EFTA Document EFTA01367793

22 May 2015 US Equity Insights Many metrics suggest S&P valuation is full and dependent on low bond yields. S&P's 18 trailing PE and 17.3 forward PE are 12% and 22% above the averages since 1960. The median trailing PE of all S&P stocks is 18.7, 2 full points higher than its historic average. The index is entering 1997-2000 valuations ex. Tech. 'Figure 3: S&P 500 trailing PE since 1950 'Figure 4: S&P 500 forward PE since 1950 n t s• 1 y r 21 19 ss i)sssis i;ee lseefl11 11 Toryna pc