SPDR S&P International Small Cap ETF

The SPDR S&P International Small Cap ETF (GWX), from State Street, tracks the S&P Developed Ex-U.S. Under USD2 Billion Index. That index holds small companies in developed countries outside the US, and Japan made up about 37% of the fund as of June 30, 2026. The fund spreads its money across 2,085 holdings, so no single stock tops 0.4%. Its 0.40% expense ratio is higher than the 0.11% charged by Schwab's international small-cap ETF.

• Over the year to Oct 27, 2026, GWX returned +12.8%, 3rd of 7 among similar funds.
• Its 5-year annualized return was +5.7% and its 10-year +7.4%.
• In the 2020 COVID crash it fell 36% and regained its old high 5.1 months after the low.
• Its worst full calendar year was 2008 (-44.8%); its best was 2009 (+38.3%).
• The deepest fall in its price history was 63.2% (Oct 31, 2007 to Mar 9, 2009), recovered by Oct 22, 2013.

As of Jun 30, 2026, the fund held 2,085 securities; the ten largest made up 2.98% of assets. It also reported 7.97% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $7.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.67%, +2.57%, -5.51%.

S&P Dow Jones Indices builds the fund's index from its larger S&P Global BMI (Broad Market Index). To qualify, a company must be publicly listed, be based in a developed country other than the US, and have a total market value between $100 million and $2 billion. Stocks are weighted by float-adjusted market value. That means only shares actually available to the public count, so bigger companies get bigger slices. The index held 3,252 securities as of November 30, 2025.

The adviser, SSGA Funds Management, uses a sampling strategy. Rather than buying every stock in the index, it may hold a smaller group chosen to behave like the whole index. As of June 30, 2026, the fund held 2,085 holdings. It must keep at least 80% of its assets in index stocks or depositary receipts, which are certificates that trade in place of foreign shares. It may use futures contracts to manage cash coming in and going out.

The index is rebuilt every September and adjusted each quarter for share changes and new listings. A company that grows past the $2 billion limit can be dropped at the yearly rebuild. Portfolio turnover was 14%. The fund uses no leverage or options. Its stocks trade in foreign currencies, so swings in the yen, won and other currencies against the dollar affect returns.

• GWX charges 0.4% a year, versus an average of 0.36% for the similar funds below (5th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).

GWX adds thousands of small non-US companies that most US-heavy portfolios lack, but its deep past losses make it a poor fit as a core holding.

GWX could add something most US-heavy portfolios lack: thousands of smaller companies in Japan, South Korea, Canada, Europe and Australia. Its trailing 12-month yield was 2.68% as of October 27, 2026, paid twice a year. It costs 0.40% a year, which works out to about $41 in the first year on $10,000 under the SEC's standard example.

The losses can be deep. The fund fell 63.2% from October 2007 to March 2009 and didn't get back to its old peak until October 2013. In 2008 alone it lost 44.8%. It dropped 36% in the 2020 COVID crash but recovered by August 2020. Its 31% fall in 2022 took until May 2025 to recover. Anyone forced to sell in a year like that would lock in losses, so a cash or bond cushion matters. Past results don't predict the future, and any plan needs to look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).