SPDR MSCI EAFE StrategicFactors ETF

SPDR MSCI EAFE StrategicFactors ETF (QEFA), from State Street, tracks the MSCI EAFE Factor Mix A-Series Index. The index holds large and mid-sized companies in developed markets outside the US and Canada, split in equal thirds among value, minimum-volatility and quality versions of the index. Its 0.30% expense ratio is more than double the 0.12% average of similar funds. Its three-year return ranked last of nine peers as of October 27, 2026.

• Over the year to Oct 27, 2026, QEFA returned +14.8%, 5th of 9 among similar funds.
• Its 5-year annualized return was +8.5% and its 10-year +9.3%.
• In the 2020 COVID crash it fell 31% and regained its old high 7.9 months after the low.
• Its worst full calendar year was 2022 (-14.0%); its best was 2025 (+29.2%).
• The deepest fall in its price history was 31.7% (Jan 17, 2020 to Mar 16, 2020), recovered by Nov 16, 2020.

As of Jun 30, 2026, the fund held 643 securities; the ten largest made up 15.43% of assets, and 2.5% sat in cash and money-market holdings.

• Over the three months to Jun 30, 2026, investors withdrew a net $19.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.08%, +1.80%, -0.54%.

The fund tracks the MSCI EAFE Factor Mix A-Series Index, which MSCI builds and maintains. It covers large and mid-sized companies in 21 developed countries across Europe, Australasia and the Far East (EAFE). The index combines three MSCI indexes in equal thirds. The value index tilts toward cheaper stocks. The minimum volatility index aims for the smallest overall price swings within set limits. The quality index favors companies with high return on equity (profit compared with shareholders' money), steady earnings growth and little debt. A stock's weight depends on its weight in each of the three indexes.

The index goes back to equal thirds twice a year, usually at the close of the last business day of May and November. It held 694 stocks as of November 30, 2025. State Street's adviser, SSGA Funds Management, uses sampling. That means it can buy a representative subset of index stocks instead of every one. It keeps at least 80% of assets in index stocks or depositary receipts (certificates that stand for foreign shares). It may use futures contracts to manage cash.

As of June 30, 2026, the fund held 643 issuers. The 10 largest made up about 15% of assets, led by ASML, Novartis and AstraZeneca. Japan (21.8%), the UK (14.4%) and Switzerland (12.5%) were the biggest country weights. The prospectus reports portfolio turnover of 16%.

• QEFA charges 0.3% a year, versus an average of 0.12% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).

It adds developed-market stocks outside the US, tilted toward value, steadier and higher-quality companies, to a portfolio that may lean heavily on US shares.

QEFA spreads money across companies such as Novartis, Roche and Nestle. The fund launched in June 2014, so it has no record from the 2008 crisis. It fell 31% in the 2020 COVID crash and took about eight months to recover. In the 2022 bear market it dropped 27% and needed 15 months to get back to its peak. That is a long time for someone selling shares to cover spending. Its worst calendar year was 2022, at about −14%. The trailing 12-month yield was 2.74% as of October 27, 2026. Because the fund pays twice a year, income arrives in uneven lumps. Under the SEC example, the 0.30% fee costs about $31 in 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.

Matched by holdings overlap from the latest N-PORT reports.