SPDR Euro Stoxx Small Cap
ALTAR
Score™
5.4% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
17.6x P/Sales
ratio
0.9x
P/BV
ratio
1.7x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR EURO STOXX Small Cap 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 EURO STOXX Small Index.

FUND BASICS
Category International Equities
Fund Sponsor SSgA Funds Management
Website www.spdrs.com
Inception date Jun 05, 2014
Assets (mns) $18
Currency USD
Expense ratio 46 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 101
Wgt avg mkt cap (mns) $6,538
Large cap (>$10bn) 10.3%
Mid cap ($2-10bn) 87.3%
Small cap (<$2bn) 1.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ASM INTERNATIONAL N.V. 1.6 %
KESKO OYJ-B SHS 1.4 %
AMUNDI SA 1.3 %
ORION OYJ CLASS B 1.3 %
KION GROUP AG 1.3 %
IMCD N.V. 1.3 %
HUHTAMAKI OYJ 1.3 %
OSRAM LICHT AG 1.2 %
EURONEXT NV 1.2 %
RECORDATI SPA 1.2 %
Total 13.1 %

TOP COUNTRY EXPOSURE
FRANCE 22.1 %
GERMANY 19.8 %
NETHERLANDS 10.2 %
ITALY 9.9 %
BELGIUM 7.2 %
FINLAND 5.5 %
AUSTRIA 4.4 %
SPAIN 4.0 %
IRELAND 1.5 %
LUXEMBOURG 1.2 %

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.
17.1% 11.8% 6.1% -- 2.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 45%
MSCI EAFE 1.21 86%
MSCI Emg. Mkts. 0.85 70%

Technical Indicators
Recent close $59.97
30d moving avg. $58.61
Annualized volatility 14.5%
Short interest (ETF) 0.3%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $1,331

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Euro Stoxx Small Cap ETF based on the alternatives' overlap in portfolio holdings with SMEZ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SMEZ Expense: 46 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMEZ
Ticker Fund
Name
Overlap1
vs SMEZ
(%)
Expense
ratio
(bp)
Savings
vs SMEZ
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMEZ
(%)
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 26.2 58 -12 7.5 +2.1
FEUZ First Trust Eurozone AlphaDex 23.2 80 -34 7.1 +1.7
FEP First Trust Europe AlphaDEX 15.4 80 -34 7.3 +1.9
EWGS iShares MSCI Germany Small Cap 13.3 59 -13 6.0 +0.7
IEUS iShares MSCI Europe Small Cap 12.9 40 6 6.2 +0.8
SCID Global X Scientific Beta Europe 11.2 38 8 6.5 +1.1
DDEZ WisdomTree Dynamic Currency Hedged Europe Equity 10.5 43 3 6.7 +1.4
FLIY Franklin FTSE Italy 8.6 9 37 6.1 +0.7
JPEU JPMorgan Diversified Return Europe Equity 8.3 37 9 6.7 +1.3
DIM WisdomTree Intl M/C Dividend 8.1 58 -12 7.5 +2.1
FGM First Trust Germany 8.0 80 -34 9.0 +3.6
IFEU iShares FTSE EPRA/NAREIT Europe 7.2 48 -2 5.6 +0.3
FDT First Trust Developed Markets ex-US AlphaDEX 7.2 80 -34 8.2 +2.8
EWK iShares MSCI Belgium Investable 7.2 47 -1 5.9 +0.5
SCZ iShares MSCI EAFE Small Cap 7.1 39 7 6.1 +0.8
EWN iShares MSCI NetherlanIds 5.8 47 -1 5.4 -0.0
FPXE First Trust IPOX Europe Equity Opportunities 5.6 70 -24 4.0 -1.4
DBEZ Xtrackers MSCI EMU Hedged 5.6 45 1 6.4 +1.0
EFNL iShares MSCI Finland Capped 5.5 53 -7 6.6 +1.3
PDN Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap 5.1 49 -3 6.6 +1.3

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%.

Content on this tab for subscribers only**

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 Euro Stoxx Small Cap
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.4 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 46 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.72 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.