Direct Answer
The ATX Five is a price-weighted index comprising the five companies with the highest share prices among ATX constituents at each review. Administered by Wiener Borse AG, it functions as a compact trading reference for Austrian blue chips rather than a broad market benchmark.
What this index covers
The ATX Five covers the Austria equity market through the Vienna Stock Exchange (Wiener Borse). Wiener Borse AG defines which securities are eligible, how they are selected from that pool and how much each contributes to the published number.
The eligible universe is: The five ATX constituents with the highest unadjusted share prices at the most recent quarterly ATX review, per the Wiener Borse published methodology.
Understanding the eligible universe is the most important step in understanding what an index measures. An index that selects by listing venue will behave differently from one that selects by company domicile, and a sector index will have very different risk characteristics from a broad market measure even if they share some constituents.
How constituents are weighted
Price weighting: each constituent contributes to the index level in proportion to its nominal share price, not its market capitalisation. This is the key structural difference from the ATX, which uses free-float-adjusted market-cap weighting.
Weighting is the mechanism that translates a list of companies into a single number. Free-float-adjusted market-capitalisation weighting is the most common method: larger companies contribute more to the index level than smaller ones, and the free-float adjustment excludes shares that are not available to public investors (such as government-held strategic stakes or closely-held founder shares). This makes the index level reflect the actual investable market rather than total market size.
Eligible universe and eligibility rules
Eligibility rules determine which companies can be included at a review and which must exit. The key dimensions to verify are: which exchange or market segment is in scope; whether domicile or listing venue determines eligibility; the minimum free-float threshold; the liquidity screen; and whether there are sector restrictions.
For the ATX Five, the relevant market is the Vienna Stock Exchange (Wiener Borse) and the administrator is Wiener Borse AG. Per the published Wiener Borse AG methodology (verification date: August 31, 2026), the eligible universe is defined as: The five ATX constituents with the highest unadjusted share prices at the most recent quarterly ATX review, per the Wiener Borse published methodology.
Reconstitution schedule
Aligned with the ATX quarterly review schedule (March, June, September, December). The five qualifying companies are re-selected at each review.
Reconstitution is the date on which the index changes shape by design rather than by price. Passive funds tracking the index must trade toward the new membership list, which creates predictable order flow around the review date. Active managers often position around reconstitution events to capture or avoid that flow.
How investors use this index
Intended primarily as a short-term trading benchmark and product reference for derivatives and structured products. It is not designed as a broad Austrian market gauge.
For any index, three uses are distinct: as a performance benchmark (measuring how well a portfolio did relative to the market), as a product underlying (an ETF or structured product replicating the index), and as a research reference (tracking market-cap, sector weights or concentration over time). The same index can serve all three purposes, but the choice of which to use depends on the investment mandate and the specific question being answered.
Comparisons with related indexes
The ATX Five is most often compared with:
- ATX: the primary Austrian benchmark; free-float-adjusted cap-weighted across approximately 20 companies; the ATX Five is a narrow, price-weighted subset.
- ATX Prime: broadest Austrian benchmark; covers all prime-market securities rather than selecting only five.
When switching from one benchmark to another, the practical question is what changes in coverage: does the alternative add smaller companies, exclude a sector, change the weighting method or extend to a different currency? Each of these changes alters what the index can tell you about market performance.
References
- Wiener Borse: ATX Index Overview, as published per the provider's methodology page. All methodology claims on this page are derived from this source.
Current ATX Five constituents
Wiener Borse AG publishes and licenses the ATX Five constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- European Stock Market Indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
How does price weighting work in the ATX Five?
A price-weighted index sums the share prices of its components and divides by a divisor. A company with a higher share price has greater influence on the index level than one with a lower price, regardless of total market capitalisation.
Who administers the ATX Five?
Wiener Borse AG administers the ATX Five under the same governance framework as the broader ATX family.
Is the ATX Five suitable as a portfolio benchmark?
The ATX Five is designed as a compact trading and derivatives reference, not as a representative Austrian market benchmark. Investors benchmarking Austrian equity exposure typically use the ATX or ATX Prime.
How often is the ATX Five reviewed?
The ATX Five is reviewed on the same quarterly schedule as the ATX, in March, June, September and December.
Where can I find current ATX Five data?
Wiener Borse AG publishes index data on its official index pages. Swoopr links to the provider rather than reproducing licensed data.