ETF · Broad Market

EZU(EZU)

$67.97
-0.40%
Expense Ratio
$9.1B
Total AUM
Holdings
Inception
Active Share vs VOO
Truly Active
0%20%60%100%
64.5%

AI Look-Through Summary

AI Generated

The portfolio's sector allocation is heavily skewed towards Other, making up nearly 30% of the fund's weight, with no clear dominance from traditional sectors like Technology or Finance. This suggests a broad exposure to European equities beyond the top holdings. The presence of industrial and technology companies such as ASML, SAP, and Siemens in the top holdings indicates a significant representation of these industries within the portfolio.

The weighted P/E ratio of 22.2x is slightly above the market average, indicating that the fund's holdings are trading at a premium valuation. The weighted P/B ratio of 9.90x also suggests a relatively high valuation posture. Concentration risk is moderate, with ASML accounting for nearly 10% of the portfolio, but no single stock dominates the top holdings. A favorable macro environment would be one characterized by strong global demand and economic growth, particularly in Europe, which could support the industrial and technology sectors represented in this fund.

Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:47:53.822602+00

🔍 Theme Alignment Audit

AI GeneratedPurity: 92/100

The investment theme implied by the name EZU, which targets European equity exposure with a specific focus on technology and innovation leaders, aligns closely with the actual composition of its top holdings. The portfolio is heavily weighted toward industry titans such as ASML, SAP, and Siemens Energy, all of which are central to Europe's technological infrastructure and digital transformation narratives. There appear to be no significant outliers among the disclosed positions that contradict this theme; instead, every major holding represents a core component of the region's high-growth sectors, suggesting a genuine commitment to the stated investment objective rather than a dilution by unrelated assets.

Sector coherence is evident in how these top ten names collectively drive exposure across critical sub-sectors like semiconductors, software services, and industrial automation. The concentration risk profile, with the top ten positions accounting for 28% of assets under management, indicates that while there is a notable reliance on mega-cap leaders to anchor returns, this does not necessarily signal a lack of thematic focus but rather reflects the capitalization structure of the European market itself. This differentiation from broad indices is maintained through a deliberate selection of companies with high innovation potential within specific niches, ensuring the fund remains distinctively aligned with its growth-oriented mandate without deviating into unrelated industries or passive tracking strategies.

AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 20:44:56.249165+00

Flow Driver Analysis

2-Step Circle

Which larger ETFs share EZU's holdings — and mechanically drive its price through index rebalancing flows?

Approximately 12% of EZU's weight flows through these larger ETFs

Driver ETFAUMExpenseShared StocksWeight Overlap
DWMDWM$631M211.7%

12% of EZU's portfolio by weight is also held by DWM. When DWM receives inflows, it mechanically buys these shared stocks — dragging EZU's NAV along regardless of any thematic or sector catalyst.

Overlap computed from constituent-level holdings data across 1 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.

ETF Look-Through Dashboard

Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.

22.2x
Weighted P/E
9.90x
Weighted P/B
$245B
Wtd Avg Market Cap

Herfindahl-Hirschman Concentration Index

01000200030004000144
Well Diversified
Top 5: 20.2%Top 10: 29.9%

Morningstar-Style Box

Value
Blend
Growth
Large
Mid
Small
Large Blend

Sector & Cap Explorer

Visualization Mode

ETF Fundamental Radar

Total Analysis
30% Weight
Market Cap
Large
Risk Profile
Elevated

Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.

Piotroski F-Score (Operational Health)

Score 0-9: Measures Profitability, Leverage, and Efficiency

↑ Weight (%)100%80%60%40%20%
0%
0–3 Weak
14%
4–6 Average
16%
7–9 Strong

Based on 30% of fund weight with Piotroski data.

Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.

Dividend Safety True-Up

Deterministic
34%
Wtd FCF Payout Ratio
1.74%
TTM Yield
Very Safe
Dividend Durability
34% of FCF
0% (retains all cash)50%100% (pays out everything)

The dividend-paying companies inside EZU collectively pay out 34% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 25% of fund weight in dividend-paying stocks.

FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.

Earnings vs. Price Decomposition

Proprietary
+16.1%
ETF 1Y Return
+22.2%
Wtd Earnings Growth
-6.1%
Multiple Contraction
Earnings

EZU is up 16.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +22.2%. Despite earnings growth, valuations have contracted by 6.1% — the market is paying less per dollar of earnings than a year ago.

Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 30% of fund weight with earnings data. Not investment advice.

Value Creation Map

ROIC vs WACC

What percentage of EZU's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?

64% Creators
36% Destroyers
Value Creators (ROIC > WACC)16.3%
Value Destroyers9.3%

Of EZU's analyzed weight, 64% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 36% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.

ROIC-WACC spread for 26% of fund weight with available data. Not investment advice.

Concentration Risk Monitor

ELEVATED
9.9%
Largest Holding
ASML.AS
15.5%
Top 3 Weight
70
Effective # of Stocks
68%
Top Stock Var. Share
Portfolio weight concentration
ASML.AS
Other 5 stocks

EZU's top holding ASML.AS at 9.9% is above the 8% elevated-concentration threshold. The effective number of stocks is 70 vs. the actual count of 10.

Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.

Passive Crowding Score

LOW

How much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.

1/ 100
Wtd Avg Passive Ownership0.2%
Most Crowded HoldingSIE.DE (0.3%)
Least CrowdedTTE.PA (0.1%)
Coverage30% of fund weight
0 — Low255075100 — Extreme

EZU has a low Passive Crowding Score of 1/100. On average, 0.2% of the market capitalization of EZU's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.

Passive $ = Σ(ETF AUM × holding weight) across all 2 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.

Under the Hood — Top 10 Constituents

Top 10 Concentration29.9%
#TickerCompanyWeightP/EF-Score
1ASML.AS
ASML Holding NV
9.89%
47.5x8/9
2SIE.DE
Siemens AG
3.09%
20.8x6/9
3SAN.MC
Banco Santander SA
2.56%
11.2x4/9
4ALV.DE
Allianz SE
2.33%
12.8x6/9
5SU.PA
Schneider Electric SE
2.32%
28.6x5/9
6SAP.DE
SAP SE
2.07%
23.8x8/9
7TTE.PA
TotalEnergies SE
1.98%
16.2x5/9
8IBE.MC
Iberdrola SA
1.97%
23.3x7/9
9ENR.DE
Siemens Energy AG Ordinary Shares
1.90%
65.6x7/9
10BBVA.MC
Banco Bilbao Vizcaya Argentaria SA
1.82%
10.2x4/9

Historical Holdings Snapshots

Browse how EZU’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.

2026-07-18

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

2026-07-17

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

2026-07-16

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

2026-07-15

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

2026-07-14

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

2026-07-13

10 holdings · 29.9% tracked weight
#TickerWeightSharesMarket Value
1ASML.AS9.89%
2SIE.DE3.09%
3SAN.MC2.56%
4ALV.DE2.33%
5SU.PA2.32%
6SAP.DE2.07%
7TTE.PA1.98%
8IBE.MC1.97%
9ENR.DE1.90%
10BBVA.MC1.82%

Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.

Risk Profile

19.7%
Annual Volatility
0.66
Sharpe (1Y)
0.67
Sharpe (3Y)
-15.0%
Max Drawdown (3Y)
-36.1%
Max Drawdown (5Y)

Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.

Price Chart with Moving Averages

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Technical Setup

AI Generated

The current price level of $66.21 for EZU sits within a context where risk dynamics must be carefully weighed against the visible technical structure. While specific drawdown metrics and volatility readings are not explicitly quantified in this snapshot, the isolation of a single data point suggests that momentum cannot yet be classified as robust or structural without corroborating trend data over time. In financial markets, such singular observations often reflect fragile states where price action is susceptible to rapid reversion if broader market conditions shift unexpectedly. The absence of supporting indicators like moving average crossovers, volume profiles, or relative strength metrics means that any perceived upward pressure remains unverified against historical volatility patterns typical for equity ETFs in this sector. Fundamental backdrops often dictate whether short-term price movements represent genuine value accumulation or speculative excess; however, without concurrent data on asset allocation shifts or underlying index performance, the current technical setup offers limited insight into sustainability. A lone price figure does not reveal if recent gains are supported by increasing participation or merely thin liquidity at elevated levels. Consequently, the risk profile appears ambiguous, as there is insufficient evidence to determine whether the market is pricing in future growth expectations or simply reacting to transient flows. Investors must therefore treat this data point with caution, recognizing that isolated price information rarely captures the full spectrum of risk dynamics required to assess structural integrity versus temporary noise in a volatile environment.

Underwater (Drawdown from Peak)

How far below the all-time high the price has been over time. Deeper = more pain for holders.

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Rolling 60-Day Beta vs S&P 500 (VOO)

How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.

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Rolling Beta Market (β = 1.0)

Yield & Income

1.74%
TTM Yield
30-Day SEC Yield
5Y Div CAGR

Sector Drift Over Time

How EZU’s sector allocation has shifted across snapshots. Use the slider to travel through time.

2026-07-1893 snapshots
Other100.0%
2026-03-302026-07-18

Active Conviction Tracker

Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.

No position changes detected between snapshots.

Explore More

Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.

SecuritiesDB is for informational purposes only. Not investment advice.