ETF Research Center

SPDR S&P International Dividend ETF objective is to provide investment results that correspond generally to the price and yield performance of the S&P International Dividend Opportunities Inde

FUND BASICS
Category	International Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Feb 19, 2008
Assets (mns)	$819
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	102
Wgt avg mkt cap (mns)	$38,637
Large cap (>$10bn)	61.9%
Mid cap ($2-10bn)	37.3%
Small cap (<$2bn)	0.8%
Developed mkts	87.4%
Emerging mkts	12.6%

TOP TEN HOLDINGS
Total	18.3 %
EDP-ENERGIAS DE PORTUGAL SA	2.3 %
ENAGAS	2.1 %
GLAXOSMITHKLINE PLC	2.0 %
ENI SPA	1.8 %
BCE INC.	1.8 %
LEGAL & GENERAL GROUP PLC	1.8 %
TOTAL SA	1.7 %
A2A SPA	1.7 %
ELISA OYJ CLASS A	1.6 %
ORANGE SA	1.6 %

TOP COUNTRY EXPOSURE
	CANADA	18.8 %
	JAPAN	10.2 %
	SWITZERLAND	10.1 %
	AUSTRALIA	8.6 %
	BRITAIN	6.6 %
	SPAIN	6.2 %
	FRANCE	5.0 %
	ITALY	5.0 %
	HONG KONG	3.6 %
	GERMANY	3.5 %

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.
20.2%	20.2%	3.9%	2.3%	0.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.54	54%
MSCI EAFE	0.73	82%
MSCI Emg. Mkts.	0.53	75%

Technical Indicators
Recent close	$40.64
30d moving avg.	$40.14
Annualized volatility	8.9%
Short interest (ETF)	0.4%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	56
Turnover	0.3%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$5,216

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P International Dividend ETF ETF based on the alternatives' overlap in portfolio holdings with DWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DWX

Expense:

45 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DWX
Ticker	Fund Name	Overlap¹ vs DWX (%)	Expense ratio (bp)	Savings vs DWX (bp)	ALTAR Score™ (%)	ALTAR vs DWX (%)
LVL	Invesco S&P Global Dividend Opportunities	41.1	64	-19	6.6	-0.3
IDLV	Invesco S&P Int'l Developed Low Volatility	26.3	25	20	6.2	-0.7
LVHI	Legg Mason International Low Volatility High Dividend	22.8	40	5	8.9	+2.1
FID	First Trust S&P International Dividend Aristocrats	21.9	60	-15	6.9	+0.1
IDV	iShares DJ Int'l Select Dividend	19.7	49	-4	8.2	+1.4
IDHD	Invesco S&P Intl Developed High Div Low Volatility	18.5	30	15	6.4	-0.5
WDIV	SPDR S&P Global Dividend	18.4	40	5	7.1	+0.3
HDMV	First Trust Horizon Managed Volatility Developed Int'l	18.0	80	-35	5.9	-0.9
VYMI	Vanguard Int'l High Dividend Yield	17.5	32	13	8.9	+2.1
EUMV	iShares MSCI Europe Min Volatility	17.0	25	20	5.1	-1.7
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	16.9	32	13	6.6	-0.2
EFAV	iShares MSCI EAFE Minimum Volatility	16.1	20	25	5.5	-1.3
CID	Victory CEMP International High Div Volatility Wtd	16.1	45	0	8.6	+1.8
FDEV	Fidelity Targeted International Factor	15.9	39	6	6.7	-0.1
RNDM	First Trust Developed International Equity Select	15.5	65	-20	6.1	-0.7
IFGL	iShares FTSE EPRA/NARIET Developed REIT	15.2	48	-3	6.3	-0.6
EFV	iShares MSCI EAFE Value	14.7	38	7	8.8	+1.9
FGD	First Trust DJ Global Select Dividend	14.2	58	-13	9.2	+2.3
IQDE	FlexShares Int'l Quality Dividend Defensive	14.1	47	-2	8.7	+1.9
OEUR	O'Shares FTSE Europe Quality Dividend	14.1	48	-3	6.1	-0.7

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

	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

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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 S&P International Dividend ETF
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	10.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.