FLEE vs SPDW: Grades, Fees and Holdings Compared

Franklin FTSE Europe ETF

FLEEBNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

43.6%by weight

Expense ratio

SPDW −0.06pt a year

FLEE0.09%SPDW0.03%

Avg volume · 30D

SPDW 304.6×the volume

FLEE9.82KSPDW2.99M

5Y return · a year

FLEE+8.9%SPDW+8.9%

FLEE vs SPDW Performance

Nov 9, 2021 – Nov 9, 2026

+53.5%FLEE+53.3%SPDW

Expense ratio: FLEE 0.09%; SPDW 0.03%, better
Fund size: FLEE $100M; SPDW $40.1B
1Y total return: FLEE +15.7%; SPDW +18.5%, better
Yield (12M): FLEE 3.12%, better; SPDW 3.05%
Holdings: FLEE 495; SPDW 2447
Avg volume (30D): FLEE 9.82K sh; SPDW 2.99M sh, better
NAV per share: FLEE $38.28; SPDW $48.15
52W range

ETF.net Grade

Pillar letters and Scores for FLEE, SPDW, with each pillar’s weight
Pillar	FLEE	SPDW
Cost30% weight	C53	A90Higher
Mission25% weight	A99	A100Higher
Risk15% weight	D39	C50Higher
Tradability15% weight	D37	B60Higher
Holdings10% weight	C41	A90Higher
Durability5% weight	D29	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. FLEE and SPDW are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

SPDW ranks 2nd and FLEE 13th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 82
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 81
Rank 3AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 11BURTHiShares MSCI World ETFScore 58
Rank 13BFLEEFranklin FTSE Europe ETFScore 57
Rank 13BFNDFSchwab Fundamental International Large Company Index ETFScore 57

Our read on each fund

ETF.net Research

FLEEBFranklin FTSE Europe ETF

SPDWAState Street SPDR Portfolio Developed World ex-US ETF

In short

FLEE Franklin's Europe-only index sleeve at 0.09% a year, half the typical fee on the developed-international shelf. It tracks a capped FTSE Europe benchmark of roughly 600 stocks, and it does that job quietly: small fund, thin volume.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

Stated mandate

FLEE The Fund seeks to closely track, before fees and expenses, the performance of the FTSE Developed Europe Capped Index through a passive indexing approach, using replication or representative sampling.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

Why people hold it

FLEE Costs 0.09% a year, against a 0.18% median for its developed-international cohort. Cheap beta on Europe.
Pure passive: it has tracked the FTSE Developed Europe Capped Index about as closely as anything in its peer group since launching in 2017.
The index is RIC-capped, meaning FTSE's rules trim outsized weights so the fund stays inside the IRS diversification limits for US-registered funds.lseg.com
Roughly 600 developed-Europe names and nothing else: no Japan, no Canada. A regional building block, not a one-ticket international core.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

Worth knowing

FLEE A small fund with thin daily volume. Spreads and order type matter more here than with the mega-ETFs on the same shelf.
VGK undercuts it at 0.06%, so the fee edge is over the broad cohort, not over the cheapest Europe wrapper on the shelf.
One region, one currency bloc: returns move with European markets and with the euro and pound against the dollar, with no US or Asian offset.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full FLEE profile⁠

Full SPDW profile⁠

FLEE vs SPDW Holdings

How FLEE and SPDW differ

Overlap by weight

43.6%

Shared holdings make up 93.8% of FLEE and 43.6% of SPDW.

Level by level

Holdings425 in both43.6%
Countryby domicile50.3%
Sector11 Sectors89.8%
Asset classStocks100%

Sector

Sector weights in FLEE and SPDW, widest gap first
Sector	Gap	FLEE	SPDW
Health Care	FLEE +4.6 points	13.5%	8.9%
Technology	SPDW +3.6 points	9.2%	12.8%
Consumer Discretionary	SPDW +2.5 points	6.1%	8.6%
Consumer Staples	FLEE +2.4 points	8.6%	6.2%
Materials	SPDW +1.7 points	5.6%	7.3%
Utilities	FLEE +1.5 points	4.9%	3.4%
Real Estate	SPDW +1.4 points	0.9%	2.3%
Communication	SPDW +1.0 points	2.6%	3.6%
Energy	FLEE +0.9 points	6.0%	5.1%
Industrials	FLEE +0.8 points	18.3%	17.5%
Financials	Same weight	24.4%	24.4%

Country, concentration and asset class

Country by domicile

Country weights in FLEE and SPDW, widest gap first
Country	Gap	FLEE	SPDW
Japan	SPDW +21.3 points	0.0%	21.3%
Canada	SPDW +11.2 points	0.0%	11.2%
United Kingdom	FLEE +10.6 points	21.7%	11.1%
Switzerland	FLEE +8.4 points	15.9%	7.5%
Germany	FLEE +7.1 points	13.5%	6.4%
South Korea	SPDW +7.0 points	0.0%	7.0%
France	FLEE +6.8 points	13.1%	6.3%
Australia	SPDW +5.8 points	0.0%	5.8%
Other countries (24)	FLEE +12.4 points	35.7%	23.3%

Outside the US: FLEE 99% developed, 1% emerging. SPDW 91% developed, 9% emerging.

Concentration

Weight in the 10 largest Holdings

FLEE20.7%
SPDW11.8%

Securities held

FLEE494
SPDW2,427

Asset class

FLEE: Stocks
SPDW: Stocks

Holdings

Only in FLEE69
In both425
Only in SPDW2,002

Only in FLEE

69 securities, 6.2% of FLEE by weight

Net Current Assets0.50%
Glencore PLC0.47%
Dhl AG0.42%
Ferrari NV0.34%
Reckitt Benckiser Group0.33%
Generali0.33%
Swiss Life Holding Ag-Reg0.23%
Swedbank Ab - A Shares0.23%
Stmicroelectronics NV0.19%
Arcelormittal0.18%
Intercontinental Hotels G0.18%
Pko Bank Polski SA0.17%
Fresenius SE0.17%
Amrize Ltd0.16%
Michelin (Cgde)0.16%
Coca-Cola Europacific Par0.16%
Investor Ab-A Shs0.14%
Orlen SA0.13%
Allegro.eu SA0.11%
Intl Consolidated Airline0.09%
Bank Pekao SA0.08%
Coca-Cola Hbc Ag-Di0.08%
Powszechny Zaklad Ubezpie0.07%
Lpp SA0.07%
Kghm Polska Miedz SA0.07%
Stellantis NV0.06%
Securitas Ab-B Shs0.06%
Erste Bank Polska SA0.06%
Alpha Bank SA0.06%
Hennes & Mauritz Ab-B Shs0.05%
Ryanair Holdings PLC0.05%
Public Power Corp0.05%
Delivery Hero SE0.05%
Icg PLC0.05%
Jeronimo Martins0.04%
Barratt Redrow PLC0.04%
Financiere De Tubize0.04%
Metlen Energy & Metals0.04%
Mbank SA0.04%
Adp0.04%
Ccp Initial Margin Jpmeur0.04%
Dino Polska SA0.03%
Davide Campari-Milano NV0.03%
Vend Marketplaces Asa Class0.03%
Gek Terna SA0.02%
Cvc Capital Partners PLC0.02%
Hal Trust0.02%
Mediobanca Spa0.02%
Vz Holding AG0.02%
Strabag Se-Br0.02%

Only in SPDW

2,002 securities, 56.3% of SPDW by weight

Samsung Electr Gdr Reg’s2.06%
Sk Hynix Inc1.52%
Royal Bank of Canada0.88%
Toyota Motor Corp0.80%
Mitsubishi Ufj Financial Gro0.77%
Toronto Dominion Bank0.64%
Bhp Group Ltd0.63%
Commonwealth Bank of Austral0.60%
Shopify Inc Class A0.57%
Sony Group Corp0.52%
Recruit Holdings Co Ltd0.50%
Sumitomo Mitsui Financial Gr0.46%
Advantest Corp0.43%
Hitachi Ltd0.41%
Mitsubishi Corp0.40%
Tokyo Electron Ltd0.39%
Bank of Montreal0.38%
Bank of Nova Scotia0.37%
Aia Group Ltd0.36%
Dbs Group Holdings Ltd0.35%
Mizuho Financial Group Inc0.35%
Tokio Marine Holdings Inc0.34%
Can Imperial Bk of Commerce0.34%
Enbridge Inc0.33%
Agnico Eagle Mines Ltd0.32%
Fast Retailing Co Ltd0.32%
Canadian Natural Resources0.31%
Itochu Corp0.31%
Spotify Technology SA0.30%
Brookfield Corp0.29%
Softbank Group Corp0.28%
Mitsui & Co Ltd0.28%
Samsung Electronics Pref0.27%
Canadian Pacific Kansas City0.27%
Westpac Banking Corp0.27%
National Australia Bank Ltd0.27%
Oversea Chinese Banking Corp0.27%
Keyence Corp0.27%
Anz Group Holdings Ltd0.26%
Suncor Energy Inc0.26%
Canadian Natl Railway Co0.24%
Manulife Financial Corp0.22%
Glencore PLC0.22%
Barrick Mining Corp0.21%
Shin Etsu Chemical Co Ltd0.21%
Csl Ltd0.21%
Takeda Pharmaceutical Co Ltd0.21%
Tc Energy Corp0.20%
Wesfarmers Ltd0.20%
Nintendo Co Ltd0.20%

Weight gaps

The 100 widest of 425 Holdings in both funds.

Holding weights in FLEE and SPDW, widest gap first
Holding	Gap	FLEE	SPDW
Asml Holding NV	FLEE +2.13 points	3.86%	1.73%
Roche Holding AG	FLEE +1.30 points	2.34%	1.04%
Novartis Ag-Reg	FLEE +1.18 points	2.11%	0.93%
Hsbc Holdings PLCHSBA.L	FLEE +1.16 points	2.09%	0.93%
Shell PLCSHEL.L	FLEE +1.13 points	2.03%	0.90%
Astrazeneca PLCAZN.L	FLEE +1.05 points	1.95%	0.90%
Nestle Sa-Reg	FLEE +1.03 points	1.88%	0.85%
Sap SE	FLEE +0.85 points	1.60%	0.75%
Siemens Ag-Reg	FLEE +0.82 points	1.49%	0.67%
Allianz Se-Reg	FLEE +0.75 points	1.34%	0.59%
Iberdrola SA	FLEE +0.67 points	1.17%	0.50%
Totalenergies SE	FLEE +0.66 points	1.24%	0.58%
Banco Santander SA	FLEE +0.64 points	1.20%	0.56%
Schneider Electric SE	FLEE +0.56 points	1.01%	0.45%
Ubs Group Ag-Reg	FLEE +0.56 points	1.04%	0.48%
Banco Bilbao Vizcaya Arge	FLEE +0.54 points	1.00%	0.46%
Rolls-Royce Holdings PLCRR.L	FLEE +0.52 points	0.99%	0.47%
Air Liquide SA	FLEE +0.51 points	0.93%	0.42%
Unilever PLCULVR.L	FLEE +0.50 points	0.96%	0.46%
Novo Nordisk A/S-B	FLEE +0.49 points	0.89%	0.40%
Abb Ltd-Reg	FLEE +0.47 points	0.88%	0.41%
Airbus SE	FLEE +0.47 points	0.89%	0.42%
British American TobaccoBATS.L	FLEE +0.47 points	0.86%	0.39%
Safran SA	FLEE +0.44 points	0.79%	0.35%
L'oreal	FLEE +0.44 points	0.80%	0.36%
Bp PLCBP.L	FLEE +0.42 points	0.82%	0.40%
Cie Financiere Richemo-A	FLEE +0.42 points	0.77%	0.35%
Lvmh Moet Hennessy Louis	FLEE +0.42 points	0.78%	0.36%
Zurich Insurance Group AG	FLEE +0.43 points	0.79%	0.36%
Unicredit Spa	FLEE +0.41 points	0.85%	0.43%
Nordea Bank Abp	FLEE +0.41 points	0.41%	<0.01%
Siemens Energy AG	FLEE +0.41 points	0.70%	0.29%
Intesa Sanpaolo	FLEE +0.38 points	0.73%	0.35%
Deutsche Telekom Ag-Reg	FLEE +0.38 points	0.69%	0.31%
Gsk PLCGSK.L	FLEE +0.38 points	0.70%	0.32%
Sanofi	FLEE +0.38 points	0.70%	0.32%
Bnp Paribas	FLEE +0.37 points	0.70%	0.33%
Ing Groep NV	FLEE +0.34 points	0.64%	0.30%
Relx PLCREL.L	FLEE +0.33 points	0.49%	0.16%
National Grid PLCNG.L	FLEE +0.33 points	0.59%	0.26%
Rio Tinto PLCRIO.L	FLEE +0.32 points	0.61%	0.29%
Enel Spa	FLEE +0.31 points	0.57%	0.26%
Axa SA	FLEE +0.30 points	0.57%	0.27%
Anheuser-Busch Inbev Sa/N	FLEE +0.30 points	0.56%	0.26%
Muenchener Rueckver Ag-Re	FLEE +0.30 points	0.56%	0.26%
Barclays PLCBARC.L	FLEE +0.29 points	0.53%	0.24%
Investor Ab-B Shs	FLEE +0.28 points	0.53%	0.25%
Industria De Diseno Texti	FLEE +0.28 points	0.51%	0.23%
Bae Systems PLCBA.L	FLEE +0.27 points	0.51%	0.24%
Lloyds Banking Group PLCLLOY.L	FLEE +0.26 points	0.53%	0.27%
Infineon Technologies AG	FLEE +0.25 points	0.46%	0.21%
Essilorluxottica	FLEE +0.25 points	0.44%	0.19%
Deutsche Boerse AG	FLEE +0.24 points	0.45%	0.21%
Bayer Ag-Reg	FLEE +0.25 points	0.43%	0.18%
Natwest Group PLCNWG.L	FLEE +0.24 points	0.44%	0.20%
London Stock Exchange GroLSEG.L	FLEE +0.23 points	0.41%	0.18%
Diageo PLCDGE.L	FLEE +0.22 points	0.39%	0.17%
Vinci SA	FLEE +0.22 points	0.42%	0.20%
Compass Group PLCCPG.L	FLEE +0.22 points	0.39%	0.17%
Argenx SE	FLEE +0.22 points	0.39%	0.17%
Lonza Group Ag-Reg	FLEE +0.21 points	0.39%	0.18%
Swiss Re AG	FLEE +0.21 points	0.38%	0.17%
Basf SE	FLEE +0.22 points	0.38%	0.16%
Deutsche Bank Ag-Register	FLEE +0.20 points	0.42%	0.22%
Hermes International	FLEE +0.20 points	0.36%	0.16%
Volvo Ab-B Shs	FLEE +0.20 points	0.35%	0.15%
Engie	FLEE +0.20 points	0.35%	0.15%
Anglo American PLCAAL.L	FLEE +0.19 points	0.38%	0.19%
Atlas Copco Ab-A Shs	FLEE +0.19 points	0.33%	0.14%
Rwe AG	FLEE +0.19 points	0.32%	0.13%
E.on SE	FLEE +0.19 points	0.33%	0.14%
Standard Chartered PLCSTAN.L	FLEE +0.18 points	0.34%	0.16%
Caixabank SA	FLEE +0.18 points	0.34%	0.16%
Danone	FLEE +0.18 points	0.33%	0.15%
Holcim Ltd	FLEE +0.18 points	0.32%	0.14%
Prosus NV	FLEE +0.18 points	0.35%	0.17%
Societe Generale SA	FLEE +0.18 points	0.34%	0.16%
Galderma Group AG	FLEE +0.17 points	0.30%	0.13%
Dsv A/S	FLEE +0.17 points	0.30%	0.13%
Tesco PLCTSCO.L	FLEE +0.16 points	0.32%	0.16%
Eni Spa	FLEE +0.16 points	0.36%	0.20%
Rheinmetall AG	FLEE +0.16 points	0.29%	0.13%
Haleon PLCHLN.L	FLEE +0.15 points	0.28%	0.13%
Assa Abloy Ab-B	FLEE +0.15 points	0.27%	0.12%
Orange	FLEE +0.15 points	0.24%	0.10%
Sse PLCSSE.L	FLEE +0.15 points	0.30%	0.15%
Sandoz Group AG	FLEE +0.14 points	0.29%	0.15%
Alcon Inc	FLEE +0.14 points	0.26%	0.12%
Legrand SA	FLEE +0.14 points	0.26%	0.12%
Givaudan-Reg	FLEE +0.13 points	0.26%	0.13%
Mercedes-Benz Group AG	FLEE +0.13 points	0.24%	0.11%
Asm International NV	FLEE +0.14 points	0.24%	0.10%
Compagnie De Saint Gobain	FLEE +0.13 points	0.26%	0.13%
Sika Ag-Reg	FLEE +0.13 points	0.25%	0.12%
Chocoladefabriken Lindt-P	FLEE +0.13 points	0.16%	0.03%
Prysmian Spa	FLEE +0.13 points	0.23%	0.10%
Koninklijke Ahold Delhaiz	FLEE +0.13 points	0.24%	0.11%
3I Group PLCIII.L	FLEE +0.13 points	0.23%	0.10%
Nokia Oyj	FLEE +0.12 points	0.27%	0.15%
Repsol SA	FLEE +0.12 points	0.25%	0.13%

All 575 FLEE holdings⁠All 2,436 SPDW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLEE vs SPDW Cost

Overpaying FLEE vs SPDW

$1,260

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLEE 0.09%
$1,898
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FLEE 0.09%
SPDW 0.03%
Overpaying

Year by year

Year	FLEE	SPDW	Overpaying
10	$165	$55	$110
20	$646	$216	$430
30	$1,898	$638	$1,260

Expense ratio

0.09%FLEE
0.03%SPDW, cheaper

SPDW0.03%FLEE0.09%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

FLEE 9th cheapest of 20 funds

FLEE vs SPDW Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLEE 3.12%, better; SPDW 3.05%
Payout (12M): FLEE $1.22; SPDW $1.52
Last payment: FLEE $0.87; SPDW $0.72
Ex-dividend: FLEE Jun 26, 2026; SPDW Jun 22, 2026
Paid on: FLEE Jul 6, 2026; SPDW Jun 26, 2026
Frequency: FLEE Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FLEETwice a year · 19 paymentsAll FLEE payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

FLEE vs SPDW Risk

Fall from peak · 5 years

FLEE
SPDW

Risk facts

VolatilityStd dev, 3 years: FLEE 12.8%SPDW 12.7%, better
Return per unit of riskSharpe ratio, 3 years: FLEE 1.10SPDW 1.27, better
Worst fallMax drawdown, 5 years: FLEE −31.6%SPDW −29.7%, better
Market sensitivityBeta, 5 years: FLEE 0.94SPDW 1.05; Market = 1

FLEE and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW

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FLEE vs SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How FLEE and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLEE

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

How FLEE and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLEE

Only in SPDW

Weight gaps