Global X MSCI Next Emerging & Frontier
ALTAR
Score™
7.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
14.9x P/Sales
ratio
1.2x
P/BV
ratio
1.5x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X MSCI Next Emerging & Frontier ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Select Emerging and Frontier Markets Access Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Nov 07, 2013
Assets (mns) $18
Currency USD
Expense ratio 55 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 198
Wgt avg mkt cap (mns) $13,078
Large cap (>$10bn) 46.7%
Mid cap ($2-10bn) 50.7%
Small cap (<$2bn) 2.3%
Developed mkts 1.3%
Emerging mkts 87.0%

TOP TEN HOLDINGS
WALMART DE MEXICO-SER V 2.0 %
PT TELEKOMUNIKASI INDONESIA, TBK C 1.9 %
VINGROUP JSC 1.9 %
MOBILE TELECOMMUNICATIONS CO. KSC 1.7 %
TENAGA NASIONAL BHD 1.7 %
SAUDI TELECOM CO. 1.7 %
NATIONAL BANK OF KUWAIT 1.7 %
PTT PCL-NVDR 1.6 %
SAFARICOM PLC 1.5 %
VIET NAM DAIRY PRODUCTS JSC 1.5 %
Total 17.2 %

TOP COUNTRY EXPOSURE
THAILAND 10.3 %
INDONESIA 9.9 %
SOUTH AFRICA 9.3 %
SAUDI ARABIA 8.7 %
KUWAIT 7.5 %
MEXICO 7.3 %
MALAYSIA 6.5 %
VIETNAM 5.9 %
PHILIPPINES 4.5 %
UAE 3.6 %

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.
3.7% 5.0% -1.9% -- -1.2%

Market Correlations
versus... Beta R-squared
S&P500 0.46 16%
MSCI EAFE 0.90 52%
MSCI Emg. Mkts. 0.83 72%

Technical Indicators
Recent close $20.19
30d moving avg. $20.14
Annualized volatility 13.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.2%
Bid/Ask (% of price) 0.60%
ADV underlying (mns) $2,519

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MSCI Next Emerging & Frontier ETF based on the alternatives' overlap in portfolio holdings with EMFM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EMFM Expense: 55 bp ALTAR Score™: 7.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EMFM
Ticker Fund
Name
Overlap1
vs EMFM
(%)
Expense
ratio
(bp)
Savings
vs EMFM
(bp)
ALTAR
Score™
(%)
ALTAR
vs EMFM
(%)
EWEM Invesco MSCI Emerging Market Equal Weight 26.9 70 -15 9.3 +1.5
GULF WisdomTree Middle East Dividend 22.4 88 -33 8.1 +0.3
EEMV iShares MSCI Emerg Mkt Minimum Volatility 20.9 25 30 8.9 +1.1
FM iShares MSCI Frontier 100 20.7 81 -26 9.2 +1.4
ASEA Global X FTSE Southeast Asia 20.4 65 -10 10.2 +2.4
EMXC iShares MSCI Emerging Markets ex China 19.6 49 6 8.8 +0.9
EELV Invesco S&P Emg Mkts Low Volatility 19.2 29 26 10.2 +2.3
EMEM Virtus Glovista Emerging Markets 18.6 67 -12 9.4 +1.6
JPEM JPMorgan Diversified Rtn Emg Mkt Equity 16.6 45 10 8.9 +1.1
FRDM Freedom 100 Emerging Markets ETF 15.3 49 6 8.2 +0.4
KEMX KraneShares MSCI Emerging Markets EX China Index 15.1 49 6 8.8 +1.0
DEMG Xtrackers FTSE Emerging Comprehensive Factor 14.7 50 5 9.6 +1.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 14.5 20 35 8.4 +0.5
CEZ Victory CEMP Emerging Market Volatility Weighted 14.3 50 5 9.2 +1.4
QEMM SPDR MSCI Emerging Markets Quality Mix 14.3 30 25 9.4 +1.5
ROAM Hartford Multifactor Emerging Markets 14.0 44 11 11.2 +3.4
SCHE Schwab Emerging Markets Equity 13.7 13 42 8.8 +1.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 12.8 30 25 8.7 +0.8
EEM iShares MSCI Emerging Markets 12.7 67 -12 8.7 +0.8
PBEE Invesco PureBeta FTSE Emerging Markets 12.6 14 41 9.3 +1.5

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:
Global X MSCI Next Emerging & Frontier
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.2 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 55 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.69 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.