GWX

SPDR S&P International Small Cap ETF

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.


Passive, Concentrated

MANAGEMENT MATRIX

SPGM

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorState Street Global Advisors
CategoryInternational Equities
Asset classEquity
Websitelink...
Inception dateApr 20, 2007
Assets (mns)$657
Expense ratio40 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsSemi-Annually
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
SPDR Dow Jones Industrial Average ETF Tr 443.4 %
Invesco DWA Industrials Momentum ETF 7.2 %
Invesco FTSE RAFI Developed Markets ex-U 5.8 %
Goldman Sachs JUST U.S. Large Cap Equity 4.9 %
IQ Real Return ETF 3.3 %
Renaissance IPO ETF 2.4 %
SPDR S&P Insurance ETF 1.3 %
Overlay Shares Small Cap Equity ETF 1.2 %
iShares TIPS Bond ETF 1.1 %
iShares Short Treasury Bond ETF 0.9 %
Constituent Breakdown
Number of holdings1736
Herfindahl-Hirschman Index 200,160
Wgt avg mkt cap (mns)$913
Large cap (>$10bn)0.0%
Mid cap ($2-10bn)8.7%
Small cap (<$2bn)90.5%
Developed mkts.88.7%
Emerging mkts.11.3%
Country Exposure
JAPAN 33.6 %
SOUTH KOREA 8.7 %
CANADA 7.4 %
AUSTRALIA 7.2 %
BRITAIN 5.2 %
ISRAEL 2.5 %
SWEDEN 2.3 %
GERMANY 2.2 %
SWITZERLAND 1.5 %
NORWAY 1.5 %
Historical Performance


Standardized Annual Returns (as of 08/31/2023)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
5.9% 6.8% -9.2% 3.2% 0.8% 4.5% 2.6%
Market Correlations
versus...BetaR-squared
S&P 5000.9073%
MSCI EAFE1.0093%
MSCI Emg Mkts0.8767%
Liquidity Measures
Avg. volume (000)54
Turnover0.2%
Avg. Bid/Ask (% of price)0.35%
ADV of underlying (mns)$4,293
Technical Indicators
Recent close$29.06
30d moving avg.$30.21
Annualized volatility18.9%
Relative strength (RSI)39
Short interest (ETF)0.5%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Risk and Returns: GWX vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2018 2019 2020 2021 2022 2023E 2024E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2022 2023E Fwd Est 2024E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
0.6 11.2 0.9 3.3% --
Based on closing prices from 9/26/2023
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
GWX



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

GWX

5.9%

Cat. Avg

8.2%

Fund Category: International Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™5.9%
Recommendation

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 be less relevant.

Category Overview
There are 271 funds in the International Equities category, with an average ALTAR Score™ of 8.2% and a standard deviation of 2.6%. GWX's ALTAR Score™ is approximately 0.9 standard deviations below the category average. This places GWX in the 19th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
GWX
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown

 

Market Activity
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Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
GWX 40.0 34.8 74.8
Peer Avg. -- -- --
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .
Fundamental data for individual fund constituents sourced from FactSet Research Systems.