What is the fair value of EXS1 in 2026?

"Fair value" means something different for an ETF than for a single company. EXS1 does not have its own earnings to discount — it holds a basket, so its fair value is simply the combined value of those holdings, published daily as net asset value (NAV).

In practice the question that matters is whether the market price is trading close to that NAV. Large, liquid funds normally trade within a fraction of a percent of it because authorised participants arbitrage any gap away. Persistent premiums or discounts show up mainly in thinly traded funds and in funds holding assets whose home market is closed while the fund trades.

EXS1 last traded at €215.45 in our data.

What you can assess directly is cost: EXS1 charges 0.16% a year, which is deducted from assets daily and is the one part of your return you control.

Fund size also matters for pricing quality — EXS1 holds EUR 8.6B, and larger funds generally trade with tighter spreads.

So rather than hunting for an intrinsic value, compare EXS1 against funds tracking the same index on three things: expense ratio, tracking difference, and the bid-ask spread you actually pay. Those decide your outcome; a valuation model on a basket does not.

Adding the concentration angle, because it changes what you are actually buying: the largest published holdings in EXS1 are SAP, SIE, ALV, with the top position at 14.50%.

A fund can hold hundreds of names and still be dominated by a handful of them. When you compare EXS1 with an alternative tracking a similar index, compare the top-ten weight, not the number of constituents.

That number also tells you how much single-company risk you are taking without meaning to — each of those holdings has its own page here showing every other fund that owns it.