ETF Research Center

SPDR S&P Emerging SmallCap ETF objective is to provide investment results that correspond generally to the total return performance of the S&P Emerging Markets Under USD2 Billion Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	May 16, 2008
Assets (mns)	$526
Currency	USD
Expense ratio	65 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1885
Wgt avg mkt cap (mns)	$904
Large cap (>$10bn)	0.1%
Mid cap ($2-10bn)	7.3%
Small cap (<$2bn)	91.1%
Developed mkts	9.1%
Emerging mkts	88.7%

TOP TEN HOLDINGS
Total	3.5 %
SILERGY CORP.	0.4 %
NORTHAM PLATINUM LTD	0.4 %
ASPEN PHARMACARE HOLDINGS LT	0.4 %
TRIPOD TECHNOLOGY CORP	0.4 %
UNIMICRON TECHNOLOGY CORP	0.3 %
RADIANT OPTO-ELECTRONICS COR	0.3 %
SIMPLO TECHNOLOGY CO LTD	0.3 %
AIRTAC INTERNATIONAL GROUP	0.3 %
COMPEQ MANUFACTURING CO LTD	0.3 %
CHICONY ELECTRONICS CO LTD	0.3 %

TOP COUNTRY EXPOSURE
	TAIWAN	28.2 %
	CHINA	10.3 %
	INDIA	7.7 %
	SOUTH AFRICA	5.9 %
	MALAYSIA	4.2 %
	BRAZIL	4.1 %
	HONG KONG	4.0 %
	THAILAND	2.7 %
	INDONESIA	2.5 %
	MEXICO	2.5 %

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.
10.0%	11.8%	1.6%	3.8%	1.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	39%
MSCI EAFE	0.85	55%
MSCI Emg. Mkts.	0.82	85%

Technical Indicators
Recent close	$44.57
30d moving avg.	$44.64
Annualized volatility	12.7%
Short interest (ETF)	0.5%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	76
Turnover	0.6%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$3,516

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EWX

Expense:

65 bp

ALTAR Score™:

7.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWX
Ticker	Fund Name	Overlap¹ vs EWX (%)	Expense ratio (bp)	Savings vs EWX (bp)	ALTAR Score™ (%)	ALTAR vs EWX (%)
EEMS	iShares MSCI Emerging Market Small Cap	45.7	67	-2	6.5	-1.5
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	31.4	63	2	12.3	+4.3
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	14.2	59	6	10.6	+2.7
FEMS	First Trust Emerging Markets Small Cap	13.4	80	-15	10.6	+2.7
VSS	Vanguard FTSE All World ex-US Small Cap	11.4	12	53	6.7	-1.3
AVEM	Avantis Emerging Markets Equity	10.1	33	32	8.4	+0.4
HAO	Invesco China Small Cap ETF	9.7	75	-10	9.5	+1.6
ECNS	iShares MSCI China Small Cap	8.7	59	6	10.0	+2.1
DEM	WisdomTree Emerg Mkts High Yield Equity	8.2	63	2	12.5	+4.6
SMIN	iShares MSCI India Small Cap	6.9	77	-12	5.7	-2.3
VWO	Vanguard Emerging Markets	6.7	12	53	8.8	+0.8
IEMG	iShares Core MSCI Emerging Markets	6.6	14	51	8.7	+0.7
SPEM	SPDR Portfolio Emerging Markets	6.0	11	54	8.5	+0.6
DVEM	WisdomTree Emerging Markets Dividend	5.9	32	33	11.3	+3.3
GMF	SPDR S&P Emerging Asia Pacific	5.9	49	16	8.2	+0.2
CEZ	Victory CEMP Emerging Market Volatility Weighted	5.5	50	15	9.2	+1.2
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	5.0	51	14	12.3	+4.3
ROAM	Hartford Multifactor Emerging Markets	4.6	44	21	11.2	+3.2
EYLD	Cambria Emerging Shareholder Yield	4.0	66	-1	10.9	+2.9
EPI	WisdomTree India Earnings	4.0	85	-20	9.7	+1.8

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 Small Cap
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	8.2	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	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.