SPDR MSCI EAFE Quality Mix
ALTAR
Score™
6.6% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.9x P/Sales
ratio
1.3x
P/BV
ratio
1.7x Div.
yield
3.3%


  • 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 05, 2014
Assets (mns) $360
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 645
Wgt avg mkt cap (mns) $62,321
Large cap (>$10bn) 83.3%
Mid cap ($2-10bn) 16.4%
Small cap (<$2bn) 0.2%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
ROCHE HOLDING AG-GENUSSCHEIN 2.5 %
NESTLE SA-REG 2.4 %
ASTRAZENECA PLC 1.4 %
NOVO NORDISK A/S-B 1.4 %
DIAGEO PLC 1.3 %
LVMH MOET HENNESSY LOUIS VUI 1.1 %
SAP AG 1.0 %
ASML HOLDING NV 1.0 %
CSL LIMITED 0.9 %
UNILEVER NV 0.9 %
Total 14.1 %

TOP COUNTRY EXPOSURE
JAPAN 25.0 %
BRITAIN 15.7 %
SWITZERLAND 11.3 %
FRANCE 8.3 %
GERMANY 6.9 %
AUSTRALIA 6.0 %
HONG KONG 4.8 %
NETHERLANDS 4.0 %
DENMARK 3.1 %
SWEDEN 2.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
17.5% 13.5% 5.8% -- 3.8%

Market Correlations
versus... Beta R-squared
S&P500 0.65 60%
MSCI EAFE 0.88 95%
MSCI Emg. Mkts. 0.62 77%

Technical Indicators
Recent close $65.52
30d moving avg. $65.02
Annualized volatility 10.1%
Short interest (ETF) 0.9%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 28
Turnover 0.5%
Bid/Ask (% of price) 0.46%
ADV underlying (mns) $40,952

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™: 6.6%


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 64.8 31 -1 7.0 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free 64.5 20 10 7.2 +0.6
DBEF Xtrackers MSCI EAFE Hedged 63.6 35 -5 6.9 +0.3
HFXI IQ 50 Percent Hedged FTSE Int'l 61.6 20 10 7.3 +0.6
PBDM Invesco PureBeta FTSE Developed ex-North America 59.6 7 23 7.6 +0.9
IEFA iShares Core MSCI EAFE 58.8 7 23 7.1 +0.5
ESGD iShares MSCI EAFE ESG Optimized 58.0 20 10 6.9 +0.3
SCHF Schwab International Equity 56.8 6 24 7.4 +0.8
JHMD John Hancock Multifactor Developed International 56.6 45 -15 7.3 +0.6
GSIE Goldman Sachs ActiveBeta Int'l Equity 56.2 25 5 6.7 +0.1
IDEV iShares Core MSCI Int'l Developed Markets 54.5 5 25 7.2 +0.5
SPDW SPDR Portfolio World ex-US 54.3 4 26 7.2 +0.6
EFAV iShares MSCI EAFE Minimum Volatility 52.5 20 10 5.8 -0.8
VEA Vanguard Europe Pacific 52.3 5 25 7.4 +0.7
DBEU Xtrackers Europe Hedged 51.7 45 -15 6.5 -0.1
IQLT iShares MSCI Int'l Developed Quality 51.6 30 0 6.2 -0.5
FLEE Franklin FTSE Europe 51.0 9 21 6.9 +0.3
IEV iShares S&P Europe 350 51.0 59 -29 6.4 -0.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 50.9 30 0 6.7 +0.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity 50.9 39 -9 6.3 -0.4

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 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
  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 11.4 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.69 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.
 

 

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.