FEZ vs FLEU: Grades, Fees and Holdings Compared

State Street SPDR EURO STOXX 50 ETF

FEZANYSE Arca

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

Overlap

58.4%by weight

Expense ratio

FLEU −0.20pt a year

FEZ0.29%FLEU0.09%

Avg volume · 30D

FEZ 140.8×the volume

FEZ857KFLEU6.09K

5Y return · a year

FLEU +0.6pt

FEZ+9.6%FLEU+10.2%

FEZ vs FLEU Performance

Oct 29, 2021 – Oct 30, 2026

+58.5%FEZ+62.4%FLEU

Expense ratio: FEZ 0.29%; FLEU 0.09%, better
Fund size: FEZ $4.16B; FLEU $68M
1Y total return: FEZ +6.9%; FLEU +8.1%, better
Yield (12M): FEZ 2.81%; FLEU 2.84%, better
Holdings: FEZ 53; FLEU 265
Avg volume (30D): FEZ 857K sh, better; FLEU 6.09K sh
NAV per share: FEZ $65.89; FLEU $33.86
52W range

ETF.net Grade

Pillar letters and Scores for FEZ, FLEU, with each pillar’s weight
Pillar	FEZ	FLEU
Cost30% weight	A72	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C42	C52Higher
Tradability15% weight	B62Higher	D31
Holdings10% weight	C52	A77Higher
Durability5% weight	A77Higher	D28

Rank among Europe Region funds

How we build Categories ›

Same Category. FEZ 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 FEZ 4th 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

Our read on each fund

ETF.net Research

FEZAState Street SPDR EURO STOXX 50 ETF

FLEUAFranklin FTSE Eurozone ETF

In short

FEZ Fifty eurozone blue chips, one ticker, running since 2002. FEZ is the long-standing US-listed route into the euro area's biggest companies, and it charges well below the typical index fund in its peer group.

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

FEZ The fund seeks to deliver total returns that generally correspond to the EURO STOXX 50 Index before fees and expenses.

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

FEZ Charges 0.29% a year against a 0.45% median for index-tracking funds in its cohort.
Trading since 2002 and among the more actively traded names in its group, so the cost of getting in and out tends to be modest on top of the fee.
Simple job, plainly stated: match the EURO STOXX 50 Index before fees. About 50 holdings, quarterly distributions, no tilts or overlays bolted on.
A $1B-$5B fund from SPDR with a clean structural record and no red flags on the wrapper, which is rare staying power for a single-region equity product.

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

FEZ About 50 names in one currency bloc. That concentration puts it at the more volatile end of its peer group, and a few European mega-caps drive a lot of the result.
It's a regional slice, not a whole-market holding. Broad global trackers such as VT run 0.06% and reach far wider.
Returns arrive through euro-area shares, so the euro-dollar exchange rate is part of the ride for a US investor. Nothing in the mandate hedges it away.

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 FEZ profile⁠

Full FLEU profile⁠

FEZ vs FLEU Holdings

How FEZ and FLEU differ

Overlap by weight

58.4%

Shared holdings make up 87.9% of FEZ and 58.4% of FLEU.

Level by level

Holdings42 in both58.4%
Countryby domicile90.8%
Sector11 Sectors95.5%
Asset classEquity100%

Sector

Sector weights in FEZ and FLEU, widest gap first
Sector	More in FEZMore in FLEU	FEZ	FLEU
Energy	FEZ +1.5 points	5.6%	4.1%
Technology	FEZ +1.2 points	17.7%	16.5%
Communication	FLEU +1.1 points	2.0%	3.1%
Consumer Discretionary	FEZ +1.1 points	8.3%	7.2%
Real Estate	FLEU +0.9 points	0.0%	0.9%
Consumer Staples	FEZ +0.8 points	5.6%	4.8%
Utilities	FLEU +0.7 points	5.8%	6.5%
Financials	FLEU +0.8 points	26.6%	27.4%
Materials	FLEU +0.5 points	3.6%	4.1%
Health Care	FLEU +0.3 points	5.3%	5.7%
Industrials	FLEU +0.2 points	19.5%	19.7%

Country, concentration and asset class

Country by domicile

Country weights in FEZ and FLEU, widest gap first
Country	More in FEZMore in FLEU	FEZ	FLEU
France	FEZ +4.7 points	29.0%	24.3%
Germany	FEZ +4.1 points	29.7%	25.6%
Italy	FLEU +1.6 points	7.5%	9.1%
Finland	FLEU +1.5 points	1.0%	2.5%
Austria	FLEU +1.2 points	0.0%	1.2%
Ireland	FLEU +1.2 points	0.0%	1.2%
Belgium	FLEU +1.1 points	1.7%	2.8%
Greece	FLEU +0.8 points	0.0%	0.8%
Other countries (8)	FLEU +1.3 points	31.2%	32.5%

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

Concentration

Weight in the 10 largest Holdings

FEZ42.9%
FLEU29.4%

Securities held

FEZ50
FLEU262

Asset class

FEZ: Equity
FLEU: Equity

Holdings

Only in FEZ8
In both42
Only in FLEU220

Only in FEZ

8 securities, 11.9% of FEZ by weight

Banco Bilbao Vizcaya Argenta2.75%
Siemens Energy AG2.50%
Deutsche Bank AG Registered1.34%
Argenx SE1.14%
Rheinmetall AG1.10%
Engie1.05%
Nokia Oyj1.02%
Ferrari NV0.97%

Only in FLEU

220 securities, 41.6% of FLEU by weight

Banco Bilbao Vizcaya Arge1.79%
Siemens Energy AG1.45%
Deutsche Bank Ag-Register0.78%
Argenx SE0.76%
Rheinmetall AG0.72%
Engie0.65%
E.on SE0.63%
Caixabank SA0.63%
Ferrari NV0.63%
Rwe AG0.62%
Societe Generale SA0.62%
Generali0.61%
Nokia Oyj0.59%
Asm International NV0.51%
Ucb SA0.51%
Legrand SA0.50%
Repsol SA0.50%
Prysmian Spa0.49%
Erste Group Bank AG0.46%
Orange0.46%
Stmicroelectronics NV0.40%
Kbc Group NV0.38%
Ferrovial NV0.37%
Commerzbank AG0.37%
Amadeus It Group SA0.36%
Abn Amro Bank Nv-Cva0.36%
Publicis Groupe0.35%
Sampo Oyj-A Shs0.35%
Aib Group PLC0.34%
Arcelormittal0.34%
Banca Monte Dei Paschi Si0.32%
Thales SA0.32%
Leonardo Spa0.32%
Heineken NV0.31%
Veolia Environnement0.31%
Nn Group NV0.31%
Daimler Truck Holding AG0.30%
Michelin (Cgde)0.30%
Capgemini SE0.30%
Bper Banca Spa0.30%
Dsm-Firmenich AG0.30%
Fresenius SE0.30%
Merck Kgaa0.29%
Wolters Kluwer0.29%
Koninklijke Philips NV0.29%
Heidelberg Materials AG0.29%
Aena Sme SA0.28%
Poste Italiane Spa0.28%
Mtu Aero Engines AG0.27%
Hannover Rueck SE0.26%

Weight gaps

All 42 Holdings in both funds, largest gap first.

Holding weights in FEZ and FLEU, widest gap first
Holding	More in FEZMore in FLEU	FEZ	FLEU
Asml Holding NV	FEZ +2.05 points	10.28%	8.23%
Totalenergies SE	FEZ +1.76 points	4.35%	2.59%
Siemens AG Reg	FEZ +1.61 points	4.52%	2.91%
Sap SE	FEZ +1.61 points	4.73%	3.12%
Banco Santander SA	FEZ +1.34 points	3.55%	2.21%
Allianz SE Reg	FEZ +1.24 points	3.76%	2.52%
Schneider Electric SE	FEZ +1.20 points	3.23%	2.03%
Unicredit Spa	FEZ +0.97 points	2.53%	1.56%
Airbus SE	FEZ +0.90 points	2.60%	1.70%
Safran SA	FEZ +0.89 points	2.32%	1.43%
Iberdrola SA	FEZ +0.86 points	3.09%	2.23%
Air Liquide SA	FEZ +0.82 points	2.55%	1.73%
Bnp Paribas	FEZ +0.79 points	2.05%	1.26%
L Oreal	FEZ +0.78 points	2.29%	1.51%
Intesa Sanpaolo	FEZ +0.73 points	2.09%	1.36%
Lvmh Moet Hennessy Louis Vui	FEZ +0.68 points	2.12%	1.44%
Axa SA	FEZ +0.65 points	1.70%	1.05%
Deutsche Telekom AG Reg	FEZ +0.65 points	2.00%	1.35%
Ing Groep NV	FEZ +0.64 points	1.87%	1.23%
Anheuser Busch Inbev Sa/Nv	FEZ +0.62 points	1.65%	1.03%
Sanofi	FEZ +0.62 points	1.92%	1.30%
Infineon Technologies AG	FEZ +0.59 points	1.59%	1.00%
Enel Spa	FEZ +0.57 points	1.63%	1.06%
Vinci SA	FEZ +0.56 points	1.36%	0.80%
Muenchener Rueckver AG Reg	FEZ +0.51 points	1.59%	1.08%
Eni Spa	FEZ +0.47 points	1.23%	0.76%
Nordea Bank Abp	FEZ +0.47 points	1.23%	0.76%
Industria De Diseno Textil	FEZ +0.47 points	1.41%	0.94%
Essilorluxottica	FEZ +0.45 points	1.26%	0.81%
Deutsche Boerse AG	FEZ +0.44 points	1.32%	0.88%
Dhl AG	FEZ +0.43 points	1.25%	0.82%
Prosus NV	FEZ +0.37 points	0.99%	0.62%
Basf SE	FEZ +0.36 points	1.07%	0.71%
Hermes International	FEZ +0.33 points	1.00%	0.67%
Bayer AG Reg	FEZ +0.31 points	1.06%	0.75%
Danone	FEZ +0.31 points	0.93%	0.62%
Compagnie De Saint Gobain	FEZ +0.30 points	0.76%	0.46%
Adidas AG	FEZ +0.27 points	0.68%	0.41%
Adyen NV	FEZ +0.25 points	0.58%	0.33%
Koninklijke Ahold Delhaize N	FEZ +0.20 points	0.64%	0.44%
Mercedes Benz Group AG	FEZ +0.19 points	0.66%	0.47%
Bayerische Motoren Werke AG	FEZ +0.15 points	0.43%	0.28%

All 50 FEZ 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.

FEZ vs FLEU Cost

Overpaying FEZ vs FLEU

$4,054

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

FEZ 0.29%
$5,952
FLEU 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FEZ 0.29%
FLEU 0.09%
Overpaying

Year by year

Year	FEZ	FLEU	Overpaying
10	$527	$165	$362
20	$2,044	$646	$1,398
30	$5,952	$1,898	$4,054

Expense ratio

0.29%FEZ
0.09%FLEU, cheaper

FLEU0.09%FEZ0.29%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FLEU 2nd cheapest of 12 funds

FEZ 4th cheapest of 12 funds

FEZ vs FLEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEZ 2.81%; FLEU 2.84%, better
Payout (12M): FEZ $1.83; FLEU $0.96
Last payment: FEZ $0.11; FLEU $0.58
Ex-dividend: FEZ Sep 21, 2026; FLEU Jun 26, 2026
Paid on: FEZ Sep 23, 2026; FLEU Jul 6, 2026
Frequency: FEZ Quarterly; FLEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FEZQuarterly · 39 paymentsAll FEZ payments⁠

FLEUTwice a year · 20 paymentsAll FLEU payments⁠

FEZ vs FLEU Risk

Fall from peak · 5 years

FEZ
FLEU

Risk facts

VolatilityStd dev, 3 years: FEZ 14.3%FLEU 14.1%, better
Return per unit of riskSharpe ratio, 3 years: FEZ 1.02FLEU 1.07, better
Worst fallMax drawdown, 5 years: FEZ −35.1%FLEU −18.7%, better
Market sensitivityBeta, 5 years: FEZ 0.95FLEU 1.02; Market = 1

FEZ and FLEU in the news

All news⁠

News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026FEZ
News
Volkswagen's job pledge runs to 2030. Four plants' future starts in 2031
Sep 10, 2026FEZ

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FEZ vs FLEU

In short

Stated mandate

Why people hold it

Worth knowing

How FEZ and FLEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEZ

Only in FLEU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%

Volkswagen's job pledge runs to 2030. Four plants' future starts in 2031

How FEZ and FLEU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEZ

Only in FLEU

Weight gaps