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Larry Berman CFA, CMT, CTA iShares MSCI Eur IMI Idx XEU-T WATCH Jul 14, 2025

ETFs for EU in euros and EMs in local currencies?

You can buy an ETF that's listed in Toronto that has the euro exposure. For example, ZWP gives you exposure to the euro via a Canadian holding.

This question is probably prompted by the whole narrative around a weaker US dollar and the euro getting stronger. That's very much a USD-Euro story, than a CAD-Euro story. So you might need to look more for a US holding than something in Canada.

FLUR gives you international exposure. XEU gives you broad exposure to MSCI Europe.

Larry Berman CFA, CMT, CTA

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TOP PICK

Europe and the UK. Financials, health care and consumer goods. Pretty conservative sector tilt to it. Almost 60% of it is in his 3 favourite countries. The Canadian dollar is expected to lose ground against all three of those currencies, so no need to hedge.

COMMENT

European markets. Chart looks like it is breaking out. Breakouts are very positive. When you get these long periods of consolidation, they can be quite bullish. You could get quite a bit more upside based on this chart.

COMMENT

He likes this. It is pretty well diversified, but it is unhedged. It is vulnerable to what the euro does. (See Top Picks.)

PAST TOP PICK

(A Top Pick Jan 21/15. Up 2.7%.) European banks along with US banks kind of crashed in the 1^st couple of months. He likes this area quite a bit.

WEAK BUY

XEU vs. XEH European valuations are much more attractive than US ones. Both are great for broad-based European exposure. Look at EUFN to supplement your core holding, a good value play. Very difficult to make an assessment of the Euro to the CAD. Both are around fair value now. He'd lean to the hedged version, XEH. The EM currencies provide the most attractive value right now so, if your risk tolerance allows, he'd look at those equities and unhedge that currency versus the CAD.

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