ETF Research Center

DJ EURO STOXX 50 Fund is an exchange-traded fund which represents a passive management strategy designed to track the performance of the Dow Jones EURO STOXX 50 Index. The Dow Jones STOXX 50 Index represents the performance of the 50 largest companies, across all components the 19 Dow Jones EURO 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)	$2,180
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$87,658
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.4 %
SAP AG	5.0 %
TOTAL SA	4.8 %
ASML HOLDING NV	4.0 %
LVMH MOET HENNESSY LOUIS VUI	4.0 %
SANOFI-AVENTIS	3.5 %
SIEMENS AG-REG	3.5 %
ALLIANZ SE-REG	3.5 %
UNILEVER NV	3.0 %
EADS NV	2.7 %
BAYER AG	2.4 %

TOP COUNTRY EXPOSURE
	FRANCE	35.6 %
	GERMANY	28.5 %
	NETHERLANDS	13.7 %
	SPAIN	8.9 %
	ITALY	4.7 %
	BELGIUM	2.3 %
	IRELAND	1.0 %
	FINLAND	0.7 %

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.
22.4%	16.5%	3.1%	2.9%	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	48%
MSCI EAFE	1.21	87%
MSCI Emg. Mkts.	0.79	59%

Technical Indicators
Recent close	$39.78
30d moving avg.	$39.55
Annualized volatility	14.3%
Short interest (ETF)	8.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	1,769
Turnover	3.2%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$7,467

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR DJ Euro Stoxx 50 ETF based on the alternatives' overlap in portfolio holdings with FEZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

FEZ

Expense:

29 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH FEZ
Ticker	Fund Name	Overlap¹ vs FEZ (%)	Expense ratio (bp)	Savings vs FEZ (bp)	ALTAR Score™ (%)	ALTAR vs FEZ (%)
EZU	iShares MSCI Euro Monetary Union	59.4	47	-18	6.6	-0.2
EURZ	Xtrackers Eurozone Equity	57.4	9	20	6.9	+0.1
DBEZ	Xtrackers MSCI EMU Hedged	52.1	45	-16	6.4	-0.5
HEDJ	Wisdomtree International Hedged Equity	49.7	58	-29	7.6	+0.8
FLFR	Franklin FTSE France	38.3	9	20	6.7	-0.2
EWQ	iShares MSCI France	38.3	47	-18	6.2	-0.7
IEV	iShares S&P Europe 350	31.5	59	-30	6.3	-0.6
DBEU	Xtrackers Europe Hedged	30.1	45	-16	6.4	-0.4
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	29.0	30	-1	6.6	-0.3
FLEH	Franklin FTSE Europe Hedged	28.6	9	20	6.9	+0.0
DAX	Global X DAX Germany	28.5	20	9	8.6	+1.7
QDEU	SPDR MSCI Germany Quality Mix	28.5	14	15	8.1	+1.3
FLGR	Franklin FTSE Germany	28.5	9	20	7.9	+1.1
DBGR	Xtrackers MSCI Germany Hedged	28.5	45	-16	7.7	+0.8
EWG	iShares MSCI Germany	28.5	47	-18	7.6	+0.8
FLEE	Franklin FTSE Europe	28.4	9	20	6.8	-0.1
BBEU	JPMorgan BetaBuilders Europe	28.3	9	20	6.8	-0.1
IEUR	iShares Core MSCI Europe	26.2	9	20	6.7	-0.1
DXGE	WisdomTree Germany Hedged Equity	26.2	48	-19	9.6	+2.7
FEU	SPDR DJ Stoxx 50	26.1	9	20	6.7	-0.1

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 DJ Euro Stoxx 50
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	11.3	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.