SPDR MSCI EAFE Quality Mix ETF
ALTAR
Score™		 6.0% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 24.0x P/Sales
ratio		 1.5x
P/BV
ratio		 1.7x Div.
yield		 2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI EAFE Quality Mix ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment results that before fees and expenses, correspond generally to the price and yield performance of the MSCI EAFE Quality Mix Index.

FUND BASICS
Category International Equities
Fund Sponsor SSgA Funds Management
Website www.spdrs.com
Inception date Jun 04, 2014
Assets (mns) $557
Currency USD
Expense ratio 30 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Tiered
Index replication Full
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 706
Wgt avg mkt cap (mns) $70,663
Large cap (>$10bn) 86.0%
Mid cap ($2-10bn) 13.5%
Small cap (<$2bn) 0.0%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
ROCHE HOLDING AG-GENUSSCHEIN 2.4 %
NESTLE SA-REG 2.2 %
NOVARTIS AG-REG 2.0 %
NOVO NORDISK A/S-B 1.7 %
ASML HOLDING NV 1.6 %
SANOFI-AVENTIS 1.1 %
LVMH MOET HENNESSY LOUIS VUI 1.0 %
KEYENCE CORP 1.0 %
SAP AG 0.9 %
CSL LIMITED 0.9 %
Total 14.7 %

TOP COUNTRY EXPOSURE
JAPAN 25.8 %
BRITAIN 13.3 %
SWITZERLAND 12.7 %
FRANCE 8.4 %
GERMANY 5.8 %
AUSTRALIA 5.2 %
DENMARK 4.3 %
HONG KONG 4.0 %
NETHERLANDS 3.7 %
SWEDEN 2.3 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.7% 6.7% 7.6% -- 4.7%

Market Correlations
versus... Beta R-squared
S&P500 0.76 82%
MSCI EAFE 0.84 98%
MSCI Emg. Mkts. 0.64 73%

Technical Indicators
Recent close $70.96
30d moving avg. $70.04
Annualized volatility 15.8%
Short interest (ETF) 0.5%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 56
Turnover 0.7%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $62,394

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the SPDR MSCI EAFE Quality Mix ETF ETF based on the alternatives' overlap in portfolio holdings with QEFA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: QEFA Expense: 30 bp ALTAR Score™: 6.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH QEFA
Ticker Fund
Name		 Overlap1
vs QEFA
(%)		 Expense
ratio
(bp)		 Savings
vs QEFA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs QEFA
(%)
DFAI Dimensional International Core Equity Market ETF 80.5 18 12 6.4 +0.4
EFA iShares MSCI EAFE ETF 65.9 32 -2 6.3 +0.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 64.8 35 -5 6.1 +0.1
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 64.3 20 10 6.5 +0.4
GSID Goldman Sachs MarketBeta International Equity ETF 63.8 20 10 6.4 +0.3
HFXI IQ 50 Percent Hedged FTSE International ETF 61.3 20 10 6.5 +0.4
BKIE BNY Mellon International Equity ETF 60.3 4 26 6.6 +0.6
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 60.0 7 23 6.6 +0.6
ESGD iShares MSCI EAFE ESG Optimized ETF 59.7 20 10 6.2 +0.2
IEFA iShares Core MSCI EAFE ETF 59.2 7 23 6.6 +0.5
IQSI IQ Candriam ESG International Equity ETF 56.7 15 15 6.4 +0.4
SCHF Schwab International Equity ETF 56.6 6 24 6.6 +0.6
JHMD John Hancock Multifactor Developed International ETF 56.6 39 -9 6.6 +0.6
GSIE Goldman Sachs ActiveBeta International Equity ETF 55.1 25 5 6.1 +0.0
IDEV iShares Core MSCI International Developed Markets ETF 54.7 5 25 6.5 +0.5
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 53.7 35 -5 6.0 -0.0
SPDW SPDR Portfolio Developed World ex-US ETF 52.6 4 26 6.3 +0.3
VEA Vanguard FTSE Developed Markets ETF 51.6 5 25 6.6 +0.6
PDEV Principal International Multi-Factor Core Index ETF 51.0 25 5 7.1 +1.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 50.9 45 -15 6.0 -0.0
FLEE Franklin FTSE Europe ETF 50.6 9 21 6.5 +0.5
BBEU JPMorgan BetaBuilders Europe ETF 50.5 9 21 6.7 +0.7
FLEH Franklin FTSE Europe Hedged ETF 50.4 9 21 6.5 +0.5
IEV iShares Europe ETF 50.3 59 -29 6.3 +0.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 50.3 20 10 5.0 -1.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 49.9 40 -10 7.3 +1.3
DWM WisdomTree International Equity Fund 49.4 48 -18 7.2 +1.2
IEUR iShares Core MSCI Europe ETF 49.3 9 21 6.6 +0.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 48.9 39 -9 5.6 -0.4
SPEU SPDR Portfolio Europe ETF 48.4 9 21 6.8 +0.8
VGK Vanguard FTSE Europe ETF 48.0 8 22 6.8 +0.7
DOL WisdomTree International LargeCap Dividend Fund 47.7 48 -18 7.2 +1.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 47.5 45 -15 7.7 +1.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 47.5 30 0 5.3 -0.8
ACWX iShares MSCI ACWI ex U.S. ETF 47.5 32 -2 6.4 +0.3
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 47.3 25 5 5.9 -0.1
CIL VictoryShares International Volatility Weighted Index ETF 46.5 45 -15 6.4 +0.4
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 46.5 45 -15 6.4 +0.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 46.4 40 -10 6.1 +0.1
FNDF Schwab Fundamental International Large Co. Index ETF 45.9 25 5 7.7 +1.7
CWI SPDR MSCI ACWI ex-US ETF 45.4 30 0 6.3 +0.2
EFG iShares MSCI EAFE Growth ETF 45.4 40 -10 4.1 -1.9
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 45.1 14 16 6.1 +0.1
VEU Vanguard FTSE All-World ex-US Index Fund 44.8 8 22 6.8 +0.7
DMXF iShares ESG Advanced MSCI EAFE ETF 44.7 12 18 6.2 +0.2
ISZE iShares Edge MSCI Intl Size Factor ETF 44.7 30 0 6.4 +0.3
VSGX Vanguard ESG International Stock ETF 44.2 17 13 6.4 +0.4
EFV iShares MSCI EAFE Value ETF 44.0 39 -9 8.4 +2.3
RESD WisdomTree International ESG Fund 43.4 30 0 6.5 +0.5
IXUS ishares Core MSCI Total International Stock ETF 42.1 9 21 6.6 +0.5
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 41.2 39 -9 7.5 +1.5
PQIN PGIM QMA Strategic Alpha International Equity ETF 39.4 29 1 7.1 +1.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 37.6 16 14 6.1 +0.0
IQIN IQ 500 International ETF 37.4 25 5 7.6 +1.6
TPIF Timothy Plan International ETF 37.3 62 -32 6.1 +0.1
RBIN Nationwide Risk-Based International Equity ETF 36.3 42 -12 6.1 +0.1
VXUS Vanguard Total International Stock ETF 36.3 8 22 6.7 +0.7
AVDE Avantis International Equity ETF 35.6 23 7 7.0 +0.9
ISDX Invesco RAFI Strategic Developed ex-US ETF 35.0 23 7 6.3 +0.3
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 34.5 24 6 6.6 +0.6
QWLD SPDR MSCI World StrategicFactors ETF 33.2 30 0 5.4 -0.6
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 32.9 32 -2 5.7 -0.3
IPAC iShares Core MSCI Pacific ETF 32.5 9 21 6.4 +0.3
IVLU iShares Edge MSCI Intl Value Factor ETF 31.8 30 0 10.0 +4.0
RODM Hartford Multifactor Developed Markets (ex-US) ETF 31.6 29 1 7.3 +1.2
FDEV Fidelity Targeted International Factor ETF 31.6 39 -9 6.2 +0.1
RNDM First Trust Developed International Equity Select ETF 31.6 65 -35 5.8 -0.3
JPIN JPMorgan Diversified Return International Equity ETF 31.5 37 -7 7.1 +1.1
VPL Vanguard FTSE Pacific ETF 31.0 8 22 6.5 +0.4
VWID Virtus WMC International Dividend ETF 30.6 49 -19 7.4 +1.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 30.5 30 0 4.2 -1.8
IDHQ Invesco S&P International Developed Quality ETF 30.4 29 1 4.8 -1.2
VYMI Vanguard International High Dividend Yield ETF 30.3 27 3 9.0 +3.0
IDLB Invesco FTSE International Low Beta Equal Weight ETF 30.0 45 -15 6.2 +0.1
IDLV Invesco S&P International Developed Low Volatility ETF 29.8 25 5 6.2 +0.2
QINT American Century Quality Diversified International ETF 29.0 39 -9 5.8 -0.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 28.6 58 -28 6.5 +0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 28.3 42 -12 4.7 -1.4
NUDM Nuveen ESG International Developed Markets Equity ETF 27.8 40 -10 6.0 -0.1
DWMF WisdomTree International Multifactor Fund 27.2 38 -8 6.3 +0.2
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 27.1 80 -50 6.0 0.0
URTH iShares MSCI World ETF 26.9 24 6 5.0 -1.0
VIGI Vanguard International Dividend Appreciation ETF 26.2 20 10 5.2 -0.9
RFDI First Trust Riverfront Dynamic Developed International ETF 26.2 83 -53 5.2 -0.8
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 26.0 58 -28 5.9 -0.2
IQDG WisdomTree International Quality Dividend Growth Fund 25.7 42 -12 6.1 +0.0
DTH WisdomTree International High Dividend Fund 25.0 58 -28 8.7 +2.6
EWJ iShares MSCI Japan ETF 24.5 51 -21 6.1 +0.1
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 24.5 25 5 6.3 +0.2
RFEU First Trust Riverfront Dynamic Europe ETF 24.4 83 -53 5.7 -0.4
DBJP Xtrackers MSCI Japan Hedged Equity ETF 24.4 45 -15 6.1 +0.1
BBJP JPMorgan BetaBuilders Japan ETF 24.3 19 11 6.5 +0.4
EZU iShares MSCI Eurozone ETF 24.2 51 -21 6.0 -0.0
FLJP Franklin FTSE Japan ETF 24.2 9 21 6.6 +0.5
FLJH Franklin FTSE Japan Hedged ETF 24.1 9 21 6.5 +0.5
IDMO Invesco S&P International Developed Momentum ETF 24.0 26 4 3.8 -2.3
OEUR O'shares FTSE Europe Quality Dividend ETF 24.0 48 -18 5.2 -0.9

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 MSCI EAFE Quality Mix ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.2 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.61 CATEGORY
AVERAGE		 1.54
 
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.