SPDR S&P Emerging Markets Dividend
ALTAR
Score™
10.3% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
11.9x P/Sales
ratio
0.8x
P/BV
ratio
1.1x Div.
yield
4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Emerging Markets Dividend ETF's objective is to replicate as closely as possible the performance of the S&P Emerging Markets Dividend Opportunities Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Feb 24, 2011
Assets (mns) $442
Currency USD
Expense ratio 49 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 107
Wgt avg mkt cap (mns) $30,838
Large cap (>$10bn) 52.8%
Mid cap ($2-10bn) 39.2%
Small cap (<$2bn) 8.0%
Developed mkts 22.6%
Emerging mkts 77.4%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 3.9 %
CHINA RESOURCES LAND LTD 3.3 %
HENGAN INTL GROUP CO LTD 3.2 %
CNOOC LTD 3.1 %
PTT EXPLOR & PROD PCL-NVDR 2.9 %
PTT PCL-NVDR 2.9 %
LONGFOR PROPERTIES 2.9 %
CHINA MOBILE LIMITED 2.9 %
PTT GLOBAL CHEMICAL PCL-NVDR 2.8 %
FORMOSA PLASTICS CORP 2.6 %
Total 30.4 %

TOP COUNTRY EXPOSURE
TAIWAN 21.4 %
HONG KONG 18.0 %
THAILAND 16.5 %
SOUTH AFRICA 16.2 %
CHINA 8.4 %
MALAYSIA 5.5 %
UAE 2.8 %
INDIA 2.4 %
MEXICO 1.9 %
LUXEMBOURG 1.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
11.8% 11.8% 2.7% -- -1.8%

Market Correlations
versus... Beta R-squared
S&P500 0.64 29%
MSCI EAFE 0.90 46%
MSCI Emg. Mkts. 0.88 76%

Technical Indicators
Recent close $32.48
30d moving avg. $31.64
Annualized volatility 14.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 71

Liquidity measures
Avg. volume (thou.) 30
Turnover 0.2%
Bid/Ask (% of price) 0.30%
ADV underlying (mns) $2,456

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P Emerging Markets Dividend ETF based on the alternatives' overlap in portfolio holdings with EDIV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EDIV Expense: 49 bp ALTAR Score™: 10.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EDIV
Ticker Fund
Name
Overlap1
vs EDIV
(%)
Expense
ratio
(bp)
Savings
vs EDIV
(bp)
ALTAR
Score™
(%)
ALTAR
vs EDIV
(%)
LVHE Legg Mason Emerging Markets Low Volatility High Dividend 17.1 51 -2 11.9 +1.6
DEM WisdomTree Emerg Mkts High Yield Equity 16.6 63 -14 11.3 +1.0
AXJL WisdomTree Asia Pacific Ex-Japan 16.6 48 1 8.5 -1.8
FLTW Franklin FTSE Taiwan 16.2 19 30 6.4 -3.9
DVEM WisdomTree Emerging Markets Dividend 16.0 32 17 10.4 +0.1
EELV Invesco S&P Emg Mkts Low Volatility 15.6 29 20 10.2 -0.2
FNDE Schwab Fundamental Emg Mkt Large Cap 15.3 39 10 10.3 -0.0
EWT iShares MSCI Taiwan 15.1 59 -10 6.2 -4.1
CEY VictoryShares Emg. Mkt. High Dividend Volatility Wtd. 15.1 50 -1 12.5 +2.2
PXH Invesco FTSE-RAFI Emerging Markets 15.1 50 -1 11.4 +1.1
FLZA Franklin FTSE South Africa 13.9 19 30 9.0 -1.3
THD iShares MSCI Thailand 13.5 59 -10 11.3 +1.0
EZA iShares MSCI South Africa 12.8 59 -10 8.6 -1.8
JHEM John Hancock Multifactor Emerging Markets 12.5 55 -6 8.1 -2.2
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 12.3 45 4 8.3 -2.0
EMDV ProShares MSCI Emerging Markets Dividend Growers 12.2 60 -11 7.8 -2.5
PBEE Invesco PureBeta FTSE Emerging Markets 12.0 14 35 8.4 -1.9
ROAM Hartford Multifactor Emerging Markets 12.0 44 5 10.5 +0.2
SCHE Schwab Emerging Markets Equity 11.9 13 36 7.9 -2.4
ASEA Global X FTSE Southeast Asia 11.9 65 -16 10.1 -0.2

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 S&P Emerging Markets Dividend
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.7 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 10.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.48
 
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.