BWX Fund Description

The SPDR Barclays International Treasury Bond ETF tracks a market-value weighted index of investment grade fixed-rate government bonds issued by countries outside the US.

BWX ETF.com Insight

BWX focuses on investment-grade sovereign debt outside of the US, with a current emphasis on Japanese, UK and Italian debt. The fund’s broad maturity mandate allows for longer datedBWX is a favorite among investors. bonds which boost yield but carry interest rate risk. At 50 bps, BWX is competitively priced considering it has no direct competition. The fund tracks its index well too. Its asset base of $2B coupled with strong daily trading volume is a clear sign that BWX is a favorite among investors. (Insight updated 06/30/2014)

1 Year
Performance [as of 11/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
BWX -2.93% -6.07% -1.82% -2.07% 0.66% 0.65% --
BWX (NAV) -2.70% -5.63% -1.54% -1.85% -- -- --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BWX Top 10 Countries

BWX Top 10 Sectors

BWX Top 10 Holdings

BWX Summary Data

SSgA

A company that produces and manages ETFs.

10/02/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.50%

The net total annual fee a fund holder pays to the issuer.

$1.9 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$25.12 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.11%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

BWX Portfolio Data

7.3

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

9.0 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

1.48%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

12/29/14

The date on which a security's price excludes an upcoming dividend.

559

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

BWX Index Data

Barclays Global Treasury
ex-U.S. Capped Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays Global Treasury
ex US Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to BWX

N/A

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

BWX ETF.com Efficiency Insight

Although it’s the lone fund in its segment, BWX’s 50 bp expense ratio isn’t too far from that of similar global ex-US fixed-income funds. BWX has done a great job of tracking its index, with a median tracking error in line with its stated fees. With $2B in assets and 6+ years of history, BWX is firmly established. (Insight updated 06/30/2014)

Total Return - 09/30/2014
Performance [as of 09/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
BWX -4.34% -5.43% 0.12% -0.21% 0.69% 1.50% --
BWX (NAV) -4.32% -5.15% 0.35% -0.20% 0.74% 1.65% --
Barclays Global Treasury ex-U.S. Capped Index -4.27% -5.06% 0.80% 0.36% 1.30% 2.18% --
Barclays Global Treasury ex US Index -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BWX Portfolio Management

0.50%

The net total annual fee a fund holder pays to the issuer.

-0.53%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.44%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.75%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

BWX Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

BWX Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

BWX ETF.com Tradability Insight

With a median daily dollar volume of over $10M, BWX is among the most liquid fixed-income ETFs available in the US. But spreads are surprisingly elevated in the context of daily volume, so use limit order to manage trading costs. Overall, short-term investors and active traders can access the fund fairly with a bit of care. (Insight updated 06/30/2014)



Average Spread
Premium/Discount
Volume

BWX ETF.com/ Block LiquidityAs of 11/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of BWX. BWX is rated a 3 out of 5.

BWX Tradability

439,418

It is the daily number of shares traded, averaged over the past 45 trading days.

$25.12 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

230,834

Median number of shares traded over the past 45 trading days.

$13.14 M

Median dollar value of shares traded over the past 45 trading days.

0.11%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.06

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.10%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.68% / -0.91%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

24.08%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

2.31

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.03%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

1,122

The total number of net outstanding options contracts for an ETF.

$56.26

The total market value of the assets that an ETF holds less fund expenses.

3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

BWX ETF.com Fit Insight

BWX focuses on the investment-grade pocket of sovereign debt outside the US. Japanese government bonds lead the allocations with sovereign debt from the UK and Italy also playing a large role in the portfolio. The fund includes a hefty allocation to long dated credits, adding both yields and interest rate risk to the mix. (Insight updated 06/30/2014)

BWX Sector/Industry Breakdown

BWX Segment Benchmark
99.56% 99.26%

0.00% 0.71%

0.44% 0.00%

BWX Top 5 Countries

36.83% 22.80%

10.63% 7.71%

9.67% 6.98%

9.07% 6.51%

7.46% 5.35%

BWX Top 5 Currencies

39.10% 40.25%

36.83% 22.80%

10.63% 7.71%

2.86% 4.68%

2.02% 4.66%

BWX Performance Statistics

0.94

The degree to which the fund and its segment benchmark move up and down in unison.

0.99

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.42%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

0.97

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.05

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.07%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

BWX Holdings Statistics

BWX Segment Benchmark
9.39 9.03

The weighted average of remaining time until maturity for all securities in the portfolio.

7.68 7.33

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

0.23 0.22

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

5.22 4.83

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

1.17% 1.48%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

2.67 2.80

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

1,042 559

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

A A

Market–value–weighted average credit quality of the portfolio.

BWX Maturity Distribution

1.61% 0.79%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

21.85% 21.37%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

17.73% 21.08%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

12.33% 11.15%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

15.83% 18.85%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

30.64% 26.76%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

BWX Credit Breakdown

17.82% 29.20%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

56.21% 33.30%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

8.43% 23.61%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

16.49% 13.09%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

0.42% 0.80%

Percent of portfolio's exposure to BB rated bonds (High Yield).

0.06% 0.00%

Percent of portfolio's exposure to B rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).