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)	$2,068
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
Total	36.4 %
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 %

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%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

	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	%

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.