At a glance
FGM charges 0.8% a year, above the 0.35% average of the 6 funds most like it (the most expensive of 7). It has $98.2M in assets, the 7th largest of that group; it paid 1.86% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +22.5% a year. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 29 months after the lows. Its ten largest positions make up 49.0% of the fund, out of 41 in all.
The short version
First Trust Germany AlphaDEX Fund (FGM) is an index ETF that tracks the Nasdaq AlphaDEX Germany Index. The index is a rules-based pick of about 40 larger German stocks, chosen and weighted by growth and value scores rather than by company size. That method tilts the fund toward names like Hochtief, Aurubis and Nordex. It costs 0.80% a year, well above the 0.35% average for similar funds.
Price history
The interactive chart needs JavaScript.
FGM +0.1% 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 | |
|---|---|---|---|---|---|---|
| FGM official prospectus, to Dec 31, 2025 | — | +63.48% | — | +6.61% | +7.94% | +7.61% |
| FGM price data to Oct 27, 2026 | -6.5% | +0.1% | +22.5% | +3.1% | +7.1% | +6.5% |
- Over the year to Oct 27, 2026, FGM returned +0.1%, 7th of 7 among similar funds.
- Its 5-year annualized return was +3.1% and its 10-year +7.1%.
- In the 2020 COVID crash it fell 42.3% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2022 (-30.5%); its best was 2025 (+63.6%).
- The deepest fall in its price history was 51.6% (Jan 23, 2018 to Mar 18, 2020), recovered by Jan 5, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.5% | — |
| 2025 | +63.6% | +63.48% |
| 2024 | +1.4% | +1.39% |
| 2023 | +13.3% | +12.88% |
| 2022 | -30.5% | -30.39% |
| 2021 | +6.1% | +5.74% |
| 2020 | +17.3% | +17.90% |
| 2019 | +20.8% | +21.06% |
| 2018 | -25.1% | -25.40% |
| 2017 | +44.3% | +43.96% |
| 2016 | +1.7% | +1.67% |
| 2015 | +1.7% | — |
| 2014 | -13.2% | — |
| 2013 | +28.3% | — |
| 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 38.3% over that stretch · deepest drop along the way 42.3%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44% over that stretch · deepest drop along the way 45.5%, back to its old high 28.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0300 | |
| 2025 | $0.4200 | -57.1% |
| 2024 | $0.9800 | -10.9% |
| 2023 | $1.1000 | -42.7% |
| 2022 | $1.9200 | +149.4% |
| 2021 | $0.7700 | +11.6% |
| 2020 | $0.6900 | -32.4% |
| 2019 | $1.0200 | +24.1% |
| 2018 | $0.8220 | -23.9% |
| 2017 | $1.0800 | +125.0% |
| 2016 | $0.4800 | +17.1% |
| 2015 | $0.4100 | -41.4% |
| 2014 | $0.7000 | +6.1% |
| 2013 | $0.6600 |
What's inside
As of Jun 30, 2026, the fund held 41 securities; the ten largest made up 49.03% of assets.
| Holding | Weight | |
|---|---|---|
| TD SECURITIES (USA) LLC RA | 7.97% | |
| HOCHTIEF AG | 6.07% | |
| AURUBIS AG | 5.89% | |
| NORDEX SE | 5.12% | |
| DEUTSCHE LUFTHANSA AG | 4.80% | |
| BAYER AG | 4.22% | |
| SCHAEFFLER AG | 4.09% | |
| DHL GROUP | 3.67% | |
| THYSSENKRUPP AG | 3.62% | |
| LEG IMMOBILIEN SE | 3.58% | |
| AROUNDTOWN SA | 3.54% | |
| SIEMENS ENERGY AG | 3.33% | |
| FLATEXDEGIRO SE | 3.29% | |
| BILFINGER SE | 3.02% | |
| VONOVIA SE | 2.84% |
By country
Germany 95.8%United States 7.97%Luxembourg 3.54%By asset type
Stocks 92.17%RA 7.97%Preferred stock 7.17%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.05%, +3.36%, -3.93%.
How it works
FGM normally invests at least 90% of its net assets in the stocks of the Nasdaq AlphaDEX Germany Index. Nasdaq builds that index from its broader Nasdaq Germany Index. It assigns companies to Germany mainly by where they are incorporated, based and listed. It then drops duplicate share classes, stocks that trade too thinly, and companies at or below the mid-cap breakpoint, which was $4.45 billion as of March 31, 2026. Smaller names can be added back if the index needs them to reach a minimum number of stocks.
The remaining stocks are ranked on growth factors and on value factors. Each stock keeps the higher of its two ranks. The top 40 are selected and split into five equal groups, called quintiles. Higher-scoring groups get bigger weights. No industry can be more than 15 percentage points above its weight in the broader index. A stock that breaks that limit moves to a lower-weighted group, and if it still breaks the limit in the lowest group, it is removed.
The index is rebalanced and reconstituted twice a year, and the fund follows shortly after. Portfolio turnover was 66%. The fund can also hold preferred shares, depositary receipts and REITs (real estate investment trusts). As of June 30, 2026, it had 41 positions, and the top 10 made up 49% of assets. The stocks are priced in euros, so a weaker euro against the dollar can lower returns for US holders.
What it really costs
- FGM charges 0.8% a year, versus an average of 0.35% for the similar funds below (7th of 7, cheapest first).
In a retirement portfolio
FGM is a concentrated, single-country stock fund that picks stocks by factor scores and has had sharp swings, so it fits better as a small add-on than as a foundation.
FGM adds German industrial, property and materials companies that a US-focused portfolio may lack. It has been a rough ride. The fund launched in 2012, so it has no 2008 record. In the 2020 COVID crash it fell 42.3% between February 19 and March 18, 2020, then recovered by July 22, 2020. In the 2022 bear market it dropped 45.5% and didn't regain its January 2022 peak until March 6, 2025, about 29 months later. Its worst calendar year was 2022, when it lost 30.4%. Its deepest drop was 51.6%, from January 2018 to March 2020. Anyone forced to sell during those periods would have locked in large losses.
Income is modest. The trailing yield was 1.86% as of October 27, 2026, paid twice a year. The 0.80% expense ratio is more than double the 0.35% peer average. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, rules-based position in larger German companies such as Hochtief, Aurubis and Lufthansa rather than Germany's biggest names.
- Those who can live with big swings, like the 45.5% drop in 2022 that took about 29 months to recover.
- Investors who prefer growth-and-value scoring to size-based weighting and accept 66% turnover from twice-yearly rebalancing.
Look elsewhere if
- Cost-focused investors: FGM charges 0.80% a year, compared with 0.50% for EWG and 0.09% for broad Europe funds like IEUR and BBEU.
- People who need steady income: the trailing yield was a modest 1.86% as of October 27, 2026, paid only twice a year.
- Investors wanting broad diversification or a large fund: FGM holds about 40 stocks in one country and had $98 million in net assets.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FGM this fund | — | 0.8% | $98.2M | +0.1% | +22.5% |
| EWG iShares MSCI Germany ETF | 30% | 0.5% | $1.82B | +1.3% | +21.2% |
| EZU iShares MSCI Eurozone ETF | 12% | 0.51% | $9.91B | +6.8% | +21.0% |
| FEZ SPDR EURO STOXX 50 ETF | 11% | 0.29% | $4.35B | +5.6% | +20.6% |
| BBEU JPMorgan BetaBuilders Europe ETF | 7% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEV iShares Europe ETF | 7% | 0.61% | $1.63B | +9.5% | +19.4% |
| IEUR iShares Core MSCI Europe ETF | 6% | 0.09% | $8.95B | +9.6% | +19.9% |
Questions investors ask
Does FGM pay dividends?
Yes. FGM pays distributions twice a year. Over the 12 months to October 27, 2026, it paid about $1.07 per share, a trailing yield of 1.86%. Payouts depend on the dividends the German companies in the index pay, so they can change from one period to the next. Income investors may find the yield modest compared with the fund's price swings.
What's the difference between FGM and EWG?
Both hold German stocks, but they pick them differently. iShares MSCI Germany ETF (EWG) weights companies by size. FGM selects 40 stocks using growth and value scores, which leaves it sharing only part of EWG's holdings. EWG costs 0.50% a year and FGM costs 0.80%. EWG is much larger, at $1.8 billion against FGM's $98 million. As of October 27, 2026, FGM's 3-year annualized return was 22.5% versus EWG's 21.2%. Over one year, FGM returned 0.1% and EWG 1.3%.
What is FGM's expense ratio?
FGM's expense ratio is 0.80%, according to the prospectus filed April 30, 2026. The whole amount is the management fee, and no fee waiver is listed. That is the highest of the seven similar funds compared here, whose average is 0.35%. Broad Europe funds such as iShares Core MSCI Europe ETF (IEUR) and JPMorgan BetaBuilders Europe ETF (BBEU) charge 0.09%.
What are FGM's top holdings?
As of June 30, 2026, FGM's largest stock holdings were Hochtief at 6.1%, Aurubis at 5.9%, Nordex at 5.1%, Deutsche Lufthansa at 4.8%, Bayer at 4.2% and Schaeffler at 4.1%. DHL Group, thyssenkrupp and LEG Immobilien each made up about 3.6%. The report also listed a non-stock position of about 8% with TD Securities (USA) LLC. The top 10 made up 49% of assets.
What is FGM's long-term return?
As of December 31, 2025, FGM's average annual returns were 63.48% for one year, 6.61% for five years, 7.94% for 10 years and 7.61% since its 2012 launch. Those averages hide big year-to-year swings. The fund gained 43.96% in 2017, lost 25.4% in 2018, lost 30.39% in 2022 and gained 63.48% in 2025. Through October 27, 2026, it was down 6.5% for the year to date.