Share-split context: A forward split was recorded on Sep 29, 2016 with coefficient 2. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

What this ETF is trying to do

The SPDR Bloomberg International Treasury Bond ETF (BWX) is an exchange-traded fund that invests in government bonds from countries outside of the United States. Its goal is to provide investors with exposure to international treasury bonds.

What the numbers show

As of October 7, 2026, the share price of BWX was $21.12.

When looking at performance, it is important to distinguish between price return (the change in the share price) and total return (which includes the share price change plus distributions).

• Year-to-Date (YTD): The price return is -6.26%, while the total return is -4.58%.

• One Year: The price return is -6.96%, while the total return is -4.72%.

• Three Year: The price return is 0.91%, while the total return is 7.47%.

• Five Year: The total return is -19.27%.

This ETF has a history of a "forward split" (most recently in 2016). In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not create a gain or a loss; it simply changes how many shares an investor owns and the price of each share.

Income and distribution explanation

BWX usually pays out distributions monthly. Over the last 12 months, it had 12 payouts totaling $0.53 per share. This results in a distribution yield of approximately 2.49%.

It is important for beginners to remember that a high distribution yield alone can be misleading. While distributions provide cash income, they do not guarantee that the original investment (the principal) will stay the same or grow.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time. StockValueFinder uses an erosion-risk score to measure this. BWX has an erosion score of 75, which is labeled as "mild price erosion." This is a measurement of risk rather than a guarantee that the fund's value has collapsed.

Pros

• Provides a way to invest in international government bonds.

• Offers regular monthly income through distributions.

• The three-year total return is positive at 7.47%.

Cons

• The one-year total return is negative (-4.72%).

• The five-year total return shows a significant decline of -19.27%.

• The fund has a "mild" erosion-risk rating.

Beginner takeaway

BWX allows investors to hold international bonds and receive monthly cash payments. However, the share price and total returns have been negative over the short term (one year) and long term (five years). Investors should look at both the distribution yield and the total return to see the full picture of how the investment is performing.