SPDR MSCI ACWI ex-US
ALTAR
Score™
7.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.3x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
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 %
Total 11.3 %

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 info ** ** ** ** ** ** **
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 %
info 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.