FLEU vs IEV: Grades, Fees and Holdings Compared

Franklin FTSE Eurozone ETF

FLEUANYSE Arca

iShares Europe ETF

IEVBNYSE Arca

Overlap

50.8%by weight

Expense ratio

FLEU −0.51pt a year

FLEU0.09%IEV0.60%

Avg volume · 30D

IEV 16.8×the volume

FLEU6.09KIEV102K

5Y return · a year

FLEU +1.5pt

FLEU+10.2%IEV+8.7%

FLEU vs IEV Performance

Oct 29, 2021 – Oct 30, 2026

+62.4%FLEU+51.7%IEV

Expense ratio: FLEU 0.09%, better; IEV 0.60%
Fund size: FLEU $68M; IEV $1.56B
1Y total return: FLEU +8.1%; IEV +12.0%, better
Yield (12M): FLEU 2.84%, better; IEV 2.83%
Holdings: FLEU 265; IEV 371
Avg volume (30D): FLEU 6.09K sh; IEV 102K sh, better
NAV per share: FLEU $33.86; IEV $71.71
52W range

ETF.net Grade

Pillar letters and Scores for FLEU, IEV, with each pillar’s weight
Pillar	FLEU	IEV
Cost30% weight	A89Higher	F21
Mission25% weight	A100	A100
Risk15% weight	C52	A78Higher
Tradability15% weight	D31	B69Higher
Holdings10% weight	A77	A86Higher
Durability5% weight	D28	B68Higher

Rank among Europe Region funds

How we build Categories ›

Same Category. FLEU 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 ›

FLEU ranks 3rd 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

FLEUAFranklin FTSE Eurozone ETF

IEVBiShares Europe ETF

In short

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.

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

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

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

Why people hold it

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.

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

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.

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 FLEU profile⁠

Full IEV profile⁠

FLEU vs IEV Holdings

How FLEU and IEV differ

Overlap by weight

50.8%

Shared holdings make up 93.0% of FLEU and 50.8% of IEV.

Level by level

Holdings171 in both50.8%
Countryby domicile53.4%
Sector11 Sectors86.9%
Asset classEquity100%

Sector

Sector weights in FLEU and IEV, widest gap first
Sector	More in FLEUMore in IEV	FLEU	IEV
Health Care	IEV +6.9 points	5.7%	12.6%
Technology	FLEU +6.7 points	16.5%	9.8%
Consumer Staples	IEV +3.3 points	4.8%	8.1%
Utilities	FLEU +2.0 points	6.5%	4.5%
Financials	FLEU +1.7 points	27.4%	25.7%
Materials	IEV +1.5 points	4.1%	5.6%
Energy	IEV +1.4 points	4.1%	5.5%
Industrials	FLEU +1.0 points	19.7%	18.7%
Consumer Discretionary	FLEU +0.9 points	7.2%	6.3%
Communication	FLEU +0.5 points	3.1%	2.6%
Real Estate	FLEU +0.3 points	0.9%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in FLEU and IEV, widest gap first
Country	More in FLEUMore in IEV	FLEU	IEV
United Kingdom	IEV +24.5 points	0.0%	24.5%
Switzerland	IEV +15.2 points	0.3%	15.5%
Germany	FLEU +11.6 points	25.6%	14.0%
France	FLEU +9.4 points	24.3%	14.9%
Netherlands	FLEU +8.6 points	17.3%	8.7%
Spain	FLEU +4.9 points	11.0%	6.1%
Sweden	IEV +4.1 points	0.8%	4.9%
Italy	FLEU +3.9 points	9.1%	5.2%
Other countries (10)	FLEU +5.4 points	11.6%	6.2%

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

Concentration

Weight in the 10 largest Holdings

FLEU29.4%
IEV22.3%

Securities held

FLEU262
IEV362

Asset class

FLEU: Equity
IEV: Equity

Holdings

Only in FLEU91
In both171
Only in IEV191

Only in FLEU

91 securities, 7.0% of FLEU by weight

Argenx SE0.76%
Arcelormittal0.34%
Fresenius SE0.30%
Upm-Kymmene Oyj0.17%
Orion Oyj-Class B0.16%
Piraeus Bank SA0.16%
Banco Comercial Portugues0.14%
Bankinter SA0.13%
Klepierre0.12%
Net Current Assets0.12%
Talanx AG0.12%
Rexel SA0.11%
Raiffeisen Bank Internati0.11%
Alpha Bank SA0.11%
Public Power Corp0.10%
Spie SA0.10%
Abivax SA0.09%
Knorr-Bremse AG0.09%
Scor SE0.09%
Lotus Bakeries0.09%
SCOUT24 SE0.09%
Hochtief AG0.09%
Saipem Spa0.09%
Elia Group Sa/Nv0.09%
Indra Sistemas SA0.08%
Ipsen0.08%
Italgas Spa0.08%
Ackermans & Van Haaren0.08%
Amundi SA0.08%
Evonik Industries AG0.08%
Andritz AG0.08%
Hensoldt AG0.08%
Acciona SA0.08%
Dassault Aviation SA0.08%
Jeronimo Martins0.08%
Merlin Properties Socimi0.07%
Banca Mediolanum Spa0.07%
Financiere De Tubize0.07%
Nordex SE0.07%
Nemetschek SE0.07%
Adp0.07%
Deutsche Lufthansa-Reg0.06%
Sofina0.06%
Edp Renewables SA0.06%
Cts Eventim AG & Co Kgaa0.06%
A2A Spa0.06%
Warehouses De Pauw NV0.06%
Mapfre SA0.06%
Davide Campari-Milano NV0.06%
Technoprobe Spa0.06%

Only in IEV

191 securities, 48.7% 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%
Argenx0.41%
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%

Weight gaps

The 100 widest of 171 Holdings in both funds.

Holding weights in FLEU and IEV, widest gap first
Holding	More in FLEUMore in IEV	FLEU	IEV
Asml Holding NV	FLEU +3.79 points	8.23%	4.44%
Sap SE	FLEU +1.37 points	3.12%	1.75%
Siemens Ag-Reg	FLEU +1.36 points	2.91%	1.55%
Totalenergies SE	FLEU +1.18 points	2.59%	1.41%
Allianz Se-Reg	FLEU +1.16 points	2.52%	1.36%
Iberdrola SA	FLEU +1.15 points	2.23%	1.08%
Banco Santander SA	FLEU +0.98 points	2.21%	1.23%
Schneider Electric SE	FLEU +0.93 points	2.03%	1.10%
Banco Bilbao Vizcaya Arge	FLEU +0.84 points	1.79%	0.95%
Air Liquide SA	FLEU +0.79 points	1.73%	0.94%
Airbus SE	FLEU +0.74 points	1.70%	0.96%
L'oreal	FLEU +0.70 points	1.51%	0.81%
Siemens Energy AG	FLEU +0.68 points	1.45%	0.77%
Unicredit Spa	FLEU +0.66 points	1.56%	0.90%
Safran SA	FLEU +0.66 points	1.43%	0.77%
Lvmh Moet Hennessy Louis	FLEU +0.64 points	1.44%	0.80%
Deutsche Telekom Ag-Reg	FLEU +0.62 points	1.35%	0.73%
Intesa Sanpaolo	FLEU +0.62 points	1.36%	0.74%
Sanofi	FLEU +0.60 points	1.30%	0.70%
Bnp Paribas	FLEU +0.57 points	1.26%	0.69%
Ing Groep NV	FLEU +0.57 points	1.23%	0.66%
Muenchener Rueckver Ag-Re	FLEU +0.49 points	1.08%	0.59%
Enel Spa	FLEU +0.49 points	1.06%	0.57%
Axa SA	FLEU +0.49 points	1.05%	0.56%
Anheuser-Busch Inbev Sa/N	FLEU +0.47 points	1.03%	0.56%
Infineon Technologies AG	FLEU +0.46 points	1.00%	0.54%
Industria De Diseno Texti	FLEU +0.43 points	0.94%	0.51%
Deutsche Boerse AG	FLEU +0.40 points	0.88%	0.48%
Dhl AG	FLEU +0.38 points	0.82%	0.44%
Essilorluxottica	FLEU +0.37 points	0.81%	0.44%
Vinci SA	FLEU +0.37 points	0.80%	0.43%
Eni Spa	FLEU +0.36 points	0.76%	0.40%
Bayer Ag-Reg	FLEU +0.35 points	0.75%	0.40%
Basf SE	FLEU +0.32 points	0.71%	0.39%
Rheinmetall AG	FLEU +0.32 points	0.72%	0.40%
Nordea Bank Abp	FLEU +0.32 points	0.76%	0.44%
Deutsche Bank Ag-Register	FLEU +0.31 points	0.78%	0.47%
Rwe AG	FLEU +0.30 points	0.62%	0.32%
Hermes International	FLEU +0.30 points	0.67%	0.37%
E.on SE	FLEU +0.29 points	0.63%	0.34%
Societe Generale SA	FLEU +0.29 points	0.62%	0.33%
Engie	FLEU +0.29 points	0.65%	0.36%
Caixabank SA	FLEU +0.29 points	0.63%	0.34%
Danone	FLEU +0.28 points	0.62%	0.34%
Prosus NV	FLEU +0.28 points	0.62%	0.34%
Ferrari NV	FLEU +0.28 points	0.63%	0.35%
Generali	FLEU +0.25 points	0.61%	0.36%
Nokia Oyj	FLEU +0.25 points	0.59%	0.34%
Ucb SA	FLEU +0.23 points	0.51%	0.28%
Mercedes-Benz Group AG	FLEU +0.24 points	0.47%	0.23%
Orange	FLEU +0.23 points	0.46%	0.23%
Legrand SA	FLEU +0.22 points	0.50%	0.28%
Repsol SA	FLEU +0.22 points	0.50%	0.28%
Asm International NV	FLEU +0.22 points	0.51%	0.29%
Prysmian Spa	FLEU +0.22 points	0.49%	0.27%
Compagnie De Saint Gobain	FLEU +0.21 points	0.46%	0.25%
Koninklijke Ahold Delhaiz	FLEU +0.20 points	0.44%	0.24%
Stmicroelectronics NV	FLEU +0.18 points	0.40%	0.22%
Ferrovial NV	FLEU +0.17 points	0.37%	0.20%
Erste Group Bank AG	FLEU +0.18 points	0.46%	0.28%
Kbc Group NV	FLEU +0.17 points	0.38%	0.21%
Commerzbank AG	FLEU +0.17 points	0.37%	0.20%
Adidas AG	FLEU +0.16 points	0.41%	0.25%
Abn Amro Bank Nv-Cva	FLEU +0.17 points	0.36%	0.19%
Publicis Groupe	FLEU +0.16 points	0.35%	0.19%
Amadeus It Group SA	FLEU +0.16 points	0.36%	0.20%
Sampo Oyj-A Shs	FLEU +0.16 points	0.35%	0.19%
Aib Group PLC	FLEU +0.15 points	0.34%	0.19%
Daimler Truck Holding AG	FLEU +0.14 points	0.30%	0.16%
Thales SA	FLEU +0.15 points	0.32%	0.17%
Leonardo Spa	FLEU +0.15 points	0.32%	0.17%
Adyen NV	FLEU +0.14 points	0.33%	0.19%
Nn Group NV	FLEU +0.14 points	0.31%	0.17%
Bper Banca Spa	FLEU +0.14 points	0.30%	0.16%
Capgemini SE	FLEU +0.14 points	0.30%	0.16%
Koninklijke Philips NV	FLEU +0.14 points	0.29%	0.15%
Merck Kgaa	FLEU +0.13 points	0.29%	0.16%
Heidelberg Materials AG	FLEU +0.14 points	0.29%	0.15%
Veolia Environnement	FLEU +0.13 points	0.31%	0.18%
Heineken NV	FLEU +0.13 points	0.31%	0.18%
Bayerische Motoren Werke	FLEU +0.13 points	0.28%	0.15%
Wolters Kluwer	FLEU +0.13 points	0.29%	0.16%
Banca Monte Dei Paschi Si	FLEU +0.13 points	0.32%	0.19%
Michelin (Cgde)	FLEU +0.12 points	0.30%	0.18%
Aena Sme SA	FLEU +0.12 points	0.28%	0.16%
Mtu Aero Engines AG	FLEU +0.13 points	0.27%	0.14%
Universal Music Group NV	FLEU +0.12 points	0.26%	0.14%
Hannover Rueck SE	FLEU +0.12 points	0.26%	0.14%
Bank of Ireland Group PLC	FLEU +0.12 points	0.26%	0.14%
Koninklijke Kpn NV	FLEU +0.12 points	0.25%	0.13%
Dassault Systemes SE	FLEU +0.11 points	0.25%	0.14%
Poste Italiane Spa	FLEU +0.12 points	0.28%	0.16%
Siemens Healthineers AG	FLEU +0.11 points	0.24%	0.13%
Kerry Group Plc-A	FLEU +0.11 points	0.24%	0.13%
Euronext NV	FLEU +0.10 points	0.23%	0.13%
Banco De Sabadell SA	FLEU +0.11 points	0.24%	0.13%
Acs Actividades Cons Y SE	FLEU +0.10 points	0.25%	0.15%
Kingspan Group PLC	FLEU +0.11 points	0.22%	0.11%
Volkswagen Ag-Pref	FLEU +0.11 points	0.22%	0.11%
Edp SA	FLEU +0.10 points	0.22%	0.12%

All 268 FLEU 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.

FLEU vs IEV Cost

Overpaying IEV vs FLEU

$9,919

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

FLEU 0.09%
$1,898
IEV 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

FLEU 0.09%
IEV 0.60%
Overpaying

Year by year

Year	FLEU	IEV	Overpaying
10	$165	$1,076	$911
20	$646	$4,116	$3,470
30	$1,898	$11,817	$9,919

Expense ratio

0.09%FLEU, cheaper
0.60%IEV

FLEU0.09%IEV0.60%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FLEU 2nd cheapest of 12 funds

IEV 10th cheapest of 12 funds

FLEU vs IEV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLEU 2.84%, better; IEV 2.83%
Payout (12M): FLEU $0.96; IEV $2.03
Last payment: FLEU $0.58; IEV $1.28
Ex-dividend: FLEU Jun 26, 2026; IEV Jun 15, 2026
Paid on: FLEU Jul 6, 2026; IEV Jun 18, 2026
Frequency: FLEU Twice a year; IEV Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FLEUTwice a year · 20 paymentsAll FLEU payments⁠

IEVTwice a year · 20 paymentsAll IEV payments⁠

FLEU vs IEV Risk

Fall from peak · 5 years

FLEU
IEV

Risk facts

VolatilityStd dev, 3 years: FLEU 14.1%IEV 12.7%, better
Return per unit of riskSharpe ratio, 3 years: FLEU 1.07IEV 1.09, better
Worst fallMax drawdown, 5 years: FLEU −18.7%, betterIEV −30.5%
Market sensitivityBeta, 5 years: FLEU 1.02IEV 0.81; Market = 1

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