At a glance
CEFA charges 0.35% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $56.2M in assets, the 9th largest of that group; it paid 2.73% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +10.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +18.9% a year. At its worst it fell 29.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low. Its ten largest positions make up 16.5% of the fund, out of 359 in all.
The short version
Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) tracks an index of about 360 large companies in developed Europe and Asia Pacific. The index removes businesses that conflict with the US Conference of Catholic Bishops' investing guidelines. It may suit investors who want international stocks that fit those values. Its 0.35% expense ratio is nearly three times the 0.12% average of similar funds.
Price history
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CEFA +10.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CEFA official prospectus, to Dec 31, 2025 | — | +26.21% | — | +7.18% | — | +10.25% |
| CEFA price data to Oct 27, 2026 | +9.2% | +10.4% | +18.9% | +6.9% | — | +7.1% |
- Over the year to Oct 27, 2026, CEFA returned +10.4%, 9th of 9 among similar funds.
- Its 5-year annualized return was +6.9%.
- Its worst full calendar year was 2022 (-16.7%); its best was 2025 (+26.5%).
- The deepest fall in its price history was 32% (Sep 3, 2021 to Oct 12, 2022), recovered by Mar 21, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | — |
| 2025 | +26.5% | +26.21% |
| 2024 | +5.0% | +5.10% |
| 2023 | +17.4% | +17.74% |
| 2022 | -16.7% | -17.07% |
| 2021 | — | +9.19% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.1% over that stretch · deepest drop along the way 29.8%, back to its old high 16.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $1.0600 | +8.2% |
| 2024 | $0.9800 | +42.0% |
| 2023 | $0.6900 | +15.0% |
| 2022 | $0.6000 |
What's inside
As of Jul 31, 2026, the fund held 359 securities; the ten largest made up 16.49% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding N.V. | 3.39% | |
| HSBC HOLDINGS PLC | 1.92% | |
| Siemens Aktiengesellschaft | 1.73% | |
| ESSILORLUXOTTICA SA | 1.41% | |
| Mitsubishi UFJ Financial Group, Inc. | 1.39% | |
| argenx SE | 1.35% | |
| SCHNEIDER ELECTRIC SE | 1.33% | |
| SHELL PLC | 1.33% | |
| HOYA CORPORATION | 1.33% | |
| TOYOTA MOTOR CORPORATION | 1.31% | |
| UNILEVER PLC | 1.26% | |
| BHP GROUP LIMITED | 1.13% | |
| ABB Ltd | 1.11% | |
| COMMONWEALTH BANK OF AUSTRALIA | 1.10% | |
| Banco Santander, S.A. | 1.09% |
By country
Japan 27.13%United Kingdom 10.92%France 9.37%Australia 8.85%Germany 8.78%By asset type
Stocks 99.75%Preferred stock 0.13%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $10.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.30%, -0.02%, +2.59%.
How it works
CEFA tracks the S&P Developed ex-U.S. Catholic Values Index, which is sponsored by S&P. The index starts with the S&P EPAC ex-Korea Large Cap Index. That index covers large companies in developed markets across Europe and Asia Pacific, excluding Korea. The index then drops companies involved in activities seen as inconsistent with the Socially Responsible Investment Guidelines of the US Conference of Catholic Bishops. As of December 31, 2025, the screens covered abortion, contraceptives, human embryonic stem cells, adult entertainment, controversial weapons, military contracting, gambling, tobacco, cannabis and child labor.
Next, the index reweights the remaining stocks so its sector mix matches the parent index. The weight of excluded companies moves to other companies in the same sector, so no sector ends up underweight because of the screen. As of December 31, 2025, the index had 361 constituents and significant exposure to financials.
The adviser, Global X Management Company LLC, generally uses replication. That means it buys the index's stocks in roughly the same proportions as the index. When replication is costly or impractical, it may hold a representative sample instead: a smaller set of stocks chosen to behave like the index. It may also hold depositary receipts, which are certificates that trade in place of foreign shares. The fund doesn't try to beat the index or move to cash when markets fall. Its holdings are priced in foreign currencies, so a stronger US dollar can lower its returns.
What it really costs
- CEFA charges 0.35% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CEFA | $36 | $113 | $197 | $443 |
In a retirement portfolio
It adds large developed-market companies outside the US to a portfolio that may hold mostly US stocks; Japan alone was 27% of assets as of July 31, 2026.
CEFA spreads money across about 360 companies outside the US. As of July 31, 2026, its largest country weights were Japan, the UK and France. Its price history starts in February 2021, so it has no record for the 2008 or 2020 crashes. In the 2022 bear market it fell 29.8% and took 16.5 months to recover, getting back to its old high on February 27, 2024. Its deepest drop was 32%, from September 2021 to October 2022, and recovery took 17.3 months. Its worst calendar year was 2022, when it lost 17.07%. Anyone who had to sell shares in that stretch would have locked in losses. As of October 27, 2026, the yield was 2.73%, paid twice a year. The SEC's standard example puts costs at $36 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market stocks outside the US that follow US Catholic bishops' investing guidelines, with the same sector balance as the unscreened index.
- Those wanting about 360 large companies, led by ASML, HSBC and Siemens, with the top 10 just 16.49% of assets as of July 31, 2026.
- Long-term holders who can sit through drops like the 29.8% decline in 2022, which took 16.5 months to recover.
Look elsewhere if
- Cost-focused investors: CEFA's 0.35% expense ratio ranks 9th of 9 similar funds, while VEA and SPDW charge 0.03%.
- Those focused on recent returns: CEFA's 1-year and 3-year returns ranked last among nine similar funds as of October 27, 2026.
- Investors who prefer large funds: CEFA had about $56 million in net assets as of July 31, 2026, the smallest among nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CEFA this fund | — | 0.35% | $56.2M | +10.4% | +18.9% |
| EFA iShares MSCI EAFE ETF | 68% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 58% | 0.07% | $190.11B | +13.7% | +18.5% |
| EFV iShares MSCI EAFE Value ETF | 51% | 0.33% | $29.11B | +21.9% | +23.3% |
| IDEV iShares Core MSCI International Developed M… | 51% | 0.04% | $31.64B | +14.6% | +19.2% |
| SCHF Schwab International Equity ETF | 50% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 46% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 44% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Is CEFA a good ETF for Catholic investors?
CEFA is built for investors who want their international stocks to follow Catholic teaching. Its index starts with large companies in developed Europe and Asia Pacific. It then drops companies involved in activities such as abortion, contraceptives, military contracting, gambling, tobacco and cannabis, based on US Conference of Catholic Bishops guidelines. The prospectus warns there is no guarantee every company it holds will always align with those teachings. Cost, fund size and returns also matter when judging fit.
What's the difference between CEFA and EFA?
The main differences are CEFA's values screen and the funds' size. EFA, the iShares MSCI EAFE ETF, tracks the MSCI EAFE index without a religious screen and shares about 68% of its holdings with CEFA. EFA charges 0.32% a year and CEFA charges 0.35%. EFA had about $78 billion in net assets as of July 31, 2026, compared with CEFA's $56 million. EFA returned 12.9% over one year as of October 30, 2026. CEFA returned 10.4% over one year as of October 27.
Does CEFA pay dividends?
Yes. CEFA pays dividends twice a year. In the 12 months to October 27, 2026, it paid $1.09 per share, a yield of 2.73% based on those past 12 months. The payments come from dividends paid by its foreign holdings. Amounts can change with company payouts and exchange rates. Investors who want monthly income may find the twice-a-year schedule less convenient.
What is CEFA's expense ratio?
CEFA's expense ratio is 0.35%, with no fee waiver, according to its prospectus filed February 26, 2026. That is the highest among nine comparable funds, including CEFA, and the peer average is 0.12%. By comparison, IEFA charges 0.07% and VEA charges 0.03%. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, CEFA's costs come to about $36 after one year, $197 after five years and $443 after ten.
How has CEFA performed?
CEFA's prospectus shows a 26.21% return in 2025. Over the five years to December 31, 2025, it averaged 7.18% a year, and since its June 2020 launch it averaged 10.25% a year. Its worst calendar year was 2022, when it fell 17.07%. Based on its price, it gained 10.4% in the year to October 27, 2026. That trailed all eight similar funds it was compared with.