CEFA vs FEDM: Grades, Fees and Holdings Compared

Global X S&P Catholic Values Developed ex-U.S. ETF

CEFACNasdaq

Northern Trust ESG & Climate Developed Markets ex-US Core ETF

FEDMANYSE Arca

Overlap

39.8%by weight

Expense ratio

FEDM −0.23pt a year

CEFA0.35%FEDM0.12%

Avg volume · 30D

CEFA 6.3×the volume

CEFA12.4KFEDM1.98K

5Y return · a year

FEDM +0.9pt

CEFA+6.8%FEDM+7.7%

CEFA vs FEDM Performance

Nov 9, 2021 – Nov 9, 2026

+38.9%CEFA+44.6%FEDM

Expense ratio: CEFA 0.35%; FEDM 0.12%, better
Fund size: CEFA $70M; FEDM $85M
1Y total return: CEFA +13.0%; FEDM +17.1%, better
Yield (12M): CEFA 2.70%; FEDM 2.84%, better
Holdings: CEFA 331; FEDM 231
Avg volume (30D): CEFA 12.4K sh, better; FEDM 1.98K sh
NAV per share: CEFA $38.84; FEDM $64.16
52W range

ETF.net Grade

Pillar letters and Scores for CEFA, FEDM, with each pillar’s weight
Pillar	CEFA	FEDM
Cost30% weight	D35	A88Higher
Mission25% weight	A100	A100
Risk15% weight	D33	B55Higher
Tradability15% weight	C40Higher	D38
Holdings10% weight	C44	B62Higher
Durability5% weight	C43Higher	C40

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. CEFA and FEDM are both graded against the same 18 International ESG & Values Index funds, so their Grades compare head to head.

International ESG & Values Index⁠

Category · 18 funds

See all 18 ›

FEDM ranks 4th and CEFA 14th of 18 funds in the International ESG & Values Index Category.

Rank 1AVSGXVanguard ESG International Stock ETFScore 79
Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 78
Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 73
Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
Rank 13BESGGNorthern Trust STOXX Global ESG Select ETFScore 55
Rank 14CCEFAGlobal X S&P Catholic Values Developed ex-U.S. ETFScore 53
Rank 15CWWJDInspire International ETFScore 47

Our read on each fund

ETF.net Research

CEFACGlobal X S&P Catholic Values Developed ex-U.S. ETF

FEDMANorthern Trust ESG & Climate Developed Markets ex-US Core ETF

In short

CEFA Developed-market stocks outside the U.S., run through a Catholic values screen. Roughly 400 names, index-tracked, at a fee that sits square in the middle of the international pack.

FEDM Northern Trust writes the index and runs the fund: a developed-ex-US core holding screened on its own ESG and climate scoring, at 0.12% net of a waiver through March 1, 2027.

Stated mandate

CEFA The Fund seeks to track, before fees and expenses, the price and yield performance of the S&P Developed ex-U.S. Catholic Values Index.

FEDM The Fund seeks to track, before fees and expenses, the performance of the Northern Trust ESG & Climate Developed Markets ex-US Core Index.

Why people hold it

CEFA The screen is the product: a passive index of developed-market companies outside the U.S., built around Catholic values criteria rather than a factor tilt.
Roughly 400 holdings, so the values filter trims the developed ex-U.S. universe instead of shrinking it to a concentrated handful.
0.35% expense ratio, the median for its international peer group. The screen is not priced as a premium product.
Rules-based and index-tracking since its 2020 launch: the portfolio follows the S&P Developed ex-U.S. Catholic Values Index, not a manager's discretion.

FEDM At 0.12% net of a waiver through March 1, 2027, it sits at the low end of its peer group, matching DMXF (0.12%) and undercutting ESGD (0.20%).
Optimized, not just screened: the index limits how far any stock, sector or region can drift from its developed-ex-US parent, so it still behaves like core foreign equity.flexshares.com
Northern Trust scores companies on its own ESG Vector Score instead of licensing a third party ratings index, and manages the fund in-house.flexshares.com
Roughly 300 large and mid-cap names across developed markets outside the US, paid out quarterly.flexshares.com

Worth knowing

CEFA Unscreened international beta costs less: VXUS charges 0.05% and IPAC 0.09%. The values filter is what the extra basis points buy.
Thinly traded, so bid-ask spreads can run wider than in the giant international index funds, especially around the open and close.
Distributions arrive once or twice a year, not monthly, so cash flow is lumpy by design.

FEDM Thinly traded next to the category giants, so spreads can widen. Limit orders matter more here than with the household-name alternatives.
The 0.12% is net of a waiver through March 1, 2027; the gross fee is 0.16%, so the discount depends on that waiver being extended.
ESG and climate screens change what it owns versus a plain developed-ex-US index, so results can drift from the broad market in either direction.sec.gov

Full CEFA profile⁠

Full FEDM profile⁠

CEFA vs FEDM Holdings

How CEFA and FEDM differ

Overlap by weight

39.8%

Shared holdings make up 55.3% of FEDM and 53.8% of CEFA.

Level by level

Holdings111 in both39.8%
Countryby domicile78.2%
Sector11 Sectors95.6%
Asset classStocks100%

Sector

Sector weights in CEFA and FEDM, widest gap first
Sector	Gap	CEFA	FEDM
Consumer Discretionary	CEFA +2.4 points	7.9%	5.5%
Materials	FEDM +1.2 points	5.1%	6.3%
Financials	FEDM +0.9 points	26.9%	27.8%
Consumer Staples	FEDM +0.9 points	6.2%	7.1%
Energy	FEDM +0.7 points	5.0%	5.7%
Technology	CEFA +0.7 points	11.7%	11.0%
Health Care	CEFA +0.6 points	11.4%	10.8%
Industrials	CEFA +0.7 points	17.0%	16.3%
Real Estate	FEDM +0.6 points	1.0%	1.6%
Communication	FEDM +0.1 points	4.6%	4.7%
Utilities	Same weight	3.2%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in CEFA and FEDM, widest gap first
Country	Gap	CEFA	FEDM
Canada	FEDM +11.8 points	0.0%	11.8%
Japan	CEFA +7.3 points	27.8%	20.5%
United Kingdom	FEDM +3.4 points	10.0%	13.4%
Australia	CEFA +2.6 points	9.1%	6.5%
Spain	FEDM +2.5 points	3.3%	5.8%
United States	CEFA +2.2 points	2.6%	0.4%
Switzerland	FEDM +2.1 points	5.4%	7.5%
Singapore	CEFA +1.8 points	2.2%	0.4%
Other countries (18)	CEFA +6.1 points	39.7%	33.6%

Outside the US: CEFA 98% developed, 2% emerging. FEDM 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

CEFA17.6%
FEDM16.1%

Securities held

CEFA327
FEDM215

Asset class

CEFA: Stocks
FEDM: Stocks

Holdings

Only in CEFA216
In both111
Only in FEDM104

Only in CEFA

216 securities, 46.1% of CEFA by weight

Essilorluxottica1.78%
Argenx SE1.60%
Unilever PLC1.36%
Hoya Corp1.33%
Galderma Group AG1.22%
Abb Ltd-Reg0.99%
Otsuka Holdings Co Ltd0.95%
Ubs Group Ag-Reg0.82%
Sumitomo Mitsui Financial Gr0.81%
Anheuser-Busch Inbev Sa/Nv0.77%
Air Liquide SA0.76%
Mitsui & Co Ltd0.67%
Bp PLC0.66%
Dbs Group Holdings Ltd0.62%
Rio Tinto PLC0.51%
Keyence Corp0.49%
Spotify Technology SA0.49%
Vinci SA0.49%
Oversea-Chinese Banking Corp0.47%
Anz Group Holdings Ltd0.46%
Danone0.46%
Mitsubishi Electric Corp0.45%
Fisher & Paykel Healthcare C0.44%
Investor Ab-B Shs0.44%
Shionogi & Co Ltd0.42%
Volvo Ab-B Shs0.40%
Wesfarmers Ltd0.40%
Marubeni Corp0.39%
Sumitomo Corp0.38%
Atlas Copco Ab-A Shs0.38%
Infineon Technologies AG0.38%
Deutsche Bank Ag-Registered0.37%
Shin-Etsu Chemical Co Ltd0.36%
Glencore PLC0.35%
Compass Group PLC0.35%
Kioxia Holdings Corp0.35%
Nordea Bank Abp0.35%
Dsv A/S0.34%
Assa Abloy Ab-B0.31%
Sigma Healthcare Ltd0.31%
Ferrari NV0.31%
Prosus NV0.31%
Nintendo Co Ltd0.31%
Basf SE0.31%
Sandvik Ab0.31%
Engie0.29%
Other Payable & Receivables0.29%
Eni Spa0.28%
Honda Motor Co Ltd0.28%
Generali0.28%

Only in FEDM

104 securities, 42.5% of FEDM by weight

Royal Bank of Canada Common Stock Cad 01.85%
Novartis AG Common Stock Chf 0.491.66%
Astrazeneca PLC Common Stock Gbp 0.251.43%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.23%
Sanofi SA Common Stock Eur 21.21%
Canadian Imperial Bank of Commerce Common Stock1.13%
Nestle SA Common Stock Chf 0.11.13%
Enbridge Inc Common Stock Cad 01.12%
Hitachi Ltd Common Stock Jpy1.10%
Manulife Financial Corp Common Stock Cad 01.04%
Canadian National Railway Co Common Stock Cad 01.00%
Tesco PLC Common Stock Gbp 6.33330.93%
Wheaton Precious Metals Corp0.91%
Givaudan SA Common Stock Chf 100.91%
Sony Group Corp Common Stock Jpy0.84%
Takeda Pharmaceutical Co Ltd Common Stock Jpy0.82%
Legrand SA Common Stock Eur 40.76%
Repsol SA Common Stock Eur 10.76%
Cie De Saint-Gobain SA Common Stock Eur 40.70%
Teva Pharmaceutical Industries Ltd Common Stock0.70%
Sika AG Common Stock Chf 0.010.68%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.64%
Novo Nordisk A/S Common Stock Dkk 0.10.63%
Aviva PLC Common Stock Gbp 32.894740.61%
Reckitt Benckiser Group PLC Common Stock Gbp0.60%
Amadeus It Group SA Common Stock Eur 0.010.58%
Pembina Pipeline Corp Common Stock Cad 00.58%
3I Group PLC Common Stock Gbp 73.86360.55%
Vodafone Group PLC Common Stock Gbp 0.20952380.53%
Kinross Gold Corp Common Stock Cad 00.53%
Dollarama Inc Common Stock Cad 00.50%
Koninklijke Philips NV Common Stock Eur 0.20.49%
Celestica Inc Common Stock Cad 00.48%
Next PLC Common Stock Gbp 100.48%
Astellas Pharma Inc Common Stock Jpy0.48%
Abn Amro Bank NV Dutch Cert Eur 10.46%
Svenska Handelsbanken Ab Common Stock Sek 1.550.46%
Capgemini SE Common Stock Eur 80.45%
Bank of Montreal Common Stock Cad 00.42%
Gsk PLC Common Stock Gbp 31.250.40%
Publicis Groupe SA Common Stock Eur 0.40.39%
Sonova Holding AG Common Stock Chf 0.050.36%
Terna - Rete Elettrica Nazionale Common Stock Eur0.32%
National Bank of Canada Common Stock0.32%
Cgi Inc Common Stock Cad 00.31%
Segro PLC Reit Gbp 100.31%
Roche Holding AG Common Stock Chf 0.0010.29%
Nitto Denko Corp Common Stock Jpy0.29%
Atlas Copco Ab Common Stock Sek 0.160.28%
Japan Post Holdings Co Ltd Common Stock Jpy0.28%

Weight gaps

The 100 widest of 111 Holdings in both funds.

Holding weights in CEFA and FEDM, widest gap first
Holding	Gap	CEFA	FEDM
Csl Ltd	CEFA +1.58 points	1.87%	0.29%
Toyota Motor Corp	CEFA +1.37 points	1.55%	0.18%
Hsbc Holdings PLCHSBA.L	CEFA +1.14 points	1.67%	0.53%
Bhp Group Ltd	CEFA +0.98 points	1.15%	0.17%
Unicredit Spa	CEFA +0.65 points	0.72%	0.07%
Lvmh Moet Hennessy Louis Vui	CEFA +0.65 points	0.72%	0.07%
Relx PLCREL.L	FEDM +0.64 points	0.56%	1.20%
Zurich Insurance Group AG	FEDM +0.63 points	0.64%	1.27%
Softbank Corp	FEDM +0.62 points	0.22%	0.84%
Asml Holding NV	CEFA +0.60 points	3.15%	2.55%
Fujitsu Limited	FEDM +0.50 points	0.20%	0.70%
Hong Kong Exchanges & Clear	FEDM +0.48 points	0.31%	0.79%
Intesa Sanpaolo	FEDM +0.46 points	0.59%	1.05%
Ing Groep NV	CEFA +0.46 points	0.51%	0.05%
Banco Bilbao Vizcaya Argenta	FEDM +0.46 points	0.79%	1.25%
Kbc Group NV	FEDM +0.46 points	0.16%	0.62%
Sompo Holdings Inc	FEDM +0.45 points	0.20%	0.65%
Cie Financiere Richemo-A Reg	CEFA +0.42 points	0.69%	0.27%
Qbe Insurance Group Ltd	FEDM +0.42 points	0.15%	0.57%
Nomura Holdings Inc	FEDM +0.41 points	0.15%	0.56%
Bridgestone Corp	FEDM +0.39 points	0.18%	0.57%
Tokyo Electron Ltd	CEFA +0.38 points	0.69%	0.31%
Itochu Corp	FEDM +0.38 points	0.79%	1.17%
Mizuho Financial Group Inc	CEFA +0.39 points	0.62%	0.23%
National Australia Bank Ltd	CEFA +0.38 points	0.48%	0.10%
Tdk Corp	FEDM +0.37 points	0.15%	0.52%
Vestas Wind Systems A/S	FEDM +0.36 points	0.25%	0.61%
Tokio Marine Holdings Inc	CEFA +0.36 points	0.58%	0.22%
Advantest Corp	FEDM +0.36 points	0.74%	1.10%
Industria De Diseno Textil	FEDM +0.35 points	0.46%	0.81%
Transurban Group	FEDM +0.34 points	0.25%	0.59%
Northern Star Resources Ltd	FEDM +0.35 points	0.14%	0.49%
Mitsubishi Estate Co Ltd	FEDM +0.34 points	0.17%	0.51%
Novonesis (Novozymes) B	FEDM +0.34 points	0.14%	0.48%
Ucb SA	CEFA +0.33 points	1.10%	0.77%
Danske Bank A/S	FEDM +0.32 points	0.19%	0.51%
Oriental Land Co Ltd	FEDM +0.32 points	0.17%	0.49%
Fast Retailing Co Ltd	CEFA +0.31 points	0.65%	0.34%
Lloyds Banking Group PLCLLOY.L	CEFA +0.30 points	0.41%	0.11%
Swisscom Ag-Reg	FEDM +0.30 points	0.13%	0.43%
Bnp Paribas	CEFA +0.29 points	0.56%	0.27%
Totalenergies SE	CEFA +0.28 points	1.02%	0.74%
London Stock Exchange GroupLSEG.L	CEFA +0.27 points	0.30%	0.03%
Woolworths Group Ltd	FEDM +0.27 points	0.34%	0.61%
Nokia Oyj	FEDM +0.26 points	0.24%	0.50%
Evolution Mining Ltd	FEDM +0.27 points	0.10%	0.37%
Softbank Group Corp	CEFA +0.26 points	0.44%	0.18%
Edp SA	FEDM +0.25 points	0.09%	0.34%
Brambles Ltd	FEDM +0.24 points	0.16%	0.40%
Siemens Ag-Reg	CEFA +0.23 points	1.68%	1.45%
Macquarie Group Ltd	FEDM +0.22 points	0.32%	0.54%
Eneos Holdings, Inc.	FEDM +0.22 points	0.11%	0.33%
Hermes International	CEFA +0.22 points	0.34%	0.12%
Westpac Banking Corp	FEDM +0.22 points	0.48%	0.70%
Commonwealth Bank of Austral	FEDM +0.21 points	1.07%	1.28%
Kingspan Group PLC	FEDM +0.20 points	0.13%	0.33%
Axa SA	CEFA +0.20 points	0.45%	0.25%
Secom Co Ltd	FEDM +0.20 points	0.13%	0.33%
Daiwa Securities Group Inc	FEDM +0.19 points	0.08%	0.27%
Nomura Research Institute Lt	FEDM +0.18 points	0.09%	0.27%
Eqt Ab	FEDM +0.18 points	0.09%	0.27%
Rio Tinto Ltd	CEFA +0.18 points	0.22%	0.04%
Anglo American PLCAAL.L	FEDM +0.18 points	0.33%	0.51%
Mitsubishi Ufj Financial Gro	CEFA +0.18 points	1.35%	1.17%
Aia Group Ltd	CEFA +0.17 points	0.57%	0.40%
Siemens Healthineers AG	CEFA +0.17 points	0.51%	0.34%
Diageo PLCDGE.L	FEDM +0.16 points	0.54%	0.70%
Muenchener Rueckver Ag-Reg	CEFA +0.16 points	0.45%	0.29%
Asahi Group Holdings Ltd	FEDM +0.15 points	0.16%	0.31%
Dhl AG	FEDM +0.15 points	0.47%	0.62%
Oersted A/S	FEDM +0.15 points	0.06%	0.21%
Enel Spa	FEDM +0.15 points	0.46%	0.61%
Banco Santander SA	CEFA +0.15 points	1.00%	0.85%
Standard Chartered PLCSTAN.L	FEDM +0.14 points	0.27%	0.41%
Ly Corp	FEDM +0.14 points	0.05%	0.19%
Natwest Group PLCNWG.L	FEDM +0.14 points	0.35%	0.49%
Sap SE	FEDM +0.14 points	1.35%	1.49%
Panasonic Holdings Corporation	CEFA +0.14 points	0.29%	0.15%
Raiffeisen Bank Internationa	FEDM +0.13 points	0.05%	0.18%
National Grid PLCNG.L	CEFA +0.12 points	0.48%	0.36%
Asahi Kasei Corp	FEDM +0.12 points	0.07%	0.19%
Siemens Energy AG	CEFA +0.10 points	0.78%	0.68%
Central Japan Railway Co	FEDM +0.09 points	0.20%	0.29%
Heineken NV	CEFA +0.10 points	0.25%	0.15%
L'oreal	CEFA +0.09 points	1.11%	1.02%
Sekisui House Ltd	FEDM +0.08 points	0.09%	0.17%
Fortescue Ltd	CEFA +0.08 points	0.10%	0.02%
Mercedes-Benz Group AG	FEDM +0.08 points	0.20%	0.28%
East Japan Railway Co	CEFA +0.07 points	0.22%	0.15%
Deutsche Telekom Ag-Reg	FEDM +0.07 points	0.51%	0.58%
Mtr Corp	FEDM +0.07 points	0.06%	0.13%
Kubota Corp	FEDM +0.07 points	0.13%	0.20%
Kone Oyj-B	CEFA +0.06 points	0.20%	0.14%
Schneider Electric SE	CEFA +0.04 points	1.15%	1.11%
Asics Corp	FEDM +0.05 points	0.14%	0.19%
Deutsche Boerse AG	FEDM +0.04 points	0.37%	0.41%
Antofagasta PLCANTO.L	CEFA +0.04 points	0.08%	0.04%
Kao Corp	FEDM +0.04 points	0.21%	0.25%
Shell PLCSHEL.L	FEDM +0.04 points	1.62%	1.66%
Barclays PLCBARC.L	CEFA +0.03 points	0.42%	0.39%

All 326 CEFA holdings⁠All 255 FEDM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CEFA vs FEDM Cost

Overpaying CEFA vs FEDM

$4,606

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CEFA 0.35%
$7,126
FEDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

CEFA 0.35%
FEDM 0.12%
Overpaying

Year by year

Year	CEFA	FEDM	Overpaying
10	$634	$220	$414
20	$2,454	$859	$1,595
30	$7,126	$2,520	$4,606

Expense ratio

0.35%CEFA
0.12%FEDM, cheaper

FEDM0.12%CEFA0.35%

0.10%0.95%

Middle half of International ESG & Values Index funds
Median 0.23%

FEDM 2nd cheapest of 18 funds

CEFA 12th cheapest of 18 funds

CEFA vs FEDM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CEFA 2.70%; FEDM 2.84%, better
Payout (12M): CEFA $1.08; FEDM $1.86
Last payment: CEFA $0.42; FEDM $0.26
Ex-dividend: CEFA Jun 29, 2026; FEDM Sep 18, 2026
Paid on: CEFA Jul 7, 2026; FEDM Sep 24, 2026
Frequency: CEFA Twice a year; FEDM Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

CEFATwice a year · 12 paymentsAll CEFA payments⁠

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

CEFA vs FEDM Risk

Fall from peak · 5 years

CEFA
FEDM

Risk facts

VolatilityStd dev, 3 years: CEFA 12.0%FEDM 11.8%, better
Return per unit of riskSharpe ratio, 3 years: CEFA 1.08FEDM 1.14, better
Worst fallMax drawdown, 5 years: CEFA −31.0%FEDM −29.1%, better
Market sensitivityBeta, 5 years: CEFA 0.94FEDM 0.91; Market = 1

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