A sound investment process and strong management team underpin SPDR® Global Dow ETF's Morningstar Medalist Rating of Gold. The portfolio maintains a sizable cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The strategy's investment process inspires confidence and earns a High Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an underweight position in quality exposure and an overweight in yield exposure compared with category peers. Low quality exposure is attributed to stocks with higher financial leverage and lower profitability. And a high yield exposure is rooted in holding high dividend-paying or buyback stocks. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

NVIDIA

General Electric

QUALCOMM

Howmet Aerospace

Broadcom

American Express

Wells Fargo

Banco Bilbao Vizcaya Argentaria

Banco Santander

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. SPDR® Global Dow ETF earns a High Process Pillar rating. The main driver of the rating is that this fund tracks an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Strong risk-adjusted performance also supports the rating. This can be seen in the fund's five-year alpha calculated relative to the category index, which suggests that the process was successful over that period. The parent firm's five-year risk-adjusted success ratio of 57% contributes to the process. The measure indicates the percentage of a firm's funds that survived and surpassed their respective category's median Morningstar Risk-Adjusted Return for the period. Their compelling success ratio suggests that this firm does well for investors and that this fund may benefit from that.

The investment strategy as stated in the fund's prospectus is:  The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Global Dow that tracks the performance of multinational blue-chip issuers.  The fund generally invests substantially all, but at least 80%, and of its total assets in the securities comprising the index. The index is made up of 150 companies from around the world. It may purchase a subset of the securities in the index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the index. 

 The portfolio is overweight in financial services and technology relative to the category average by 5.5 and 3.6 percentage points, respectively. The sectors with low exposure compared to category peers are real estate and basic materials, underweight the average by 5.5 and 4.1 percentage points of assets, respectively. The strategy owns 178 securities and its assets are more dispersed than the typical peer in the category. In the most recent disclosure, 9.2% of the portfolio's assets were concentrated in the top 10 fund holdings, as opposed to the category’s 14.2% average. And in closing, in terms of portfolio turnover, looking at year-over-year movements, 7% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

High

Process

SPDR® Global Dow ETF's strong equity team drives the strategy's Above Average People Pillar rating. There are two managers listed on the fund: Karl Schneider, Kathleen Morgan. The team is well equipped, with an average of 17 years of portfolio management experience. Together, they manage a total of three strategies, with a Gold asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

State Street Global Advisors is under new leadership but continues to move along the positive trajectory established by former leaders. SSGA maintains its Above Average Parent Pillar rating.
Cyrus Taraporevala, who oversaw much of SSGA’s recent transformation, retired from the CEO position in December 2022 and passed the baton to his successor, Yie-Hsin Hung. She inherited a business that’s become more disciplined with its fund lineup. Fees have come down, while product development remains focused on fixed-income and sustainability funds, and many of SSGA’s launches have echoed that intention.
The seeds that SSGA planted over the past several years have been bearing fruit. It built out a low-cost series of portfolio building-block ETFs in the U.S. bearing the “SPDR Portfolio” branding. SSGA launched these later than its industry rivals, so they aren’t as large. But they’re competitive, with solid management and low fees, which helped them consistently take in new money over the past several years.
SSGA continued to overhaul its ETF business in Europe with most of its recent fixed-income and sustainability fund launches. Many of these funds track indexes and charge relatively low fees. With operations in the U.S. and Europe standing on a firm foundation, SSGA will put more focus on its Asia-Pacific business—the smallest regional segment of its business.

Parent

SPDR Global Dow ETF

DGT tracks an equal-weighted index of global blue-chip stocks selected by Dow Jones.

SPDR® Global Dow ETF offers global diversification for investors looking to expand beyond US markets.

DGT: A Good Way To Access The Globe

SPDR Global Dow ETF is a smart beta equity ETF that represents both DM and EM companies with a pivotal role in the global economy. The portfolio has been recently recalibrated. DGT has a rather standard country mix, having, aside from most of the net assets allocated to the U.S., overweening exposure to Europe and Japan. DGT might be a solid choice for investors who select stocks fastidiously and demand a similarly careful approach from passive vehicles they would buy into.

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Front-Running Easy Money

News for SPDR Global Dow ETF ETF (DGT)