Overview
Italian equity market via ENI, Enel, Intesa Sanpaolo, and UniCredit. 2025 standout — banking sector re-rating from higher interest rates, defense spending surge via Leonardo, and fiscal stability under the Meloni government.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| ENI | ENI S.p.A. | 14.8% |
| ENEL | Enel S.p.A. | 12.4% |
| ISP | Intesa Sanpaolo | 10.8% |
| UCG | UniCredit S.p.A. | 9.4% |
| LDO | Leonardo S.p.A. | 7.8% |
| TIT | Telecom Italia | 5.8% |
| STMMI | STMicroelectronics | 5.4% |
| RACE | Ferrari N.V. | 4.8% |
| MB | Mediobanca | 3.8% |
| G | Assicurazioni Generali | 3.4% |
Fund Details
Investment Thesis
Italy delivered one of Europe's strongest equity performances in 2025, driven by banking sector re-rating as higher interest rates dramatically expanded net interest margins for Intesa Sanpaolo and UniCredit. Italian banks trade at historically low price-to-book ratios while generating record profits, creating attractive dividend yields and buyback programs. Leonardo's defense business benefits from Italy's NATO commitment increases, and Ferrari's pricing power and 12-month order backlog demonstrate resilience of premium Italian brands. Meloni government fiscal conservatism has reduced Italian sovereign risk premiums.
Who It's For
Value investors seeking European banking sector exposure at historically discounted valuations, and those with a thesis on Italian economic stabilization and defense spending growth. EWI suits investors who believe Italian bank valuations remain too low relative to their earnings power at current interest rates. The energy and utilities weighting through ENI and Enel provides additional sector diversification. Best used as part of a broader Southern European or European value strategy.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $24.82 | -- |
| 2017 | $30.42 | +22.5% |
| 2018 | $25.42 | -16.4% |
| 2019 | $30.82 | +21.2% |
| 2020 | $28.82 | -6.5% |
| 2021 | $34.42 | +19.4% |
| 2022 | $26.42 | -23.2% |
| 2023 | $34.42 | +30.3% |
| 2024 | $34.02 | -1.2% |
| 2025 | $44.02 | +29.4% |
| Year | Yield |
|---|---|
| 2016 | 3.28% |
| 2017 | 2.98% |
| 2018 | 3.38% |
| 2019 | 3.08% |
| 2020 | 2.82% |
| 2021 | 2.52% |
| 2022 | 3.08% |
| 2023 | 2.82% |
| 2024 | 3.08% |
| 2025 | 3.28% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.8B | -- |
| 2017 | $1.2B | +50.0% |
| 2018 | $0.8B | -33.3% |
| 2019 | $1.0B | +25.0% |
| 2020 | $0.8B | -20.0% |
| 2021 | $1.2B | +50.0% |
| 2022 | $0.8B | -33.3% |
| 2023 | $1.2B | +50.0% |
| 2024 | $1.0B | -16.7% |
| 2025 | $0.92B | -8.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
Related Country ETFs ETFs
Markets. Intelligence. Daily.
Full briefs on 251 ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →