iShares Europe ETF (IEU) — Review & Analysis

IEU is the largest Europe-focused ETF on the ASX with AUM of $1.11 billion as at May 2026. The fund tracks the S&P Europe 350 — 350 of the largest companies across 17 European countries including the UK, France, Switzerland, Germany, Netherlands and Spain. The 0.59% p.a. management fee sits at the higher end of the Europe cohort. Compare IEU against every other Europe option on our Europe ETF page, or use the Compare ETFs tool to put it side-by-side with VEQ, ESTX or HEUR.

IEU's portfolio is dominated by Europe's mega-cap exporters. Top holdings typically include Novo Nordisk (Danish pharma), ASML (Dutch semiconductor equipment), Nestlé (Swiss consumer goods), SAP (German software), AstraZeneca and Roche. Sector exposure tilts to Health Care, Financials and Consumer Staples — meaningfully different from the US-heavy mix in global ETFs like VGS and IVV.

The closest peer is VEQ (Vanguard FTSE Europe, 0.35%), which delivers similar broad Europe exposure at 24bp cheaper fee. The smaller ESTX (Global X EURO STOXX 50, 0.35%) targets only Eurozone companies (excludes UK and Switzerland), while HEUR (BetaShares Europe Currency Hedged, 0.56%) gives the same exposure with AUD hedging.

IEU is unhedged for currency. The iShares brand and AUM scale provide tight execution and adviser credibility — most super fund allocations to Europe go through IEU by default. Our every theme ETF on the ASX guide compares regional and sector funds across fees and methodology.