EZU vs FLEU: Grades, Fees and Holdings Compared

iShares MSCI Eurozone ETF

EZUACboe

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

Overlap

93.9%by weight

Expense ratio

FLEU −0.41pt a year

EZU0.50%FLEU0.09%

Avg volume · 30D

EZU 160.5×the volume

EZU977KFLEU6.09K

5Y return · a year

FLEU +1.8pt

EZU+8.4%FLEU+10.2%

EZU vs FLEU Performance

Oct 29, 2021 – Oct 30, 2026

+49.7%EZU+62.4%FLEU

Expense ratio: EZU 0.50%; FLEU 0.09%, better
Fund size: EZU $9.13B; FLEU $68M
1Y total return: EZU +7.7%; FLEU +8.1%, better
Yield (12M): EZU 2.83%; FLEU 2.84%, better
Holdings: EZU 220; FLEU 265
Avg volume (30D): EZU 977K sh, better; FLEU 6.09K sh
NAV per share: EZU $65.37; FLEU $33.86
52W range

ETF.net Grade

Pillar letters and Scores for EZU, FLEU, with each pillar’s weight
Pillar	EZU	FLEU
Cost30% weight	B59	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C46	C52Higher
Tradability15% weight	A89Higher	D31
Holdings10% weight	A72	A77Higher
Durability5% weight	A81Higher	D28

Rank among Europe Region funds

How we build Categories ›

Same Category. EZU 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 ›

EZU ranks 2nd and FLEU 3rd 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

Our read on each fund

ETF.net Research

EZUAiShares MSCI Eurozone ETF

FLEUAFranklin FTSE Eurozone ETF

In short

EZU Europe minus the UK, Switzerland and the Nordics. EZU holds only developed countries that use the euro, about 220 large and mid caps, and it has been doing that job since 2000.

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

EZU The fund seeks to track an index of large- and mid-cap equities from developed countries that use the euro, providing diversified Eurozone equity exposure.

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

EZU The euro-only cut of Europe: the MSCI EMU index covers large and mid caps in developed countries inside the currency union, so no UK, Swiss or Nordic names ride along.msci.com
Trading since 2000 and now a multi-billion-dollar, actively traded fund, one of the established ways to own the Eurozone through a single US-listed ticker.
Roughly 220 stocks reaching about 85% of the euro bloc's free-float market value: the whole currency union, not a country or sector wager.msci.com
Tracking is the strong suit here. It has followed its benchmark closely, which is most of the job description for a plain index wrapper.

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

EZU 0.50% a year sits above the 0.45% median for index wrappers in its group and far above global one-fund options like VT at 0.06%.
Currency comes with the package. The euro's moves against the dollar flow straight into your dollar return; iShares runs HEZU on the same index for the hedged version.ishares.com
Large and mid caps only. Eurozone small caps and non-euro Europe (UK, Switzerland) sit outside the mandate by design.msci.com

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 EZU profile⁠

Full FLEU profile⁠

EZU vs FLEU Holdings

How EZU and FLEU differ

Overlap by weight

93.9%

Shared holdings make up 96.2% of EZU and 94.9% of FLEU.

Level by level

Holdings201 in both93.9%
Countryby domicile94.3%
Sector11 Sectors97.5%
Asset classEquity100%

Sector

Sector weights in EZU and FLEU, widest gap first
Sector	More in EZUMore in FLEU	EZU	FLEU
Financials	FLEU +2.3 points	25.1%	27.4%
Consumer Staples	EZU +1.0 points	5.8%	4.8%
Health Care	EZU +0.6 points	6.3%	5.7%
Energy	EZU +0.3 points	4.4%	4.1%
Communication	EZU +0.2 points	3.3%	3.1%
Real Estate	FLEU +0.2 points	0.7%	0.9%
Technology	EZU +0.1 points	16.6%	16.5%
Industrials	FLEU +0.1 points	19.6%	19.7%
Utilities	EZU +0.1 points	6.6%	6.5%
Consumer Discretionary	EZU +0.1 points	7.3%	7.2%
Materials	EZU +0.1 points	4.2%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in EZU and FLEU, widest gap first
Country	More in EZUMore in FLEU	EZU	FLEU
France	EZU +3.2 points	27.5%	24.3%
United States	FLEU +2.1 points	0.0%	2.1%
Finland	EZU +0.8 points	3.3%	2.5%
Greece	FLEU +0.8 points	0.0%	0.8%
Sweden	FLEU +0.8 points	0.0%	0.8%
Belgium	EZU +0.6 points	3.4%	2.8%
Portugal	FLEU +0.6 points	0.0%	0.6%
Germany	EZU +0.5 points	26.1%	25.6%
Other countries (8)	FLEU +0.9 points	39.6%	40.5%

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

Concentration

Weight in the 10 largest Holdings

EZU29.9%
FLEU29.4%

Securities held

EZU216
FLEU262

Asset class

EZU: Equity
FLEU: Equity

Holdings

Only in EZU15
In both201
Only in FLEU61

Only in EZU

15 securities, 3.5% of EZU by weight

Argenx0.78%
Nebius NV Class A0.43%
Stmicroelectronics0.41%
Arcelormittal SA0.35%
Aercap Holdings0.34%
Coca Cola Europacific Partners PLC0.31%
Fresenius N0.31%
Upm-Kymmene Corp0.13%
Sartorius Pref AG0.11%
International Airlines Group0.09%
Jeronimo Martins SA0.08%
Dr Ing Hc F Porsche Prf AG0.08%
Porsche Automobil Holding Pref0.06%
Unipol Axa0.00%
Wisa Group PLC0.00%

Only in FLEU

61 securities, 5.1% of FLEU by weight

Argenx SE0.76%
Stmicroelectronics NV0.40%
Arcelormittal0.34%
Fresenius SE0.30%
National Bank of Greece0.20%
Upm-Kymmene Oyj0.17%
Eurobank SA0.16%
Piraeus Bank SA0.16%
Net Current Assets0.12%
Alpha Bank SA0.11%
Public Power Corp0.10%
Spie SA0.10%
Scor SE0.09%
Imcd NV0.09%
SCOUT24 SE0.09%
Saipem Spa0.09%
Ackermans & Van Haaren0.08%
Edenred0.08%
Andritz AG0.08%
Jeronimo Martins0.08%
Merlin Properties Socimi0.07%
Nordex SE0.07%
Randstad NV0.07%
Cts Eventim AG & Co Kgaa0.06%
A2A Spa0.06%
Warehouses De Pauw NV0.06%
Technoprobe Spa0.06%
Unicaja Banco SA0.05%
Austria Technologie & Sys0.05%
Gek Terna SA0.05%
Grifols SA0.05%
Hal Trust0.04%
Fuchs Se-Pref0.04%
Brunello Cucinelli Spa0.04%
Pirelli & C Spa0.04%
Hera Spa0.04%
Hellenic Telecommun Organ0.04%
Strabag Se-Br0.04%
Mediobanca Spa0.04%
Bollore SE0.04%
Vienna Insurance Group AG0.04%
Fraport AG Frankfurt Airp0.03%
Kion Group AG0.03%
Csg NV0.03%
Traton SE0.03%
Dws Group Gmbh & Co Kgaa0.03%
Volkswagen AG0.03%
Allwyn AG0.03%
Grifols SA - B0.03%
Telecom Italia Spa0.03%

Weight gaps

The 100 widest of 201 Holdings in both funds.

Holding weights in EZU and FLEU, widest gap first
Holding	More in EZUMore in FLEU	EZU	FLEU
Asml Holding	EZU +0.25 points	8.48%	8.23%
Sap	EZU +0.19 points	3.31%	3.12%
Assicurazioni Generali	FLEU +0.13 points	0.48%	0.61%
Loreal SA	EZU +0.11 points	1.62%	1.51%
Iberdrola	FLEU +0.10 points	2.13%	2.23%
Siemens Energy N AG	EZU +0.07 points	1.52%	1.45%
Airbus Group	EZU +0.07 points	1.77%	1.70%
Intesa Sanpaolo	FLEU +0.07 points	1.29%	1.36%
Siemens N AG	EZU +0.06 points	2.97%	2.91%
Allianz	EZU +0.06 points	2.58%	2.52%
Erste Group Bank AG	EZU +0.06 points	0.52%	0.46%
Ryanair Holdings PLC	EZU +0.06 points	0.15%	0.09%
Rwe AG	FLEU +0.05 points	0.57%	0.62%
Sanofi SA	EZU +0.05 points	1.35%	1.30%
Bnp Paribas SA	EZU +0.05 points	1.31%	1.26%
Mercedes-Benz Group N AG	FLEU +0.05 points	0.42%	0.47%
Lvmh	EZU +0.04 points	1.48%	1.44%
Orange SA	FLEU +0.04 points	0.42%	0.46%
Enel	EZU +0.04 points	1.10%	1.06%
Safran SA	EZU +0.04 points	1.47%	1.43%
Ferrari	EZU +0.03 points	0.66%	0.63%
Muenchener Rueckversicherungs-Gese	EZU +0.03 points	1.11%	1.08%
Anheuser-Busch Inbev SA	FLEU +0.03 points	1.00%	1.03%
Rheinmetall AG	EZU +0.03 points	0.75%	0.72%
Aena Sme SA	EZU +0.03 points	0.31%	0.28%
Unicredit	FLEU +0.03 points	1.53%	1.56%
Banco Bilbao Vizcaya Argentaria	EZU +0.03 points	1.82%	1.79%
Ing Groep	EZU +0.02 points	1.25%	1.23%
Repsol	EZU +0.03 points	0.53%	0.50%
Recordati Industria Chimica E Farm	EZU +0.03 points	0.07%	0.04%
Banco Santander	EZU +0.02 points	2.23%	2.21%
Totalenergies	FLEU +0.03 points	2.56%	2.59%
Dsm Firmenich AG	FLEU +0.03 points	0.27%	0.30%
Infineon Technologies AG	EZU +0.02 points	1.02%	1.00%
Caixabank SA	FLEU +0.03 points	0.60%	0.63%
Heineken Holding NV	EZU +0.02 points	0.14%	0.12%
Societe Generale SA	FLEU +0.02 points	0.60%	0.62%
Kbc Groep	EZU +0.02 points	0.40%	0.38%
Commerzbank AG	FLEU +0.02 points	0.35%	0.37%
E.on N	EZU +0.03 points	0.66%	0.63%
Cellnex Telecom	FLEU +0.02 points	0.19%	0.21%
Euronext NV	FLEU +0.02 points	0.21%	0.23%
Delivery Hero	FLEU +0.02 points	0.08%	0.10%
Redeia Corporacion SA	FLEU +0.02 points	0.07%	0.09%
Prosus NV Class N	EZU +0.02 points	0.64%	0.62%
Hermes International	EZU +0.02 points	0.69%	0.67%
Abn Amro Bank NV	EZU +0.02 points	0.38%	0.36%
Heidelberg Materials AG	EZU +0.02 points	0.31%	0.29%
Nordea Bank	FLEU +0.02 points	0.74%	0.76%
Magnum Ice Cream	EZU +0.02 points	0.13%	0.11%
Deutsche Bank AG	EZU +0.02 points	0.80%	0.78%
Universal Music Group	EZU +0.02 points	0.28%	0.26%
Thales SA	EZU +0.02 points	0.34%	0.32%
Naturgy Energy Group SA	FLEU +0.02 points	0.19%	0.21%
Bayer AG	EZU +0.02 points	0.77%	0.75%
Danone SA	EZU +0.02 points	0.64%	0.62%
Deutsche Telekom N AG	EZU +0.02 points	1.37%	1.35%
Bouygues SA	EZU +0.02 points	0.14%	0.12%
Heineken NV	EZU +0.02 points	0.33%	0.31%
Ucb SA	EZU +0.02 points	0.53%	0.51%
Dhl AG	EZU +0.01 points	0.83%	0.82%
Nokia	EZU +0.01 points	0.60%	0.59%
Legrand SA	EZU +0.02 points	0.52%	0.50%
Deutsche Boerse AG	EZU +0.02 points	0.90%	0.88%
Asm International NV	EZU +0.02 points	0.53%	0.51%
Daimler Truck Holding E AG	FLEU +0.01 points	0.29%	0.30%
Siemens Healthineers AG	FLEU +0.02 points	0.22%	0.24%
Accor SA	FLEU +0.01 points	0.14%	0.15%
Beiersdorf AG	FLEU +0.01 points	0.12%	0.13%
Bper Banca	FLEU +0.02 points	0.28%	0.30%
Pernod Ricard SA	EZU +0.01 points	0.20%	0.19%
Axa SA	FLEU +0.02 points	1.03%	1.05%
Fortum	EZU +0.01 points	0.16%	0.15%
Essilorluxottica SA	EZU +0.02 points	0.83%	0.81%
Schneider Electric	FLEU +0.01 points	2.02%	2.03%
Indra Sistemas SA	EZU +0.02 points	0.10%	0.08%
Prysmian	FLEU +0.01 points	0.48%	0.49%
Adyen	EZU +0.01 points	0.34%	0.33%
Asr Nederland	EZU +0.01 points	0.18%	0.17%
Akzo Nobel NV	FLEU +0.01 points	0.14%	0.15%
Wartsila	EZU +0.01 points	0.19%	0.18%
Abivax SA	FLEU +0.01 points	0.08%	0.09%
Wolters Kluwer	EZU +0.02 points	0.31%	0.29%
Leonardo Finmeccanica Spa	EZU +0.01 points	0.33%	0.32%
Endesa SA	EZU +0.01 points	0.21%	0.20%
Amadeus It Group	EZU +0.01 points	0.37%	0.36%
Neste	EZU +0.01 points	0.19%	0.18%
Bureau Veritas SA	FLEU +0.01 points	0.14%	0.15%
Banco Comercial Portugues SA	FLEU +0.01 points	0.13%	0.14%
Dassault Systemes	EZU +0.01 points	0.26%	0.25%
Orion Class B	EZU +0.01 points	0.17%	0.16%
Omv	EZU +0.01 points	0.17%	0.16%
Aeroports De Paris SA	FLEU +0.01 points	0.06%	0.07%
Koninklijke Ahold Delhaize	EZU +0.01 points	0.45%	0.44%
Veolia Environ. SA	FLEU +0.01 points	0.30%	0.31%
Unibail Rodamco We Stapled Units	FLEU +0.01 points	0.15%	0.16%
Bank of Ireland Group PLC	EZU +0.01 points	0.27%	0.26%
Poste Italiane	Same weight	0.28%	0.28%
Eiffage SA	Same weight	0.11%	0.11%
Bmw	EZU +0.01 points	0.29%	0.28%

All 215 EZU 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.

EZU vs FLEU Cost

Overpaying EZU vs FLEU

$8,081

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

EZU 0.50%
$9,979
FLEU 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

EZU 0.50%
FLEU 0.09%
Overpaying

Year by year

Year	EZU	FLEU	Overpaying
10	$900	$165	$735
20	$3,460	$646	$2,814
30	$9,979	$1,898	$8,081

Expense ratio

0.50%EZU
0.09%FLEU, cheaper

FLEU0.09%EZU0.50%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FLEU 2nd cheapest of 12 funds

EZU 5th cheapest of 12 funds

EZU vs FLEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EZU 2.83%; FLEU 2.84%, better
Payout (12M): EZU $1.84; FLEU $0.96
Last payment: EZU $1.23; FLEU $0.58
Ex-dividend: EZU Jun 15, 2026; FLEU Jun 26, 2026
Paid on: EZU Jun 18, 2026; FLEU Jul 6, 2026
Frequency: EZU Twice a year; FLEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EZUTwice a year · 20 paymentsAll EZU payments⁠

FLEUTwice a year · 20 paymentsAll FLEU payments⁠

EZU vs FLEU Risk

Fall from peak · 5 years

EZU
FLEU

Risk facts

VolatilityStd dev, 3 years: EZU 13.9%, betterFLEU 14.1%
Return per unit of riskSharpe ratio, 3 years: EZU 1.06FLEU 1.07, better
Worst fallMax drawdown, 5 years: EZU −36.0%FLEU −18.7%, better
Market sensitivityBeta, 5 years: EZU 0.91FLEU 1.02; Market = 1

EZU and FLEU in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026EZU
News
Von der Leyen puts a €1 billion-a-day China deficit and a minerals buyer on the table
Sep 16, 2026EZU
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026EZU
News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026EZU
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026EZU

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