ETF Research Center

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)	$104
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	489
Wgt avg mkt cap (mns)	$121,513
Large cap (>$10bn)	76.7%
Mid cap ($2-10bn)	22.6%
Small cap (<$2bn)	0.5%
Developed mkts	7.0%
Emerging mkts	90.5%

TOP TEN HOLDINGS
Total	28.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR	6.6 %
TENCENT HOLDINGS LTD	5.4 %
TAIWAN SEMICONDUCTOR MANUFAC	5.1 %
SAMSUNG ELECTRONICS CO LTD	4.6 %
CHINA CONSTRUCTION BANK-H	1.6 %
NASPERS LTD-N SHS	1.3 %
PING AN INSURANCE GROUP CO-H	1.3 %
HOUSING DEVELOPMENT FINANCE	1.1 %
IND & COMM BK OF CHINA - H	1.0 %
SBERBANK-SPONSORED ADR	0.9 %

TOP COUNTRY EXPOSURE
	CHINA	31.7 %
	TAIWAN	13.0 %
	SOUTH KOREA	12.7 %
	INDIA	7.9 %
	BRAZIL	6.2 %
	HONG KONG	4.8 %
	SOUTH AFRICA	4.6 %
	MEXICO	2.7 %
	SAUDI ARABIA	2.5 %
	MALAYSIA	2.0 %

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.
18.5%	18.5%	--	--	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	52%
MSCI EAFE	1.19	74%
MSCI Emg. Mkts.	1.04	97%

Technical Indicators
Recent close	$66.94
30d moving avg.	$65.34
Annualized volatility	15.1%
Short interest (ETF)	0.8%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.9%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$23,225

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™:

7.9%

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	68.6	67	-37	7.7	-0.2
EEMA	iShares MSCI Emg Mkts Asia	67.4	50	-20	7.9	+0.1
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	66.7	65	-35	7.7	-0.1
JHEM	John Hancock Multifactor Emerging Markets	64.8	55	-25	8.2	+0.3
AAXJ	iShares MSCI Asia ex-Japan	62.4	67	-37	7.4	-0.4
IEMG	iShares Core MSCI Emerging Markets	62.0	14	16	8.0	+0.2
SCHE	Schwab Emerging Markets Equity	61.6	13	17	7.9	+0.1
FLAX	Franklin FTSE Asia Ex Japan	60.9	19	11	7.9	+0.0
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	58.5	45	-15	8.4	+0.5
XSOE	WisdomTree Emg Mkt ex-SOE	57.0	32	-2	6.3	-1.6
PBEE	Invesco PureBeta FTSE Emerging Markets	54.8	14	16	8.5	+0.6
VWO	Vanguard Emerging Markets	53.3	12	18	8.0	+0.1
ESGE	iShares MSCI EM ESG Optimized	53.1	25	5	8.6	+0.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	52.0	20	10	7.6	-0.3
SPEM	SPDR Portfolio Emerging Markets	51.9	11	19	7.8	-0.1
KEMX	KraneShares MSCI Emerging Markets EX China Index	49.1	49	-19	8.1	+0.3
EMXC	iShares MSCI Emerging Markets ex China	48.2	49	-19	8.0	+0.2
GMF	SPDR S&P Emerging Asia Pacific	47.3	49	-19	7.4	-0.4
BKF	iShares MSCI BRIC	46.3	67	-37	7.7	-0.1
DVEM	WisdomTree Emerging Markets Dividend	44.6	32	-2	10.5	+2.7

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	**	**	**	**	**	**	**
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	13.5	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.