The 9 Best Eurozone Large-Cap Equity ETFs to Buy

Exchange-traded funds can be a simple and cost-effective way to invest in Eurozone stocks. Year-to-date, Eurozone markets have gained 10.7%, slightly outperforming the wider region but lagging behind global markets, up 14%.

Despite the good performance, investors appear increasingly less attracted to the Eurozone stock market. Eurozone Large-Cap Equity ETFs domiciliated in Europe recorded net inflows for EUR 4.1 billion as of Aug. 31, very far from the two top categories, Global Large-Cap Blend Equity and US Large-Cap Blend Equity funds, that in 2026 had net inflows of EUR 86.2 billion and EUR 37.7 billion respectively.

What Are Eurozone Large-Cap Equity Funds?

Eurozone large-cap equity portfolios invest primarily in large-cap equities from the 12 Eurozone countries. They allocate at least 75% of total assets to equities, with 75% of equity assets in Eurozone stocks.

The 9 Best Eurozone Large-Cap Equity ETFs to Buy in 2026

To find the best Eurozone large-cap equity ETFs to buy, we screened for those earning a

of Gold with 100% analyst coverage. All the ETFs on the list fall into the Eurozone large-cap equity and have at least EUR 100 million in assets. All data is as of Sept. 7.

1. Amundi Core MSCI EMU UCITS ETF MFE
2. Xtrackers MSCI EMU UCITS ETF XD5E
3. iShares VII -iShares Core MSCI EMU UCITS ETF CSEMU
4. UBS Core MSCI EMU UCITS ETF UIM4
5. iShares EURO STOXX UCITS ETF (DE) EXSI
6. State Street SPDR MSCI EMU UCITS ETF ZPRE
7. iShares MSCI EMU Screened UCITS ETF SLMA
8. iShares MSCI EMU CTB Enhanced ESG UCITS ETF EMNE
9. JPM Eurozone Research Enhanced Index Equity Active UCITS ETF JREZ

Morningstar expects the highly rated Eurozone large-cap equity funds on this list to outperform their peers over a full market cycle. But even though all the funds on our list fall into the same category, they may practice different strategies, and therefore behave differently from each other. Investors need to do some homework to understand exactly what a particular fund invests in before buying.

Here’s a quick look at each of the best Eurozone large-cap equity ETFs. Be sure to review a fund’s complete report for more details.

Amundi Core MSCI EMU UCITS ETF

• Fund Size
  : EUR 1.4 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.12

Over the past 12 months, the Amundi fund rose 23.35%, while the average fund in its category rose 19.96%. The fund, which launched in December 2017, has climbed 18.03% over the past three years and gained 10.47% over the past five years.

The MSCI EMU Index includes about 220 stocks representing approximately 85% of the free-float-adjusted market cap of all publicly traded companies based in the Economic and Monetary Union countries. Eligible securities are weighted by free-float-adjusted market cap. The index is reviewed quarterly, with May and November semiannual reviews tending to be more comprehensive than those undertaken in February and August. The index is representative of the eurozone large-cap equity category in terms of sector, geography, and size. This means the index has significant geographic exposure to Germany and France, which together account for over 50% of holdings at the time of writing. The largest constituent, ASML, has ridden the artificial intelligence wave and is the only stock with more than 3% of index weight at the time of writing.

The fund is well-representative of the opportunity and worth of an Above Average Process Pillar rating.

Read Morningstar’s full report on the Amundi Core MSCI EMU UCITS ETF.

Xtrackers MSCI EMU UCITS ETF

• Fund Size
  : EUR 2.5 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.09

The EUR 2.5 billion fund has gained 22.85% over the past 12 months, while the average fund in its category is up 19.96%. The Xtrackers fund, which launched in November 2012, has climbed 17.47% over the past three years and gained 10.58% over the past five years.

Xtrackers MSCI EMU ETF is one of the standout options for investors seeking eurozone large-cap equities, and we believe it will comfortably outperform its peers over a full market cycle. This fund is one of the cheapest and most representative index funds in a peer group in which passives have performed well.

The fund offers broad and representative market-cap-weighted exposure to eurozone large-cap equities. With around 220 constituents, including a number of mid- and small caps, the MSCI EMU Index stands as a much better proposition for buy-and-hold investors than the more popular but mega-cap-heavy Euro Stoxx 50 Index. The fund has an ongoing charge of just 0.09% (cut from 0.12% in February 2026), a figure that makes it one of the very cheapest MSCI EMU Index exchange-traded funds and one of the cheapest funds in the eurozone large-cap Morningstar Category.

The fund has comfortably outperformed its average category peer over the trailing three, five, and 10 years on a risk-adjusted basis. Like most eurozone equity index funds, this ETF regularly outperforms its index because it enjoys a better withholding tax rate on dividends than the MSCI EMU Net Return Index. It also benefits from securities-lending activities.

Read Morningstar’s full report on the Xtrackers MSCI EMU UCITS ETF.

iShares VII -iShares Core MSCI EMU UCITS ETF

• Fund Size
  : EUR 7.9 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.12

The EUR 7.9 billion fund has gained 23.36% over the past 12 months, while the average fund in its category is up 19.96%. The iShares fund, which launched in January 2010, has climbed 18.06% over the past three years and gained 10.53% over the past five years.

This exchange-traded fund offers broad and representative cap-weighted exposure to eurozone large-cap equities. With around 220 constituents, including a number of mid- and small caps, the MSCI EMU Index stands as a much better proposition for buy-and-hold investors than the more popular but mega-cap-heavy Euro Stoxx 50 Index. This supports an Above Average Process Pillar score.

The fund has an ongoing charge of 0.12%, making it one of the cheapest MSCI EMU ETFs and one of the cheapest funds in the eurozone large-cap equity Morningstar Category. The fund has appeared in the top quintile of funds when ranked against category peers over the trailing three-, five-, and 10-year periods on a risk-adjusted basis.

Like most eurozone equity index funds, it regularly outperforms its index because it enjoys a better withholding tax rate on dividends than the MSCI EMU Net Return Index. It also benefits from securities lending activities. IShares has a seasoned passive management team befitting the dominant ETF provider in Europe. The team can leverage market-leading technology and a well-oiled securities-lending program while managing its funds.

Read Morningstar’s full report on the iShares VII -iShares Core MSCI EMU UCITS ETF.

UBS Core MSCI EMU UCITS ETF

• Fund Size
  : EUR 7.6 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.09

The EUR 7.6 billion fund has gained 23.37% over the past 12 months, while the average fund in its category is up 19.96%. The UBS fund, which launched in September 2002, has climbed 18.05% over the past three years and gained 10.48% over the past five years.

The fund has appeared in the top half when ranked against category peers over the trailing three, five, and 10 years on a risk-adjusted basis. This reflects the results of the Morningstar Active/Passive Barometer, which highlights the challenges faced by active managers attempting to outperform in the eurozone large-cap category.

Like most eurozone equity index funds, this exchange-traded fund regularly outperforms its index because it enjoys a better withholding tax rate on dividends than the MSCI EMU Net Return Index. UBS ETFs boast a solid portfolio management team with well-established leadership. The stability of the team is a key strength, and we believe UBS ETFs benefit from the expertise of UBS Asset Management, where passive investment and indexing are core offerings.

Read Morningstar’s full report on the UBS Core MSCI EMU UCITS ETF.

iShares EURO STOXX UCITS ETF (DE)

• Fund Size
  : EUR 2.9 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.2

Over the past 12 months, the iShares fund rose 22.72%, while the average fund in its category rose 19.96%. The fund, which launched in May 2005, has climbed 17.91% over the past three years and gained 10.42% over the past five years.

IShares EURO Stoxx is one of our favorite trackers in a group where passive funds have performed well. It is one of the cheapest and broadest of its peers. This exchange-traded fund offers broad and representative market-cap-weighted exposure to eurozone large-cap equities.

With around 300 constituents, including a number of mid-caps and small caps, the Euro Stoxx Index stands as a much better proposition for buy-and-hold investors than the more popular but mega-cap-heavy Euro Stoxx 50 Index.

With an ongoing charge of just 0.20%, the fund is one of the very cheapest in the eurozone large-cap equity Morningstar Category. The fund has appeared in the top quintile when ranked against category peers on a risk-adjusted basis over the trailing three-, five-, and 10-year periods.

Read Morningstar’s full report on the iShares EURO STOXX UCITS ETF (DE).

State Street SPDR MSCI EMU UCITS ETF

• Fund Size
  : EUR 362.5 million
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.08

The EUR 362.5 million fund has climbed 23.30% over the past 12 months, outperforming the average fund in its category, which rose 19.96%. The State Street fund, which launched in January 2013, has climbed 17.97% over the past three years and gained 10.43% over the past five years.

Read Morningstar’s full report on the State Street SPDR MSCI EMU UCITS ETF.

iShares MSCI EMU Screened UCITS ETF

• Fund Size
  : EUR 2.1 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.12

The EUR 2.1 billion fund has gained 22.21% over the past 12 months, while the average fund in its category is up 19.96%. The iShares fund, which launched in October 2018, has climbed 17.38% over the past three years and gained 9.96% over the past five years.

IShares MSCI EMU ESG Screened ETF’s ultralow fee and broad and representative market-cap-weighted exposure make it a standout option for investors in eurozone large-cap equities. The light touch of the environmental, social, and governance screen applied means that the fund retains all the benefits of an unscreened MSCI EMU Index tracker, a strategy we hold in high esteem.

Starting with its parent, the MSCI EMU Index, the MSCI EMU ESG Screened Index excludes companies that are associated with controversy, civilian and nuclear weapons, and tobacco; that derive revenue from thermal coal and oil sands extraction; or that are not compliant with the United Nations Global Compact principles. It should be emphasized that the MSCI ESG Screened methodology results in a relatively light sustainability filter, and that investors seeking a heavier ESG footprint should look elsewhere. At the time of writing, the fund excludes just 18 of the 225 stocks held by the parent MSCI EMU Index.

Read Morningstar’s full report on the iShares MSCI EMU Screened UCITS ETF.

iShares MSCI EMU CTB Enhanced ESG UCITS ETF

• Fund Size
  : EUR 4 billion
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.12

The EUR 4 billion fund has gained 21.48% over the past 12 months, while the average fund in its category is up 19.96%. The iShares fund, which launched in March 2019, has climbed 17.00% over the past three years and gained 9.58% over the past five years.

IShares MSCI EMU CTB Enhanced ESG ETF’s low fee and broad and representative cap-weighted exposure make it a strong option for investors in eurozone large-cap equities. The optimizer approach used to weight holdings is designed to ensure that the fund retains the core benefits of an unscreened MSCI EMU Index tracker, a strategy we favor. This underpins our positive view of the strategy.

In November 2025, the index tracked by this fund series was renamed from MSCI EMU ESG Enhanced Focus CTB Index to MSCI EMU ESG Enhanced CTB Index to reflect a change in methodology. Previously, the methodology aimed to maximize environmental, social, and governance exposure while constraining tracking error relative to the parent index. Under the revised approach, the indexes now seek to minimize tracking error, subject to compliance with the requirements of the EU Climate Transition Benchmark. We expect tracking error versus the unscreened MSCI EMU index to remain low.

Read Morningstar’s full report on the iShares MSCI EMU CTB Enhanced ESG UCITS ETF.

JPM Eurozone Research Enhanced Index Equity Active UCITS ETF

• Fund Size
  : EUR 583.5 million
• Morningstar Medalist Rating
  : Gold
• Morningstar Rating
  : ★★★★
• Ongoing Charge: 0.25

The EUR 583.5 million fund has gained 24.57% over the past 12 months, while the average fund in its category is up 19.96%. The JPMorgan fund, which launched in April 2022, has gained 17.76% over the past three years.

A capable portfolio manager, supported by J.P. Morgan’s analytical firepower and a well-designed approach, gives the JPMorgan Eurozone Research Enhanced Index Equity Active UCITS ETF an edge despite tight constraints. We assign Above Average ratings to both People and Process.

Piera Elisa Grassi has led the strategy since its launch in April 2022. She has overseen the global variant of J.P. Morgan’s research-enhanced index active exchange-traded fund range since its inception in October 2018 and the eurozone variant since its launch in April 2022. Grassi joined J.P. Morgan in 2004, began managing money in 2007, and has headed the global REI team since 2014. She is supported by a team of seven portfolio managers with extensive industry experience and long tenures at the firm. J.P. Morgan’s deep fundamental research platform is central to the strategy’s success, and Grassi leverages these insights within a highly systematic framework. Her strong background in quantitative analysis and risk management underpins the portfolio construction. Notably, members of the global REI team invest in the strategies they manage, aligning their interests with those of investors.

The well-engineered and consistently executed approach blends elements of index tracking with quantitative active management to enhance returns relative to a passive strategy while maintaining tight risk controls. Analyst insights are incorporated through modest stock-level overweight and underweight positions relative to the MSCI EMU Index while maintaining neutrality across region, sector, and style dimensions. As a result, stock selection is the primary driver of relative returns. The strategy targets a tight tracking error of 0.75% to 1.50% versus the index. The portfolio is broadly diversified across approximately 100 holdings, with active share typically around 20%-25%.

Since its April 2022 inception through May 2026, the strategy outperformed its benchmark despite these constraints, generating an attractive information ratio. It materially outpaced its eurozone large-cap peers. This was achieved with similar volatility, leading to superior risk-adjusted returns as measured by the Sharpe ratio. Additionally, the strategy benefits from materially lower fees than most active peers.

Read Morningstar’s full report on the JPM Eurozone Research Enhanced Index Equity Active UCITS ETF.