iShares MSCI Germany ETF
EWG InternationalUpdated: Jul 5, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| Siemens AG | SIE.DE | 11.96% | |
| SAP SE | SAP.DE | 9.67% | |
| Allianz SE | ALV.DE | 8.66% | |
| Siemens Energy AG Ordinary Shares | ENR.DE | 7.55% | |
| Infineon Technologies AG | IFX.DE | 6.32% | |
| Deutsche Telekom AG | DTE.DE | 5.91% | |
| Rheinmetall AG | RHM.DE | 3.59% | |
| Munchener Ruckversicherungs-Gesellschaft AG | MUV2.DE | 3.53% | |
| Deutsche Bank AG | DBK.DE | 3.02% | |
| Deutsche Post AG | DHL.DE | 2.81% |
Sector Allocation
About This ETF
The iShares MSCI Germany ETF (EWG) is a International ETF with an expense ratio (TER) of 0.49% and $1.5B in assets under management., with its largest holdings being Siemens AG, SAP SE, Allianz SE. The ETF currently yields 1.56% in dividends. Year-to-date, EWG has returned +1.41%.
The fund generally will invest at least 80% of its assets in the component securities of its underlying index and in depositary receipts representing securities of the underlying index. The underlying index is designed to measure the performance of the large- and mid-capitalization segments of the German equity market. The fund is non-diversified.
FAQ — EWG
What is the TER of EWG (iShares MSCI Germany ETF)?
EWG has a Total Expense Ratio (TER) of 0.49 % per year. That sits above the international category median (0.32 % across 13 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has EWG delivered?
Performance for EWG: YTD: +1.41 % · 3-year p.a.: +16.50 % · 5-year p.a.: +6.66 %. Over 5 years, EWG underperforms the international category median of +8.56 % by -1.90 pp. Past performance is no guarantee of future returns.
What are the top holdings of EWG?
The five largest positions in EWG are: SIE.DE, SAP.DE, ALV.DE, ENR.DE, IFX.DE. The full holdings list is updated daily on this page.
Does EWG pay dividends?
EWG has a current dividend yield of 1.56 %. Distributing ETFs pay this out in cash; accumulating versions reinvest it inside the fund. Check the share class on your broker before buying.
Where can I buy or set up a savings plan for EWG?
EWG is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
iShares MSCI Germany ETF (EWG): Concentrated Exposure to German Large Caps
The iShares MSCI Germany ETF (EWG) tracks the performance of large- and mid-cap German equities, bundling heavyweights such as Siemens, SAP and Allianz into a single security traded in U.S. dollars. With assets of roughly $1.4 billion and an expense ratio of 0.49%, it is an established tool for targeted German exposure. Importantly, this is a single-country fund tied to the German economy and its political environment.
Performance Overview
The historical performance of EWG reflects the cyclical nature of Germany’s export-driven economy. Based on the available data, the fund recorded the following returns:
- Year to date (YTD): 2.19%
- 3-year (as reported): 17.83%
- 5-year (as reported): 6.78%
The current price stands at $43.49, near its 52-week high of $44.65, about 82.6% of the range between its low ($37.98) and high. The dividend yield is 1.61%. Past performance is not an indicator of future results, and individual years can vary considerably.
Risk Profile: Single-Country and Concentration Risks
As a non-diversified single-country fund, EWG carries elevated concentration risk. The ten largest positions account for a substantial share, with Siemens (11.47%), SAP (9.08%) and Allianz (8.85%) alone summing to nearly 30%. By sector, industrials (30.26%) and financial services (21.64%) dominate, while energy is essentially absent at 0%.
Adding to this is the cluster risk of a single economy: business cycles, export dependence, energy prices and political decisions in Germany have a direct impact. For investors outside the U.S. dollar zone, an additional currency risk arises, as the fund is quoted in USD while the underlying shares trade in euros.
Which Investors Might It Suit?
EWG is aimed at investors with a clear, targeted view on the German equity market. It may serve as a satellite holding to add a deliberate Germany tilt to a broadly diversified global portfolio, rather than as a sole core allocation.
It may appear more suitable for investors who:
- are convinced of the strength of German industrial and export companies,
- can tolerate the volatility of single-country concentration,
- bring a long-term investment horizon,
- understand and accept currency effects (USD quotation).
Those seeking broad diversification should consider complementary building blocks. This is not investment advice.
Comparison with Similar Products
For German exposure there are several alternatives that differ in index, domicile and currency:
- iShares Core DAX UCITS ETF and Xtrackers DAX UCITS ETF: track the DAX (40 stocks), trade in euros and are often cheaper, though more narrowly focused on blue chips.
- MSCI Germany variants (e.g. UCITS products) also cover mid-cap names, similar to the EWG index.
EWG, with its 0.49% expense ratio, is quoted in USD and designed primarily for U.S. investors. UCITS counterparts are often more practical for European investors in tax and currency terms. A cost comparison is always worthwhile.
Where can I buy EWG?
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