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)	$536
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	1812
Wgt avg mkt cap (mns)	$990
Large cap (>$10bn)	0.1%
Mid cap ($2-10bn)	11.8%
Small cap (<$2bn)	86.5%
Developed mkts	9.0%
Emerging mkts	88.6%

TOP TEN HOLDINGS
Total	3.6 %
NORTHAM PLATINUM LTD	0.5 %
SILERGY CORP.	0.5 %
ASPEN PHARMACARE HOLDINGS LT	0.4 %
TRIPOD TECHNOLOGY CORP	0.3 %
SIMPLO TECHNOLOGY CO LTD	0.3 %
AIRTAC INTERNATIONAL GROUP	0.3 %
RADIANT OPTO-ELECTRONICS COR	0.3 %
QUALICORP SA	0.3 %
UNIMICRON TECHNOLOGY CORP	0.3 %
SINO-AMERICAN SILICON PRODUC	0.3 %

TOP COUNTRY EXPOSURE
	TAIWAN	28.2 %
	CHINA	10.6 %
	INDIA	8.0 %
	SOUTH AFRICA	5.7 %
	BRAZIL	4.6 %
	HONG KONG	4.0 %
	MALAYSIA	4.0 %
	MEXICO	2.4 %
	THAILAND	2.4 %
	INDONESIA	2.4 %

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.
15.5%	15.5%	3.5%	2.9%	2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	44%
MSCI EAFE	0.88	57%
MSCI Emg. Mkts.	0.82	85%

Technical Indicators
Recent close	$46.57
30d moving avg.	$45.91
Annualized volatility	12.8%
Short interest (ETF)	0.2%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	35
Turnover	0.3%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$6,955

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™:

7.4%

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	46.3	67	-2	6.5	-0.9
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	31.3	63	2	11.5	+4.1
FEMS	First Trust Emerging Markets Small Cap	13.8	80	-15	9.5	+2.2
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	13.0	59	6	12.3	+4.9
VSS	Vanguard FTSE All World ex-US Small Cap	12.0	12	53	6.2	-1.2
AVEM	Avantis Emerging Markets Equity	10.1	33	32	7.9	+0.5
HAO	Invesco China Small Cap ETF	10.0	75	-10	10.2	+2.8
ECNS	iShares MSCI China Small Cap	9.1	59	6	8.6	+1.2
DEM	WisdomTree Emerg Mkts High Yield Equity	8.1	63	2	11.5	+4.1
SMIN	iShares MSCI India Small Cap	7.2	77	-12	4.4	-3.0
VWO	Vanguard Emerging Markets	6.8	12	53	8.1	+0.7
IEMG	iShares Core MSCI Emerging Markets	6.4	14	51	8.2	+0.8
DVEM	WisdomTree Emerging Markets Dividend	5.9	32	33	10.7	+3.3
SPEM	SPDR Portfolio Emerging Markets	5.9	11	54	8.0	+0.6
GMF	SPDR S&P Emerging Asia Pacific	5.7	49	16	7.6	+0.2
CEZ	Victory CEMP Emerging Market Volatility Weighted	5.6	50	15	8.8	+1.4
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	5.0	51	14	11.9	+4.5
EYLD	Cambria Emerging Shareholder Yield	4.4	66	-1	10.4	+3.1
ROAM	Hartford Multifactor Emerging Markets	4.4	44	21	10.8	+3.4
EPI	WisdomTree India Earnings	4.2	85	-20	9.3	+1.9

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	8.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.