EFAX vs FEDM: Grades, Fees and Holdings Compared

State Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

EFAXANYSE Arca

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

FEDMANYSE Arca

Overlap

19.1%by weight

Expense ratio

FEDM −0.08pt a year

EFAX0.20%FEDM0.12%

Avg volume · 30D

EFAX 9.2×the volume

EFAX18.7KFEDM2.03K

5Y return · a year

EFAX+7.6%FEDM+7.6%

EFAX vs FEDM Performance

Oct 29, 2021 – Oct 30, 2026

+43.9%EFAX+44.1%FEDM

Expense ratio: EFAX 0.20%; FEDM 0.12%, better
Fund size: EFAX $487M; FEDM $86M
1Y total return: EFAX +10.3%; FEDM +15.7%, better
Yield (12M): EFAX 3.21%, better; FEDM 2.88%
Holdings: EFAX 639; FEDM 231
Avg volume (30D): EFAX 18.7K sh, better; FEDM 2.03K sh
NAV per share: EFAX $53.53; FEDM $64.72
52W range

ETF.net Grade

Pillar letters and Scores for EFAX, FEDM, with each pillar’s weight
Pillar	EFAX	FEDM
Cost30% weight	B68	A88Higher
Mission25% weight	A100	A100
Risk15% weight	C44	C53Higher
Tradability15% weight	B56Higher	D35
Holdings10% weight	A71Higher	B60
Durability5% weight	A75Higher	C40

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. EFAX 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 EFAX 5th of 18 funds in the International ESG & Values Index Category.

Rank 1AVSGXVanguard ESG International Stock ETFScore 82
Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 79
Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 72
Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
Rank 6BPABDiShares Paris-Aligned Climate Optimized MSCI World ex USA ETFScore 68

Our read on each fund

ETF.net Research

EFAXAState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

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

In short

EFAX Most ESG funds rebuild the developed-market index around ratings. EFAX makes one cut: companies that own fossil fuel reserves are out. The rest of the EAFE lineup stays put.

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

EFAX The fund seeks to provide returns generally corresponding to the MSCI EAFE ex Fossil Fuels Index before fees and expenses. The index screens the developed-market MSCI EAFE universe to exclude companies with specified fossil-fuel reserves.

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

EFAX One legible rule: start with MSCI EAFE, drop the companies that hold fossil fuel reserves. No ratings black box to decode.ssga.com
Still a core-shaped fund, not a narrow slice: about 600 stocks across developed Europe, Australasia and the Far East.
0.20% a year, a shade under the typical fee in its international ESG peer group, from a State Street fund running since 2016.

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

EFAX The screen targets reserves ownership, not emissions or labor practices, so refiners, utilities and heavy fuel users can still make the cut.
Cheaper routes exist on the same aisle: VSGX at 0.10% and DMXF at 0.12% apply broader ESG screens for less.
Thinly traded next to the category's giants, so the bid-ask spread is a bigger slice of what it costs to get in and out.

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 EFAX profile⁠

Full FEDM profile⁠

EFAX vs FEDM Holdings

How EFAX and FEDM differ

Overlap by weight

19.1%

Shared holdings make up 35.9% of FEDM and 24.7% of EFAX.

Level by level

Holdings85 in both19.1%
Countryby domicile83.6%
Sector11 Sectors90.5%
Asset classEquity100%

Sector

Sector weights in EFAX and FEDM, widest gap first
Sector	More in EFAXMore in FEDM	EFAX	FEDM
Energy	FEDM +5.6 points	0.1%	5.7%
Consumer Discretionary	EFAX +3.7 points	8.9%	5.2%
Health Care	EFAX +2.4 points	12.0%	9.6%
Industrials	EFAX +1.6 points	18.1%	16.5%
Materials	FEDM +1.4 points	4.8%	6.2%
Technology	FEDM +1.3 points	11.5%	12.8%
Consumer Staples	EFAX +1.1 points	7.6%	6.5%
Communication	FEDM +0.6 points	4.1%	4.7%
Utilities	EFAX +0.6 points	3.6%	3.0%
Financials	FEDM +0.5 points	27.8%	28.3%
Real Estate	EFAX +0.1 points	1.6%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in EFAX and FEDM, widest gap first
Country	More in EFAXMore in FEDM	EFAX	FEDM
Canada	FEDM +11.8 points	0.0%	11.8%
Switzerland	EFAX +3.5 points	10.8%	7.3%
Japan	EFAX +3.0 points	24.3%	21.3%
Spain	FEDM +1.8 points	3.9%	5.7%
Singapore	EFAX +1.6 points	2.0%	0.4%
Netherlands	EFAX +1.6 points	6.6%	5.0%
Sweden	EFAX +1.4 points	3.7%	2.3%
Germany	EFAX +1.3 points	9.4%	8.1%
Other countries (18)	EFAX +1.3 points	39.4%	38.1%

Outside the US: EFAX 99% developed, 1% emerging. FEDM 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

EFAX15.3%
FEDM16.6%

Securities held

EFAX621
FEDM215

Asset class

EFAX: Equity
FEDM: Equity

Holdings

Only in EFAX536
In both85
Only in FEDM130

Only in EFAX

536 securities, 75.3% of EFAX by weight

Asml Holding NV3.33%
Hsbc Holdings PLC1.52%
Astrazeneca PLC1.35%
Banco Santander SA1.33%
Sap SE1.20%
Siemens AG Reg1.13%
Allianz SE Reg0.95%
Schneider Electric SE0.79%
Iberdrola SA0.78%
Sumitomo Mitsui Financial Gr0.76%
Ubs Group AG Reg0.76%
Rolls Royce Holdings PLC0.73%
Unilever PLC0.70%
Abb Ltd Reg0.70%
Banco Bilbao Vizcaya Argenta0.70%
Airbus SE0.66%
Novo Nordisk A/S B0.64%
Air Liquide SA0.63%
British American Tobacco PLC0.62%
Siemens Energy AG0.60%
L Oreal0.58%
Unicredit Spa0.57%
Safran SA0.55%
Lvmh Moet Hennessy Louis Vui0.54%
Kioxia Holdings Corp0.54%
Gsk PLC0.50%
Bnp Paribas0.50%
Deutsche Telekom AG Reg0.49%
Intesa Sanpaolo0.48%
Ing Groep NV0.47%
Keyence Corp0.46%
Rio Tinto PLC0.45%
Anz Group Holdings Ltd0.44%
National Grid PLC0.43%
Spotify Technology SA0.42%
Bae Systems PLC0.41%
Enel Spa0.40%
Muenchener Rueckver AG Reg0.40%
Infineon Technologies AG0.40%
Barclays PLC0.40%
Lloyds Banking Group PLC0.39%
Oversea Chinese Banking Corp0.38%
Investor Ab B Shs0.38%
Axa SA0.38%
Anheuser Busch Inbev Sa/Nv0.36%
Mitsubishi Heavy Industries0.36%
Industria De Diseno Textil0.35%
Natwest Group PLC0.34%
Deutsche Boerse AG0.33%
Shin Etsu Chemical Co Ltd0.32%

Only in FEDM

130 securities, 62.2% of FEDM by weight

Asml Holding NV Common Stock Eur 0.092.79%
Royal Bank of Canada Common Stock Cad 01.85%
Shell PLC1.79%
Sap SE Common Stock Eur 01.49%
Siemens AG Common Stock Eur 01.45%
Astrazeneca PLC Common Stock Gbp 0.251.43%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.24%
Itochu Corp Common Stock Jpy1.21%
Relx PLC Common Stock Gbp 0.1443971.18%
Enbridge Inc Common Stock Cad 01.17%
Banco Bilbao Vizcaya Argentaria SA Common Stock1.15%
Sanofi SA Common Stock Eur 21.14%
Schneider Electric SE Common Stock Eur 41.14%
Canadian Imperial Bank of Commerce Common Stock1.14%
Manulife Financial Corp Common Stock Cad 01.06%
Allianz SE Common Stock Eur 01.02%
Intesa Sanpaolo Spa Common Stock Eur 01.00%
Canadian National Railway Co Common Stock Cad 00.99%
L'oreal SA Common Stock Eur 0.20.99%
Tesco PLC Common Stock Gbp 6.33330.90%
Iberdrola SA Common Stock Eur 0.750.81%
Banco Santander SA Common Stock Eur 0.50.80%
Totalenergies SE Common Stock Eur 2.50.79%
Repsol SA Common Stock Eur 10.77%
Wheaton Precious Metals Corp0.77%
Industria De Diseno Textil SA Common Stock Eur0.76%
Legrand SA Common Stock Eur 40.76%
Ucb SA Common Stock Eur 00.74%
Siemens Energy AG Common Stock Eur0.73%
Teva Pharmaceutical Industries Ltd Common Stock0.68%
Diageo PLC Common Stock Gbp 28.935180.65%
Cie De Saint-Gobain SA Common Stock Eur 40.64%
Dhl AG Common Stock Eur 00.62%
Novo Nordisk A/S Common Stock Dkk 0.10.62%
Skandinaviska Enskilda Banken Ab Common Stock Sek0.62%
Pembina Pipeline Corp Common Stock Cad 00.61%
Celestica Inc Common Stock Cad 00.61%
Aviva PLC Common Stock Gbp 32.894740.60%
Kbc Group NV Common Stock Eur 00.59%
Deutsche Telekom AG Common Stock Eur 00.58%
Enel Spa Common Stock Eur 10.58%
Reckitt Benckiser Group PLC Common Stock Gbp0.57%
Nokia Oyj Common Stock Eur 00.55%
Vodafone Group PLC Common Stock Gbp 0.20952380.54%
Amadeus It Group SA Common Stock Eur 0.010.54%
3I Group PLC Common Stock Gbp 73.86360.53%
Hsbc Holdings PLC Common Stock Gbp 0.50.52%
Anglo American PLC Common Stock Gbp 0.62390.51%
Dollarama Inc Common Stock Cad 00.49%
Natwest Group PLC Common Stock Gbp 107.690.48%

Weight gaps

All 85 Holdings in both funds, largest gap first.

Holding weights in EFAX and FEDM, widest gap first
Holding	More in EFAXMore in FEDM	EFAX	FEDM
Roche Holding AG	EFAX +1.44 points	1.74%	0.30%
Toyota Motor Corp	EFAX +0.77 points	0.94%	0.17%
Zurich Insurance Group AG	FEDM +0.67 points	0.57%	1.24%
Givaudan Reg	FEDM +0.66 points	0.22%	0.88%
Softbank Corp	FEDM +0.61 points	0.22%	0.83%
Fujitsu Limited	FEDM +0.55 points	0.24%	0.79%
Recruit Holdings Co Ltd	FEDM +0.53 points	0.81%	1.34%
Dbs Group Holdings Ltd	EFAX +0.53 points	0.60%	0.07%
Hitachi Ltd	FEDM +0.51 points	0.72%	1.23%
Sompo Holdings Inc	FEDM +0.50 points	0.18%	0.68%
Advantest Corp	FEDM +0.49 points	0.88%	1.37%
Takeda Pharmaceutical Co Ltd	FEDM +0.49 points	0.34%	0.83%
Sika AG Reg	FEDM +0.48 points	0.17%	0.65%
Hong Kong Exchanges & Clear	FEDM +0.45 points	0.29%	0.74%
Tdk Corp	FEDM +0.46 points	0.17%	0.63%
Nomura Holdings Inc	FEDM +0.44 points	0.14%	0.58%
Qbe Insurance Group Ltd	FEDM +0.42 points	0.14%	0.56%
Transurban Group	FEDM +0.42 points	0.15%	0.57%
Bridgestone Corp	FEDM +0.42 points	0.13%	0.55%
Woolworths Group Ltd	FEDM +0.42 points	0.17%	0.59%
Vestas Wind Systems A/S	FEDM +0.41 points	0.14%	0.55%
Tokyo Electron Ltd	EFAX +0.37 points	0.72%	0.35%
Mitsubishi Estate Co Ltd	FEDM +0.36 points	0.13%	0.49%
Northern Star Resources Ltd	FEDM +0.37 points	0.12%	0.49%
Oriental Land Co Ltd	FEDM +0.37 points	0.11%	0.48%
National Australia Bank Ltd	EFAX +0.36 points	0.46%	0.10%
Astellas Pharma Inc	FEDM +0.35 points	0.14%	0.49%
Mizuho Financial Group Inc	EFAX +0.34 points	0.59%	0.25%
Softbank Group Corp	EFAX +0.34 points	0.57%	0.23%
Danske Bank A/S	FEDM +0.32 points	0.17%	0.49%
Swisscom AG Reg	FEDM +0.30 points	0.11%	0.41%
Commonwealth Bank of Austral	FEDM +0.29 points	1.00%	1.29%
Brambles Ltd	FEDM +0.29 points	0.10%	0.39%
Cie Financiere Richemo A Reg	EFAX +0.28 points	0.54%	0.26%
Sonova Holding AG Reg	FEDM +0.28 points	0.08%	0.35%
Tokio Marine Holdings Inc	EFAX +0.27 points	0.49%	0.22%
Evolution Mining Ltd	FEDM +0.25 points	0.09%	0.34%
Secom Co Ltd	FEDM +0.25 points	0.08%	0.33%
Westpac Banking Corp	FEDM +0.24 points	0.46%	0.70%
Macquarie Group Ltd	FEDM +0.23 points	0.33%	0.56%
Asahi Group Holdings Ltd	FEDM +0.22 points	0.08%	0.30%
Nitto Denko Corp	FEDM +0.22 points	0.07%	0.29%
Nestle SA Reg	EFAX +0.22 points	1.32%	1.10%
Nomura Research Institute Lt	FEDM +0.22 points	0.07%	0.29%
Daiwa Securities Group Inc	FEDM +0.21 points	0.07%	0.28%
Eqt Ab	FEDM +0.20 points	0.07%	0.27%
Central Japan Railway Co	FEDM +0.19 points	0.09%	0.28%
Japan Post Holdings Co Ltd	FEDM +0.18 points	0.12%	0.30%
Rio Tinto Ltd	EFAX +0.16 points	0.20%	0.04%
Novartis AG Reg	FEDM +0.15 points	1.50%	1.65%
Shimano Inc	FEDM +0.14 points	0.05%	0.19%
Oersted A/S	FEDM +0.13 points	0.05%	0.18%
Asahi Kasei Corp	FEDM +0.13 points	0.07%	0.20%
Kao Corp	FEDM +0.13 points	0.11%	0.24%
Ly Corp	FEDM +0.13 points	0.04%	0.17%
Capitaland Integrated Commer	FEDM +0.12 points	0.06%	0.18%
Kubota Corp	FEDM +0.12 points	0.08%	0.20%
Mitsubishi Hc Capital Inc	FEDM +0.12 points	0.03%	0.15%
Sekisui House Ltd	FEDM +0.11 points	0.06%	0.17%
Aia Group Ltd	EFAX +0.10 points	0.48%	0.38%
Fast Retailing Co Ltd	EFAX +0.10 points	0.43%	0.33%
Panasonic Holdings Corp	EFAX +0.10 points	0.28%	0.18%
Mtr Corp	FEDM +0.10 points	0.03%	0.13%
Galaxy Entertainment Group L	FEDM +0.09 points	0.04%	0.13%
Rakuten Group Inc	FEDM +0.09 points	0.03%	0.12%
Asics Corp	FEDM +0.09 points	0.10%	0.19%
Daiichi Sankyo Co Ltd	FEDM +0.07 points	0.14%	0.21%
Fortescue Ltd	EFAX +0.07 points	0.09%	0.02%
Sony Group Corp	FEDM +0.06 points	0.74%	0.80%
Aristocrat Leisure Ltd	FEDM +0.06 points	0.12%	0.18%
Capitaland Investment Ltd/Si	FEDM +0.06 points	0.02%	0.08%
Mitsubishi Ufj Financial Gro	FEDM +0.05 points	1.20%	1.25%
Csl Ltd	EFAX +0.05 points	0.34%	0.29%
Sands China Ltd	FEDM +0.05 points	0.02%	0.07%
Sbi Holdings Inc	FEDM +0.05 points	0.05%	0.10%
Singapore Telecommunications	EFAX +0.04 points	0.12%	0.08%
Murata Manufacturing Co Ltd	FEDM +0.04 points	0.36%	0.40%
Scentre Group	FEDM +0.04 points	0.06%	0.10%
Olympus Corp	FEDM +0.03 points	0.06%	0.09%
East Japan Railway Co	FEDM +0.03 points	0.11%	0.14%
Daifuku Co Ltd	FEDM +0.03 points	0.05%	0.08%
Swiss Re AG	FEDM +0.01 points	0.28%	0.29%
Nippon Paint Holdings Co Ltd	EFAX +0.02 points	0.04%	0.02%
Makita Corp	EFAX +0.02 points	0.04%	0.02%
Ck Asset Holdings Ltd	Same weight	0.06%	0.06%

All 625 EFAX 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.

EFAX vs FEDM Cost

Overpaying EFAX vs FEDM

$1,635

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

EFAX 0.20%
$4,155
FEDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

EFAX 0.20%
FEDM 0.12%
Overpaying

Year by year

Year	EFAX	FEDM	Overpaying
10	$365	$220	$145
20	$1,421	$859	$562
30	$4,155	$2,520	$1,635

Expense ratio

0.20%EFAX
0.12%FEDM, cheaper

FEDM0.12%EFAX0.20%

0.10%0.95%

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

FEDM 2nd cheapest of 18 funds

EFAX 6th cheapest of 18 funds

EFAX vs FEDM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EFAX 3.21%, better; FEDM 2.88%
Payout (12M): EFAX $1.71; FEDM $1.86
Last payment: EFAX $0.80; FEDM $0.26
Ex-dividend: EFAX Jun 1, 2026; FEDM Sep 18, 2026
Paid on: EFAX Jun 5, 2026; FEDM Sep 24, 2026
Frequency: EFAX Twice a year; FEDM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EFAXTwice a year · 21 paymentsAll EFAX payments⁠

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

EFAX vs FEDM Risk

Fall from peak · 5 years

EFAX
FEDM

Risk facts

VolatilityStd dev, 3 years: EFAX 12.3%FEDM 11.8%, better
Return per unit of riskSharpe ratio, 3 years: EFAX 1.12FEDM 1.14, better
Worst fallMax drawdown, 5 years: EFAX −31.2%FEDM −29.4%, better
Market sensitivityBeta, 5 years: EFAX 0.98FEDM 0.91; Market = 1

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