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)	$810
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	101
Wgt avg mkt cap (mns)	$36,500
Large cap (>$10bn)	61.7%
Mid cap ($2-10bn)	37.6%
Small cap (<$2bn)	0.8%
Developed mkts	87.6%
Emerging mkts	12.4%

TOP TEN HOLDINGS
Total	18.3 %
EDP-ENERGIAS DE PORTUGAL SA	2.1 %
ENAGAS	2.0 %
ENI SPA	1.9 %
BCE INC.	1.9 %
ORANGE SA	1.9 %
GLAXOSMITHKLINE PLC	1.8 %
TOTAL SA	1.8 %
A2A SPA	1.7 %
LEGAL & GENERAL GROUP PLC	1.6 %
SHAW COMMUNICATIONS INC-B	1.6 %

TOP COUNTRY EXPOSURE
	CANADA	18.9 %
	JAPAN	10.6 %
	SWITZERLAND	9.6 %
	AUSTRALIA	8.6 %
	BRITAIN	6.2 %
	SPAIN	6.1 %
	FRANCE	5.3 %
	ITALY	5.0 %
	HONG KONG	3.5 %
	THAILAND	3.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.8%	17.2%	1.9%	2.7%	-0.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.53	50%
MSCI EAFE	0.74	83%
MSCI Emg. Mkts.	0.55	74%

Technical Indicators
Recent close	$40.22
30d moving avg.	$39.83
Annualized volatility	9.1%
Short interest (ETF)	0.4%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	78
Turnover	0.4%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$5,504

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™:

7.0%

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	40.9	64	-19	6.8	-0.2
IDLV	Invesco S&P Int'l Developed Low Volatility	25.7	25	20	6.3	-0.6
FID	First Trust S&P International Dividend Aristocrats	21.7	60	-15	7.2	+0.3
LVHI	Legg Mason International Low Volatility High Dividend	20.0	40	5	9.1	+2.1
IDV	iShares DJ Int'l Select Dividend	19.8	49	-4	8.5	+1.5
IDHD	Invesco S&P Intl Developed High Div Low Volatility	18.5	30	15	6.4	-0.5
WDIV	SPDR S&P Global Dividend	18.1	40	5	7.5	+0.5
VYMI	Vanguard Int'l High Dividend Yield	17.4	32	13	9.3	+2.3
HDMV	First Trust Horizon Managed Volatility Developed Int'l	17.4	80	-35	6.0	-0.9
QLVD	FlexShares Developed Mkts ex-US Quality Low Volatility	17.2	32	13	6.6	-0.3
CID	Victory CEMP International High Div Volatility Wtd	16.4	45	0	8.9	+2.0
EUMV	iShares MSCI Europe Min Volatility	16.2	25	20	5.2	-1.8
FDEV	Fidelity Targeted International Factor	16.0	39	6	6.9	-0.1
IQDE	FlexShares Int'l Quality Dividend Defensive	15.9	47	-2	9.7	+2.7
RNDM	First Trust Developed International Equity Select	15.7	65	-20	6.4	-0.6
EFAV	iShares MSCI EAFE Minimum Volatility	15.2	20	25	5.8	-1.2
EFV	iShares MSCI EAFE Value	14.9	38	7	9.0	+2.0
IFGL	iShares FTSE EPRA/NARIET Developed REIT	14.4	48	-3	6.5	-0.4
FGD	First Trust DJ Global Select Dividend	14.2	58	-13	9.2	+2.3
OEUR	O'Shares FTSE Europe Quality Dividend	14.0	48	-3	6.4	-0.6

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	1.4	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	7.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.73	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.