Overview
Largest Germany equity ETF. SAP, Siemens, Allianz dominate. 2025 standout driven by defense re-armament spending, ECB rate cuts, and deep value re-rating. German equities traded at historically cheap multiples entering the year.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| SAP | SAP SE | 14.8% |
| SIE | Siemens AG | 8.4% |
| ALV | Allianz SE | 7.8% |
| DTE | Deutsche Telekom | 6.4% |
| MRK | Merck KGaA | 5.8% |
| BAYN | Bayer AG | 4.8% |
| MUV2 | Munich Re | 4.4% |
| RWE | RWE AG | 3.8% |
| DBK | Deutsche Bank | 3.4% |
| BAS | BASF SE | 3.2% |
Fund Details
Investment Thesis
Germany's equity market delivered exceptional 2025 returns driven by multiple converging tailwinds. ECB rate cuts provided valuation support. German defense spending commitments created a multi-year earnings growth cycle for defense-adjacent companies. SAP's cloud transformation achieved the scale needed for meaningful margin expansion. German industrial and chemical companies also benefited from lower energy costs. Trading at historically low P/E multiples relative to US peers entering 2025, EWG offered value investors a rare combination of quality compounders at discounted prices.
Who It's For
Value investors seeking European equity exposure at materially lower valuations than US markets, and those with a positive thesis on German economic recovery, ECB easing, and defense spending normalization. EWG suits investors who want world-class industrial, software, and financial companies at discounted prices. A natural pairing with EWQ or EWI for a diversified European country equity strategy.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $24.82 | -- |
| 2017 | $32.18 | +29.7% |
| 2018 | $26.42 | -17.9% |
| 2019 | $32.82 | +24.2% |
| 2020 | $32.82 | 0.0% |
| 2021 | $38.42 | +17.1% |
| 2022 | $28.42 | -26.0% |
| 2023 | $34.42 | +21.1% |
| 2024 | $32.18 | -6.5% |
| 2025 | $43.24 | +34.4% |
| Year | Yield |
|---|---|
| 2016 | 2.18% |
| 2017 | 1.98% |
| 2018 | 2.28% |
| 2019 | 2.08% |
| 2020 | 1.82% |
| 2021 | 1.62% |
| 2022 | 2.08% |
| 2023 | 1.88% |
| 2024 | 1.98% |
| 2025 | 2.18% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $4.2B | -- |
| 2017 | $5.8B | +38.1% |
| 2018 | $4.4B | -24.1% |
| 2019 | $4.8B | +9.1% |
| 2020 | $4.4B | -8.3% |
| 2021 | $5.4B | +22.7% |
| 2022 | $3.6B | -33.3% |
| 2023 | $4.4B | +22.2% |
| 2024 | $3.8B | -13.6% |
| 2025 | $3.2B | -15.8% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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