EFAX
SPDR MSCI EAFE Fossil Fuel Free ETF
The SPDR MSCI EAFE Fossil Fuel Reserves Free ETF tracks a subset of the MSCI EAFE Index that excludes companies that own fossil fuel reserves.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
346.3 M
ASSETS UNDER MGMT
20 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 24, 2016 |
| Assets (mns) | $346 |
| Expense ratio | 20 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NESTLE SA-REG | 1.8 % |
| SAP AG | 1.7 % |
| ASML HOLDING NV | 1.6 % |
| ROCHE HOLDING LTD | 1.4 % |
| NOVARTIS AG | 1.4 % |
| ASTRAZENECA PLC | 1.3 % |
| NOVO NORDISK A/S-B | 1.3 % |
| HSBC HOLDINGS PLC | 1.2 % |
| COMMONWEALTH BANK OF AUSTRAL | 1.1 % |
| TOYOTA MOTOR CORP | 1.1 % |
Constituent Breakdown
| Number of holdings | 660 |
| Herfindahl-Hirschman Index | 48 |
| Wgt avg mkt cap (mns) | $88,937 |
| Large cap (>$10bn) | 90.2% |
| Mid cap ($2-10bn) | 9.5% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 99.6% |
| Emerging mkts. | 0.3% |
Country Exposure
 |
JAPAN | 21.6 % |
 |
BRITAIN | 13.2 % |
 |
SWITZERLAND | 10.8 % |
 |
GERMANY | 10.6 % |
 |
FRANCE | 10.3 % |
 |
AUSTRALIA | 5.7 % |
 |
NETHERLANDS | 5.2 % |
 |
SPAIN | 3.4 % |
 |
SWEDEN | 3.3 % |
 |
ITALY | 3.0 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 13.0% | 12.4% | 8.7% | 7.8% | 8.5% | -- | -- | 4.8% |
| Dividend Yield | 0.0% | 3.0% | 3.0% | 3.0% | 2.8% | -- | -- | 2.7% |
| Total Returns | 13.0% | 15.4% | 11.7% | 10.8% | 11.2% | -- | -- | 7.5% | Ann. Volatility | 24.2% | 17.7% | 15.4% | 17.2% | 17.0% | -- | -- | 17.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.49 | 6% |
| MSCI EAFE | 0.48 | 7% |
| MSCI Emg Mkts | 0.30 | 3% |
Liquidity Measures
| Avg. volume (000) | 26 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.30% |
| ADV of underlying (mns) | $35,711 |
Technical Indicators
| Recent close | $44.97 |
| 30d moving avg. | $42.92 |
| Annualized volatility | 31.8% |
| Relative strength (RSI) | 58 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. EFAX |
Expenses vs. EFAX |
ALTAR Score™ vs. EFAX |
|---|---|---|---|---|
| EFA | iShares MSCI EAFE ETF | 91.3% | +15 bp | +0.4% |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | 83.9% | +16 bp | +0.2% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 79.8% | 0 bp | +0.7% |
| GSID | Goldman Sachs MarketBeta International Equity ETF | 78.8% | 0 bp | +0.5% |
| IEFA | iShares Core MSCI EAFE ETF | 78.1% | -13 bp | +0.7% |
| STXI | Strive International Developed Markets ETF | 72.1% | +9 bp | +0.5% |
| BKIE | BNY Mellon International Equity ETF | 71.5% | -16 bp | +0.7% |
| ESGD | iShares ESG Aware MSCI EAFE ETF | 71.1% | 0 bp | +0.6% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 69.8% | -16 bp | +0.8% |
| SCHF | Schwab International Equity ETF | 67.6% | -14 bp | +1.1% |
Risk and Returns: EFAX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/30/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
EFAX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
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™
EFAX
6.6%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 258 funds in the International Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.0%. EFAX's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places EFAX in the 27th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
EFAXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| EFAX (20 bp) Percentile rank | 18 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| EFAX | 20.0 | 29.8 | 49.8 |
| Peer Avg. | 35.3 | 19.2 | 54.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .