SPDR Bloomberg International Treasury Bond ETF

SPDR Bloomberg International Treasury Bond ETF (BWX) tracks the Bloomberg Global Treasury ex-US Capped Index. The index holds fixed-rate government bonds from investment-grade countries outside the US, in each country's own currency. As of June 30, 2026, Japan made up about 23% of the fund. Its 0.35% expense ratio matches iShares' IGOV but is well above the 0.19% average for similar funds. Currency swings drive much of its return.

• Over the year to Oct 27, 2026, BWX returned -4.5%, 7th of 8 among similar funds.
• Its 5-year annualized return was -4.0% and its 10-year -1.2%.
• In the 2020 COVID crash it fell 13.4% and regained its old high 4.3 months after the low.
• Its worst full calendar year was 2022 (-19.8%); its best was 2017 (+10.0%).
• The deepest fall in its price history was 34.1% (Jan 5, 2021 to Oct 20, 2022), not yet recovered.

As of Jun 30, 2026, the fund held 1,373 securities; the ten largest made up 2.75% of assets.

The bonds mature in 9.4 years on average (weighted by size), with an average coupon of 2.66%.

• Over the three months to Jun 30, 2026, investors withdrew a net $149.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.16%, -0.05%, -1.83%.

BWX, from State Street, tracks the Bloomberg Global Treasury ex-US Capped Index. The index holds fixed-rate government bonds that investment-grade countries outside the United States issue in their own currencies. Investment grade means rating agencies see a relatively low risk of default. To qualify, each bond needs at least one year left to maturity and a middle rating of Baa3/BBB- or better from Moody's, S&P and Fitch.

Bloomberg weights countries roughly by the market value of their bonds, so the biggest bond markets count most. Japan made up 22.76% of the fund as of June 30, 2026. The index updates its holdings on the last business day of each month. It held about 1,662 bonds as of February 28, 2026. The fund uses sampling: rather than buy every bond, it holds a subset meant to match the index's risk and return. It owned 1,373 securities as of June 30, 2026. Under normal conditions, at least 80% of its assets sit in index bonds or close equivalents.

The bonds pay in yen, euros, pounds and other currencies, so changes in the dollar move returns. A weaker dollar helps, and a stronger one hurts. The fund may use forward currency contracts, which lock in a future exchange rate, to hedge that risk or as an investment. It may also use futures to track the index and manage cash. It reported no derivatives as of June 30, 2026.

• BWX charges 0.35% a year, versus an average of 0.19% for the similar funds below (5th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).

BWX holds foreign government bonds and foreign currencies, which can move differently from US stocks and US bonds, but its swings are too large for a core holding.

BWX offers exposure to interest rates and currencies outside the US, but that hasn't meant stability. In the 2020 COVID crash, it fell 13.4% between March 9 and March 18, 2020, and recovered by July 27, 2020. In 2022, it fell 27%. Its deepest drop, 34.1% from January 2021 to October 2022, still hadn't been recovered as of October 27, 2026. Its worst calendar year was 2022, with a 19.66% loss. The figures here don't cover 2008. Anyone who had to sell shares or draw income during that stretch would have locked in large losses.

The fund pays monthly. Its trailing 12-month yield was 2.43% as of October 27, 2026. In the SEC's standard example, $10,000 invested would cost about $36 in fees in the first year and $443 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).