FEZ holds the 50 biggest eurozone companies. That means it excludes large-caps from countries that don't use the euro, including the UK, Switzerland and Sweden. Instead, the funds portfolio is dominated by euro-denominated securities from countries such as France and Germany. Unlike some other eurozone funds, it does not hedge euro exposure. In all, the fund delivers exactly what is promisesstraightforward exposure to eurozone large-capsin a large and liquid package. The index is reviewed for reconstitution annually and rebalanced quarterly.
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