At a glance
DAX charges 0.2% a year, below the 0.43% average of the 3 funds most like it (the cheapest of 4). It has $229.0M in assets, the 4th largest of that group; it paid 2.13% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +21.9% a year. At its worst it fell 38.4% in the 2020 crash (S&P 500: 33.7%) and 37.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows. Its ten largest positions make up 64.4% of the fund, out of 41 in all.
The short version
Global X DAX Germany ETF (DAX) tracks the DAX Index, which holds about 40 of the largest and most actively traded German companies, such as Siemens, Allianz and SAP. Its 0.20% expense ratio is the lowest among the similar funds compared here, and less than half the 0.50% charged by the iShares MSCI Germany ETF (EWG). The tradeoffs are that it is much smaller than its peers and invests in only one country.
Price history
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DAX +0.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DAX official prospectus, to Dec 31, 2025 | — | +38.72% | — | +10.65% | +8.72% | — |
| DAX price data to Oct 27, 2026 | -1.3% | +0.3% | +21.9% | +8.7% | +8.7% | +7.1% |
- Over the year to Oct 27, 2026, DAX returned +0.3%, 4th of 4 among similar funds.
- Its 5-year annualized return was +8.7% and its 10-year +8.7%.
- In the 2020 COVID crash it fell 38.4% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2018 (-22.9%); its best was 2025 (+39.0%).
- The deepest fall in its price history was 45.6% (Jan 24, 2018 to Mar 18, 2020), recovered by Dec 28, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.3% | — |
| 2025 | +39.0% | +38.72% |
| 2024 | +10.6% | +10.65% |
| 2023 | +23.6% | +23.59% |
| 2022 | -18.4% | -18.35% |
| 2021 | +7.7% | +7.09% |
| 2020 | +12.2% | +12.48% |
| 2019 | +22.1% | +22.47% |
| 2018 | -22.9% | -22.38% |
| 2017 | +28.3% | +26.83% |
| 2016 | +2.7% | +2.55% |
| 2015 | -3.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 38.4%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.1% over that stretch · deepest drop along the way 37.1%, back to its old high 16.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8600 | |
| 2025 | $0.6700 | -10.7% |
| 2024 | $0.7500 | -1.3% |
| 2023 | $0.7600 | +5.6% |
| 2022 | $0.7200 | -15.3% |
| 2021 | $0.8500 | +23.2% |
| 2020 | $0.6900 | -0.4% |
| 2019 | $0.6930 | -12.3% |
| 2018 | $0.7900 | +43.6% |
| 2017 | $0.5500 | +22.2% |
| 2016 | $0.4500 | +28.6% |
| 2015 | $0.3500 |
What's inside
As of Jul 31, 2026, the fund held 41 securities; the ten largest made up 64.39% of assets.
| Holding | Weight | |
|---|---|---|
| Siemens Aktiengesellschaft | 11.87% | |
| Allianz SE | 9.41% | |
| SAP SE | 9.12% | |
| Siemens Energy AG | 6.86% | |
| Airbus SE | 6.81% | |
| Deutsche Telekom AG | 5.30% | |
| Infineon Technologies AG | 4.61% | |
| Muenchener Rueckversicherungs-Gesellschaft Aktiengesellschaft in Muenchen | 3.79% | |
| Deutsche Bank Aktiengesellschaft | 3.48% | |
| Deutsche Post AG | 3.13% | |
| Rheinmetall Aktiengesellschaft | 3.03% | |
| Deutsche Boerse Aktiengesellschaft | 2.80% | |
| Bayer Aktiengesellschaft | 2.70% | |
| BASF SE | 2.57% | |
| E.ON SE | 2.40% |
By country
Germany 99.7%United States 2.18%By asset type
Stocks 98.16%Bonds and notes 2.18%Preferred stock 1.54%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $8.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.18%, -2.48%, +2.57%.
How it works
The fund aims to match the price and yield performance of the DAX Index, before fees. The index follows German "blue chips." These are about 40 of the largest companies in the Frankfurt Stock Exchange's Prime Standard segment, a tier with stricter reporting rules than the EU minimum. Companies are chosen by liquidity (how much their shares traded over the prior 12 months) and by free float market value (the value of shares the public can actually trade). Together, these stocks make up about 80% of the German stock market's value.
The fund generally uses replication, which means it buys the index's stocks in about the same proportions. It may hold a representative sample instead when a stock is hard to trade or legal limits apply. The adviser expects the fund's correlation with the index to exceed 95% over time. Portfolio turnover was a low 8.14%. As of July 31, 2026, the fund also held a small DAX futures position equal to 0.32% of assets.
The fund is "non-diversified" and concentrated. As of July 31, 2026, Siemens made up 11.9% of assets, Allianz 9.4% and SAP 9.1%, and the top 10 holdings made up 64.4%. As of December 31, 2025, the index had significant exposure to industrials. Because the fund's value is measured in US dollars, a falling euro can cut returns.
What it really costs
- DAX charges 0.2% a year, versus an average of 0.43% for the similar funds below (1st of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DAX | $20 | $64 | $113 | $255 |
In a retirement portfolio
It is a single-country fund that tracks the DAX Index of 40 large German companies, and its 10 largest holdings, led by Siemens, Allianz and SAP, made up 64% of assets as of July 31, 2026.
Its expense ratio (annual fee) of 0.20% is below the 0.43% average of similar funds. The SEC's standard example shows $255 in costs on $10,000 over 10 years. The yield over the past 12 months was 2.13% as of October 27, 2026, paid twice a year. The fund launched in 2014, after the 2008 crisis. It fell 38.4% in the 2020 COVID crash and recovered in about four months. In the 2022 downturn it fell 37.1% and took about 17 months to recover. Its worst calendar year was 2018, down 22.38%. Its deepest drop, 45.6% from January 2018 to March 2020, took about nine months from the low to recover.
Selling shares or drawing income in slides like these would lock in losses. A falling euro can cut returns for US investors. Past results don't predict the future, and a plan should cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want focused exposure to large German companies like Siemens, Allianz and SAP at a 0.20% expense ratio, below EWG's 0.50%.
- Holders of mostly US portfolios looking for a small, deliberate tilt toward German industrials, insurers and software.
- Long-term investors who can sit through drops like the 37.1% fall in 2022, which took about 17 months to recover.
Look elsewhere if
- Investors who want broad international diversification. This non-diversified fund holds about 40 stocks from one country, with 64% in its top 10.
- Retirees who may need to sell in a downturn. The fund fell 45.6% between January 2018 and March 2020.
- Investors who prefer larger funds. DAX had about $229 million in net assets, against roughly $1.8 billion for EWG.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is the DAX ETF good for retirement?
It depends on the role it plays. DAX is a single-country fund of about 40 large German stocks, so it works more as a small add-on than as a core holding. It costs 0.20% a year and yielded 2.13% as of October 27, 2026. It is also volatile. It fell 37.1% in 2022 and took about 17 months to recover. Its deepest drop, 45.6%, ran from January 2018 to March 2020.
What's the difference between DAX and EWG?
Both own German large companies, and their holdings overlap by about 90%. The biggest difference is cost: DAX charges 0.20% a year and EWG charges 0.50%. EWG is much larger, with about $1.8 billion in net assets against roughly $229 million for DAX. As of October 27, 2026, DAX's 3-year annualized return was 21.9% versus 21.2% for EWG. Over 1 year, DAX returned 0.3% and EWG 1.3%.
Does the DAX ETF pay dividends?
Yes. The fund pays distributions twice a year (semiannually), not monthly or quarterly. Over the 12 months ending October 27, 2026, it paid about $0.94 per share, a trailing yield of 2.13%. Payments depend on the dividends of the German companies it holds, so they can rise or fall. Because those companies pay in euros, changes in the exchange rate can also affect the dollar amount.
What are the top holdings in the Global X DAX Germany ETF?
As of July 31, 2026, the largest holdings were Siemens at 11.9%, Allianz at 9.4%, SAP at 9.1%, Siemens Energy at 6.9% and Airbus at 6.8%. Deutsche Telekom, Infineon, Munich Re, Deutsche Bank and DHL Group rounded out the top 10. Together, those 10 made up 64.4% of assets. That makes the fund top-heavy, so a few companies have a large effect on its returns.
How has the DAX ETF performed over 10 years?
As of December 31, 2025, the fund's average annual return was 8.72% over 10 years, 10.65% over five years and 38.72% over one year, according to its prospectus. Year-to-year results swung widely. The fund lost 22.38% in 2018 and 18.35% in 2022, then gained 38.72% in 2025. Through October 27, 2026, it was down 1.32% for the year to date.