ETF Research Center

SPDR S&P Emerging Markets Dividend ETF's objective is to replicate as closely as possible the performance of the S&P Emerging Markets Dividend Opportunities Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Feb 24, 2011
Assets (mns)	$414
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	107
Wgt avg mkt cap (mns)	$26,986
Large cap (>$10bn)	52.1%
Mid cap ($2-10bn)	38.5%
Small cap (<$2bn)	9.4%
Developed mkts	22.0%
Emerging mkts	78.0%

TOP TEN HOLDINGS
Total	29.2 %
TAIWAN SEMICONDUCTOR MANUFAC	3.9 %
CHINA RESOURCES LAND LTD	3.3 %
HENGAN INTL GROUP CO LTD	2.9 %
PTT PCL-NVDR	2.9 %
PTT EXPLOR & PROD PCL-NVDR	2.8 %
PTT GLOBAL CHEMICAL PCL-NVDR	2.8 %
CNOOC LTD	2.7 %
CHINA MOBILE LIMITED	2.7 %
FORMOSA PLASTICS CORP	2.6 %
LONGFOR PROPERTIES	2.6 %

TOP COUNTRY EXPOSURE
	TAIWAN	21.7 %
	HONG KONG	17.5 %
	SOUTH AFRICA	17.1 %
	THAILAND	16.9 %
	CHINA	7.7 %
	MALAYSIA	5.7 %
	UAE	2.9 %
	INDIA	2.5 %
	MEXICO	1.8 %
	LUXEMBOURG	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.7%	3.7%	0.5%	--	-2.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.63	28%
MSCI EAFE	0.87	46%
MSCI Emg. Mkts.	0.88	75%

Technical Indicators
Recent close	$30.41
30d moving avg.	$30.94
Annualized volatility	14.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.2%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$1,600

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EDIV

Expense:

49 bp

ALTAR Score™:

10.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EDIV
Ticker	Fund Name	Overlap¹ vs EDIV (%)	Expense ratio (bp)	Savings vs EDIV (bp)	ALTAR Score™ (%)	ALTAR vs EDIV (%)
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	16.8	51	-2	12.4	+1.5
DEM	WisdomTree Emerg Mkts High Yield Equity	16.7	63	-14	12.3	+1.3
AXJL	WisdomTree Asia Pacific Ex-Japan	16.2	48	1	9.2	-1.8
FLTW	Franklin FTSE Taiwan	16.2	19	30	6.9	-4.1
EELV	Invesco S&P Emg Mkts Low Volatility	16.2	29	20	10.1	-0.8
DVEM	WisdomTree Emerging Markets Dividend	16.0	32	17	11.2	+0.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	15.4	50	-1	13.3	+2.4
EWT	iShares MSCI Taiwan	15.4	59	-10	6.6	-4.4
PXH	Invesco FTSE-RAFI Emerging Markets	15.1	50	-1	12.2	+1.3
FLZA	Franklin FTSE South Africa	15.0	19	30	9.6	-1.3
FNDE	Schwab Fundamental Emg Mkt Large Cap	14.8	39	10	11.0	+0.1
EZA	iShares MSCI South Africa	13.7	59	-10	10.0	-0.9
THD	iShares MSCI Thailand	13.5	59	-10	11.5	+0.6
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	13.0	45	4	8.8	-2.1
EMDV	ProShares MSCI Emerging Markets Dividend Growers	12.7	60	-11	8.1	-2.8
JHEM	John Hancock Multifactor Emerging Markets	12.6	55	-6	8.7	-2.2
PBEE	Invesco PureBeta FTSE Emerging Markets	12.2	14	35	9.2	-1.7
SCHE	Schwab Emerging Markets Equity	12.2	13	36	8.6	-2.4
ROAM	Hartford Multifactor Emerging Markets	12.1	44	5	11.1	+0.2
ASEA	Global X FTSE Southeast Asia	11.9	65	-16	10.5	-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%.

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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 Emerging Markets Dividend
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.6	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	10.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.49

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.