View source for AEX index

{{short description|Dutch stock market index}}
{{Use dmy dates|date=November 2024}}
{{Infobox Index
|name         = AEX index
|logo         =
|image        = AEX index.png
|caption      = AEX index performance between 1982 and 2012
|foundation   = 1983
|operator     = [[Euronext]]
|exchanges    = [[Amsterdam Stock Exchange|Euronext Amsterdam]]
|constituents = up to 25
|cap_level    = Large cap
|mcap         = €850,8 billion <small>(Begin March 2021)</small><ref>This is the actual total free-float market cap of the AEX constituents. Because the index uses a [[basket (finance)|basket]] model which does not include the total number of shares, the market cap of the index ''per se'' is significantly less than this. {{cite web| url= https://live.euronext.com/sites/default/files/documentation/index-factsheets/AEX_20210331.pdf| title= AEX-Index factsheet March 2021| access-date= 20 April 2021| publisher= [[NYSE Euronext]]}}</ref>
|weighting = [[Capitalization-weighted index|Capitalization-weighted]]
|related = [[AMX index]], [[AScX index]]
|homepage = {{URL|https://www.aex.nl/}}
}}
The '''AEX index''', derived from '''Amsterdam Exchange index''', is a [[stock market index]] composed of [[Netherlands|Dutch]] [[List of companies of the Netherlands|companies]] that trade on [[Amsterdam Stock Exchange|Euronext Amsterdam]], formerly known as the ''Amsterdam Stock Exchange''. Started in 1983, the index is composed of a maximum of 25 of the most frequently traded [[Security (finance)|securities]] on the exchange. It is one of the main national indices of the stock exchange group [[Euronext]] alongside [[Euronext Brussels]]' [[BEL20]], [[Euronext Dublin]]'s [[ISEQ 20]], [[Euronext Lisbon]]'s [[PSI-20]], the [[Oslo Bors]] [[OBX Index]], and [[Euronext Paris]]'s [[CAC 40]].

==History==
The AEX started from a base level of 100 index points on 3 January 1983 (a corresponding value of 45.378 is used for historic comparisons due to the adoption of the [[Euro]]).<ref>{{cite web
 |url=https://www.globalfinancialdata.com/index_tabs.php3?action=detailedinfo&id=3172&tab=metadata 
 |title=Amsterdam AEX Stock Index 
 |publisher=Global Financial Data 
 |access-date=2007-12-02 
}}{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The index's peak to date was set on 26 October 2021 816.91<ref>
{{cite news
 |url         = http://www.nisnews.nl/public/030107_2.htm
 |title       = AEX Index Breaks Through Magic 500 Threshold
 |publisher   = NIS News
 |date        = 3 January 2007
 |access-date  = 2007-12-02
 |archive-url  = https://web.archive.org/web/20071228171356/http://www.nisnews.nl/public/030107_2.htm
 |archive-date = 28 December 2007
 |url-status     = dead
}}</ref> After the dot-com bubble in 1999, the index value more than halved over the following three years before recovering in line with most global financial markets.{{fact|date=November 2024}}

The AEX index dealt with its second largest one-day loss on March 12, 2020, when the index closed down almost 11% during the [[COVID-19 pandemic|coronavirus pandemic]].<ref>{{cite web | url=https://fd.nl/beurs/1337803/weer-dieprode-koersen-op-de-aandelenbeurzen | title=Wall Street beleeft grootste verlies sinds 1987, Klaas Knot sluit recessie niet uit | work=[[Het Financieele Dagblad]] | lang=nl | date=12 March 2020}}</ref>
The AEX index enjoyed its third largest one-day loss on September 29, 2008, when the index closed down almost 9%. The decade between 1998 and 2008 was bad for the AEX index, as it was the worst performing stock index except for the [[OMX Iceland 15]].<ref>"[http://www.amsterdamtrader.com/2009/01/in-the-long-run-were-all-dead-2.html In the long run, we're all dead]", Amsterdamtrader, January 7, 2009.</ref> The preceding years were a lot better compared to the rest of the world.{{fact|date=November 2024}}

== Annual returns ==
The following table shows the annual development of the AEX index since 1983.<ref>{{cite web|url=https://stooq.com/q/d/?s=^aex|title=Historical data: AEX Index - Netherlands (^AEX) |website=Stooq |url-status=live |archive-url=https://archive.today/20130203092820/http://stooq.com/q/d/?s=%5Eaex |archive-date= 3 February 2013 }}</ref><ref>{{Cite web|url=https://finance.yahoo.com/quote/%5EAEX/history/|title=AEX-INDEX (^AEX) Historical Data |website=Yahoo Finance |language=en-US|access-date=2020-01-23}}</ref>
{| class="wikitable sortable" style="text-align:right;"
!Year
!Closing level
!Change in index<br />in points
!Change in index<br />in %
|-
| 1983 || 73.21 ||  || 
|-
| 1984 || 85.75 || 12.54 || 17.13
|-
| 1985 || 121.50 || 35.75 || 41.69
|-
| 1986 || 114.69 || −6.81 ||style="color:red"| −5.60
|-
| 1987 || 77.87 || −36.82 ||style="color:red"| −32.10
|-
| 1988 || 117.68 || 39.81 || 51.12
|-
| 1989 || 136.59 || 18.91 || 16.07
|-
| 1990 || 104.01 || −32.58 ||style="color:red"| −23.85
|-
| 1991 || 125.72 || 21.71 || 20.87
|-
| 1992 || 129.71 || 3.99 || 3.17
|-
| 1993 || 187.99 || 58.28 || 44.93
|-
| 1994 || 188.08 || 0.09 || 0.05
|-
| 1995 || 220.24 || 32.16 || 17.10
|-
| 1996 || 294.16 || 73.92 || 33.56
|-
| 1997 || 414.61 || 120.45 || 40.95
|-
| 1998 || 538.46 || 123.85 || 29.87
|-
| 1999 || 671.41 || 132.96 || 24.69
|-
| 2000 || 637.60 || −33.81 ||style="color:red"| −5.04
|-
| 2001 || 506.78 || −130.82 ||style="color:red"| −20.52
|-
| 2002 || 322.73 || −184.05 ||style="color:red"| −36.32
|-
| 2003 || 337.65 || 14.92 || 4.62
|-
| 2004 || 348.08 || 10.43 || 3.09
|-
| 2005 || 436.78 || 88.70 || 25.48
|-
| 2006 || 495.34 || 58.56 || 13.41
|-
| 2007 || 515.77 || 20.43 || 4.12
|-
| 2008 || 245.94 || −269.83 ||style="color:red"| −52.32
|-
| 2009 || 335.33 || 89.39 || 36.35
|-
| 2010 || 354.57 || 19.24 || 5.74
|-
| 2011 || 312.47 || −42.10 ||style="color:red"| −11.87
|-
| 2012 || 342.71 || 30.24 || 9.68
|-
| 2013 || 401.79 || 59.08 || 17.24
|-
| 2014 || 424.47 || 22.68 || 5.64
|-
| 2015 || 441.82 || 17.35 || 4.09
|-
| 2016 || 483.17 || 41.35 || 9.36
|-
| 2017 || 544.58 || 61.41 || 12.71
|-
| 2018 || 487.88 || −56.70 ||style="color:red"| −10.41
|-
| 2019 || 604.58 || 116.70 || |23.92
|-
| 2020 || 624.61 || 20.03 || 3.31
|-
| 2021 || 797.93 || 173.32 || 27.75
|-
| 2022 || 689.01 || -108.92 ||style="color:red"| -13.65
|-
| 2023 || 786.82 || 97.81 || 14.20
|-
| 2024 || 878.63 || 91.81 || 11.67
|}

<!-- Please only delete this line once the appropriate category has been created within Category:Companies by stock market index -->

==Rules==

===Selection===
As of 2011, the AEX index composition is reviewed four times a year - a full "annual" review in March and interim "quarterly" reviews in June, September and December. Any changes made as a result of the reviews take effect on the third Friday of the month.<ref name=newrules>{{cite web|title=Rules for the AEX, AMX and AScX|url=http://www.euronext.com/fic/000/061/130/611309.pdf|publisher=[[NYSE Euronext]]|access-date=22 June 2011|archive-url=https://web.archive.org/web/20110616031819/http://www.euronext.com/fic/000/061/130/611309.pdf|archive-date=16 June 2011|url-status=dead}}</ref> Previously reviews were held in March and September only.<ref name="changes">{{cite web|url=http://www.euronext.com/fic/000/032/613/326132.pdf |format=PDF |title=Announcement Rules Change AEX-index, AMX-index and AScX-index - Introduction of Interim Review and Revised Eligibility Rule |publisher=[[Euronext]] |date=June 2008 |access-date=2008-05-14 |url-status=dead |archive-url=https://web.archive.org/web/20090320174345/http://www.euronext.com/fic/000/032/613/326132.pdf |archive-date=2009-03-20 }}</ref> Prior to 2008, index changes were made only annually in March.

At the main March review date, the 23 companies listed on Euronext Amsterdam's regulated market with the highest [[stock|share]] turnover (in [[Euro]]s) over the previous year are admitted to the index.<ref name="newrules" /> Of the companies ranked between 24th and 27th, a further two are selected with preference given to existing constituents of the index. Companies which have fewer than 25% of shares considered [[Float (finance)|free float]] on Euronext Amsterdam are, however, ineligible for inclusion.<ref name="newrules" /> Unlike some other European benchmark equity indices (such as the [[OMX Stockholm 30|OMXS30]]), if a company has more than one class of shares traded on the exchange, only the most frequently traded of these will be accepted into the AEX.<ref name="newrules" /> If a company or companies are removed from the index due to [[Delisting (stock)|delisting]], [[mergers and acquisitions|acquisition]] or another reason, no replacements are made until the next review date.<ref name="newrules" />

At the three interim reviews in June, September and December, no changes are made to the AEX unless either the index has seen one or more constituents removed, or a non-constituent possesses a share turnover ranked 15th or higher overall over the previous 12 months.<ref name="changes" /> If vacancies are to be filled, the highest-ranking non-AEX companies are selected to join the index.<ref name="changes" />

===Weighting===
The AEX is a [[capitalization-weighted index]]. At each main annual review, the index weightings of companies in the index are capped at 15%,<ref name="profile">{{cite web|url=http://www.euronext.com/editorial/wide/editorial-2667-EN-NL0000000107.html?selectedMep=2 |title=AEX-Index profile |publisher=Euronext |access-date=2007-12-02 |url-status=dead |archive-url=https://web.archive.org/web/20080202140406/http://www.euronext.com/editorial/wide/editorial-2667-EN-NL0000000107.html?selectedMep=2 |archive-date=2008-02-02 }}</ref> but range freely with [[share price]] subsequently. The index weights are calculated with respect to the closing prices of the relevant companies on March 1. At the interim reviews, weightings after adjustment are left as close as possible to those of the previous day and are not re-capped.<ref name="newrules" />

=== Calculation ===
The index comprises a [[Basket (finance)|basket]] of shares, the numbers of which are based on the constituent weights and index value at the time of readjustment. The value of the index at any given time, I<sub>t</sub>, is calculated using the following formula:<ref name="newrules" />

<math> I_t = \frac{\sum_{i=1}^N Q_{i,t}\,F_{i,t}\,f_{i,t}\,C_{i,t}\,}{d_{t}\,} </math>

with ''t'' the day of calculation; ''N'' the number of constituent shares in the index (usually 25); ''Q<sub>i,t</sub>'' the number of shares of company ''i'' on day ''t''; ''F<sub>i,t</sub>'' the free float factor of share ''i''; ''f<sub>i,t</sub>'' the capping factor of share ''i'' (exactly 1 for all companies not subject to the 15% cap); ''C<sub>i,t</sub>'' the price of share ''i'' on day ''t''; and ''d<sub>t</sub>'' the index divisor (a factor calculated from the base capitalisation of the index, which is updated to reflect corporate actions and other index changes.

=== Contract Specifications ===
The AEX Index is traded as a future on the Euronext Equities & Index Derivatives exchange (EUREID) under the ticker symbol FTI. The size of each contract is 200 EURO x AEX Index points (e.g. 200 X 667.55 = €133,510).
{| class="wikitable"
|+Contract Specifications<ref>{{Cite web |title=Historical AEX Index - Holland Intraday data |url=https://portaracqg.com/futures/int/fti |access-date=2023-03-21 |website=PortaraCQG |language=en-US}}</ref>
!AEX Index (FTI) 
!
|-
|Contract Size: 
|200 EURO x AEX Index Points 
|-
|Exchange: 
|EUREID
|-
|Sector: 
|Index
|-
|Tick Size: 
|0.05 
|-
|Tick Value: 
|10 EUR 
|-
|Big Point Value (BPV): 
|200
|-
|Denomination: 
|EUR
|-
|Decimal Place: 
|2
|}

==Composition==
The index is composed of the following listings as of March 30 2024.<ref>{{Cite web| url=https://live.euronext.com/sites/default/files/documentation/index-composition/AEX_Index_Composition.pdf |title=AEX Index | date= March 30, 2024 | archive-url =https://web.archive.org/web/20240918201024/https://live.euronext.com/sites/default/files/documentation/index-composition/AEX_Index_Composition.pdf | archive-date= September 18, 2024|access-date= September 18, 2024 | lang=en |publisher=Euronext}}</ref>

{| class="wikitable sortable" id="constituents" style="text-align: center;" cellpadding=2 cellspacing=2
|-
! Company !! [[Industry Classification Benchmark|ICB]] Sector !! Ticker symbol !! Index weighting (%)

|-
| [[ABN AMRO]] || Financials || ABN || 0.82
|-
| [[Adyen]] || Industrials || ADYEN || 5.20
|-
| [[Aegon N.V.|Aegon]] || Financials || AGN || 0.87
|-
| [[Ahold Delhaize]] || Consumer Staples || AD || 2.97
|-
| [[AkzoNobel]] || Basic Materials || AKZA || 1.33
|-
| [[ArcelorMittal]] || Basic Materials || MT || 1.47
|-
| [[ASM International]] || Technology || ASM || 2.99
|-
| [[ASML Holding]] || Technology || ASML || 14.85
|-
| [[ASR Nederland]] || Financials || ASRNL || 0.76
|-
| [[Besi|BE Semiconductors]]|| Technology || BESI || 1.23
|-
| [[DSM Firmenich AG]] || Consumer Staples || DSFIR || 2.99
|-
| [[Exor (company)|Exor]] || Financials || EXO || 1.22
|-
| [[Heineken International|Heineken]] || Consumer Staples || HEIA || 2.90
|-
| [[IMCD (company)|IMCD]] || Basic Materials || IMCD || 1.05
|-
| [[ING Group]] || Financials || INGA || 5.70
|-
| [[KPN]] || Telecommunications || KPN || 1.54
|-
| [[NN Group]] || Financials || NN || 1.30
|-
| [[Philips]] || Health Care || PHIA || 1.63
|-
| [[Prosus]] || Technology || PRX || 4.79
|-
| [[Randstad NV|Randstad]] || Industrials || RAND || 0.60
|-
| [[RELX Group|RELX]] || Consumer Discretionary || REN || 8.51
|-
| [[Shell plc]] || Energy || SHELL || 15.16
|-
| [[Universal Music Group]] || Consumer Discretionary || UMG || 2.29
|-
| [[Unilever]] || Consumer Staples || UNA || 13.79
|-
| [[Wolters Kluwer]] || Consumer Discretionary || WKL || 4.06
|}

==See also==
* [[AMX index]], the market index of the next 25 largest funds on Euronext Amsterdam.
* [[AScX index]], market index of 25 small caps on Euronext Amsterdam.

==References==
{{reflist}}

==External links==
*[https://live.euronext.com/en/product/indices/NL0000000107-XAMS Official Quote for the Index] ([[Euronext]] website)
*[https://www.bloomberg.com/apps/quote?ticker=AEX:IND Bloomberg page for AEX:IND]
*[https://www.reuters.com/finance/markets/index?symbol=.AEX Reuters page for .AEX]

{{AEX companies}}
{{Netherlands topics}}
{{Euronext topics}}
{{European Stock market indices}}

{{DEFAULTSORT:Aex Index}}
[[Category:Dutch stock market indices]]
[[Category:Euronext indices]]
[[Category:European stock market indices]]