EZU vs IEV: Grades, Fees and Holdings Compared

iShares MSCI Eurozone ETF

EZUACboe

iShares Europe ETF

IEVBNYSE Arca

Overlap

51.5%by weight

Expense ratio

EZU −0.10pt a year

EZU0.50%IEV0.60%

Avg volume · 30D

EZU 9.5×the volume

EZU977KIEV102K

10Y return · a year

EZU+9.5%IEV+9.5%

EZU vs IEV Performance

Oct 29, 2021 – Oct 30, 2026

+49.7%EZU+51.7%IEV

Expense ratio: EZU 0.50%, better; IEV 0.60%
Fund size: EZU $9.13B; IEV $1.56B
1Y total return: EZU +7.7%; IEV +12.0%, better
Yield (12M): EZU 2.83%; IEV 2.83%
Holdings: EZU 220; IEV 371
Avg volume (30D): EZU 977K sh, better; IEV 102K sh
NAV per share: EZU $65.37; IEV $71.71
52W range

ETF.net Grade

Pillar letters and Scores for EZU, IEV, with each pillar’s weight
Pillar	EZU	IEV
Cost30% weight	B59Higher	F21
Mission25% weight	A100	A100
Risk15% weight	C46	A78Higher
Tradability15% weight	A89Higher	B69
Holdings10% weight	A72	A86Higher
Durability5% weight	A81Higher	B68

Rank among Europe Region funds

How we build Categories ›

Same Category. EZU and IEV 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 IEV 5th 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 5BIEViShares Europe ETFScore 65
Rank 6BDAXGlobal X DAX Germany ETFScore 64

Our read on each fund

ETF.net Research

EZUAiShares MSCI Eurozone ETF

IEVBiShares Europe 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.

IEV Trading since 2000, IEV is one of the original ways to own Europe from a US brokerage account: an index of 350 blue chips drawn from 16 developed markets, the whole continent rather than just the eurozone slice.

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.

IEV The fund seeks to track an index composed of European equities.

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.

IEV Continent-wide, not eurozone-only. The S&P Europe 350 pulls blue chips from 16 developed European markets, so UK, Swiss and Nordic giants sit beside the euro-bloc names.spglobal.com
A 2000-vintage fund that has grown into a multi-billion-dollar one with steady day-to-day trading in US hours. Longevity through several full market cycles.
No hunches layered on top: roughly 400 positions, one stated European equity index, and tracking that stays close to it. What you read on the tin is what sits in the basket.

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

IEV Cost is the trade-off. The 0.60% expense ratio runs above plain index trackers in the same cohort, where a fund like VT charges 0.06%.
Sixteen markets means many currencies. Euro, pound, franc and krona moves against the dollar land in your return alongside the stocks themselves.spglobal.com
Cash comes in lumps, not a drip: distributions arrive once or twice a year, which is typical for European companies but unlike a monthly payer.

Full EZU profile⁠

Full IEV profile⁠

EZU vs IEV Holdings

How EZU and IEV differ

Overlap by weight

51.5%

Shared holdings make up 95.5% of EZU and 51.5% of IEV.

Level by level

Holdings174 in both51.5%
Countryby domicile52.4%
Sector11 Sectors88.3%
Asset classEquity100%

Sector

Sector weights in EZU and IEV, widest gap first
Sector	More in EZUMore in IEV	EZU	IEV
Technology	EZU +6.8 points	16.6%	9.8%
Health Care	IEV +6.3 points	6.3%	12.6%
Consumer Staples	IEV +2.3 points	5.8%	8.1%
Utilities	EZU +2.1 points	6.6%	4.5%
Materials	IEV +1.4 points	4.2%	5.6%
Energy	IEV +1.1 points	4.4%	5.5%
Consumer Discretionary	EZU +1.0 points	7.3%	6.3%
Industrials	EZU +0.9 points	19.6%	18.7%
Communication	EZU +0.7 points	3.3%	2.6%
Financials	IEV +0.6 points	25.1%	25.7%
Real Estate	EZU +0.1 points	0.7%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in EZU and IEV, widest gap first
Country	More in EZUMore in IEV	EZU	IEV
United Kingdom	IEV +24.5 points	0.0%	24.5%
Switzerland	IEV +15.5 points	0.0%	15.5%
France	EZU +12.6 points	27.5%	14.9%
Germany	EZU +12.1 points	26.1%	14.0%
Netherlands	EZU +8.1 points	16.8%	8.7%
Spain	EZU +5.1 points	11.2%	6.1%
Sweden	IEV +4.9 points	0.0%	4.9%
Italy	EZU +4.1 points	9.3%	5.2%
Other countries (5)	EZU +2.8 points	9.0%	6.2%

Outside the US: EZU 100% developed, 0% emerging. IEV 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

EZU29.9%
IEV22.3%

Securities held

EZU216
IEV362

Asset class

EZU: Equity
IEV: Equity

Holdings

Only in EZU42
In both174
Only in IEV188

Only in EZU

42 securities, 4.6% of EZU by weight

Nebius NV Class A0.43%
Stmicroelectronics0.41%
Aercap Holdings0.34%
Coca Cola Europacific Partners PLC0.31%
Orion Class B0.17%
Bankinter0.14%
Banco Comercial Portugues SA0.13%
Klepierre Reit SA0.12%
Rexel SA0.12%
Talanx AG0.12%
Raiffeisen Bank International AG0.11%
Indra Sistemas SA0.10%
Knorr Bremse AG0.09%
Lotus Bakeries NV0.09%
Elia Group SA0.09%
Amundi SA0.09%
Hochtief AG0.09%
International Airlines Group0.09%
Italgas0.08%
Evonik Industries AG0.08%
Hensoldt AG0.08%
Ipsen SA0.08%
Dassault Aviation SA0.08%
Abivax SA0.08%
Acciona0.08%
Financiere De Tubize SA0.07%
Banca Mediolanum0.07%
Recordati Industria Chimica E Farm0.07%
Sofina SA0.07%
Nemetschek0.07%
Deutsche Lufthansa AG0.07%
Edp Renewables SA0.06%
Aeroports De Paris SA0.06%
Davide Campari Milano NV0.06%
Mapfre SA0.06%
Biomerieux SA0.06%
Dieteren (D) SA0.06%
Rational AG0.05%
Ayvens SA0.05%
Buzzi0.05%
Cvc Capital Partners PLC0.05%
Covivio SA0.04%

Only in IEV

188 securities, 48.3% of IEV by weight

Roche Ps Par AG2.51%
Shell2.28%
Novartis AG2.17%
Hsbc Holdings PLC2.14%
Astrazeneca PLC2.11%
Nestle SA1.93%
Ubs Group AG1.06%
Unilever PLC1.02%
Rolls-Royce Holdings PLC1.01%
British American Tobacco0.97%
Bp PLC0.96%
Abb Ltd0.96%
Novo Nordisk Class B0.92%
Zurich Insurance Group AG0.84%
Compagnie Financiere Richemont SA0.79%
Glaxosmithkline0.73%
Rio Tinto0.63%
National Grid PLC0.62%
Bae Systems PLC0.61%
Investor Class B0.58%
Barclays PLC0.55%
Lloyds Banking Group PLC0.53%
Relx PLC0.51%
Glencore PLC0.48%
Natwest Group PLC0.45%
Anglo American PLC0.43%
Compass Group PLC0.41%
Swiss Re AG0.41%
London Stock Exchange Group PLC0.40%
Lonza Group AG0.40%
Diageo PLC0.38%
Volvo Class B0.36%
Atlas Copco Class A0.35%
Standard Chartered PLC0.35%
Reckitt Benckiser Group PLC0.34%
Tesco PLC0.33%
Sandoz Group AG0.32%
Galderma Group N AG0.32%
Sse PLC0.31%
Holcim Ltd AG0.31%
Dsv0.30%
Assa Abloy B0.28%
Givaudan SA0.28%
Sandvik0.28%
Haleon PLC0.27%
Equinor0.27%
Experian PLC0.26%
Genmab0.26%
Alcon AG0.26%
Swedbank0.26%

Weight gaps

The 100 widest of 174 Holdings in both funds.

Holding weights in EZU and IEV, widest gap first
Holding	More in EZUMore in IEV	EZU	IEV
Asml Holding	EZU +4.04 points	8.48%	4.44%
Sap	EZU +1.56 points	3.31%	1.75%
Siemens N AG	EZU +1.42 points	2.97%	1.55%
Allianz	EZU +1.22 points	2.58%	1.36%
Totalenergies	EZU +1.15 points	2.56%	1.41%
Iberdrola	EZU +1.05 points	2.13%	1.08%
Banco Santander	EZU +1.00 points	2.23%	1.23%
Schneider Electric	EZU +0.92 points	2.02%	1.10%
Banco Bilbao Vizcaya Argentaria	EZU +0.87 points	1.82%	0.95%
Lair Liquide Societe Anonyme Pour	EZU +0.80 points	1.74%	0.94%
Airbus Group	EZU +0.81 points	1.77%	0.96%
Loreal SA	EZU +0.81 points	1.62%	0.81%
Siemens Energy N AG	EZU +0.75 points	1.52%	0.77%
Safran SA	EZU +0.70 points	1.47%	0.77%
Lvmh	EZU +0.68 points	1.48%	0.80%
Sanofi SA	EZU +0.65 points	1.35%	0.70%
Deutsche Telekom N AG	EZU +0.64 points	1.37%	0.73%
Unicredit	EZU +0.63 points	1.53%	0.90%
Bnp Paribas SA	EZU +0.62 points	1.31%	0.69%
Ing Groep	EZU +0.59 points	1.25%	0.66%
Intesa Sanpaolo	EZU +0.55 points	1.29%	0.74%
Enel	EZU +0.53 points	1.10%	0.57%
Muenchener Rueckversicherungs-Gese	EZU +0.52 points	1.11%	0.59%
Infineon Technologies AG	EZU +0.48 points	1.02%	0.54%
Axa SA	EZU +0.47 points	1.03%	0.56%
Anheuser-Busch Inbev SA	EZU +0.44 points	1.00%	0.56%
Industria De Diseno Textil SA	EZU +0.44 points	0.95%	0.51%
Deutsche Boerse AG	EZU +0.42 points	0.90%	0.48%
Dhl AG	EZU +0.39 points	0.83%	0.44%
Essilorluxottica SA	EZU +0.39 points	0.83%	0.44%
Argenx	EZU +0.37 points	0.78%	0.41%
Bayer AG	EZU +0.37 points	0.77%	0.40%
Eni	EZU +0.36 points	0.76%	0.40%
Rheinmetall AG	EZU +0.35 points	0.75%	0.40%
Vinci SA	EZU +0.36 points	0.79%	0.43%
Deutsche Bank AG	EZU +0.33 points	0.80%	0.47%
Basf N	EZU +0.33 points	0.72%	0.39%
Hermes International	EZU +0.32 points	0.69%	0.37%
E.on N	EZU +0.32 points	0.66%	0.34%
Ferrari	EZU +0.31 points	0.66%	0.35%
Danone SA	EZU +0.30 points	0.64%	0.34%
Nordea Bank	EZU +0.30 points	0.74%	0.44%
Prosus NV Class N	EZU +0.30 points	0.64%	0.34%
Engie SA	EZU +0.28 points	0.64%	0.36%
Societe Generale SA	EZU +0.27 points	0.60%	0.33%
Nokia	EZU +0.26 points	0.60%	0.34%
Caixabank SA	EZU +0.26 points	0.60%	0.34%
Ucb SA	EZU +0.25 points	0.53%	0.28%
Rwe AG	EZU +0.25 points	0.57%	0.32%
Repsol	EZU +0.25 points	0.53%	0.28%
Legrand SA	EZU +0.24 points	0.52%	0.28%
Erste Group Bank AG	EZU +0.24 points	0.52%	0.28%
Asm International NV	EZU +0.24 points	0.53%	0.29%
Compagnie De Saint Gobain SA	EZU +0.22 points	0.47%	0.25%
Koninklijke Ahold Delhaize	EZU +0.21 points	0.45%	0.24%
Prysmian	EZU +0.21 points	0.48%	0.27%
Kbc Groep	EZU +0.19 points	0.40%	0.21%
Mercedes-Benz Group N AG	EZU +0.19 points	0.42%	0.23%
Orange SA	EZU +0.19 points	0.42%	0.23%
Abn Amro Bank NV	EZU +0.19 points	0.38%	0.19%
Ferrovial NV	EZU +0.17 points	0.37%	0.20%
Adidas N AG	EZU +0.17 points	0.42%	0.25%
Amadeus It Group	EZU +0.17 points	0.37%	0.20%
Arcelormittal SA	EZU +0.17 points	0.35%	0.18%
Publicis Groupe	EZU +0.16 points	0.35%	0.19%
Thales SA	EZU +0.17 points	0.34%	0.17%
Aib Group PLC	EZU +0.16 points	0.35%	0.19%
Sampo Class A	EZU +0.16 points	0.35%	0.19%
Aena Sme SA	EZU +0.15 points	0.31%	0.16%
Leonardo Finmeccanica Spa	EZU +0.16 points	0.33%	0.17%
Adyen	EZU +0.15 points	0.34%	0.19%
Heidelberg Materials AG	EZU +0.16 points	0.31%	0.15%
Fresenius N	EZU +0.15 points	0.31%	0.16%
Commerzbank AG	EZU +0.15 points	0.35%	0.20%
Heineken NV	EZU +0.15 points	0.33%	0.18%
Nn Group	EZU +0.15 points	0.32%	0.17%
Wolters Kluwer	EZU +0.15 points	0.31%	0.16%
Merck	EZU +0.14 points	0.30%	0.16%
Capgemini	EZU +0.14 points	0.30%	0.16%
Koninklijke Philips	EZU +0.14 points	0.29%	0.15%
Bmw	EZU +0.14 points	0.29%	0.15%
Universal Music Group	EZU +0.14 points	0.28%	0.14%
Mtu Aero Engines Holding AG	EZU +0.13 points	0.27%	0.14%
Daimler Truck Holding E AG	EZU +0.13 points	0.29%	0.16%
Michelin	EZU +0.13 points	0.31%	0.18%
Bank of Ireland Group PLC	EZU +0.13 points	0.27%	0.14%
Hannover Rueck	EZU +0.13 points	0.27%	0.14%
Dassault Systemes	EZU +0.12 points	0.26%	0.14%
Bper Banca	EZU +0.12 points	0.28%	0.16%
Banca Monte Dei Paschi Di Siena Sp	EZU +0.13 points	0.32%	0.19%
Veolia Environ. SA	EZU +0.12 points	0.30%	0.18%
Poste Italiane	EZU +0.12 points	0.28%	0.16%
Koninklijke Kpn NV	EZU +0.13 points	0.26%	0.13%
Assicurazioni Generali	EZU +0.12 points	0.48%	0.36%
Kerry Group PLC	EZU +0.11 points	0.24%	0.13%
Banco De Sabadell	EZU +0.12 points	0.25%	0.13%
Acs Actividades De Construccion Y	EZU +0.11 points	0.26%	0.15%
Kingspan Group PLC	EZU +0.11 points	0.22%	0.11%
Volkswagen Non-Voting Pref AG	EZU +0.11 points	0.22%	0.11%
Edp Energias De Portugal	EZU +0.10 points	0.22%	0.12%

All 215 EZU holdings⁠All 361 IEV 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 IEV Cost

Overpaying IEV vs EZU

$1,838

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

EZU 0.50%
$9,979
IEV 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

EZU 0.50%
IEV 0.60%
Overpaying

Year by year

Year	EZU	IEV	Overpaying
10	$900	$1,076	$176
20	$3,460	$4,116	$656
30	$9,979	$11,817	$1,838

Expense ratio

0.50%EZU, cheaper
0.60%IEV

EZU0.50%IEV0.60%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

EZU 5th cheapest of 12 funds

IEV 10th cheapest of 12 funds

EZU vs IEV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EZU 2.83%; IEV 2.83%
Payout (12M): EZU $1.84; IEV $2.03
Last payment: EZU $1.23; IEV $1.28
Ex-dividend: EZU Jun 15, 2026; IEV Jun 15, 2026
Paid on: EZU Jun 18, 2026; IEV Jun 18, 2026
Frequency: EZU Twice a year; IEV Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EZUTwice a year · 20 paymentsAll EZU payments⁠

IEVTwice a year · 20 paymentsAll IEV payments⁠

EZU vs IEV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: EZU 13.9%IEV 12.7%, better
Return per unit of riskSharpe ratio, 3 years: EZU 1.06IEV 1.09, better
Worst fallMax drawdown, 5 years: EZU −36.0%IEV −30.5%, better
Market sensitivityBeta, 5 years: EZU 0.91IEV 0.81; Market = 1

EZU and IEV 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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EZU vs IEV

In short

Stated mandate

Why people hold it