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)	$442
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)	$30,838
Large cap (>$10bn)	52.8%
Mid cap ($2-10bn)	39.2%
Small cap (<$2bn)	8.0%
Developed mkts	22.6%
Emerging mkts	77.4%

TOP TEN HOLDINGS
Total	30.4 %
TAIWAN SEMICONDUCTOR MANUFAC	3.9 %
CHINA RESOURCES LAND LTD	3.3 %
HENGAN INTL GROUP CO LTD	3.2 %
CNOOC LTD	3.1 %
PTT EXPLOR & PROD PCL-NVDR	2.9 %
PTT PCL-NVDR	2.9 %
LONGFOR PROPERTIES	2.9 %
CHINA MOBILE LIMITED	2.9 %
PTT GLOBAL CHEMICAL PCL-NVDR	2.8 %
FORMOSA PLASTICS CORP	2.6 %

TOP COUNTRY EXPOSURE
	TAIWAN	21.4 %
	HONG KONG	18.0 %
	THAILAND	16.5 %
	SOUTH AFRICA	16.2 %
	CHINA	8.4 %
	MALAYSIA	5.5 %
	UAE	2.8 %
	INDIA	2.4 %
	MEXICO	1.9 %
	LUXEMBOURG	1.2 %

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.
11.8%	11.8%	2.7%	--	-1.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.64	29%
MSCI EAFE	0.90	46%
MSCI Emg. Mkts.	0.88	76%

Technical Indicators
Recent close	$32.48
30d moving avg.	$31.64
Annualized volatility	14.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	30
Turnover	0.2%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$2,456

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™:

10.3%

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	17.1	51	-2	11.9	+1.6
DEM	WisdomTree Emerg Mkts High Yield Equity	16.6	63	-14	11.3	+1.0
AXJL	WisdomTree Asia Pacific Ex-Japan	16.6	48	1	8.5	-1.8
FLTW	Franklin FTSE Taiwan	16.2	19	30	6.4	-3.9
DVEM	WisdomTree Emerging Markets Dividend	16.0	32	17	10.4	+0.1
EELV	Invesco S&P Emg Mkts Low Volatility	15.6	29	20	10.2	-0.2
FNDE	Schwab Fundamental Emg Mkt Large Cap	15.3	39	10	10.3	-0.0
EWT	iShares MSCI Taiwan	15.1	59	-10	6.2	-4.1
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	15.1	50	-1	12.5	+2.2
PXH	Invesco FTSE-RAFI Emerging Markets	15.1	50	-1	11.4	+1.1
FLZA	Franklin FTSE South Africa	13.9	19	30	9.0	-1.3
THD	iShares MSCI Thailand	13.5	59	-10	11.3	+1.0
EZA	iShares MSCI South Africa	12.8	59	-10	8.6	-1.8
JHEM	John Hancock Multifactor Emerging Markets	12.5	55	-6	8.1	-2.2
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	12.3	45	4	8.3	-2.0
EMDV	ProShares MSCI Emerging Markets Dividend Growers	12.2	60	-11	7.8	-2.5
PBEE	Invesco PureBeta FTSE Emerging Markets	12.0	14	35	8.4	-1.9
ROAM	Hartford Multifactor Emerging Markets	12.0	44	5	10.5	+0.2
SCHE	Schwab Emerging Markets Equity	11.9	13	36	7.9	-2.4
ASEA	Global X FTSE Southeast Asia	11.9	65	-16	10.1	-0.2

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.7	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	10.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.48

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.