Valuation

European payers trade on lower multiples than the US dividend funds elsewhere in this section, and that shows up immediately here. Read it against this fund's own sector mix rather than against those lists: utilities, insurers and industrials dominate the weight, and all three carry structurally lower multiples than the consumer and technology names that fill a US dividend index. A low multiple across this page is mostly telling you what the fund holds rather than that the euro area is cheap. The per member figures are the same ones the instrument pages show, computed on the same basis. Eight members are priced through a listing outside their home market, and that changes nothing here: a multiple is the share price over a filed figure, and both travel with the company rather than with the venue.