Sentiment FAQ

• Why does Deutsche Börse AG take mood index surveys?
• How are the sentiment indicators calculated?
• Who participates in the survey?
• Why are private investors surveyed for the TecDAX sentiment indicator and not for the DAX?
• Where do the participating private investors come from?
• How many investors participate regularly in the survey?

Deutsche Börse actually pursues two objectives in taking mood index surveys. On the one hand, the sentiment indicators contribute to expanding the information base. On the other hand, it ensures that aspects of market psychology are taken into account in Deutsche Börse's index portfolio.

The ratio of optimists to pessimists is compared and these figures in turn are weighted against the neutral votes. In addition, a certain level of basic optimism is adjusted for, since it is assumed that at any given point in time, a” sediment" of equity ownership exists in the market I.e. long term investments.

Around 150 institutional investors take part in the survey for the Dax Sentiment Index, including fund managers, asset managers and floor traders. Some 300 investors are also surveyed for the TecDAX sentiment indicator, split amongst roughly 150 institutional and 150 private investors. Active investment in technology stocks is a key criterion for selecting participants.

This procedure was chosen under the assumption that the investment activity of private investors does not influence the market for blue chips to the same extent as the securities in the technology branches.

The private investors who participate in the survey are exclusively heavy traders whose names and addresses were provided to Deutsche Börse AG by online brokers.

In order to ensure that the data is informative, the responses of at least 80 percent of the participating institutional investors should be included in each and every survey.