ETF Research Center

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
Total	12.4 %
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 %

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%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	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	%

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.