SPDR S&P International Small Cap ETF
ALTAR
Score™
5.8% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
13.0x P/Sales
ratio
0.5x
P/BV
ratio
0.9x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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) $748
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 2356
Wgt avg mkt cap (mns) $1,024
Large cap (>$10bn) 0.1%
Mid cap ($2-10bn) 11.6%
Small cap (<$2bn) 88.2%
Developed mkts 90.5%
Emerging mkts 9.6%

TOP TEN HOLDINGS
BOVIS HOMES GROUP PLC 0.3 %
PREMIER INVESTMENT CORP 0.3 %
NIPPON KONPO UNYU SOKO CO 0.2 %
ENTERPRISE INNS PLC 0.2 %
WETHERSPOON (J.D.) PLC 0.2 %
CSM 0.2 %
SHOCHIKU CO LTD 0.2 %
SARACEN MINERAL HOLDINGS LTD 0.2 %
SCATEC SOLAR ASA 0.2 %
IWATANI CORP 0.2 %
Total 2.2 %

TOP COUNTRY EXPOSURE
JAPAN 27.5 %
BRITAIN 7.8 %
SOUTH KOREA 7.1 %
CANADA 6.1 %
AUSTRALIA 5.9 %
GERMANY 2.4 %
SWITZERLAND 1.9 %
SWEDEN 1.8 %
ISRAEL 1.8 %
HONG KONG 1.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.4% 4.5% 5.8% 6.4% 2.6%

Market Correlations
versus... Beta R-squared
S&P500 0.89 73%
MSCI EAFE 1.06 86%
MSCI Emg. Mkts. 0.77 78%

Technical Indicators
Recent close $28.43
30d moving avg. $30.78
Annualized volatility 12.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 28

Liquidity measures
Avg. volume (thou.) 75
Turnover 0.3%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $5,870

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P International Small Cap ETF 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™: 5.8%


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 International Small-Cap Equity ETF 38.4 12 28 7.0 +1.1
SCZ iShares MSCI Eafe Small-Cap ETF 32.7 40 0 6.6 +0.7
FNDC Schwab Fundamental International Small Co. Index ETF 32.3 39 1 5.6 -0.3
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 31.5 49 -9 7.4 +1.6
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 30.2 11 29 7.0 +1.1
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 26.4 43 -3 8.7 +2.9
SCJ iShares MSCI Japan Small-Cap ETF 25.2 47 -7 7.1 +1.3
DLS WisdomTree International SmallCap Dividend Fund 24.0 58 -18 8.7 +2.9
ISDS Invesco Strategic Developed ex-US Small Company ETF 23.1 35 5 6.2 +0.4
DFJ WisdomTree Japan SmallCap Dividend Fund 21.2 58 -18 9.1 +3.3
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 21.2 58 -18 8.9 +3.1
IEUS iShares MSCI Europe Small-Cap ETF 19.6 40 0 6.5 +0.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 18.9 39 1 9.0 +3.1
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 17.6 40 0 7.9 +2.0
AVDV Avantis International Small Cap Value ETF 17.1 36 4 8.5 +2.7
DFE WisdomTree Europe SmallCap Dividend Fund 13.7 58 -18 9.1 +3.3
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 13.3 80 -40 11.4 +5.5
AVDE Avantis International Equity ETF 9.1 23 17 8.0 +2.1
VPL Vanguard FTSE Pacific ETF 8.0 8 32 8.2 +2.3
EWUS iShares MSCI United Kingdom Small Cap ETF 7.7 59 -19 7.7 +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

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2019 2020E 2021E
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 International Small Cap ETF
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 5.5 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.64
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.