SPDR MSCI EAFE Fossil Fuel Free
ALTAR
Score™
6.9% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.1x P/Sales
ratio
1.3x
P/BV
ratio
1.7x Div.
yield
3.1%


  • 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) $97
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 870
Wgt avg mkt cap (mns) $61,070
Large cap (>$10bn) 84.3%
Mid cap ($2-10bn) 15.3%
Small cap (<$2bn) 0.3%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 2.3 %
ROCHE HOLDING AG-GENUSSCHEIN 1.6 %
NOVARTIS AG-REG 1.5 %
TOYOTA MOTOR CORP 1.2 %
HSBC HOLDINGS PLC 1.1 %
SAP AG 1.0 %
ASTRAZENECA PLC 0.9 %
LVMH MOET HENNESSY LOUIS VUI 0.9 %
AIA GROUP LTD 0.9 %
ASML HOLDING NV 0.9 %
Total 12.4 %

TOP COUNTRY EXPOSURE
JAPAN 25.6 %
BRITAIN 13.5 %
SWITZERLAND 10.2 %
FRANCE 10.0 %
GERMANY 9.0 %
AUSTRALIA 6.2 %
NETHERLANDS 4.8 %
HONG KONG 2.9 %
SPAIN 2.8 %
SWEDEN 2.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
19.9% 12.9% -- -- 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.78 71%
MSCI EAFE 1.01 97%
MSCI Emg. Mkts. 0.70 75%

Technical Indicators
Recent close $71.98
30d moving avg. $71.00
Annualized volatility 11.2%
Short interest (ETF) 1.2%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.2%
Bid/Ask (% of price) 0.37%
ADV underlying (mns) $44,861

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR MSCI EAFE Fossil Fuel Free 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™: 6.9%


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 89.0 31 -11 6.8 -0.1
DBEF Xtrackers MSCI EAFE Hedged 86.6 35 -15 6.8 -0.1
HFXI IQ 50 Percent Hedged FTSE Int'l 81.2 20 0 7.1 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America 79.0 7 13 7.3 +0.5
IEFA iShares Core MSCI EAFE 76.3 7 13 6.9 0.0
SCHF Schwab International Equity 73.3 6 14 7.4 +0.5
ESGD iShares MSCI EAFE ESG Optimized 69.0 20 0 6.7 -0.1
IDEV iShares Core MSCI Int'l Developed Markets 68.8 5 15 7.0 +0.1
SPDW SPDR Portfolio World ex-US 67.9 4 16 7.0 +0.1
JHMD John Hancock Multifactor Developed International 65.8 45 -25 7.0 +0.2
VEA Vanguard Europe Pacific 64.2 5 15 7.1 +0.3
QEFA SPDR MSCI EAFE Quality Mix 63.9 30 -10 6.5 -0.4
DDWM WisdomTree Dynamic Currency Hedged Int'l Equity 61.0 35 -15 7.7 +0.9
PXF Invesco FTSE-RAFI Developed ex-US 61.0 45 -25 8.0 +1.1
DWM WisdomTree DEFA Fund 60.7 48 -28 7.5 +0.6
IEUR iShares Core MSCI Europe 60.5 9 11 6.7 -0.2
DBEU Xtrackers Europe Hedged 60.1 45 -25 6.4 -0.5
FEU SPDR DJ Stoxx 50 60.1 9 11 6.7 -0.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 59.7 30 -10 6.6 -0.3
FLEE Franklin FTSE Europe 59.6 9 11 6.8 -0.0

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
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 11.0 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.63
 
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.