SPDR MSCI Emerging Markets Fossil Fuel Free
ALTAR
Score™
8.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
13.7x P/Sales
ratio
1.3x
P/BV
ratio
1.6x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF tracks a subset of the MSCI Emerging Markets Index that excludes companies that own fossil fuel reserves.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA
Website www.spdrs.com
Inception date Oct 24, 2016
Assets (mns) $75
Currency USD
Expense ratio 30 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 465
Wgt avg mkt cap (mns) $95,309
Large cap (>$10bn) 75.7%
Mid cap ($2-10bn) 22.8%
Small cap (<$2bn) 0.6%
Developed mkts 7.3%
Emerging mkts 90.5%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 5.1 %
TAIWAN SEMICONDUCTOR MANUFAC 5.0 %
TENCENT HOLDINGS LTD 4.8 %
SAMSUNG ELECTRONICS CO LTD 4.2 %
CHINA CONSTRUCTION BANK-H 1.6 %
PING AN INSURANCE GROUP CO-H 1.3 %
NASPERS LTD-N SHS 1.3 %
SBERBANK-SPONSORED ADR 1.0 %
HOUSING DEVELOPMENT FINANCE 1.0 %
IND & COMM BK OF CHINA - H 1.0 %
Total 26.5 %

TOP COUNTRY EXPOSURE
CHINA 28.0 %
TAIWAN 13.3 %
SOUTH KOREA 13.3 %
INDIA 7.9 %
BRAZIL 6.9 %
HONG KONG 5.6 %
SOUTH AFRICA 4.8 %
MEXICO 2.8 %
SAUDI ARABIA 2.2 %
THAILAND 2.1 %

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.
10.2% 12.2% -- -- 6.4%

Market Correlations
versus... Beta R-squared
S&P500 0.85 47%
MSCI EAFE 1.15 73%
MSCI Emg. Mkts. 1.04 97%

Technical Indicators
Recent close $62.52
30d moving avg. $61.93
Annualized volatility 15.0%
Short interest (ETF) 0.4%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.1%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $18,121

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EEMX Expense: 30 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EEMX
Ticker Fund
Name
Overlap1
vs EEMX
(%)
Expense
ratio
(bp)
Savings
vs EEMX
(bp)
ALTAR
Score™
(%)
ALTAR
vs EEMX
(%)
EEM iShares MSCI Emerging Markets 69.3 67 -37 8.7 0.0
DBEM Xtrackers MSCI Emg. Mkts. Hedged 67.3 65 -35 8.6 -0.1
EEMA iShares MSCI Emg Mkts Asia 66.3 50 -20 8.8 +0.1
JHEM John Hancock Multifactor Emerging Markets 65.6 55 -25 8.9 +0.3
IEMG iShares Core MSCI Emerging Markets 62.7 14 16 8.7 +0.1
AAXJ iShares MSCI Asia ex-Japan 62.0 67 -37 8.3 -0.3
SCHE Schwab Emerging Markets Equity 61.5 13 17 8.8 +0.1
FLAX Franklin FTSE Asia Ex Japan 59.6 19 11 8.8 +0.1
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 58.9 45 -15 9.3 +0.6
XSOE WisdomTree Emg Mkt ex-SOE 55.1 32 -2 7.0 -1.6
PBEE Invesco PureBeta FTSE Emerging Markets 54.5 14 16 9.4 +0.7
ESGE iShares MSCI EM ESG Optimized 52.7 25 5 9.4 +0.8
VWO Vanguard Emerging Markets 51.9 12 18 8.8 +0.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 51.6 20 10 8.3 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index 50.9 49 -19 8.8 +0.1
SPEM SPDR Portfolio Emerging Markets 50.7 11 19 8.6 -0.1
EMXC iShares MSCI Emerging Markets ex China 50.4 49 -19 8.8 +0.1
GMF SPDR S&P Emerging Asia Pacific 45.8 49 -19 8.2 -0.4
DVEM WisdomTree Emerging Markets Dividend 45.5 32 -2 11.4 +2.7
BKF iShares MSCI BRIC 45.4 67 -37 8.9 +0.3

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 Emerging Markets Fossil Fuel Free
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.2 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.49
 
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.