ETF Research Center

The SPDR S&P�International Small Cap ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the S&P�/Citigroup� World Ex US Range < 2 Billion USD Index,� an equity index based upon the world (ex-US) small cap composite market.

FUND BASICS
Category	International Equities
Fund Sponsor	State Street Global Advisors
Website	www.ssgafunds.com
Inception date	Apr 20, 2007
Assets (mns)	$850
Currency	USD
Expense ratio	40 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2358
Wgt avg mkt cap (mns)	$1,043
Large cap (>$10bn)	0.1%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	86.9%
Developed mkts	90.1%
Emerging mkts	9.9%

TOP TEN HOLDINGS
Total	2.1 %
NIPPON KONPO UNYU SOKO CO	0.2 %
PREMIER INVESTMENT CORP	0.2 %
SHOCHIKU CO LTD	0.2 %
BOVIS HOMES GROUP PLC	0.2 %
WETHERSPOON (J.D.) PLC	0.2 %
ENTERPRISE INNS PLC	0.2 %
HLB CO., LTD.	0.2 %
DTS CORP	0.2 %
IWATANI CORP	0.2 %
TOAGOSEI CO LTD	0.2 %

TOP COUNTRY EXPOSURE
	JAPAN	28.6 %
	SOUTH KOREA	7.4 %
	BRITAIN	7.4 %
	CANADA	6.0 %
	AUSTRALIA	5.8 %
	GERMANY	2.4 %
	SWITZERLAND	1.8 %
	SWEDEN	1.7 %
	ISRAEL	1.6 %
	HONG KONG	1.4 %

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.
18.1%	18.1%	6.9%	6.8%	3.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	75%
MSCI EAFE	1.05	87%
MSCI Emg. Mkts.	0.76	78%

Technical Indicators
Recent close	$31.71
30d moving avg.	$31.72
Annualized volatility	12.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	77
Turnover	0.3%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$5,557

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR International SmallCap ETF based on the alternatives' overlap in portfolio holdings with GWX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GWX

Expense:

40 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GWX
Ticker	Fund Name	Overlap¹ vs GWX (%)	Expense ratio (bp)	Savings vs GWX (bp)	ALTAR Score™ (%)	ALTAR vs GWX (%)
SCHC	Schwab Intl Small-Cap Equity	39.0	12	28	6.3	+1.8
SCZ	iShares MSCI EAFE Small Cap	32.8	39	1	6.0	+1.5
FNDC	Schwab Fundamental Intl Small Cap	32.7	39	1	4.4	-0.1
PDN	Invesco FTSE RAFI Developed Mkts ex-US Small-Mid Cap	31.9	49	-9	6.3	+1.8
VSS	Vanguard FTSE All World ex-US Small Cap	30.7	12	28	6.2	+1.7
DDLS	WisdomTree Dynamic Currency Hedged Int'l SmallCap	26.2	43	-3	8.0	+3.5
SCJ	iShares MSCI Japan Small Cap	26.1	47	-7	6.1	+1.6
DLS	WisdomTree Int'l SmallCap Dividend	23.7	58	-18	8.0	+3.5
ISDS	Invesco Strategic Developed ex-US Small Company	23.5	35	5	5.0	+0.5
DFJ	WisdomTree Japan Small Cap Dividend	22.2	58	-18	7.9	+3.4
DXJS	WisdomTree Japan Hedged Small	22.1	58	-18	7.7	+3.2
TLTD	FlexShares Mngstr Developed Mkts ex-US Factor Tilt	19.3	39	1	8.1	+3.6
IEUS	iShares MSCI Europe Small Cap	19.1	40	0	6.1	+1.6
ISCF	iShares FactorSelect MSCI Intl Small-Cap	17.4	40	0	7.0	+2.5
AVDV	Avantis International Small Cap Value	17.2	36	4	7.1	+2.6
FDTS	First Trust Dev Mkts ex-US Small Cap Alpha	13.4	80	-40	8.7	+4.2
DFE	WisdomTree Europe Small Cap Dividend	13.1	58	-18	8.6	+4.1
AVDE	Avantis International Equity	9.4	23	17	7.3	+2.8
VPL	Vanguard Pacific ETF	8.2	9	31	7.4	+2.9
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	7.5	39	1	6.1	+1.6

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 International SmallCap
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	4.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.