Performance data is updated to 31 May 2026.
BetaShares Europe Currency Hedged ETF (HEUR) — Review & Analysis
HEUR is the only AUD-hedged broad Europe ETF on the ASX, giving investors European equity exposure with the EUR/GBP/CHF/AUD currency effect neutralised. AUM is $100.24 million as at May 2026 with a 0.56% p.a. management fee. Compare HEUR across the Europe cohort on our Europe ETF page, or use the Compare ETFs tool to put it side-by-side with the unhedged alternatives IEU or VEQ.
HEUR tracks similar underlying exposure to the broader Europe funds — top holdings include Novo Nordisk, ASML, Nestlé, SAP, AstraZeneca and Roche — but applies a forward-FX overlay to strip out currency movements. When the AUD strengthens against the euro and pound, HEUR outperforms unhedged peers IEU and VEQ; when the AUD weakens, HEUR underperforms because the unhedged funds get the currency tailwind on top of the equity move.
The 0.56% fee is 21bp above VEQ (0.35%) and 3bp below IEU (0.59%) — the cost of the currency hedge versus the cheaper passive alternatives. For investors who specifically want pure European equity returns without FX noise (typically retirees, advisers running formal currency overlays, or those already heavily exposed to USD unhedged), HEUR is the clean instrument.
HEUR pays distributions reflecting underlying European dividend income. Our every currency-hedged ETF guide covers HEUR alongside every hedged option on the ASX with the FX trade-off framework for each region and asset class.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Company Name | % assets |
|---|---|
| ASML HOLDING NV | 11.20% |
| SIEMENS AG | 4.10% |
| SAP SE | 3.50% |
| BANCO SANTANDER SA | 3.30% |
| TOTALENERGIES SE | 3.20% |
| SCHNEIDER ELECTRIC SE | 3.10% |
| ALLIANZ SE | 2.90% |
| IBERDROLA SA | 2.50% |
| LVMH MOET HENNESSY LOUIS VUITT | 2.50% |
| SIEMENS ENERGY AG | 2.40% |
| Sector | % assets |
|---|---|
| Industrials | 23.2% |
| Financials | 17.2% |
| Information Technology | 15.8% |
| Consumer Discretionary | 14.4% |
| Health Care | 8% |
| Consumer Staples | 6.8% |
| Materials | 4.5% |
| Energy | 3.8% |
| Communication Services | 3.3% |
| Other | 3.2% |
Related Reads
Every Currency-Hedged ETF on the ASX: The Complete Guide
There are 71 currency-hedged ETFs on the ASX. Together they hold $43 billion of Australian investor money. Most investors know two or three of them. This guide covers all of them.
Hedged vs Unhedged ETFs: When to Use Each (and the Hidden Cost of Getting It Wrong)
Currency is the biggest hidden factor in your international ETF returns. Over the past 5 years, the falling Australian dollar added up to 43 percentage points of bonus return for unhedged investors. But in the last 12 months, the AUD rallied — and unhedged ETFs gave back 12–14% compared to their hedged equivalents.
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Last updated: January 2026
