ETF Research Center

The�SPDR MSCI ACWI ex-US ETF,�before expenses, seeks to closely match the returns and characteristics of the total return performance of the MSCI�ACWIsm ex USA�Index,�an equity index based upon a broad based world ex-US composite market.

FUND BASICS
Category	International Equities
Fund Sponsor	State Street Global Advisors
Website	www.ssgafunds.com
Inception date	Jan 10, 2007
Assets (mns)	$1,801
Currency	USD
Expense ratio	30 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1066
Wgt avg mkt cap (mns)	$82,960
Large cap (>$10bn)	86.9%
Mid cap ($2-10bn)	12.3%
Small cap (<$2bn)	0.4%
Developed mkts	76.1%
Emerging mkts	23.5%

TOP TEN HOLDINGS
Total	11.3 %
NESTLE SA-REG	1.7 %
ALIBABA GROUP HOLDING LTD. SPONSOR	1.4 %
TAIWAN SEMICONDUCTOR-SP ADR	1.4 %
TENCENT HOLDINGS LTD	1.3 %
SAMSUNG ELECTR-GDR REGS	1.2 %
ROCHE HOLDING AG-GENUSSCHEIN	1.1 %
NOVARTIS AG-REG	1.1 %
TOYOTA MOTOR CORP	0.8 %
SAP AG	0.7 %
HSBC HOLDINGS PLC	0.7 %

TOP COUNTRY EXPOSURE
	JAPAN	16.5 %
	BRITAIN	10.4 %
	CHINA	7.1 %
	CANADA	7.0 %
	SWITZERLAND	7.0 %
	FRANCE	6.7 %
	GERMANY	5.6 %
	AUSTRALIA	4.6 %
	HONG KONG	3.9 %
	SOUTH KOREA	3.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-18.8%	-18.8%	-2.6%	0.9%	-0.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	17%
MSCI EAFE	0.83	17%
MSCI Emg. Mkts.	0.70	21%

Technical Indicators
Recent close	$25.76
30d moving avg.	$25.84
Annualized volatility	22.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	352
Turnover	0.5%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$53,416

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR MSCI ACWI ex-US ETF based on the alternatives' overlap in portfolio holdings with CWI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CWI

Expense:

30 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CWI
Ticker	Fund Name	Overlap¹ vs CWI (%)	Expense ratio (bp)	Savings vs CWI (bp)	ALTAR Score™ (%)	ALTAR vs CWI (%)
ACWX	iShares MSCI ACWI ex-US	70.3	31	-1	7.1	0.0
VEU	Vanguard FTSE All-World ex-US	69.4	9	21	7.3	+0.2
DBAW	Xtrackers MSCI All World ex-US Hedged	68.6	40	-10	7.0	-0.2
SPDW	SPDR Portfolio World ex-US	67.2	4	26	6.9	-0.2
SCHF	Schwab International Equity	66.2	6	24	7.1	+0.0
HFXI	IQ 50 Percent Hedged FTSE Int'l	63.6	20	10	7.0	-0.1
IDEV	iShares Core MSCI Int'l Developed Markets	62.8	5	25	6.9	-0.2
VEA	Vanguard Europe Pacific	62.8	5	25	7.1	-0.1
IXUS	iShares Core International Stock	62.6	9	21	7.2	+0.1
EFA	iShares MSCI EAFE	62.2	31	-1	6.7	-0.4
PBDM	Invesco PureBeta FTSE Developed ex-North America	61.9	7	23	7.3	+0.2
DBEF	Xtrackers MSCI EAFE Hedged	61.5	35	-5	6.6	-0.5
VXUS	Vanguard Total International Stock	60.1	9	21	7.3	+0.2
IEFA	iShares Core MSCI EAFE	59.7	7	23	6.9	-0.2
EFAX	SPDR MSCI EAFE Fossil Fuel Free	56.8	20	10	6.8	-0.3
PXF	Invesco FTSE-RAFI Developed ex-US	56.4	45	-15	8.0	+0.8
VSGX	Vanguard ESG International Stock	56.0	15	15	7.1	-0.1
JHMD	John Hancock Multifactor Developed International	55.0	45	-15	7.0	-0.1
FNDF	Schwab Fundamental Intl Large Cap	54.7	25	5	7.5	+0.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	SPDR MSCI ACWI ex-US
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.3	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.