SPDR MSCI EAFE Fossil Fuel Free ETF
ALTAR
Score™
6.2% info Recommen-
dation
NEUTRAL
2021E    2022E
P/E
ratio
17.6x P/Sales
ratio
1.5x
P/BV
ratio
1.6x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI EAFE Fossil Fuel Reserves Free ETF tracks a subset of the MSCI EAFE Index that excludes companies that own fossil fuel reserves.

FUND BASICS
Category International Equities
Fund Sponsor SSGA
Website www.spdrs.com
Inception date Oct 24, 2016
Assets (mns) $182
Currency USD
Expense ratio 20 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 831
Wgt avg mkt cap (mns) $69,978
Large cap (>$10bn) 87.8%
Mid cap ($2-10bn) 10.8%
Small cap (<$2bn) 0.1%
Developed mkts 99.7%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 2.0 %
ASML HOLDING NV 1.6 %
ROCHE HOLDING AG-GENUSSCHEIN 1.6 %
NOVARTIS AG-REG 1.3 %
LVMH MOET HENNESSY LOUIS VUI 1.2 %
TOYOTA MOTOR CORP 1.1 %
AIA GROUP LTD 1.0 %
SOFTBANK GROUP CORP. 1.0 %
UNILEVER PLC 0.9 %
SONY CORP 0.9 %
Total 12.6 %

TOP COUNTRY EXPOSURE
JAPAN 25.6 %
BRITAIN 12.5 %
SWITZERLAND 10.1 %
FRANCE 10.0 %
GERMANY 9.8 %
AUSTRALIA 6.4 %
NETHERLANDS 5.0 %
SWEDEN 3.5 %
HONG KONG 3.1 %
DENMARK 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
0.7% 22.4% -- -- 8.9%

Market Correlations
versus... Beta R-squared
S&P500 0.88 84%
MSCI EAFE 0.96 99%
MSCI Emg. Mkts. 0.75 74%

Technical Indicators
Recent close $79.27
30d moving avg. $79.80
Annualized volatility 17.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.4%
Bid/Ask (% of price) 0.34%
ADV underlying (mns) $54,807

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the SPDR MSCI EAFE Fossil Fuel Free ETF ETF based on the alternatives' overlap in portfolio holdings with EFAX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EFAX Expense: 20 bp ALTAR Score™: 6.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EFAX
Ticker Fund
Name
Overlap1
vs EFAX
(%)
Expense
ratio
(bp)
Savings
vs EFAX
(bp)
ALTAR
Score™
(%)
ALTAR
vs EFAX
(%)
EFA iShares MSCI EAFE ETF 90.9 32 -12 6.2 -0.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 88.1 35 -15 6.0 -0.1
DFAI Dimensional International Core Equity Market ETF 87.1 18 2 6.3 +0.1
GSID Goldman Sachs MarketBeta International Equity ETF 85.5 20 0 6.2 +0.0
HFXI IQ 50 Percent Hedged FTSE International ETF 80.9 20 0 6.4 +0.2
BKIE BNY Mellon International Equity ETF 80.0 4 16 6.5 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 79.5 7 13 6.4 +0.3
IEFA iShares Core MSCI EAFE ETF 77.4 7 13 6.3 +0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 76.4 20 0 6.1 -0.1
SCHF Schwab International Equity ETF 73.6 6 14 6.4 +0.2
IQSI IQ Candriam ESG International Equity ETF 71.2 15 5 6.3 +0.1
IDEV iShares Core MSCI International Developed Markets ETF 69.6 5 15 6.3 +0.1
JHMD John Hancock Multifactor Developed International ETF 67.6 39 -19 6.4 +0.2
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 66.6 35 -15 6.0 -0.2
SPDW SPDR Portfolio Developed World ex-US ETF 65.9 4 16 6.1 -0.1
QEFA SPDR MSCI EAFE Quality Mix ETF 65.8 30 -10 6.0 -0.2
VEA Vanguard FTSE Developed Markets ETF 65.1 5 15 6.4 +0.2
VSGX Vanguard ESG International Stock ETF 63.5 17 3 6.3 +0.1
IEUR iShares Core MSCI Europe ETF 61.6 9 11 6.4 +0.2
SPEU SPDR Portfolio Europe ETF 61.5 9 11 6.5 +0.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 61.1 45 -25 6.0 -0.2
FLEH Franklin FTSE Europe Hedged ETF 60.7 9 11 6.4 +0.2
FLEE Franklin FTSE Europe ETF 60.7 9 11 6.4 +0.2
BBEU JPMorgan BetaBuilders Europe ETF 60.3 9 11 6.6 +0.4
VGK Vanguard FTSE Europe ETF 60.0 8 12 6.5 +0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 59.6 25 -5 6.1 -0.1
IEV iShares Europe ETF 58.8 59 -39 6.1 -0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 58.0 45 -25 7.3 +1.1
DMXF iShares ESG Advanced MSCI EAFE ETF 57.0 12 8 5.9 -0.3
ACWX iShares MSCI ACWI ex U.S. ETF 56.8 32 -12 6.2 +0.1
PDEV Principal International Multi-Factor Core Index ETF 56.2 25 -5 6.9 +0.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 55.3 40 -20 6.1 -0.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 55.1 40 -20 7.2 +1.0
CWI SPDR MSCI ACWI ex-US ETF 54.7 30 -10 6.1 -0.1
VEU Vanguard FTSE All-World ex-US Index Fund 54.4 8 12 6.6 +0.4
DWM WisdomTree International Equity Fund 54.3 48 -28 7.1 +0.9
EFG iShares MSCI EAFE Growth ETF 53.6 40 -20 4.0 -2.2
FNDF Schwab Fundamental International Large Co. Index ETF 53.1 25 -5 7.5 +1.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 53.0 25 -5 6.0 -0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 52.9 39 -19 5.6 -0.6
DOL WisdomTree International LargeCap Dividend Fund 52.0 48 -28 7.1 +0.9
EFV iShares MSCI EAFE Value ETF 51.0 39 -19 8.1 +1.9
ISZE iShares Edge MSCI Intl Size Factor ETF 50.6 30 -10 6.1 -0.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 50.1 14 6 6.0 -0.2
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 49.7 16 4 5.9 -0.3
CIL VictoryShares International Volatility Weighted Index ETF 49.2 45 -25 6.3 +0.1
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 49.0 45 -25 6.3 +0.1
IXUS ishares Core MSCI Total International Stock ETF 48.7 9 11 6.3 +0.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 46.4 39 -19 6.7 +0.5
RESD WisdomTree International ESG Fund 45.3 30 -10 6.4 +0.2
AVDE Avantis International Equity ETF 43.9 23 -3 6.7 +0.5
IQIN IQ 500 International ETF 41.9 25 -5 7.3 +1.1
ISDX Invesco RAFI Strategic Developed ex-US ETF 40.6 23 -3 6.2 -0.0
PQIN PGIM QMA Strategic Alpha International Equity ETF 39.1 29 -9 7.0 +0.9
IQLT iShares Edge MSCI Intl Quality Factor ETF 38.4 30 -10 5.4 -0.8
TPIF Timothy Plan International ETF 38.1 62 -42 5.9 -0.3
VXUS Vanguard Total International Stock ETF 37.8 8 12 6.5 +0.3
VPL Vanguard FTSE Pacific ETF 36.6 8 12 6.3 +0.1
IMTM iShares Edge MSCI Intl Momentum Factor ETF 36.6 30 -10 3.9 -2.3
IPAC iShares Core MSCI Pacific ETF 36.4 9 11 6.2 -0.0
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 34.4 24 -4 6.6 +0.4
RBIN Nationwide Risk-Based International Equity ETF 34.3 42 -22 5.9 -0.3
VYMI Vanguard International High Dividend Yield ETF 33.0 27 -7 8.9 +2.7
EZU iShares MSCI Eurozone ETF 32.5 51 -31 5.9 -0.3
RNDM First Trust Developed International Equity Select ETF 32.5 65 -45 5.6 -0.6
NUDM Nuveen ESG International Developed Markets Equity ETF 32.3 40 -20 5.7 -0.5
IVLU iShares Edge MSCI Intl Value Factor ETF 32.3 30 -10 9.6 +3.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 32.0 45 -25 5.9 -0.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 31.4 42 -22 4.9 -1.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 31.2 20 0 5.1 -1.1
EURZ Xtrackers Eurozone Equity ETF 30.8 9 11 6.3 +0.1
QWLD SPDR MSCI World StrategicFactors ETF 29.9 30 -10 5.6 -0.6
IDLB Invesco FTSE International Low Beta Equal Weight ETF 28.1 45 -25 6.1 -0.1
URTH iShares MSCI World ETF 28.0 24 -4 5.1 -1.1
QINT American Century Quality Diversified International ETF 27.5 39 -19 6.5 +0.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 27.0 58 -38 6.5 +0.3
VWID Virtus WMC International Dividend ETF 26.9 49 -29 7.4 +1.2
FDEV Fidelity Targeted International Factor ETF 26.6 39 -19 5.9 -0.3
JPIN JPMorgan Diversified Return International Equity ETF 26.3 37 -17 6.9 +0.8
EWJ iShares MSCI Japan ETF 25.6 51 -31 6.0 -0.2
FLJP Franklin FTSE Japan ETF 25.5 9 11 6.5 +0.3
FLJH Franklin FTSE Japan Hedged ETF 25.5 9 11 6.4 +0.3
DBJP Xtrackers MSCI Japan Hedged Equity ETF 25.5 45 -25 6.0 -0.2
BBJP JPMorgan BetaBuilders Japan ETF 25.4 19 1 6.3 +0.1
ZJPN SPDR Solactive Japan ETF 25.3 14 6 6.5 +0.3
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 25.3 25 -5 6.3 +0.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 24.9 20 0 5.4 -0.8
LOWC SPDR MSCI ACWI Low Carbon Target ETF 24.9 20 0 5.4 -0.8
UIVM VictoryShares USAA MSCI International Value Momentum ETF 24.9 35 -15 7.7 +1.5
FIVA Fidelity International Value Factor ETF 24.7 39 -19 8.4 +2.2
IDHQ Invesco S&P International Developed Quality ETF 24.6 29 -9 5.1 -1.1
ACWI iShares MSCI ACWI ETF 24.3 32 -12 5.2 -1.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 24.2 29 -9 7.2 +1.0
IDMO Invesco S&P International Developed Momentum ETF 23.9 26 -6 3.7 -2.5
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 23.8 32 -12 6.0 -0.2
JPXN iShares JPX-Nikkei 400 ETF 23.8 48 -28 6.1 -0.1
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 23.7 9 11 6.4 +0.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2016 2017 2018 2019 2020 2021E 2022E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2020 2021E 2022E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR MSCI EAFE Fossil Fuel Free ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.2 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.