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MEUD (Stoxx Europe 600): ETF Review — Holdings, TER and Who It's For
Key takeaways
- MEUD tracks the Stoxx Europe 600 Index, covering 600 stocks across 17 European countries spanning large, mid and small caps.
- Broader scope than FTSE Developed Europe — Stoxx 600 includes the small-cap segment and a different country universe.
- The approximate TER is around 0.07% per year, one of the lowest on the market; verify on justETF.
- The fund carries currency risk against GBP, CHF and other non-euro currencies in the index.
- Suitable as a low-cost base for the European portion of a portfolio, or as an alternative to VEUR with broader coverage.
MEUD is one of the cheapest ways to capture the performance of the full spectrum of the European equity market — from large blue chips down to mid and small companies. The Amundi fund tracks the Stoxx Europe 600 Index, covering 600 companies across 17 European countries and providing significantly broader coverage than purely large-cap funds. If you want genuine comprehensive European exposure in a portfolio, the Stoxx 600 is the classic choice.
The Stoxx Europe 600 Index — what's inside
The index covers approximately 600 companies across 17 European countries, including the UK, Switzerland, Germany, France and others. The key difference from FTSE Developed Europe: Stoxx 600 reaches deeper into the small-cap segment — the smallest components have significantly lower market capitalisation. Sectorally, financials, industrials, healthcare and consumer goods dominate. The technology sector is far less represented than in US indices.
Costs and structure
The approximate TER of MEUD is around 0.07% per year, placing it among the absolutely cheapest European equity ETFs available in Europe. The fund is domiciled in Luxembourg (not Ireland like Vanguard), has an accumulating structure and is UCITS-compliant. It trades in euros.
Currency risk in the Stoxx Europe 600
Like VEUR, MEUD carries exposure to the British pound (roughly 20–25% of the index) and the Swiss franc (roughly 15%). If the koruna or euro strengthens against these currencies, returns in CZK will be lower. Currency risk cannot be eliminated in this fund without hedging. For more on why Irish and Luxembourg ETFs are popular, read the article on UCITS ETFs and Irish domicile.
MEUD vs. VEUR — the differences
- MEUD covers 600 companies including small caps; VEUR over 1,300 but only from the FTSE universe.
- Different index provider (STOXX vs. FTSE) — slightly different country and company selection.
- MEUD has Luxembourg domicile, VEUR Irish — relevant for tax treatment.
- MEUD's TER is lower (~0.07% vs. ~0.10% for VEUR).
Who MEUD suits
MEUD suits investors looking for cheap, broad European exposure. As a satellite alongside a global portfolio or as the base for a purely European portfolio. For a full ETF overview, visit the ETF section.
FAQ
What is the difference between MEUD and VEUR?
Both track European equities but different indices. The Stoxx Europe 600 in MEUD reaches deeper into small caps and uses a different country definition. Long-term performance is very similar; the key differences are fund domicile and slightly different composition.
Is MEUD's Luxembourg domicile a problem for Czech investors?
Generally no, but Irish domicile tends to be more tax-efficient thanks to double-taxation treaties. We recommend verifying with your broker how dividends from a Luxembourg ETF will specifically be taxed.
Why does Stoxx Europe 600 include the UK even after Brexit?
The Stoxx Europe 600 is a geographic index covering Europe as a continent — not the EU. The UK remains geographically a European country, so it stayed in the index after leaving the European Union.