ETF Research Center

The SPDR MSCI ACWI Low Carbon Target ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that correspond generally to the price and yeild performance of the MSCI ACWI Low Carbon Target Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 26, 2014
Assets (mns)	$87
Currency	USD
Expense ratio	20 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Proprietary
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1471
Wgt avg mkt cap (mns)	$174,953
Large cap (>$10bn)	89.7%
Mid cap ($2-10bn)	9.7%
Small cap (<$2bn)	0.3%
Developed mkts	89.4%
Emerging mkts	10.5%

TOP TEN HOLDINGS
Total	11.9 %
APPLE INC	2.5 %
MICROSOFT CORP	2.3 %
AMAZON.COM INC	1.5 %
FACEBOOK	1.0 %
ALPHABET INC. CLASS A	0.9 %
JPMORGAN CHASE & CO	0.9 %
ALPHABET INC. CLASS C	0.8 %
JOHNSON & JOHNSON	0.8 %
VISA INC-CLASS A SHARES	0.7 %
NESTLE SA-REG	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	53.4 %
	JAPAN	7.5 %
	BRITAIN	5.1 %
	CANADA	3.3 %
	FRANCE	3.1 %
	CHINA	3.1 %
	SWITZERLAND	2.9 %
	GERMANY	2.4 %
	AUSTRALIA	2.0 %
	HONG KONG	1.6 %

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.
20.8%	13.5%	--	--	7.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	91%
MSCI EAFE	0.95	85%
MSCI Emg. Mkts.	0.68	71%

Technical Indicators
Recent close	$96.67
30d moving avg.	$94.47
Annualized volatility	11.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	87

Liquidity measures
Avg. volume (thou.)	6
Turnover	0.7%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$187,433

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

LOWC

Expense:

20 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LOWC
Ticker	Fund Name	Overlap¹ vs LOWC (%)	Expense ratio (bp)	Savings vs LOWC (bp)	ALTAR Score™ (%)	ALTAR vs LOWC (%)
CRBN	iShares MSCI ACWI Low Carbon	89.5	20	0	6.4	-0.0
ACWI	iShares MSCI ACWI	77.2	31	-11	6.3	-0.2
URTH	iShares MSCI World Index	74.8	24	-4	6.0	-0.4
TOK	iShares MSCI Kokusai	72.2	25	-5	5.9	-0.5
VT	Vanguard Total World Stock	68.7	9	11	6.4	-0.0
ACIM	SPDR MSCI ACWI IMI	57.8	9	11	6.1	-0.4
QWLD	SPDR MSCI World Quality Mix	55.6	30	-10	6.0	-0.5
PBUS	Invesco PureBeta MSCI USA	53.1	4	16	6.0	-0.5
SCHX	Schwab U.S. Large-Cap	52.8	3	17	5.8	-0.7
SCHK	Schwab 1000 Index	52.8	5	15	5.8	-0.6
IYY	iShares DJ US Total Market	52.7	20	0	5.7	-0.8
BBUS	JP Morgan Betabuilders U.S. Equity	52.7	2	18	5.8	-0.6
IWB	iShares Russell 1000	52.7	15	5	5.7	-0.7
VONE	Vanguard Russell 1000	52.7	12	8	5.8	-0.7
SCHB	Schwab U.S. Broad Market	52.6	3	17	5.7	-0.7
ITOT	iShares Core S&P Total US	52.6	3	17	5.7	-0.8
VTI	Vanguard Total Market	52.6	3	17	5.7	-0.8
JHML	John Hancock Multifactor Large Cap	52.5	34	-14	5.9	-0.5
IWV	iShares Russell 3000	52.5	20	0	5.6	-0.9
VTHR	Vanguard Russell 3000	52.4	15	5	5.6	-0.9

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 MSCI ACWI Low Carbon Target
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.7	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.54

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.