SPDR S&P Emerging Markets Small Cap
ALTAR
Score™
7.9% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
12.9x P/Sales
ratio
0.7x
P/BV
ratio
1.0x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Emerging SmallCap ETF objective is to provide investment results that correspond generally to the total return performance of the S&P Emerging Markets Under USD2 Billion Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date May 16, 2008
Assets (mns) $526
Currency USD
Expense ratio 65 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1885
Wgt avg mkt cap (mns) $904
Large cap (>$10bn) 0.1%
Mid cap ($2-10bn) 7.3%
Small cap (<$2bn) 91.1%
Developed mkts 9.1%
Emerging mkts 88.7%

TOP TEN HOLDINGS
SILERGY CORP. 0.4 %
NORTHAM PLATINUM LTD 0.4 %
ASPEN PHARMACARE HOLDINGS LT 0.4 %
TRIPOD TECHNOLOGY CORP 0.4 %
UNIMICRON TECHNOLOGY CORP 0.3 %
RADIANT OPTO-ELECTRONICS COR 0.3 %
SIMPLO TECHNOLOGY CO LTD 0.3 %
AIRTAC INTERNATIONAL GROUP 0.3 %
COMPEQ MANUFACTURING CO LTD 0.3 %
CHICONY ELECTRONICS CO LTD 0.3 %
Total 3.5 %

TOP COUNTRY EXPOSURE
TAIWAN 28.2 %
CHINA 10.3 %
INDIA 7.7 %
SOUTH AFRICA 5.9 %
MALAYSIA 4.2 %
BRAZIL 4.1 %
HONG KONG 4.0 %
THAILAND 2.7 %
INDONESIA 2.5 %
MEXICO 2.5 %

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.
10.0% 11.8% 1.6% 3.8% 1.7%

Market Correlations
versus... Beta R-squared
S&P500 0.66 39%
MSCI EAFE 0.85 55%
MSCI Emg. Mkts. 0.82 85%

Technical Indicators
Recent close $44.57
30d moving avg. $44.64
Annualized volatility 12.7%
Short interest (ETF) 0.5%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 76
Turnover 0.6%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $3,516

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: EWX Expense: 65 bp ALTAR Score™: 7.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EWX
Ticker Fund
Name
Overlap1
vs EWX
(%)
Expense
ratio
(bp)
Savings
vs EWX
(bp)
ALTAR
Score™
(%)
ALTAR
vs EWX
(%)
EEMS iShares MSCI Emerging Market Small Cap 45.7 67 -2 6.5 -1.5
DGS WisdomTree Emg. Mkts. Small Cap Dividend 31.4 63 2 12.3 +4.3
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 14.2 59 6 10.6 +2.7
FEMS First Trust Emerging Markets Small Cap 13.4 80 -15 10.6 +2.7
VSS Vanguard FTSE All World ex-US Small Cap 11.4 12 53 6.7 -1.3
AVEM Avantis Emerging Markets Equity 10.1 33 32 8.4 +0.4
HAO Invesco China Small Cap ETF 9.7 75 -10 9.5 +1.6
ECNS iShares MSCI China Small Cap 8.7 59 6 10.0 +2.1
DEM WisdomTree Emerg Mkts High Yield Equity 8.2 63 2 12.5 +4.6
SMIN iShares MSCI India Small Cap 6.9 77 -12 5.7 -2.3
VWO Vanguard Emerging Markets 6.7 12 53 8.8 +0.8
IEMG iShares Core MSCI Emerging Markets 6.6 14 51 8.7 +0.7
SPEM SPDR Portfolio Emerging Markets 6.0 11 54 8.5 +0.6
DVEM WisdomTree Emerging Markets Dividend 5.9 32 33 11.3 +3.3
GMF SPDR S&P Emerging Asia Pacific 5.9 49 16 8.2 +0.2
CEZ Victory CEMP Emerging Market Volatility Weighted 5.5 50 15 9.2 +1.2
LVHE Legg Mason Emerging Markets Low Volatility High Dividend 5.0 51 14 12.3 +4.3
ROAM Hartford Multifactor Emerging Markets 4.6 44 21 11.2 +3.2
EYLD Cambria Emerging Shareholder Yield 4.0 66 -1 10.9 +2.9
EPI WisdomTree India Earnings 4.0 85 -20 9.7 +1.8

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 S&P Emerging Markets Small Cap
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 8.2 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 7.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 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.