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) | $1,564 |
| 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 | 3.2 % |
| NOVO NORDISK A/S-B | 1.3 % |
| TENCENT HOLDINGS LTD | 1.2 % |
| ASML HOLDING NV | 1.1 % |
| SAP AG | 1.1 % |
| NESTLE SA-REG | 0.9 % |
| SHELL PLC | 0.8 % |
| ROYAL BANK OF CANADA | 0.8 % |
| ROCHE HOLDING LTD | 0.8 % |
| NOVARTIS AG | 0.8 % |
Constituent Breakdown
| Number of holdings | 1173 |
| Herfindahl-Hirschman Index | 36 |
| Wgt avg mkt cap (mns) | $106,144 |
| Large cap (>$10bn) | 88.6% |
| Mid cap ($2-10bn) | 11.1% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 73.1% |
| Emerging mkts. | 26.9% |
Country Exposure
 |
JAPAN | 14.2 % |
 |
BRITAIN | 9.1 % |
 |
CANADA | 7.2 % |
 |
FRANCE | 6.5 % |
 |
CHINA | 6.5 % |
 |
SWITZERLAND | 6.2 % |
 |
TAIWAN | 5.7 % |
 |
GERMANY | 5.6 % |
 |
INDIA | 5.6 % |
 |
AUSTRALIA | 4.5 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 5.7% | 10.9% | 9.4% | 2.5% | 5.2% | 0.5% | 1.1% | Volatility | 13.1% | 13.0% | 14.1% | 16.5% | 19.5% | 17.2% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.82 | 72% |
| MSCI EAFE | 0.95 | 95% |
| MSCI Emg Mkts | 0.88 | 80% |
Liquidity Measures
| Avg. volume (000) | 362 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $74,118 |
Technical Indicators
| Recent close | $28.18 |
| 30d moving avg. | $29.04 |
| Annualized volatility | 17.0% |
| Relative strength (RSI) | 46 |
| 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 | 75.5% | +4 bp | +0.0% |
| VEU | Vanguard FTSE All-World ex-US Index Fund | 70.3% | -22 bp | +0.3% |
| GXUS | Goldman Sachs MarketBeta Total International Equity ETF | 67.9% | -12 bp | +0.1% |
| DBAW | Xtrackers MSCI All World ex US Hedged Equity ETF | 67.7% | +11 bp | +0.4% |
| SPDW | SPDR Portfolio Developed World ex-US ETF | 67.2% | -27 bp | +0.3% |
| IXUS | iShares Core MSCI Total International Stock ETF | 66.6% | -23 bp | +0.3% |
| VXUS | Vanguard Total International Stock ETF | 64.9% | -23 bp | +0.3% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 64.7% | -26 bp | +0.2% |
| VEA | Vanguard FTSE Developed Markets ETF | 64.2% | -25 bp | +0.4% |
| SCHF | Schwab International Equity ETF | 62.4% | -24 bp | +0.7% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 12/24/2024
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
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™
CWI
7.0%
Cat. Avg
7.5%
ALTAR Score™ Calculation
Category Overview
There are 267 funds in the International Equity category, with an average ALTAR Score™
of 7.5% and a standard deviation of
2.7%. CWI's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places CWI in the 43rd 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 | 30 |
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. | 35.6 | 19.0 | 54.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .