List of ETFs Focusing on Germany
Access the most liquid List of ETFs Focusing on Germany to gain exposure to Europe's largest economy. Our 2026 directory tracks DAX performance, MSCI Germany trackers, and currency-hedged vehicles.
Navigating the List of ETFs Focusing on Germany allows investors to target a high-performance, export-driven market dominated by global industrial and technology giants. The primary U.S.-listed vehicle remains the iShares EWG Profile, which captures the broad MSCI Germany index. For those concerned about fluctuations in the Euro, funds such as iShares HEWG (Hedged) provide a strategic buffer against currency risk. In 2026, the German market continues to lead the Eurozone through heavyweights like SAP and Siemens. Understanding the difference between the 40-stock DAX index and broader all-cap exposure is vital for effective portfolio diversification.
Key Takeaways
German ETFs are heavily weighted toward industrials and technology, with leaders like SAP and Siemens energy driving recent 2026 performance.
Currency-hedged funds like HEWG typically outperform unhedged versions during periods of U.S. Dollar strength against the Euro.
Low-cost leaders like Xtrackers DAX offer expense ratios as low as 0.09%, making them ideal for long-term core European exposure.
While the DAX focuses on 40 large-caps, investors can access broader market segments through specialized funds like EWGS Small Cap.
Top List of ETFs Focusing on Germany by Market Cap (2026)
The following table outlines the leading German ETFs available on U.S. and European exchanges, ranked by assets under management and expense efficiency.
| Rank | Ticker | Fund Name | Index Tracked | AUM (€M) | 1Y Return | Exp Ratio | Hedged |
|---|---|---|---|---|---|---|---|
| 1 | DAXEX | iShares Core DAX UCITS | DAX 40 | €8,417M | +20.83% | 0.16% | No |
| 2 | DAX | Xtrackers DAX UCITS | DAX 40 | €6,767M | +20.83% | 0.09% | No |
| 3 | EWG | iShares MSCI Germany ETF | MSCI Germany | $1,400M | +35.15% | 0.50% | No |
| 4 | HEWG | iShares Hedged MSCI Germany | MSCI Germany | -- | -- | 0.53% | Yes |
| 5 | FLGR | Franklin FTSE Germany ETF | FTSE Germany | -- | -- | 0.09% | No |
| 6 | FGM | First Trust Germany AlphaDex | Nasdaq Germany | -- | -- | 0.80% | No |
| 7 | EWGS | iShares MSCI Germany Small-Cap | MSCI Germany Small | -- | -- | 0.59% | No |
List of ETFs Focusing on Germany — Complete Company List
Focusing on Germany
- First Trust Germany AlphaDex ETF (FGM)
- iShares MSCI Germany ETF (EWG) (Most traded German ETF)
- Recon Capital DAX Germany ETF (DAX) (Based on the German blue chip benchmark index, the DAX)
- SPDR MSCI Germany Quality Mix ETF (QDEU)
- iShares MSCI Germany Small Cap ETF (EWGS)
- Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
- iShares Currency Hedged MSCI Germany ETF (HEWG)
- WisdomTree Germany Hedged Equity ETF (DXGE) (Tilts towards companies with global revenue base)
ETFs that are Weighted Towards German Companies
Risks & Considerations
Industrial Concentration Risk
German indices are heavily weighted toward manufacturing and automotive sectors. Any global downturn in trade or industrial production can disproportionately affect fund performance.
Euro Currency Fluctuations
For U.S. investors, unhedged ETFs like EWG are subject to currency risk. A weakening Euro can erode equity gains when converted back into U.S. Dollars.
Geopolitical Energy Dependence
As an industrial hub, Germany's economy is sensitive to energy costs and supply chain stability within Europe, which can lead to heightened NAV volatility.
Top-Heavy Index Weighting
Indices like the DAX 40 are market-cap weighted, meaning a handful of giants like SAP (15% weight) have a significant impact on the entire ETF's return.