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)	$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
Total	2.2 %
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 %

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	**	**	**	**	**	**	**
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	%

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.