What Is the FGM ETF? Returns, Expense Ratio, Holdings, and Alternative ETFs at a Glance
The First Trust Germany AlphaDEX Fund (FGM) invests in leading German companies and selects stocks through a quantitative growth and value factor screen. It serves as a reference alternative for investors who want to add European exposure to a portfolio centered on US large caps.
SubscribeWhat Is the First Trust Germany AlphaDEX Fund ETF?
This is a rules-based ETF that tracks the Nasdaq AlphaDEX Germany Index, which applies a quantitative growth and value factor screen to the Nasdaq Germany Index. It allocates most of its net assets to shares of German-listed companies.
It suits investors who want to diversify beyond US large caps into Europe, and Germany in particular, and who prefer a quantitative factor strategy.
The ETF is managed passively (index tracking) by First Trust.
How Does the First Trust Germany AlphaDEX Fund Invest?
| Item | Details |
|---|---|
| Tracked Index | Nasdaq AlphaDEX Germany Index |
| Management Style | Passive (rules-based AlphaDEX screening) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Semiannual |
| Total Expense Ratio | 0.80% |
For German-listed companies in the Nasdaq Germany Index, the fund evaluates growth factors such as recent price appreciation, price-to-sales, and sales growth, along with value factors such as price-to-book, price-to-cash flow, and return on assets. It then allocates more weight to the groups of stocks that score relatively well. The key differentiator is the AlphaDEX factor screen rather than simple market-cap weighting.
- Growth and value factor screening instead of market-cap weighting
- Concentrated exposure to a single country, Germany
First Trust Germany AlphaDEX Fund Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $87.5M, and the expense ratio is 0.80% per year.
The comparison funds shown in the table differ in asset class and strategy, so it is more appropriate to view them as a reference than to make a simple comparison of fees and liquidity.
First Trust Germany AlphaDEX Fund Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe fund moves with the German equity market, one of Europe's largest economies, and with euro exchange rate movements. In the short term, its direction often differs from that of US large caps.
As a single-country factor strategy ETF, its fund flows tend to react sensitively to European equity market sentiment and the dollar/euro exchange rate environment, and the scale of inflows and outflows is relatively small compared with large core ETFs.
First Trust Germany AlphaDEX Fund Strengths and Weaknesses
Its strength is the pursuit of excess returns through quantitative factor screening, while single-country concentration and low liquidity are cited as risks.
💪 Key Strengths
⚠️ Points of Caution
First Trust Germany AlphaDEX Fund Alternative ETFs and Related Products
The comparison funds that appear in the same category table differ in asset class and strategy, so they serve as a reference rather than a direct comparison. For single-country exposure to Germany, alternatives such as the market-cap-weighted EWG or DAX, which tracks the DAX index, are more direct comparisons. Investors who want traditional index tracking instead of the AlphaDEX factor strategy can consider these alternatives as well.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 QQH | HCM Defender 100 Index ETF | $79.91 | +0.9% | $700.7M | 0.98% | 0.21% | -1.9% |
 TRIO | MC Trio Equity Buffered ETF | $65.55 | +0.1% | $122.7M | 0.70% | - | +8.8% |
 TRND | Pacer Trendpilot Fund of Funds ETF | $36.05 | +0.2% | $61.2M | 0.77% | 2.16% | +5.4% |
 FSZ | First Trust Switzerland AlphaDEX Fund | $82.60 | -0.6% | $37.5M | 0.80% | 1.98% | +7.8% |
 FKU | First Trust United Kingdom AlphaDEX Fund | $54.82 | -1.4% | $35.8M | 0.80% | 3.78% | +14.6% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 AUGW | AllianzIM U.S. Equity Buffer20 Aug ETF | 0.02% | $34.69 | +0.1% | $0.0M | - | - |
 FMS | Fresenius Medical Care AG ADR | 0.03% | $21.73 | -3.9% | $11.6B | 11.2 | 3.77% |
 MAYW | AllianzIM U.S. Equity Buffer20 May ETF | 0.02% | $35.46 | +0.2% | $0.0M | - | - |
| DB | Deutsche Bank AG | 0.01% | $34.03 | -0.2% | $63.1B | 8.8 | 3.77% |
First Trust Germany AlphaDEX Fund Investor Checkpoints
These are points to review before considering an investment in FGM. Investors should understand in advance that it is a factor strategy rather than a market-cap-weighted one, and that it is concentrated in a single country.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the effect of cumulative costs over a long holding period | Annual fee applies |
| 🌍 Country Concentration | Check the level of single-country exposure to Germany | Concentrated exposure to Germany |
| 💱 Exchange Rate | Impact of euro/dollar exchange rate fluctuations | No currency hedge applied |
| 💧 Liquidity | Check daily trading value and bid-ask spreads | Limited compared with large core ETFs |
German economic and policy changes and euro exchange rate fluctuations are the main variables for short-term performance, and because of the factor screening, the fund can move in a different direction from traditional market-cap-weighted indexes.
It is worth considering as a complement for investors who want to add German exposure to a US-centered portfolio, but the volatility and limited liquidity typical of factor strategies should be taken into account beforehand.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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