EWG Fund Description

The iShares MSCI Germany Index Fund tracks a market-cap-weighted index of German companies. It covers the top 85% of German companies by market cap.

EWG ETF.com Insight

EWG holds a fairly concentrated basket of German large- and midcaps that, nevertheless, captures the German space very well. Its top 10 holdings together make up around 60% of itsEWG provides traditional, market-cap-weighted exposure to Germany portfolio, and include big names like Siemens, BASF and SAP. EWG is the only ETF available that provides traditional, market-cap-weighted exposure to Germany, but there are three challengers with nuanced approaches. EWG trades very well, but its 0.51% expense ratio—while in line with other single-country ETFs—seems a bit high for a fund of the biggest German companies. Despite the expense, we gave EWG a spot on our Analyst Pick list for its excellent tracking and Fit to the benchmark. The fund hosts $6 billion in assets. (Insight updated 10/28/2014)

  • 1 Month

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  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EWG
1.66% -4.00% -9.71% -5.79% 17.42% 7.15% 6.98%

EWG (NAV)
1.56% -4.53% -9.23% -5.60% 17.04% 7.25% 6.96%

MSCI Germany Index
1.60% -4.44% -9.11% -5.46% 17.22% 7.35% 7.08%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWG Top 10 Countries

EWG Top 10 Sectors

EWG Top 10 Holdings View All

EWG Summary Data

Issuer BlackRock

A company that produces and manages ETFs.

Inception Date 03/12/96

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.51%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $4.7 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $110.61 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

EWG Portfolio Data

Weighted Average Market Cap $64.9 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio 15.35

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 1.83

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 2.25%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/29/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 51

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EWG Index Data

Index Tracked MSCI Germany Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI Germany Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EWG

Top Competing ETFs FGM, DBGR, DXGE

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EWG Commentary & News

26 August 2014
Europe ETFs | ETF.com

EWG ETF.com Efficiency Insight

EWG is a very efficient fund, despite its 0.51% expense ratio. Effective management and securities lending revenue contribute to the fund's strong tracking, which abates its rather high expense ratio. The fund has been tax efficient as well as it has avoided forced capital gains payouts in recent years. (Insight updated 10/28/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EWG
1.66% -4.00% -9.71% -5.79% 17.42% 7.15% 6.98%

EWG (NAV)
1.56% -4.53% -9.23% -5.60% 17.04% 7.25% 6.96%

MSCI Germany Index
1.60% -4.44% -9.11% -5.46% 17.22% 7.35% 7.08%

MSCI Germany Investable Markets
1.60% -4.13% -8.76% -5.18% 17.44% 7.64% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWG Portfolio Management

Expense Ratio 0.51%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.20%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

EWG Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EWG Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

EWG ETF.com Tradability Insight

EWG is exceptionally easy to trade. It trades more than $100M most days at spreads that average just a penny wide. Block liquidity is strong and creation costs are exceptionally low—with a 300,000-share creation unit, its $1,500 creation unit fee amounts to just 0.02%—so large traders should be able to execute cheaply and easily by using a market maker. (Insight updated 10/28/2014)

Average Spread

Premium/Discount

Volume

EWG ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EWG. EWG is rated a 5 out of 5.

EWG Tradability

Avg. Daily Share Volume 4,035,527

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $110.61 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 3,692,081

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 1.70% / -1.51%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 30.77%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 300,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 12.31

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.22%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options 212,548

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EWG ETF.com Fit Insight

EWG tracks a less comprehensive version of our benchmark, so it Fits very well despite excluding over 100 small-caps. It thus tilts larger and provides more concentrated exposure at the top. Roughly 25% of assets are allocated to EWG's top-3 holdings and a whopping 60% to its top-10. EWG is generally spot-on, so sector tilts are negligible. Overall, it mirrors the German equity space well. (Insight updated 10/28/2014)

EWG Sector/Industry Breakdown

Sector EWG Segment Benchmark
Consumer Cyclicals 20.43% 21.39%

Financials 17.42% 17.35%

Healthcare 14.75% 15.08%

Basic Materials 12.59% 13.23%

Industrials 15.05% 13.17%

Technology 6.74% 6.43%

Utilities 4.23% 4.61%

EWG Geographic Exposure

Countries EWG Segment Benchmark
Germany 98.78% 99.22%

United States 0.43% 0.47%

Luxembourg 0.77% 0.31%

Austria 0.03% --

Regions EWG Segment Benchmark
Europe 99.57% 99.53%

North America 0.43% 0.47%

Developed /
Emerging Split
100.00% / 0% 100.00% / 0%

EWG Performance Statistics

Beta 1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.04%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI Germany Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EWG Benchmark Comparison

EWG
51 Holdings
Segment Benchmark
156 Constituents
Shared Holdings
51 (Count)
 
91.64% (Weight)
EWGSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$59.7 B$64.9 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)83%90%
Mid (>2.7B)12%10%
Small (>600M)5%0%
Micro (<600M)1%0%
Price / Book Ratio1.831.83

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield2.51%2.55%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
15651

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationMediumHigh

The level of return contribution attributable to the average portfolio constituent.