Core Viewpoint - The SPDR Portfolio Developed World ex-US ETF (SPDW) and iShares MSCI ACWI ex US ETF (ACWX) offer distinct investment strategies, with SPDW providing lower fees and higher yields, while ACWX offers broader non-U.S. equity exposure and a higher technology allocation [1][2]. Cost and Size Comparison - SPDW has an expense ratio of 0.03%, significantly lower than ACWX's 0.32% [3][10]. - As of January 9, 2026, SPDW's one-year return is 37.84%, compared to ACWX's 35.89% [3][10]. - SPDW has a dividend yield of 3.3%, higher than ACWX's 2.83% [3][10]. - Assets under management (AUM) for SPDW is $33.45 billion, while ACWX has $7.87 billion [3]. Performance and Risk Comparison - Over the past five years, SPDW has a maximum drawdown of -30.23%, slightly worse than ACWX's -30.03% [4]. - An investment of $1,000 would have grown to $1,304 in SPDW and $1,251 in ACWX over five years [4]. Holdings and Sector Allocation - ACWX holds 1,751 stocks, with a sector allocation of 25% in financial services, 15% in technology, and 15% in industrials [5]. - Major holdings in ACWX include Taiwan Semiconductor Manufacturing (3.9%), ASML (1.53%), and Tencent Holdings (1.4%) [5]. - SPDW focuses on developed markets, with a sector allocation of 23% in financial services, 19% in industrials, and 11% in technology [7]. - Key positions in SPDW include ASML (1.73%), Samsung (1.65%), and Roche (0.98%) [7]. Investment Implications - Investors seeking exposure to emerging markets and technology may prefer ACWX, particularly due to its holdings like TSMC, which has seen significant growth [12]. - Conversely, those looking for lower-cost access to developed markets and higher dividend yields may find SPDW more appealing [12].

Core Insights - The iShares Core MSCI Emerging Markets ETF (IEMG) focuses on emerging markets with a lower expense ratio, while the iShares MSCI ACWI ex US ETF (ACWX) provides broader non-U.S. exposure with a slightly higher yield and lower risk in recent periods [1][2] Cost and Size Comparison - IEMG has an expense ratio of 0.09% and assets under management (AUM) of $120.1 billion, while ACWX has an expense ratio of 0.32% and AUM of $7.9 billion [3] - Both IEMG and ACWX have a dividend yield of 2.7%, with IEMG showing a 1-year return of 36.8% compared to ACWX's 34.2% [3] Performance and Risk Comparison - Over the past five years, IEMG experienced a maximum drawdown of -37.16%, while ACWX had a lower maximum drawdown of -30.06% [5] - The growth of $1,000 over five years was $1,083 for IEMG and $1,267 for ACWX, indicating better performance for ACWX in terms of growth [5] Fund Composition - ACWX holds 1,751 stocks with a sector mix led by Financial Services (25%), Technology (15%), and Industrials (15%), with major holdings including Taiwan Semiconductor Manufacturing (3.83%) and Tencent Holdings Ltd (1.48%) [6] - IEMG focuses on 2,725 stocks, with a sector tilt favoring Technology (26%), Financial Services (21%), and Consumer Cyclical (12%), featuring top holdings like Taiwan Semiconductor Manufacturing (10.73%) and Tencent Holdings Ltd (4.14%) [7] Investment Implications - IEMG is suitable for investors seeking exposure to emerging markets with higher growth potential and lower costs, albeit with a higher risk profile [10] - ACWX is recommended for investors looking to reduce risk through a mix of stable developed and high-growth emerging markets, despite its higher fees [11]

Core Viewpoint - Emerging markets have significantly outperformed U.S. stocks over the past year, with the iShares MSCI Emerging Markets ETF returning over 39% compared to the SPDR S&P 500 ETF Trust's 17% [1] Group 1: Performance Comparison - The iShares MSCI Emerging Markets ETF has returned more than 39% in the last 12 months [1] - The SPDR S&P 500 ETF Trust has only returned 17% in the same period [1] Group 2: Factors Influencing Performance - Factors such as fading U.S. dollar strength and overseas earnings momentum are contributing to the strong performance of emerging markets [1] - Ted Neild, CEO and chief investment officer at Gresham Partners, believes the current setup for emerging markets relative to developed markets is more favorable than in the past decade [1] Group 3: Institutional Insight - Gresham Partners is a wealth management firm with $13.2 billion in assets, serving 125 wealthy families [1]

Group 1 - Major indices are reaching all-time highs, making it challenging to find value in developed markets [1] - Emerging markets are presenting lower valuations due to their underperformance [1] - A seasoned value investor, with nearly 20 years of experience, seeks undervalued companies with significant margins of safety [1] - The investor focuses on companies with solid earnings records trading at less than 8 times free cash flow [1]

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