SPDR Dow Jones International Real Estate ETF

SPDR Dow Jones International Real Estate ETF (RWX), from State Street, tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. The index holds about 120 property owners and REITs outside the United States, and Japan is its largest country. The fund paid a trailing yield of 4.18% as of October 27, 2026. Its 0.59% expense ratio is the highest among similar funds, several of which charge 0.12% or less.

• Over the year to Oct 27, 2026, RWX returned -4.8%, 2nd of 5 among similar funds.
• Its 5-year annualized return was -2.7% and its 10-year +0.9%.
• In the 2020 COVID crash it fell 43% and regained its old high 14.5 months after the low.
• Its worst full calendar year was 2008 (-50.6%); its best was 2012 (+39.1%).
• The deepest fall in its price history was 73.6% (May 7, 2007 to Mar 9, 2009), recovered by Jan 17, 2018.

As of Jun 30, 2026, the fund held 126 securities; the ten largest made up 28.7% of assets. It also reported 3.64% 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 $2.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.13%, -1.47%, -2.05%.

RWX follows an index from S&P Dow Jones Indices that tracks publicly traded real estate companies outside the US. To qualify, a company must own and operate commercial or residential property. Most of its revenue must come from that property: at least 75% for new members. New members also need a float-adjusted market value of at least $200 million and enough daily trading. The index leaves out mortgage REITs, home builders, real estate brokers and specialty REITs such as tower and timber owners. It weights companies by float-adjusted market value, which counts only shares available to trade, so bigger companies get bigger weights. The index is reviewed and rebalanced every quarter, after the third Friday of March, June, September and December.

State Street uses a sampling approach. The fund doesn't have to buy every stock in the index, but it keeps 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 and cash to manage money coming in and going out. Portfolio turnover was 9%, which is low.

As of June 30, 2026, the fund held 126 stocks. Japan made up 25.6% of the fund, the UK 13.6% and Singapore 9.5%. The largest holdings were Mitsui Fudosan (5.6%), Segro (3.4%), Unibail-Rodamco-Westfield (3.1%) and Scentre Group (3.1%). Returns also move with foreign currencies against the dollar.

• RWX charges 0.59% a year, versus an average of 0.32% for the similar funds below (5th of 5, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).

It adds non-US property owners and REIT income to portfolios that are mostly US-focused, but its losses in downturns have been deep.

RWX could add exposure to landlords in Japan, the UK, Singapore and Australia to a portfolio built mostly from US stocks and bonds. Its trailing yield was 4.18% as of October 27, 2026, paid quarterly. The trade-off is steep losses that took years to recover. The fund fell 73.6% from May 2007 to March 2009 and didn't regain its peak until January 2018. Its worst calendar year was 2008, a loss of 50.6%. It dropped 43% in the 2020 COVID crash. In the 2022 bear market it fell 32.6% and needed about 40 months, until February 2026, to recover. Anyone who has to sell shares or draw income in a year like those would be locking in losses. Costs are high for the category. The SEC's standard example puts them at $738 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.