SPDR MSCI ACWI ex-US ETF
ALTAR
Score™
6.2% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
23.1x P/Sales
ratio
1.5x
P/BV
ratio
1.8x Div.
yield
2.3%


  • 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) $1,503
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 1296
Wgt avg mkt cap (mns) $101,343
Large cap (>$10bn) 86.6%
Mid cap ($2-10bn) 11.6%
Small cap (<$2bn) 0.3%
Developed mkts 72.4%
Emerging mkts 26.9%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 2.2 %
TENCENT HOLDINGS LTD 2.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.8 %
SAMSUNG ELECTR-GDR REGS 1.5 %
NESTLE SA-REG 1.4 %
ROCHE HOLDING AG-GENUSSCHEIN 1.0 %
ASML HOLDING NV 1.0 %
NOVARTIS AG-REG 0.9 %
LVMH MOET HENNESSY LOUIS VUI 0.7 %
MEITUAN DIANPING 0.7 %
Total 13.1 %

TOP COUNTRY EXPOSURE
JAPAN 15.7 %
CHINA 11.4 %
BRITAIN 8.3 %
SWITZERLAND 6.4 %
CANADA 6.3 %
FRANCE 6.1 %
GERMANY 5.4 %
TAIWAN 4.5 %
SOUTH KOREA 4.4 %
AUSTRALIA 4.3 %

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.
9.8% 9.8% 0.4% 0.7% 0.5%

Market Correlations
versus... Beta R-squared
S&P500 0.85 38%
MSCI EAFE 0.86 39%
MSCI Emg. Mkts. 0.76 39%

Technical Indicators
Recent close $29.07
30d moving avg. $28.18
Annualized volatility 25.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 176
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $140,782

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the SPDR MSCI ACWI ex-US ETF 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™: 6.2%


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 U.S. ETF 71.3 32 -2 6.3 +0.2
VEU Vanguard FTSE All-World ex-US Index Fund 71.0 8 22 6.7 +0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 70.6 40 -10 6.1 -0.1
SPDW SPDR Portfolio Developed World ex-US ETF 65.0 4 26 6.2 +0.1
IXUS ishares Core MSCI Total International Stock ETF 64.1 9 21 6.4 +0.3
SCHF Schwab International Equity ETF 63.8 6 24 6.5 +0.4
VSGX Vanguard ESG International Stock ETF 61.9 17 13 6.3 +0.2
VEA Vanguard FTSE Developed Markets ETF 61.4 5 25 6.6 +0.4
DFAI Dimensional International Core Equity Market ETF 61.4 18 12 6.4 +0.2
IDEV iShares Core MSCI International Developed Markets ETF 61.0 5 25 6.5 +0.3
HFXI IQ 50 Percent Hedged FTSE International ETF 60.4 20 10 6.4 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 59.5 7 23 6.5 +0.4
BKIE BNY Mellon International Equity ETF 59.5 4 26 6.6 +0.4
EFA iShares MSCI EAFE ETF 58.8 32 -2 6.2 +0.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 58.3 35 -5 6.1 -0.1
GSID Goldman Sachs MarketBeta International Equity ETF 57.7 20 10 6.3 +0.1
IEFA iShares Core MSCI EAFE ETF 57.1 7 23 6.5 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 54.4 20 10 6.3 +0.2
JHMD John Hancock Multifactor Developed International ETF 53.3 39 -9 6.6 +0.4
VXUS Vanguard Total International Stock ETF 53.2 8 22 6.6 +0.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 52.0 45 -15 7.6 +1.5
ESGD iShares MSCI EAFE ESG Optimized ETF 51.3 20 10 6.2 +0.0
GSIE Goldman Sachs ActiveBeta International Equity ETF 50.8 25 5 6.0 -0.2
FNDF Schwab Fundamental International Large Co. Index ETF 48.8 25 5 7.7 +1.5
PDEV Principal International Multi-Factor Core Index ETF 48.2 25 5 7.0 +0.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 46.9 16 14 6.0 -0.2
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 46.4 39 -9 7.4 +1.3
QEFA SPDR MSCI EAFE Quality Mix ETF 45.8 30 0 6.0 -0.2
IQSI IQ Candriam ESG International Equity ETF 45.3 15 15 6.4 +0.3
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 44.9 35 -5 5.9 -0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 42.9 39 -9 5.6 -0.6
CIL VictoryShares International Volatility Weighted Index ETF 41.4 45 -15 6.4 +0.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 41.3 45 -15 6.3 +0.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 40.3 40 -10 7.2 +1.1
DWM WisdomTree International Equity Fund 40.0 48 -18 7.1 +1.0
ISDX Invesco RAFI Strategic Developed ex-US ETF 39.1 23 7 6.3 +0.1
IQIN IQ 500 International ETF 38.0 25 5 7.6 +1.5
DOL WisdomTree International LargeCap Dividend Fund 37.9 48 -18 7.1 +1.0
ISZE iShares Edge MSCI Intl Size Factor ETF 37.8 30 0 6.3 +0.2
IEUR iShares Core MSCI Europe ETF 37.5 9 21 6.6 +0.4
DBEU Xtrackers MSCI Europe Hedged Equity ETF 37.4 45 -15 6.0 -0.2
BBEU JPMorgan BetaBuilders Europe ETF 37.3 9 21 6.6 +0.5
SPEU SPDR Portfolio Europe ETF 37.2 9 21 6.8 +0.6
IEV iShares Europe ETF 37.2 59 -29 6.2 +0.1
FLEH Franklin FTSE Europe Hedged ETF 37.2 9 21 6.5 +0.3
FLEE Franklin FTSE Europe ETF 37.2 9 21 6.5 +0.3
AVDE Avantis International Equity ETF 37.1 23 7 6.9 +0.8
VGK Vanguard FTSE Europe ETF 37.1 8 22 6.7 +0.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 34.9 25 5 5.9 -0.3
VYMI Vanguard International High Dividend Yield ETF 34.7 27 3 9.0 +2.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 34.6 9 21 5.1 -1.1
EFV iShares MSCI EAFE Value ETF 34.1 39 -9 8.4 +2.2
ACWI iShares MSCI ACWI ETF 33.0 32 -2 5.1 -1.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 32.4 20 10 5.3 -0.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 32.3 20 10 5.3 -0.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 32.3 14 16 6.1 -0.0
DMXF iShares ESG Advanced MSCI EAFE ETF 32.3 12 18 6.2 +0.1
EFG iShares MSCI EAFE Growth ETF 31.1 40 -10 4.1 -2.1
ESGG FlexShares STOXX Global ESG Impact Index Fund 30.3 42 -12 4.6 -1.6
VT Vanguard Total World Stock ETF 30.0 8 22 5.4 -0.8
URTH iShares MSCI World ETF 29.5 24 6 5.0 -1.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 28.9 29 1 7.1 +0.9
TPIF Timothy Plan International ETF 28.9 62 -32 6.1 -0.1
RESD WisdomTree International ESG Fund 28.0 30 0 6.5 +0.3
QWLD SPDR MSCI World StrategicFactors ETF 27.4 30 0 5.4 -0.8
RNDM First Trust Developed International Equity Select ETF 27.4 65 -35 5.7 -0.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 26.1 24 6 6.5 +0.4
RBIN Nationwide Risk-Based International Equity ETF 25.8 42 -12 6.0 -0.1
VPL Vanguard FTSE Pacific ETF 25.7 8 22 6.4 +0.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 24.8 30 0 5.2 -1.0
AVEM Avantis Emerging Markets Equity ETF 24.3 33 -3 7.3 +1.1
TOK iShares MSCI Kokusai ETF 24.2 25 5 4.9 -1.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 24.1 30 0 4.1 -2.0
IVLU iShares Edge MSCI Intl Value Factor ETF 23.6 30 0 10.0 +3.9
KOKU Xtrackers MSCI Kokusai Equity ETF 23.6 9 21 5.0 -1.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 23.3 65 -35 6.0 -0.2
IPAC iShares Core MSCI Pacific ETF 23.0 9 21 6.3 +0.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 22.9 45 -15 6.1 -0.1
QINT American Century Quality Diversified International ETF 22.7 39 -9 5.7 -0.5
EEM iShares MSCI Emerging Markets ETF 22.3 70 -40 6.0 -0.2
IEMG iShares Core MSCI Emerging Markets ETF 22.2 11 19 6.6 +0.4
VWO Vanguard FTSE Emerging Markets ETF 22.2 10 20 6.9 +0.8
JPIN JPMorgan Diversified Return International Equity ETF 22.2 37 -7 7.0 +0.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 21.7 68 -38 5.7 -0.5
SPEM SPDR Portfolio Emerging Markets ETF 21.4 11 19 6.5 +0.4
RODM Hartford Multifactor Developed Markets (ex-US) ETF 21.2 29 1 7.2 +1.1
VWID Virtus WMC International Dividend ETF 21.2 49 -19 7.3 +1.2
FLAX Franklin FTSE Asia Ex Japan ETF 21.2 19 11 6.2 +0.1
DFAE Dimensional Emerging Core Equity Market ETF 21.1 35 -5 7.0 +0.8
DGT SPDR Global Dow ETF 21.0 50 -20 6.3 +0.2
NUDM Nuveen ESG International Developed Markets Equity ETF 20.9 40 -10 5.9 -0.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 20.8 20 10 5.0 -1.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 20.3 36 -6 6.8 +0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 20.0 30 0 7.5 +1.4
FDEV Fidelity Targeted International Factor ETF 19.8 39 -9 6.1 -0.0
DEW WisdomTree Global High Dividend Fund 19.8 58 -28 8.7 +2.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 19.7 47 -17 8.1 +2.0

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%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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 ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.9 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.54
 
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.