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Sunday, August 23, 2026The Morning Brief →Sign in
BWXSPDR

SPDR Bloomberg International Treasury Bond ETF

$21.96+0.14% today
212352-WK

The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to track the fixed-rate local currency sovereign debt of investment grade countries outside the United States. It is non-diversified.

Price & daily flows
22.922.321.821.96DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned -2.3% so far this year. At 0.35% a year it is not the cheapest way in — IJH runs the same ground at 0.05%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$1.3Bassets under management
0.35%expense ratio · $35 per $10,000 a year
net flow, trailing month
340Kavg daily volume, 30 days
1259holdings · US-domiciled
2007listed October 1, 2007 · beta 0.26
The book at a glance
0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1REPUBLIC OF AUSTRIA SR UNSECURED 144A REGS 03/37 40.30%
2JAPAN (GOVERNMENT OF) 10YR #3720.29%
3JAPAN (10 YEAR ISSUE) BONDS 06/30 0.10.29%
4BELGIUM KINGDOM SR UNSECURED 144A REGS 03/35 50.28%
5NETHERLANDS GOVERNMENT BONDS 144A REGS 01/42 3.750.26%
6JAPAN GOV .2% 03/20/320.26%
7JAPAN (GOVERNMENT OF) 10YR #3620.26%
8JAPAN (10 YEAR ISSUE) BONDS 09/29 0.10.26%
9AUSTRALIAN GOVERNMENT SR UNSECURED REGS 11/28 2.750.26%
10JAPAN (10 YEAR ISSUE) BONDS 09/30 0.10.25%
11MEX BONOS DESARR FIX RT BONDS 03/29 8.50.25%
12AUSTRALIAN GOVERNMENT SR UNSECURED REGS 11/29 2.750.25%
13JAPAN (30 YEAR ISSUE) BONDS 03/40 2.30.25%
14JAPAN GOV .1% 12/20/300.25%
15AUSTRALIAN GOVERNMENT SR UNSECURED REGS 04/29 3.250.24%

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Sector weights
Cash & Others100%
Other100%
Government0.2%
Cash0.06%
Mutual fund0.05%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
Other100%
United States100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+0.8%
1 month+2.8%
3 months+0.1%
6 months-4.2%
YTD-2.3%
1 year-4.5%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

The risk read
7%realized volatility, 30 days (annualized)
8%realized volatility, 1 year
-8.2%deepest fall from a peak, 1 year
-5.6%where it sits vs. that peak today

The top holding is 0.3% of the book; the top ten carry 3%. Spread across 250+ names, it behaves like roughly 232 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
204Kshares traded
The case against BWX

Due diligence cuts both ways. These funds sit on the same shelf and beat BWX on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-32bp on fee · 12× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-31bp on fee · 29× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-30bp on fee · 97× the assets · +$547M in over the monthHead-to-head
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-31bp on fee · 25× the assets · +$104M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-31bp on fee · 18× the assets · +$520M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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