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Fund size
$929.3M
OCT 2026
Total cost ratio
0.59%
per year
Distributions
Semi-Annually
Since inception
19.1 yrs
OCT 2007
The Fund seeks to achieve its objective by tracking the performance of the S&P Europe 350TM Net TR Index (AUD).
US equity 1.19%Non-US equity 98.43%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 99.62 | 99.62 | 0.00 |
| Bond | 0.00 | 0.00 | 0.00 |
| Cash | 0.15 | 0.24 | 0.09 |
| Other | 0.22 | 0.22 | 0.00 |
Cyclical 36.59%Sensitive 36.27%Defensive 27.14%
Developed markets 100.00%Emerging markets 0.00%
Size score
303
Value-growth score
158
Economic moat
Wide 43%None 29%Narrow 27%
Giant 55%Large 35%Mid 10%Small 0%
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| ASML Holding NV ASML | 5.14 | FEB 2026 | 67.5M | EUR | 25,908 | Technology | Netherlands | |
| HSBC Holdings PLC HSBA | 2.51 | FEB 2026 | 32.9M | GBP | 1.2M | Financial Services | United Kingdom | |
| Roche Holding AG Ordinary Shares new ROP | 2.15 | FEB 2026 | 28.3M | CHF | 47,063 | Healthcare | Switzerland | |
| Shell PLC SHEL | 2.01 | FEB 2026 | 26.4M | GBP | 387,804 | Energy | United Kingdom | |
| Novartis AG Registered Shares NOVN | 1.93 | FEB 2026 | 25.3M | CHF | 122,699 | Healthcare | Switzerland | |
| AstraZeneca PLC AZN | 1.86 | FEB 2026 | 24.4M | GBP | 103,911 | Healthcare | United Kingdom | |
| Nestle SA NESN | 1.72 | FEB 2026 | 22.6M | CHF | 172,594 | Consumer Defensive | Switzerland | |
| Siemens AG SIE | 1.65 | FEB 2026 | 21.7M | EUR | 48,209 | Industrials | Germany | |
| SAP SE SAP | 1.58 | FEB 2026 | 20.7M | EUR | 68,312 | Technology | Germany | |
| Banco Santander SA SAN | 1.54 | FEB 2026 | 20.3M | EUR | 1.0M | Financial Services | Spain |
Fund (NAV) Market price
1M
-4.6
3M
-1.6
6M
9.1
YTD
5.9
1Y
12.2
3Y
17.2
5Y
9.3
10Y
8.8
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -4.62 | -4.30 | -4.57 | 58 / 9 |
| 3 months | -1.57 | -0.74 | -1.42 | 43 / 9 |
| 6 months | 9.05 | 10.85 | 9.38 | 34 / 8 |
| Year to date | 5.88 | 7.33 | 6.35 | 34 / 8 |
| 1 year | 12.18 | 13.63 | 12.84 | 17 / 8 |
| 3 years p.a. | 17.24 | 17.58 | 17.71 | 40 / 7 |
| 5 years p.a. | 9.31 | 9.20 | 9.84 | 20 / 7 |
| 10 years p.a. | 8.80 | 8.99 | 9.39 | 20 / 6 |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Total Capital
2016
1.9
2017
13.9
2018
-5.2
2019
22.1
2020
-5.0
2021
23.5
2022
-9.8
2023
22.4
2024
10.7
2025
26.8
| Year | Total % | Capital % | Rank in category |
|---|---|---|---|
| 2025 | 26.81 | 21.91 | 17 / 8 |
| 2024 | 10.71 | 8.04 | 40 / 8 |
| 2023 | 22.43 | 16.29 | 40 / 7 |
| 2022 | -9.78 | -10.63 | 24 / 8 |
| 2021 | 23.49 | 20.67 | 17 / 8 |
| 2020 | -4.98 | -6.99 | 100 / 9 |
| 2019 | 22.13 | 19.71 | 80 / 10 |
| 2018 | -5.17 | -8.10 | 55 / 10 |
| 2017 | 13.91 | 12.90 | 80 / 9 |
| 2016 | 1.86 | -2.91 | 20 / 7 |
| 2015 | 10.33 | 5.85 | 100 / 4 |
FY17
17.1
FY18
9.0
FY19
6.3
FY20
-5.1
FY21
23.4
FY22
-9.5
FY23
24.9
FY24
10.7
FY25
20.3
FY26
11.6
| Financial year | Total % |
|---|---|
| Financial year to date | -1.98 |
| Year to 30 JUN 2026 | 11.62 |
| Year to 30 JUN 2025 | 20.26 |
| Year to 30 JUN 2024 | 10.69 |
| Year to 30 JUN 2023 | 24.92 |
| Year to 30 JUN 2022 | -9.50 |
| Year to 30 JUN 2021 | 23.40 |
| Year to 30 JUN 2020 | -5.10 |
| Year to 30 JUN 2019 | 6.28 |
| Year to 30 JUN 2018 | 8.97 |
| Year to 30 JUN 2017 | 17.10 |
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -0.34 | -0.34 | -0.45 | -0.43 |
| Beta | 0.99 | 1.01 | 1.05 | 1.02 |
| R-squared | 99.73 | 96.48 | 94.76 | 96.84 |
| Standard deviation | 15.43 | 13.71 | 17.09 | 16.60 |
| Sharpe ratio | 0.35 | 1.10 | 0.62 | 0.67 |
| Sortino ratio | 0.38 | 1.90 | 0.89 | 1.00 |
| Tracking error | 0.49 | 1.69 | 2.73 | 2.14 |
| Information ratio | -0.88 | -0.16 | -0.06 | -0.17 |
| Upside capture % | 97.90 | 100.28 | 101.43 | 100.08 |
| Downside capture % | 100.45 | 104.48 | 104.09 | 103.05 |
| Maximum drawdown % | -6.22 | -6.22 | -19.38 | -19.38 |
Measured against MSCI Europe NR USD with RBA Bank accepted Bills 90 Days as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Risk score
86.4
Morningstar Portfolio Risk Score at 30 SEP 2026.
2024
3.1
2023
2.5
2022
1.7
2021
1.7
2020
1.7
2019
1.0
2018
2.1
2017
1.4
2016
1.5
2015
1.6
| Year | Per unit ($) |
|---|---|
| 2024 | 3.1280 |
| 2023 | 2.4836 |
| 2022 | 1.7080 |
| 2021 | 1.7438 |
| 2020 | 1.6693 |
| 2019 | 0.9840 |
| 2018 | 2.0899 |
| 2017 | 1.4352 |
| 2016 | 1.4853 |
| 2015 | 1.6153 |
| Ex Date | Per unit ($) |
|---|---|
| 1 JUL 2026 | 7.2252 |
| 29 DEC 2025 | 1.1147 |
| 1 JUL 2025 | 2.0133 |
| 27 DEC 2024 | 0.4679 |
| 1 JUL 2024 | 1.6069 |
| 2 JAN 2024 | 0.4088 |
| 3 JUL 2023 | 1.7080 |
| 21 DEC 2022 | 0.1987 |
| 1 JUL 2022 | 1.5451 |
| 21 DEC 2021 | 0.6872 |
| 1 JUL 2021 | 0.9821 |
| 22 DEC 2020 | 0.3756 |
Average
ESG risk score
16.99
Category average 16.81
4.89% of assets are in companies with high or severe controversies.
Carbon risk score
7.80
Category average 7.04
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
iShares Europe ETF (IEU) is an exchange-traded fund that provides exposure to large and mid-cap companies across developed European markets, including the UK, France, Germany, and Switzerland. This ETF offers a broad-based exposure to the European region, which has rewarded investors over recent years despite the war raging on between Russia and Ukraine.
AI may be grabbing the spotlight and powering U.S. market returns, but a different story has been unfolding in Europe. Once you remove Nvidia (NVDA) from the S&P 500, the index’s performance since late 2022 actually falls behind that of the eurozone’s MSCI EMU Index. It’s a striking comparison, highlighting how much U.S. gains have hinged on a small group of mega-cap names rather than broad market strength.
We are looking for the EURO STOXX 50 index to make fresh highs this week, almost in a now-or-never moment, although that would be way too dramatic.
As touched on in recent reports, we like European stocks into weakness; we closed out the IEU ETF in February close to ~$95, looking for the very opportunity that is now looming.
We continue to like European stocks through 2025/6, but the region will need to navigate Trump’s tariffs before it can return to business as usual. We have adopted a bullish stance towards the EURO STOXX 50 through 2025, but we have wound this back this morning as the fallout from Liberation Day takes hold. However, the first signs of diminishing trade uncertainty, and we can see ourselves donning our bullish hats again.
European currencies rose on Monday after leaders in the region rushed to craft a plan to support Ukraine, boosting expectations for growth and higher defence spending.
European indices have surged to new highs in 2025, with the STOXX 50 up +11.8% year-to-date compared to the S&P500, up just +2.2%. The region's tech sector rarely gets a mention, sitting in the shadow of the “Magnificent Seven”, but they are exceeding expectations this quarter, joining financial and healthcare companies as one of the reporting season’s best-performing segments.
European markets closed lower on Wednesday as investors assessed several earnings releases and a hotter-than-expected U.K. inflation print. The regional STOXX 600 ended the session 0.9% lower, retreating further away from Tuesday’s all-time closing high and marking the index’s biggest daily drop in 2025.
European indices are accelerating to the upside, and we don’t like standing in front of trains! According to the Bank of America Fund Managers survey, money is flowing across the Atlantic, which ties in with our view that European indices are set to outperform their US peers this year.
European indices soared to new highs overnight helped by a 0.25% rate cut to 4.5% by the BOE with further cuts expected as it downgraded the U.K.’s growth forecast for 2025.
MM is bullish towards the EURO STOXX around 6275
MM is bullish towards the EURO STOXX 50 around 6300
MM remains bullish towards the EURO STOXX 600 around 650 into Christmas
MM is bullish towards the EURO STOXX 600 around 650
MM is bullish towards the EURO STOXX around 6,300
MM is bullish towards the EURO STOXX 600 around 600
MM is bullish toward European indices through 2026
MM is cautiously bullish towards the IEU ETF around $95
MM is neutral towards the UK FTSE around 10,500
MM remains bullish towards European stocks into 2026
iShares Europe ETF (IEU) is an exchange-traded fund incorporated in Australia. The Fund seeks investment results that correspond to the performance of the S&P Europe 350 Index. The ETF is listed on the ASX under code IEU.
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