Eni	Società per azioni	Italy	Petroleum	1953
EOAN.DE	FWB: EOAN	E.ON	Societas Europaea	Germany	Electric utility	2000
EL.PA	Euronext: EI	EssilorLuxottica	Société Anonyme	France	Optical industry	1849
FRE.DE	FWB: FRE	Fresenius SE	Societas Europaea	Germany	Health care equipment	1912
BN.PA	Euronext: BN	Groupe Danone	Société Anonyme	France	Food and beverage	1919
IBE.MC	BMAD: IBE	Iberdrola	Sociedad Anónima	Spain	Electric utility	1992 (1907/1944)
ITX.MC	BMAD: ITX	Inditex	Sociedad Anónima	Spain	Clothing	1985
INGA.AS	Euronext: INGA	ING Group	Naamloze vennootschap	Netherlands	Banking	1991
ISP.MI	BIT: ISP	Intesa Sanpaolo	Società per azioni	Italy	Banking	2007 (1563)
LIN.DE	FWB: IE00BZ12WP82	Linde plc	Public limited company	Ireland	Chemicals	1879
OR.PA	Euronext: OR	L'Oréal	Société Anonyme	France	Personal and household goods	1909
MC.PA	Euronext: MC	LVMH Moët Hennessy Louis Vuitton	Societas Europaea	France	Personal and household goods	1987 (1743 / 1765 / 1854)
MUV2.DE	FWB: MUV2	Munich Re	Aktiengesellschaft	Germany	Insurance	1880
NOKIA.HE	Nasdaq Helsinki: NOKIA	Nokia	Julkinen osakeyhtiö	Finland	Technology	1865
ORA.PA	Euronext: ORA	Orange S.A.	Société Anonyme	France	Telecommunication	1988
PHIA.AS	Euronext: PHIA	Philips	Naamloze vennootschap	Netherlands	Health care equipment	1891
SAF.PA	Euronext: SAF	Safran	Société Anonyme	France	Aerospace	2005
SAN.PA	Euronext: SAN	Sanofi	Société Anonyme	France	Pharmaceutical industry	2004 (1834/1899/1973)
SAP.DE	FWB: SAP	SAP SE	Societas Europaea	Germany	Technology	1972
SU.PA	Euronext: SU	Schneider Electric	Societas Europaea	France	Goods and Services	1836
SIE.DE	FWB: SIE	Siemens	Aktiengesellschaft	Germany	Goods and Services	1847
GLE.PA	Euronext: GLE	Société Générale SA	Société Anonyme	France	Banking	1864
TEF.MC	BMAD: TEF	Telefónica	Sociedad Anónima	Spain	Telecommunication	1924
FP.PA	Euronext: FP	TOTAL SE	Societas Europaea	France	Petroleum	1924
URW.AS	Euronext: UL	Unibail-Rodamco	Societas Europaea	France	Real estate	2018 (1960)
UNA.AS	Euronext: UNA	Unilever	Naamloze vennootschap	Netherlands	Food and beverage	1930 (1867/1885)
DG.PA	Euronext: DG	Vinci SA	Société Anonyme	France	Construction and materials	1899
VIV.PA	Euronext: VIV	Vivendi	Société Anonyme	France	Media	1853
VOW.DE	FWB: VOW	Volkswagen Group	Aktiengesellschaft	Germany	Automotive industry	1937

Stocks per country

The following table shows the number of stocks (companies) per country:

Rank	Country	Stocks
1	France	18
2	Germany	14
3	Spain	6
4	Netherlands	6
5	Italy	3
6	Ireland	2
7	Belgium	1
8	Finland	1
	Total	50

See also

• STOXX Europe 50 (a similar index not limited to the Eurozone)
• S&P Europe 350

References

1. "EURO STOXX 50 website". STOXX. Retrieved 26 March 2016.
2. EURO STOXX 50, August 31, 2020
3. http://www.boerse.de/historische-kurse/Euro-Stoxx-50/EU0009658145
4. "Euro Stoxx 50 Historie | Kurshistorie | Schlusskurse". boerse.de.
5. http://www.stoxx.com/download/indices/rulebooks/stoxx_calculation_guide.pdf
6. "STOXX Digital | EURO STOXX 50®". www.stoxx.com.

External links

• EURO STOXX 50 page
• EURO STOXX 50 Fact sheet
• STOXX Index Methodology Guide
• Bloomberg page for SX5E:IND
• Yahoo! Finance page for ^STOXX50E
• Euro Stoxx 50 | Index | 965814 | EU0009658145 | Börse Frankfurt (Frankfurt Stock Exchange)