SPDR FTSE International Government Inflation-Protected Bond ETF

SPDR FTSE International Government Inflation-Protected Bond ETF (WIP), from State Street, tracks the FTSE International Inflation-Linked Securities Select Index. That index holds government bonds issued outside the United States whose value is linked to inflation. The fund holds both developed markets, such as the UK, France and Germany, and emerging markets, such as Brazil, Mexico and Turkey. Its 0.50% expense ratio is higher than the 0.28% average of similar international bond funds.

• Over the year to Oct 27, 2026, WIP returned +2.7%, 1st of 8 among similar funds.
• Its 5-year annualized return was -1.0%.
• Its worst full calendar year was 2022 (-15.6%); its best was 2025 (+15.3%).
• The deepest fall in its price history was 28.9% (Jun 10, 2021 to Sep 27, 2022), not yet recovered.

As of Jun 30, 2026, the fund held 180 securities; the ten largest made up 14.92% of assets.

The bonds mature in 10.7 years on average (weighted by size), with an average coupon of 1.99%.

• Over the three months to Jun 30, 2026, investors added a net $48.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.67%, +0.87%, -1.77%.

WIP aims to track the FTSE International Inflation-Linked Securities Select Index, which FTSE Russell runs. The index holds government bonds from outside the United States whose principal is linked to an inflation index. They work like US TIPS (Treasury Inflation-Protected Securities). To qualify, a bond needs a fixed coupon, at least one year left to maturity and a minimum issue size. It also needs a rating of at least C from S&P or Ca from Moody's, so bonds well below investment grade can be included. Corporate and quasi-government debt are left out. As of February 28, 2026, the index held about 182 bonds from 19 countries.

Countries are weighted by market value, with limits. No single country can be more than 22.5% of the index. Countries above 4.6% can together make up no more than 45%, and there must be at least five of them. Within each country, bonds are weighted by size. The index rebalances monthly, on the last day of the month.

SSGA Funds Management, State Street's adviser, uses sampling. That means it may buy a group of index bonds with similar risk and return instead of every bond. At least 80% of assets go into index bonds or close equivalents. The fund is allowed to use derivatives such as credit default swaps. As of June 30, 2026, it held 180 positions and reported no derivatives.

• WIP charges 0.5% a year, versus an average of 0.28% for the similar funds below (7th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

WIP adds foreign inflation-linked government bonds that have moved only loosely with US stocks, but its large losses make it a poor defensive anchor.

WIP adds inflation-linked government bonds from countries such as the UK, France and Brazil. It has moved only loosely with US stocks, with a one-year beta of 0.38 as of October 27, 2026. It lost 15.41% in 2022, its worst calendar year, and 8.86% in 2024. From June 10, 2021, to September 27, 2022, it fell 28.9%, and it had not climbed back to that peak as of October 27, 2026. Its price history doesn't cover 2008 or the 2020 crash. Anyone forced to sell in a slump could lock in deep losses. The trailing yield was 6.33% as of October 27, 2026, paid monthly, but payouts rise and fall with inflation and exchange rates. Costs come to $51 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, 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).