SPDR EURO STOXX 50 ETF
ALTAR
Score™
7.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.5x P/Sales
ratio
1.2x
P/BV
ratio
1.5x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $2,068
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) $86,522
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
SAP AG 5.0 %
ASML HOLDING NV 4.4 %
TOTAL SA 4.3 %
LVMH MOET HENNESSY LOUIS VUI 4.0 %
SANOFI-AVENTIS 3.9 %
ALLIANZ SE-REG 3.5 %
SIEMENS AG-REG 3.1 %
UNILEVER NV 2.9 %
EADS NV 2.7 %
BAYER AG 2.5 %
Total 36.4 %

TOP COUNTRY EXPOSURE
FRANCE 35.8 %
GERMANY 27.7 %
NETHERLANDS 13.9 %
SPAIN 9.4 %
ITALY 5.1 %
BELGIUM 2.0 %
IRELAND 1.0 %
FINLAND 0.8 %



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.
-4.1% 14.0% 4.2% 3.8% 6.2%

Market Correlations
versus... Beta R-squared
S&P500 0.82 50%
MSCI EAFE 1.21 88%
MSCI Emg. Mkts. 0.79 65%

Technical Indicators
Recent close $38.29
30d moving avg. $40.34
Annualized volatility 14.2%
Short interest (ETF) 5.6%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 1,647
Turnover 3.1%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $6,641

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR EURO STOXX 50 ETF 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™: 7.2%


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 Eurozone ETF 58.8 49 -20 6.8 -0.4
EURZ Xtrackers Eurozone Equity ETF 57.4 9 20 7.2 -0.0
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 50.6 45 -16 6.5 -0.7
HEDJ WisdomTree Europe Hedged Equity Fund 49.0 58 -29 7.7 +0.5
FLFR Franklin FTSE France ETF 38.5 9 20 7.0 -0.3
EWQ iShares MSCI France ETF 38.5 50 -21 6.5 -0.7
IEV iShares Europe ETF 30.9 59 -30 6.5 -0.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 29.0 45 -16 6.5 -0.8
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 28.1 30 -1 6.7 -0.5
FLEE Franklin FTSE Europe ETF 27.9 9 20 7.0 -0.2
DAX Global X DAX Germany ETF 27.7 20 9 8.3 +1.1
QDEU SPDR MSCI Germany Quality Mix ETF 27.7 14 15 8.1 +0.9
FLGR Franklin FTSE Germany ETF 27.7 9 20 7.9 +0.7
EWG iShares MSCI Germany ETF 27.7 49 -20 7.6 +0.4
DBGR Xtrackers MSCI Germany Hedged Equity ETF 27.7 45 -16 7.5 +0.3
BBEU JPMorgan BetaBuilders Europe ETF 27.6 9 20 7.0 -0.2
FLEH Franklin FTSE Europe Hedged ETF 27.3 9 20 6.9 -0.4
IEUR iShares Core MSCI Europe ETF 25.8 9 20 7.0 -0.2
DOL WisdomTree International LargeCap Dividend Fund 25.7 48 -19 8.1 +0.9
DXGE WisdomTree Germany Hedged Equity Fund 25.7 48 -19 9.1 +1.9

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

  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

Content on this tab for subscribers only

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 EURO STOXX 50 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 11.3 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 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.