SPDR Portfolio Europe ETF
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.9x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DJ STOXX 50 Fund is an exchange-traded fund which represents a passive management strategy designed to track the performance of the Dow Jones STOXX 50 Index. The Dow Jones STOXX 50 Index represents the performance of the 50 largest companies, across all components of the 18 Dow Jones STOXX 600 market sector indices.

FUND BASICS
Category International Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Oct 15, 2002
Assets (mns) $231
Currency USD
Expense ratio 9 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1430
Wgt avg mkt cap (mns) $70,505
Large cap (>$10bn) 80.9%
Mid cap ($2-10bn) 15.7%
Small cap (<$2bn) 2.9%
Developed mkts 99.3%
Emerging mkts 0.7%

TOP TEN HOLDINGS
NESTLE SA-REG 3.0 %
ROCHE HOLDING AG-GENUSSCHEIN 2.2 %
NOVARTIS AG-REG 2.1 %
HSBC HOLDINGS PLC 1.3 %
SAP AG 1.3 %
ASML HOLDING NV 1.2 %
ASTRAZENECA PLC 1.2 %
TOTAL SA 1.2 %
BP PLC 1.1 %
LVMH MOET HENNESSY LOUIS VUI 1.1 %
Total 15.6 %

TOP COUNTRY EXPOSURE
BRITAIN 23.8 %
FRANCE 14.7 %
SWITZERLAND 14.6 %
GERMANY 12.5 %
NETHERLANDS 6.1 %
SWEDEN 4.7 %
SPAIN 4.2 %
ITALY 3.6 %
DENMARK 2.9 %
FINLAND 1.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.8% 16.8% 4.1% 4.4% 5.7%

Market Correlations
versus... Beta R-squared
S&P500 0.72 52%
MSCI EAFE 1.03 88%
MSCI Emg. Mkts. 0.67 64%

Technical Indicators
Recent close $33.92
30d moving avg. $36.13
Annualized volatility 12.1%
Short interest (ETF) 2.5%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 28
Turnover 0.4%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $26,989

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR Portfolio Europe ETF ETF based on the alternatives' overlap in portfolio holdings with FEU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FEU Expense: 9 bp ALTAR Score™: 7.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FEU
Ticker Fund
Name
Overlap1
vs FEU
(%)
Expense
ratio
(bp)
Savings
vs FEU
(bp)
ALTAR
Score™
(%)
ALTAR
vs FEU
(%)
VGK Vanguard FTSE Europe ETF 90.9 8 1 7.3 +0.1
IEUR iShares Core MSCI Europe ETF 90.3 9 0 7.2 +0.0
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 86.3 30 -21 6.9 -0.3
FLEE Franklin FTSE Europe ETF 86.1 9 0 7.2 -0.0
FLEH Franklin FTSE Europe Hedged ETF 86.0 9 0 7.0 -0.1
BBEU JPMorgan BetaBuilders Europe ETF 83.5 9 0 7.2 0.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 82.1 45 -36 6.7 -0.5
IEV iShares Europe ETF 80.6 59 -50 6.7 -0.4
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 67.4 25 -16 6.7 -0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 62.3 20 -11 7.2 0.0
EFA iShares MSCI EAFE ETF 62.0 32 -23 7.2 +0.1
IQSI IQ Candriam ESG International Equity ETF 60.1 15 -6 7.2 -0.0
IEFA iShares Core MSCI EAFE ETF 59.7 7 2 7.4 +0.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 58.6 35 -26 7.0 -0.1
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 57.8 7 2 7.8 +0.6
HFXI IQ 50 Percent Hedged FTSE International ETF 57.7 20 -11 7.5 +0.4
ESGD iShares MSCI EAFE ESG Optimized ETF 54.7 20 -11 7.2 +0.1
IDEV iShares Core MSCI International Developed Markets ETF 53.6 5 4 7.4 +0.2
SCHF Schwab International Equity ETF 53.3 6 3 7.6 +0.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR Portfolio Europe 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 11.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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