FGM vs FLEU: Grades, Fees and Holdings Compared

First Trust Germany AlphaDEX Fund

FGMCNasdaq

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

Overlap

16.4%by weight

Expense ratio

FLEU −0.71pt a year

FGM0.80%FLEU0.09%

Avg volume · 30D

FLEU 2.3×the volume

FGM2.6KFLEU6.09K

5Y return · a year

FLEU +6.8pt

FGM+3.4%FLEU+10.2%

FGM vs FLEU Performance

Oct 29, 2021 – Oct 30, 2026

+18.5%FGM+62.4%FLEU

Expense ratio: FGM 0.80%; FLEU 0.09%, better
Fund size: FGM $86M; FLEU $68M
1Y total return: FGM +0.6%; FLEU +8.1%, better
Yield (12M): FGM 1.86%; FLEU 2.84%, better
Holdings: FGM 43; FLEU 265
Avg volume (30D): FGM 2.6K sh; FLEU 6.09K sh, better
NAV per share: FGM $57.63; FLEU $33.86
52W range

ETF.net Grade

Pillar letters and Scores for FGM, FLEU, with each pillar’s weight
Pillar	FGM	FLEU
Cost30% weight	F7	A89Higher
Mission25% weight	A94	A100Higher
Risk15% weight	F15	C52Higher
Tradability15% weight	C43Higher	D31
Holdings10% weight	B56	A77Higher
Durability5% weight	D36Higher	D28

Rank among Europe Region funds

How we build Categories ›

Same Category. FGM and FLEU are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds

See all 12 ›

FLEU ranks 3rd and FGM 10th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 74
Rank 3AFLEUFranklin FTSE Eurozone ETFScore 73
Rank 4AFEZState Street SPDR EURO STOXX 50 ETFScore 71
Rank 9CHEDJWisdomTree Europe Hedged Equity FundScore 43
Rank 10CFGMFirst Trust Germany AlphaDEX FundScore 41
Rank 11CGREKGlobal X MSCI Greece ETFScore 40

Our read on each fund

ETF.net Research

FGMCFirst Trust Germany AlphaDEX Fund

FLEUAFranklin FTSE Eurozone ETF

In short

FGM Most Germany ETFs hand you the blue chips in market-cap order. FGM screens German stocks on growth and value marks and weights them by rank instead, landing on roughly 40 names. A different Germany, at a premium price.

FLEU The euro bloc, straight up: no UK, no Swiss francs, no hedging overlay. Franklin charges 0.09% a year to track the FTSE Developed Eurozone Index, a fraction of the median fee among index funds in its peer group.

Stated mandate

FGM The Fund seeks to track, before fees and expenses, the Nasdaq AlphaDEX® GermanyTM Index, an equity index focused on companies assigned to Germany.

FLEU The Fund uses a passive indexing approach and seeks to track, before fees and expenses, the FTSE Developed Eurozone Index.

Why people hold it

FGM Not a cap-weighted rerun: the AlphaDEX screen ranks German companies on growth and value measures, then weights by rank rather than size.
Roughly 40 holdings, so the screen actually shows up in the portfolio instead of getting diluted across a broad market list.
Running since 2012 and still doing one job: German equities, one named index, tracked closely.

FLEU 0.09% a year against a 0.45% median for index funds in its peer group. Cheap beta is the entire pitch, and Franklin delivers it.
Roughly 300 stocks across developed eurozone markets, so the exposure reaches past the handful of household-name blue chips that dominate the region.
A plain mandate with nowhere to hide: passively track the FTSE Developed Eurozone Index before fees. No factor tilts, no active overlay, no discretion.sec.gov
Sits in the upper half of its index-wrapper peer group on the strength of that fee and a mandate it follows tightly.

Worth knowing

FGM At 0.80% a year it sits above most single-country Europe funds, and four times the 0.20% charged by the cheapest German blue-chip tracker (DAX).
A small fund that trades lightly next to the big country ETFs, so spreads and order size are worth watching.
One country, one screen, few dozen stocks: the ride follows Germany's cycle and the factor tilt, not a diversified basket.

FLEU Thinly traded. On smaller orders the bid-ask spread can cost more than a year of the 0.09% fee.
It launched in 2017 as the Franklin FTSE Europe Hedged ETF and was renamed to the Eurozone strategy in 2023, so the early record reflects a different, hedged mandate.sec.gov
Euro-currency countries only. The UK, Switzerland and the non-euro Nordics are out, and the euro's move against the dollar rides along unhedged.

Full FGM profile⁠

Full FLEU profile⁠

FGM vs FLEU Holdings

How FGM and FLEU differ

Overlap by weight

16.4%

Shared holdings make up 78.4% of FGM and 17.0% of FLEU.

Level by level

Holdings33 in both16.4%
Countryby domicile25.6%
Sector11 Sectors56.9%
Asset classEquity100%

Sector

Sector weights in FGM and FLEU, widest gap first
Sector	More in FGMMore in FLEU	FGM	FLEU
Financials	FLEU +21.1 points	6.3%	27.4%
Consumer Discretionary	FGM +13.2 points	20.4%	7.2%
Technology	FLEU +12.7 points	3.8%	16.5%
Industrials	FGM +11.5 points	31.2%	19.7%
Materials	FGM +6.7 points	10.8%	4.1%
Health Care	FGM +5.8 points	11.5%	5.7%
Energy	FLEU +4.1 points	0.0%	4.1%
Utilities	FLEU +3.9 points	2.6%	6.5%
Communication	FGM +3.5 points	6.5%	3.1%
Real Estate	FGM +2.5 points	3.4%	0.9%
Consumer Staples	FLEU +1.3 points	3.5%	4.8%

Country, concentration and asset class

Country by domicile

Country weights in FGM and FLEU, widest gap first
Country	More in FGMMore in FLEU	FGM	FLEU
Germany	FGM +74.4 points	100.0%	25.6%
France	FLEU +24.3 points	0.0%	24.3%
Netherlands	FLEU +17.3 points	0.0%	17.3%
Spain	FLEU +11.0 points	0.0%	11.0%
Italy	FLEU +9.1 points	0.0%	9.1%
Belgium	FLEU +2.8 points	0.0%	2.8%
Finland	FLEU +2.5 points	0.0%	2.5%
United States	FLEU +2.1 points	0.0%	2.1%
Other countries (8)	FLEU +5.3 points	0.0%	5.3%

Outside the US: FGM 100% developed, 0% emerging. FLEU 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

FGM38.4%
FLEU29.4%

Securities held

FGM41
FLEU262

Asset class

FGM: Equity
FLEU: Equity

Holdings

Only in FGM8
In both33
Only in FLEU229

Only in FGM

8 securities, 21.5% of FGM by weight

Porsche Automobil Holding SE4.19%
thyssenkrupp AG4.08%
United Internet AG (Registered Shares)3.69%
Aurubis AG3.27%
Fresenius SE & Co. KGaA3.17%
Wacker Chemie AG1.62%
Aixtron SE1.09%
TK Accelis Group AG & Co. KGaA0.44%

Only in FLEU

229 securities, 83.0% of FLEU by weight

Asml Holding NV8.23%
Sap SE3.12%
Totalenergies SE2.59%
Iberdrola SA2.23%
Banco Santander SA2.21%
Schneider Electric SE2.03%
Banco Bilbao Vizcaya Arge1.79%
Air Liquide SA1.73%
Airbus SE1.70%
Unicredit Spa1.56%
L'oreal1.51%
Lvmh Moet Hennessy Louis1.44%
Safran SA1.43%
Intesa Sanpaolo1.36%
Sanofi1.30%
Bnp Paribas1.26%
Ing Groep NV1.23%
Enel Spa1.06%
Axa SA1.05%
Anheuser-Busch Inbev Sa/N1.03%
Industria De Diseno Texti0.94%
Deutsche Boerse AG0.88%
Essilorluxottica0.81%
Vinci SA0.80%
Deutsche Bank Ag-Register0.78%
Nordea Bank Abp0.76%
Argenx SE0.76%
Eni Spa0.76%
Rheinmetall AG0.72%
Hermes International0.67%
Engie0.65%
Caixabank SA0.63%
Ferrari NV0.63%
Danone0.62%
Societe Generale SA0.62%
Prosus NV0.62%
Generali0.61%
Nokia Oyj0.59%
Asm International NV0.51%
Ucb SA0.51%
Legrand SA0.50%
Repsol SA0.50%
Prysmian Spa0.49%
Mercedes-Benz Group AG0.47%
Compagnie De Saint Gobain0.46%
Erste Group Bank AG0.46%
Orange0.46%
Koninklijke Ahold Delhaiz0.44%
Adidas AG0.41%
Stmicroelectronics NV0.40%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in FGM and FLEU, widest gap first
Holding	More in FGMMore in FLEU	FGM	FLEU
Delivery Hero SE	FGM +4.48 points	4.58%	0.10%
Bayerische Motoren Werke (BMW) AG	FGM +4.18 points	4.46%	0.28%
Fresenius Medical Care AG	FGM +3.49 points	3.61%	0.12%
Volkswagen AG (Preference Shares)	FGM +3.29 points	3.51%	0.22%
Hochtief AG	FGM +3.16 points	3.25%	0.09%
Vonovia SE	FGM +3.13 points	3.31%	0.18%
Deutsche Lufthansa AG	FGM +3.10 points	3.16%	0.06%
Fuchs SE (Preference)	FGM +3.03 points	3.07%	0.04%
Schaeffler AG	FGM +3.01 points	3.03%	0.02%
KION Group AG	FGM +3.00 points	3.03%	0.03%
Bayer AG	FGM +2.94 points	3.69%	0.75%
Nordex SE	FGM +2.81 points	2.88%	0.07%
Henkel AG & Co. KGaA (Preference)	FGM +2.70 points	2.89%	0.19%
Dhl AG	FGM +2.11 points	2.93%	0.82%
Heidelberg Materials AG	FGM +2.10 points	2.39%	0.29%
Talanx AG	FGM +1.93 points	2.05%	0.12%
Deutsche Telekom AG	FGM +1.54 points	2.89%	1.35%
Merck KGaA	FGM +1.53 points	1.82%	0.29%
Fraport AG Frankfurt Airport Services Worldwide	FGM +1.52 points	1.55%	0.03%
Basf SE	FGM +1.31 points	2.02%	0.71%
Infineon Technologies AG	FGM +1.19 points	2.19%	1.00%
Rwe AG	FGM +1.18 points	1.80%	0.62%
Evonik Industries AG	FGM +1.09 points	1.17%	0.08%
Beiersdorf AG	FGM +0.84 points	0.97%	0.13%
Hannover Rueck SE	FGM +0.80 points	1.06%	0.26%
Symrise AG	FGM +0.75 points	0.94%	0.19%
Knorr-Bremse AG	FGM +0.70 points	0.79%	0.09%
MTU Aero Engines AG	FGM +0.53 points	0.80%	0.27%
Siemens AG	FLEU +0.41 points	2.50%	2.91%
E.on SE	FGM +0.30 points	0.93%	0.63%
Allianz SE	FGM +0.29 points	2.81%	2.52%
Siemens Energy AG	FLEU +0.10 points	1.35%	1.45%
Muenchener Rueckversicherungs-Gesellschaft AG	FLEU +0.06 points	1.02%	1.08%

All 41 FGM holdings⁠All 268 FLEU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FGM vs FLEU Cost

Overpaying FGM vs FLEU

$13,448

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FGM 0.80%
$15,346
FLEU 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FGM 0.80%
FLEU 0.09%
Overpaying

Year by year

Year	FGM	FLEU	Overpaying
10	$1,422	$165	$1,257
20	$5,393	$646	$4,747
30	$15,346	$1,898	$13,448

Expense ratio

0.80%FGM
0.09%FLEU, cheaper

FLEU0.09%FGM0.80%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FLEU 2nd cheapest of 12 funds

FGM 11th cheapest of 12 funds

FGM vs FLEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FGM 1.86%; FLEU 2.84%, better
Payout (12M): FGM $1.07; FLEU $0.96
Last payment: FGM $0.19; FLEU $0.58
Ex-dividend: FGM Sep 24, 2026; FLEU Jun 26, 2026
Paid on: FGM Sep 30, 2026; FLEU Jul 6, 2026
Frequency: FGM Quarterly; FLEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FGMQuarterly · 28 paymentsAll FGM payments⁠

FLEUTwice a year · 20 paymentsAll FLEU payments⁠

FGM vs FLEU Risk

Fall from peak · 5 years

FGM
FLEU

Risk facts

VolatilityStd dev, 3 years: FGM 18.2%FLEU 14.1%, better
Return per unit of riskSharpe ratio, 3 years: FGM 0.95FLEU 1.07, better
Worst fallMax drawdown, 5 years: FGM −48.3%FLEU −18.7%, better
Market sensitivityBeta, 5 years: FGM 1.16FLEU 1.02; Market = 1

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