SPDR MSCI ACWI IMI
ALTAR
Score™
6.1% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
17.1x P/Sales
ratio
1.5x
P/BV
ratio
2.1x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI ACWI IMI ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the MSCI ACWI IMI Index.

FUND BASICS
Category Global Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Feb 28, 2012
Assets (mns) $176
Currency USD
Expense ratio 9 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1226
Wgt avg mkt cap (mns) $166,403
Large cap (>$10bn) 88.8%
Mid cap ($2-10bn) 6.9%
Small cap (<$2bn) 4.1%
Developed mkts 90.9%
Emerging mkts 9.1%

TOP TEN HOLDINGS
APPLE INC 2.2 %
MICROSOFT CORP 2.1 %
AMAZON.COM INC 1.4 %
JPMORGAN CHASE & CO 0.9 %
ALPHABET INC. CLASS C 0.8 %
ALPHABET INC. CLASS A 0.8 %
VISA INC-CLASS A SHARES 0.8 %
BANK OF AMERICA CORP 0.7 %
FACEBOOK 0.7 %
WALT DISNEY CO/THE 0.7 %
Total 11.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 52.8 %
JAPAN 7.3 %
BRITAIN 5.3 %
CANADA 3.1 %
SWITZERLAND 3.0 %
FRANCE 2.8 %
CHINA 2.7 %
GERMANY 2.5 %
AUSTRALIA 2.2 %
IRELAND 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-40.5% -44.5% -6.6% -- -0.4%

Market Correlations
versus... Beta R-squared
S&P500 0.81 10%
MSCI EAFE 0.64 5%
MSCI Emg. Mkts. 0.55 6%

Technical Indicators
Recent close $41.86
30d moving avg. $41.12
Annualized volatility 30.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 19
Turnover 0.5%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $146,656

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR MSCI ACWI IMI ETF based on the alternatives' overlap in portfolio holdings with ACIM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ACIM Expense: 9 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ACIM
Ticker Fund
Name
Overlap1
vs ACIM
(%)
Expense
ratio
(bp)
Savings
vs ACIM
(bp)
ALTAR
Score™
(%)
ALTAR
vs ACIM
(%)
ACWI iShares MSCI ACWI 61.0 31 -22 6.3 +0.1
URTH iShares MSCI World Index 60.6 24 -15 6.1 -0.1
TOK iShares MSCI Kokusai 58.4 25 -16 6.0 -0.2
LOWC SPDR MSCI ACWI Low Carbon Target 57.8 20 -11 6.5 +0.4
CRBN iShares MSCI ACWI Low Carbon 57.3 20 -11 6.5 +0.3
VT Vanguard Total World Stock 55.5 9 0 6.5 +0.3
QWLD SPDR MSCI World Quality Mix 50.5 30 -21 6.0 -0.1
PBP Invesco S&P 500 Buy/Write 48.7 49 -40 5.6 -0.6
HSPX Global X S&P 500 Covered Call 48.2 65 -56 5.5 -0.7
SPY S&P 500 SPDR 48.1 9 -0 5.9 -0.2
IVV iShares Core S&P 500 48.1 4 5 6.0 -0.2
VOO Vanguard S&P 500 ETF 48.0 3 6 6.0 -0.2
PBUS Invesco PureBeta MSCI USA 47.9 4 5 6.0 -0.1
MGC Vanguard Mega Cap 300 ETF 47.7 7 2 5.8 -0.3
BBUS JP Morgan Betabuilders U.S. Equity 47.5 2 7 5.9 -0.3
VV Vanguard Large-Cap ETF 47.5 4 5 5.8 -0.3
SCHX Schwab U.S. Large-Cap 47.2 3 6 5.8 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 46.9 20 -11 5.9 -0.2
SCHK Schwab 1000 Index 46.8 5 4 5.9 -0.3
IWB iShares Russell 1000 46.8 15 -6 5.8 -0.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR MSCI ACWI IMI
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.3 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.