Direct indexing is WAY more valuable to US citizens living in the EU than US citizens living in the USA because of the painful intersection of MiFID II rules and US tax law (PFIC tax cancer makes buying EU domiciled funds a non-starter). Brokers will not sell US domiciled ETFs to US citizens living in the EU unless they can opt out of the consumer disclosure rules (e.g. by becoming an elective professional client of their broker under MiFID II rules). So these 2 million US expats have no choice but to manage a portfolio of individual stocks or pay exorbitant AUM fees. The first half-way decent direct indexing product that accepts US expats residing in the EU will make a killing!