Strength in SPDR® S&P International Dividend ETF's People Pillar is partially offset by an Average Process Pillar rating, leading to a Morningstar Medalist Rating of Neutral. The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy earns an Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant underweight position in liquidity exposure and volatility exposure compared with category peers. Low liquidity risk exposure is attributed to stocks with a low trading volume, limiting managers' flexibility. And low volatility exposure is rooted in stocks that have a lower standard deviation of returns. 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

TC Energy

Seritage Growth Properties

AT&T

Autoliv

Gramercy Property Trust

APA Corporation

Sun Life Financial

ENGlobal

Rockwell Collins

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® S&P International Dividend ETF earns an Average Process Pillar rating. 

The main contributor to the rating is the parent firm's five-year risk-adjusted success ratio of 58%. The measure indicates the percentage of a firm's funds that survived and outperformed their respective category's median Morningstar Risk-Adjusted Return for the period. The parent firm's excellent risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 3.3 stars, also strengthens the process. Lastly, the process is limited by the fund's unimpressive long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period.

 This strategy, over time, has opted for smaller market-cap companies, compared with others in the Foreign Large Value Morningstar Category.  But in terms of investment style, it is on par with peers. Analyzing additional factors, this strategy continually held some stocks with low trading volume over the last few years. Less-liquid stocks might offer strong returns to compensate for their risks, but they can be harder and more expensive to trade in bear markets. In the latest month, the strategy was also less exposed to the Liquidity factor compared with Morningstar Category peers. This strategy has also tilted toward low-volatility stocks in recent years, meaning those that have a lower standard deviation of returns. These low-risk stocks are typically at their best when markets are not. Low volatility exposure contributes to limited loss on the downside at the cost of a lag in bull markets. Similarly, in recent months, the strategy also had less exposure to the Volatility factor than peers. This strategy also has tilted toward low-quality stocks, companies with higher financial leverage and lower profitability over these years. Such positions do not tend to provide much ballast for a portfolio. Nevertheless, the fund's Quality exposure was in line with peers in the latest month. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in utilities and real estate relative to the category average by 18.1 and 12.2 percentage points, respectively. The sectors with low exposure compared to category peers are financial services and industrials, underweight the average by 9.8 and 9.4 percentage points of assets, respectively. The portfolio is composed of 120 holdings and is quite concentrated. In particular, 17.5% of the portfolio's assets are housed within the top 10 holdings, compared to the category’s 13.9% average. And in closing, in terms of portfolio turnover, on a year-over-year basis, 64% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Average

Process

SPDR® S&P International Dividend ETF's strong equity team drives the strategy's Above Average People Pillar rating. There are two managers listed on the fund: Karl Schneider, Ted Janowsky. Experience on the team is abundant, with 21 years of average portfolio management experience. Together, they manage a total of six strategies, with a Bronze asset-weighted average Morningstar Medalist Rating, indicating the 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 S&P International Dividend ETF

DWX tracks a dividend-weighted index of the 100-highest-yielding companies outside the US that meet the S&P's investability and stability screens.

DWX: Global ETF With A 4% Yield And Caveats.

DWX: Global ETF With A 4% Yield And Caveats

DWX aims to track the performance of 100 high-yielding non-US stocks. This ETF sports a dividend rate of around 4.4%, in the payout range of US T-Bills.

DWX: Yield, Non-U.S. Exposure And Diversification; But I Want More

DWX invests in higher-yielding dividend stocks outside the United States. The fund is probably undervalued and offers a strong potential IRR.

DWX: International Dividend Stocks Are Modestly Undervalued, Cyclically Unattractive

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DWX: A High Yield, High Risk International ETF

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Tailwinds for This International Dividend ETF

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Where to Go for Better International Dividend Yields

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DWX: A Well-Diversified ETF With A Decent Yield

DWX is an international dividend ETF. It is overweight in Europe, utilities and financials.

DWX: Past Performance Is Concerning

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DWX: A Quality Dividend-Paying ETF

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Get Paid to Go Global with Reflation Trade

DWX uses a range of technical, sustainability, and earnings screens to select its portfolio of high-yielding names. The outlook for dividend outflows for 2021 has recently been scaled up.

DWX: A Low-Beta ETF, With Solid Screens

As of February 12, there were 118 holdings in the DWX portfolio, 99 of which were stocks. The bulk of AUM is allocated to Canada (15 equity holdings with an 18% weight), so it looks DWX's principal risk is its exposure to the loonie.

DWX: Well-Balanced Portfolio, Nice Yield

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SPDR S&P International Dividend ETF: A Well-Diversified International Alternative

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News for SPDR S&P International Dividend ETF ETF (DWX)