ETF Research Center

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 05, 2014
Assets (mns)	$412
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	654
Wgt avg mkt cap (mns)	$66,337
Large cap (>$10bn)	84.1%
Mid cap ($2-10bn)	15.8%
Small cap (<$2bn)	0.2%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	15.0 %
ROCHE HOLDING AG-GENUSSCHEIN	2.6 %
NESTLE SA-REG	2.5 %
NOVARTIS AG-REG	1.8 %
ASTRAZENECA PLC	1.4 %
NOVO NORDISK A/S-B	1.4 %
DIAGEO PLC	1.3 %
LVMH MOET HENNESSY LOUIS VUI	1.1 %
CSL LIMITED	1.0 %
ASML HOLDING NV	1.0 %
UNILEVER NV	0.8 %

TOP COUNTRY EXPOSURE
	JAPAN	24.8 %
	BRITAIN	15.8 %
	SWITZERLAND	12.6 %
	FRANCE	8.1 %
	GERMANY	5.9 %
	AUSTRALIA	5.9 %
	HONG KONG	4.5 %
	NETHERLANDS	4.0 %
	DENMARK	3.0 %
	SPAIN	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.
21.8%	21.8%	6.6%	--	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.67	67%
MSCI EAFE	0.88	95%
MSCI Emg. Mkts.	0.60	76%

Technical Indicators
Recent close	$67.56
30d moving avg.	$66.87
Annualized volatility	9.9%
Short interest (ETF)	0.2%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.3%
Bid/Ask (% of price)	0.57%
ADV underlying (mns)	$34,318

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR MSCI EAFE Quality Mix 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™:

6.4%

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 (%)
EFA	iShares MSCI EAFE	65.5	31	-1	6.7	+0.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free	64.5	20	10	6.8	+0.4
DBEF	Xtrackers MSCI EAFE Hedged	63.9	35	-5	6.6	+0.2
HFXI	IQ 50 Percent Hedged FTSE Int'l	61.8	20	10	7.0	+0.6
PBDM	Invesco PureBeta FTSE Developed ex-North America	60.3	7	23	7.3	+0.9
IEFA	iShares Core MSCI EAFE	59.2	7	23	6.8	+0.4
ESGD	iShares MSCI EAFE ESG Optimized	58.6	20	10	6.7	+0.3
JHMD	John Hancock Multifactor Developed International	57.7	45	-15	7.0	+0.6
SCHF	Schwab International Equity	57.2	6	24	7.1	+0.7
GSIE	Goldman Sachs ActiveBeta Int'l Equity	57.1	25	5	6.4	+0.0
IDEV	iShares Core MSCI Int'l Developed Markets	55.5	5	25	6.9	+0.5
SPDW	SPDR Portfolio World ex-US	54.7	4	26	6.9	+0.5
DBEU	Xtrackers Europe Hedged	52.9	45	-15	6.2	-0.2
VEA	Vanguard Europe Pacific	52.8	5	25	7.1	+0.7
FLEE	Franklin FTSE Europe	52.4	9	21	6.6	+0.2
BBEU	JPMorgan BetaBuilders Europe	52.3	9	21	6.6	+0.2
IEV	iShares S&P Europe 350	52.3	59	-29	6.2	-0.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	52.3	30	0	6.4	+0.0
FLEH	Franklin FTSE Europe Hedged	52.1	9	21	6.6	+0.3

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 MSCI EAFE Quality Mix
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	11.3	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	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.