CWI
SPDR MSCI ACWI ex-US ETF
The SPDR MSCI ACWI ex-US ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the MSCI ACWIsm ex USA Index, an equity index based upon a broad based world ex-US composite market.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
1.6 B
ASSETS UNDER MGMT
30 bp
EXPENSES
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 10, 2007 |
| Assets (mns) | $1,640 |
| Expense ratio | 30 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TAIWAN SEMICONDUCTOR-SP ADR | 2.4 % |
| TENCENT HOLDINGS LTD | 1.6 % |
| SAP AG | 1.1 % |
| NESTLE SA-REG | 1.1 % |
| ASML HOLDING NV | 1.0 % |
| ROCHE HOLDING LTD | 0.9 % |
| NOVARTIS AG | 0.8 % |
| SHELL PLC | 0.8 % |
| ALIBABA GROUP HOLDING LTD. | 0.8 % |
| NOVO NORDISK A/S-B | 0.8 % |
Constituent Breakdown
| Number of holdings | 1131 |
| Herfindahl-Hirschman Index | 34 |
| Wgt avg mkt cap (mns) | $109,134 |
| Large cap (>$10bn) | 89.5% |
| Mid cap ($2-10bn) | 10.1% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 72.9% |
| Emerging mkts. | 27.1% |
Country Exposure
 |
JAPAN | 13.6 % |
 |
BRITAIN | 9.4 % |
 |
CHINA | 7.8 % |
 |
CANADA | 6.8 % |
 |
FRANCE | 6.8 % |
 |
SWITZERLAND | 6.4 % |
 |
GERMANY | 6.1 % |
 |
INDIA | 5.2 % |
 |
TAIWAN | 4.8 % |
 |
AUSTRALIA | 4.1 % |
Historical Performance
Standardized Performance (as of 03/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.9% | 7.6% | 8.9% | 2.4% | 5.0% | 2.3% | -- | 1.1% |
| Dividend Yield | 0.0% | 3.1% | 3.2% | 3.0% | 2.9% | 2.8% | -- | 2.7% |
| Total Returns | 5.9% | 10.6% | 12.0% | 5.4% | 7.9% | 5.1% | -- | 3.8% | Ann. Volatility | 13.9% | 13.4% | 13.2% | 16.3% | 19.4% | 17.2% | -- | 22.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.80 | 68% |
| MSCI EAFE | 0.96 | 96% |
| MSCI Emg Mkts | 0.88 | 81% |
Liquidity Measures
| Avg. volume (000) | 283 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $61,476 |
Technical Indicators
| Recent close | $28.43 |
| 30d moving avg. | $29.84 |
| Annualized volatility | 16.9% |
| Relative strength (RSI) | 35 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. CWI |
Expenses vs. CWI |
ALTAR Score™ vs. CWI |
|---|---|---|---|---|
| ACWX | iShares MSCI ACWI ex U.S. ETF | 76.7% | +4 bp | -0.1% |
| VEU | Vanguard FTSE All-World ex-US Index Fund | 70.6% | -22 bp | +0.2% |
| DBAW | Xtrackers MSCI All World ex US Hedged Equity ETF | 69.6% | +11 bp | -0.9% |
| GXUS | Goldman Sachs MarketBeta Total International Equity ETF | 68.4% | -12 bp | -0.1% |
| IXUS | iShares Core MSCI Total International Stock ETF | 67.5% | -23 bp | +0.1% |
| SPDW | SPDR Portfolio Developed World ex-US ETF | 67.3% | -27 bp | -0.8% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 64.9% | -26 bp | -0.9% |
| VXUS | Vanguard Total International Stock ETF | 64.5% | -23 bp | +0.1% |
| VEA | Vanguard FTSE Developed Markets ETF | 64.0% | -25 bp | -0.8% |
| SCHF | Schwab International Equity ETF | 62.1% | -24 bp | -0.6% |
Risk and Returns: CWI 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2024 | 2025E | Fwd Est | 2026E | |
| 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 | --% |
Based on closing prices from 4/11/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
CWI
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 Rating
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™
CWI
8.6%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 257 funds in the International Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.4%. CWI's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places CWI in the 63rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
CWISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| CWI (30 bp) Percentile rank | 31 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CWI | 30.0 | 4.1 | 34.1 |
| Peer Avg. | 35.3 | 19.2 | 54.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .