I last covered the SPDR EURO STOXX 50 ETF (NYSEARCA: NYSEARCA:FEZ) in mid-2023. In that article, I argued that FEZ's cheap valuation and strong momentum made the fund a buy. FEZ has slightly underperformed the S&P 500 since, slightly underperforming expectations. Since my last article, fund valuations remain cheap, Euro growth expectations have come down, but U.S. inflation remains stubbornly above target. Under these conditions, I remain somewhat bullish on FEZ on diversification grounds, especially considering U.S. inflation and rate risk. Still, I'm less bullish than before. FEZ is an equity index ETF, tracking the EURO STOXX 50 index.