ETF Research Center

SPDR S&P World (ex-US) ETF objective is to replicate the S&P Developed Ex-U.S. BMI Index. The Index measures the investable universe of publicly traded companies domiciled in developed countri

FUND BASICS
Category	International Equities
Fund Sponsor	SSGA Funds Management Inc
Website	www.spdrs.com
Inception date	Apr 20, 2007
Assets (mns)	$5,591
Currency	USD
Expense ratio	4 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	1877
Wgt avg mkt cap (mns)	$58,054
Large cap (>$10bn)	77.3%
Mid cap ($2-10bn)	18.9%
Small cap (<$2bn)	3.6%
Developed mkts	95.6%
Emerging mkts	4.4%

TOP TEN HOLDINGS
Total	9.4 %
NESTLE SA-REG	1.6 %
ROCHE HOLDING AG-GENUSSCHEIN	1.2 %
SAMSUNG ELECTR-GDR REGS	1.2 %
NOVARTIS AG-REG	1.2 %
TOYOTA MOTOR CORP	0.8 %
HSBC HOLDINGS PLC	0.7 %
SAP AG	0.7 %
ASTRAZENECA PLC	0.7 %
ASML HOLDING NV	0.7 %
TOTAL SA	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	22.2 %
	BRITAIN	13.1 %
	CANADA	8.7 %
	SWITZERLAND	8.1 %
	FRANCE	7.9 %
	GERMANY	6.8 %
	AUSTRALIA	5.8 %
	SOUTH KOREA	4.1 %
	NETHERLANDS	3.7 %
	SWEDEN	2.5 %

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.
-2.8%	10.6%	5.4%	5.9%	2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.81	72%
MSCI EAFE	1.03	97%
MSCI Emg. Mkts.	0.71	79%

Technical Indicators
Recent close	$29.18
30d moving avg.	$31.12
Annualized volatility	11.5%
Short interest (ETF)	0.6%
Relative strength (RSI)	34

Liquidity measures
Avg. volume (thou.)	1,384
Turnover	0.7%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$53,971

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR Portfolio Developed World ex-US ETF ETF based on the alternatives' overlap in portfolio holdings with SPDW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPDW

Expense:

4 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPDW
Ticker	Fund Name	Overlap¹ vs SPDW (%)	Expense ratio (bp)	Savings vs SPDW (bp)	ALTAR Score™ (%)	ALTAR vs SPDW (%)
SCHF	Schwab International Equity ETF	82.6	6	-2	7.6	+0.2
VEA	Vanguard FTSE Developed Markets ETF	81.7	5	-1	7.6	+0.2
IDEV	iShares Core MSCI International Developed Markets ETF	81.6	5	-1	7.4	-0.0
IEFA	iShares Core MSCI EAFE ETF	77.3	7	-3	7.4	-0.0
PBDM	Invesco PureBeta FTSE Developed ex-North America ETF	76.9	7	-3	7.8	+0.4
EFA	iShares MSCI EAFE ETF	74.2	32	-28	7.2	-0.2
HFXI	IQ 50 Percent Hedged FTSE International ETF	73.4	20	-16	7.5	+0.1
DBEF	Xtrackers MSCI EAFE Hedged Equity ETF	73.2	35	-31	7.0	-0.3
ACWX	iShares MSCI ACWI ex U.S. ETF	71.3	32	-28	7.6	+0.2
VEU	Vanguard FTSE All-World ex-US Index Fund	70.4	8	-4	7.7	+0.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	69.0	40	-36	7.4	+0.0
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	68.3	20	-16	7.2	-0.2
IXUS	ishares Core MSCI Total International Stock ETF	67.4	9	-5	7.7	+0.3
CWI	SPDR MSCI ACWI ex-US ETF	67.0	30	-26	7.6	+0.2
VXUS	Vanguard Total International Stock Index Fund	66.5	8	-4	7.7	+0.4
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	65.9	45	-41	8.6	+1.3
FNDF	Schwab Fundamental International Large Co. Index ETF	63.4	25	-21	8.8	+1.4
GSIE	Goldman Sachs ActiveBeta International Equity ETF	62.3	25	-21	6.9	-0.5
JHMD	John Hancock Multifactor Developed International ETF	61.8	45	-41	7.5	+0.2

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 Portfolio Developed World ex-US ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.2	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.