SPDR S&P Emerging Markets Small Cap ETF
ALTAR
Score™
6.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
16.3x P/Sales
ratio
0.8x
P/BV
ratio
1.0x Div.
yield
3.1%


  • 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 12, 2008
Assets (mns) $515
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 1843
Wgt avg mkt cap (mns) $1,087
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 16.5%
Small cap (<$2bn) 80.7%
Developed mkts 8.9%
Emerging mkts 88.5%

TOP TEN HOLDINGS
SUPERMAX CORP BHD 0.6 %
UNIMICRON TECHNOLOGY CORP 0.5 %
PARADE TECHNOLOGIES, LTD. 0.5 %
NORTHAM PLATINUM LTD 0.5 %
AIRTAC INTERNATIONAL GROUP 0.4 %
HARMONY GOLD MINING CO LTD 0.4 %
MICROPORT SCIENTIFIC CORP 0.4 %
ASPEN PHARMACARE HOLDINGS LT 0.4 %
WEIMOB, INC. 0.3 %
TRIPOD TECHNOLOGY CORP 0.3 %
Total 4.3 %

TOP COUNTRY EXPOSURE
TAIWAN 29.4 %
CHINA 12.5 %
INDIA 8.5 %
MALAYSIA 4.3 %
HONG KONG 4.2 %
BRAZIL 3.7 %
SOUTH AFRICA 3.6 %
THAILAND 2.5 %
SAUDI ARABIA 1.9 %
MEXICO 1.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.3% 0.7% 3.7% 1.9% 1.6%

Market Correlations
versus... Beta R-squared
S&P500 0.92 65%
MSCI EAFE 1.07 75%
MSCI Emg. Mkts. 0.93 92%

Technical Indicators
Recent close $44.43
30d moving avg. $43.88
Annualized volatility 19.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 50
Turnover 0.4%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $16,677

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the SPDR S&P Emerging Markets Small Cap ETF 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™: 6.0%


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 Markets Small Cap ETF 43.8 69 -4 7.6 +1.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 31.1 63 2 12.5 +6.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 12.8 59 6 10.8 +4.9
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 12.5 11 54 6.4 +0.5
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 12.5 80 -15 17.9 +12.0
AVEM Avantis Emerging Markets Equity ETF 10.3 33 32 8.7 +2.7
ECNS iShares MSCI China Small-Cap ETF 8.9 59 6 11.1 +5.1
DEM WisdomTree Emerging Markets High Dividend Fund 8.3 63 2 14.0 +8.0
SMIN iShares MSCI India Small Cap ETF 6.9 76 -11 3.0 -3.0
VWO Vanguard FTSE Emerging Markets ETF 6.4 10 55 8.0 +2.0
SPEM SPDR Portfolio Emerging Markets ETF 6.3 11 54 7.8 +1.9
IEMG iShares Core MSCI Emerging Markets ETF 5.9 13 52 7.8 +1.9
GMF SPDR S&P Emerging Asia Pacific ETF 5.9 49 16 7.2 +1.3
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 5.8 50 15 10.3 +4.4
PIE Invesco DWA Emerging Markets Momentum ETF 5.3 90 -25 4.6 -1.3
EPI WisdomTree India Earnings Fund 4.8 85 -20 8.1 +2.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 4.4 29 36 9.8 +3.9
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 4.2 64 1 4.6 -1.4
ROAM Hartford Multifactor Emerging Markets ETF 4.0 44 21 14.4 +8.5
EYLD Cambria Emerging Shareholder Yield ETF 3.7 66 -1 17.1 +11.2
FLTW Franklin FTSE Taiwan ETF 3.5 19 46 6.1 +0.2
EWZS iShares MSCI Brazil Small-Cap ETF 3.2 59 6 4.3 -1.6
EDIV SPDR S&P Emerging Markets Dividend ETF 3.2 49 16 11.3 +5.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 3.1 44 21 8.9 +2.9
GXC SPDR S&P China ETF 3.1 59 6 8.0 +2.0
VNQI Vanguard Global ex-US Real Estate Index Fund 3.1 12 53 10.1 +4.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 3.1 45 20 8.8 +2.9
BRF VanEck Vectors Brazil Small-Cap ETF 3.0 63 2 3.1 -2.9
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 2.9 10 55 9.2 +3.2
ISEM Invesco Strategic Emerging Markets ETF 2.6 35 30 10.2 +4.3
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.4 65 0 4.5 -1.5
THD iShares MSCI Thailand ETF 2.3 59 6 10.3 +4.3
EWT iShares MSCI Taiwan ETF 2.2 59 6 5.7 -0.3
FLZA Franklin FTSE South Africa ETF 2.2 19 46 11.4 +5.4
FDEM Fidelity Targeted Emerging Markets Factor ETF 2.2 45 20 9.3 +3.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 2.1 45 20 13.2 +7.2
KMED KraneShares Emerging Markets Healthcare Index ETF 2.1 79 -14 2.0 -4.0
VEGI iShares MSCI Global Agriculture Producers ETF 2.0 39 26 5.5 -0.4
DVYE iShares Emerging Markets Dividend ETF 2.0 49 16 16.4 +10.4
VSGX Vanguard ESG International Stock ETF 2.0 17 48 7.0 +1.1
KSA iShares MSCI Saudi Arabia Capped ETF 1.9 74 -9 5.7 -0.3
LVIN Hartford Multifactor Low Volatility International Equity ETF 1.9 29 36 12.0 +6.1
DRW WisdomTree Global ex-US Real Estate Fund 1.9 58 7 10.6 +4.6
SCHE Schwab Emerging Markets Equity ETF 1.8 11 54 7.9 +1.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.8 95 -30 9.2 +3.3
PBEE Invesco PureBeta FTSE Emerging Markets ETF 1.8 15 50 8.6 +2.6
IXUS ishares Core MSCI Total International Stock ETF 1.8 9 56 7.3 +1.3
EEMO Invesco S&P Emerging Markets Momentum ETF 1.8 29 36 6.4 +0.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.7 86 -21 2.1 -3.8
PICK iShares MSCI Global Metals & Mining Producers ETF 1.7 39 26 6.8 +0.8
VIDI Vident International Equity Fund 1.7 59 6 10.9 +4.9
EWW iShares MSCI Mexico Capped ETF 1.6 49 16 8.6 +2.7
VXUS Vanguard Total International Stock Index Fund 1.6 8 57 7.4 +1.5
DVEM WisdomTree Emerging Markets Dividend Fund 1.6 32 33 8.1 +2.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.5 49 16 7.6 +1.7
PGJ Invesco Golden Dragon China ETF 1.4 70 -5 3.2 -2.8
KWEB KraneShares CSI China Internet ETF 1.4 76 -11 1.8 -4.1
AFK VanEck Vectors Africa Index ETF 1.4 79 -14 8.5 +2.6
EIDO iShares MSCI Indonesia ETF 1.3 59 6 9.9 +4.0
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 1.3 51 14 14.2 +8.3
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.3 32 33 6.1 +0.2
SDIV Global X SuperDividend ETF 1.1 59 6 13.1 +7.2
EMMF WisdomTree Emerging Markets Multifactor Fund 1.1 48 17 9.3 +3.4
FLAX Franklin FTSE Asia Ex Japan ETF 1.1 19 46 7.6 +1.7
TUR iShares MSCI Turkey ETF 1.1 59 6 20.1 +14.1
EPOL iShares MSCI Poland Capped ETF 1.1 59 6 9.9 +4.0
GVAL Cambria Global Value ETF 1.1 69 -4 11.2 +5.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.0 30 35 8.6 +2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 1.0 50 15 13.2 +7.2
PBD Invesco Global Clean Energy ETF 1.0 75 -10 2.1 -3.9
FLLA Franklin FTSE Latin America ETF 1.0 19 46 6.6 +0.6
EZA iShares MSCI South Africa ETF 1.0 59 6 7.6 +1.6
FEM First Trust Emerging Markets AlphaDEX Fund 0.9 80 -15 12.9 +7.0
KGRN KraneShares MSCI China Environment Index ETF 0.9 80 -15 7.7 +1.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.9 32 33 8.9 +2.9
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 0.9 70 -5 7.2 +1.2
KOMP SPDR Kensho New Economies Composite ETF 0.9 20 45 2.4 -3.6
FNDC Schwab Fundamental International Small Co. Index ETF 0.9 39 26 7.1 +1.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.9 39 26 12.6 +6.7
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 0.9 25 40 7.7 +1.7
FLSA Franklin FTSE Saudi Arabia ETF 0.9 39 26 6.0 +0.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.9 36 29 8.0 +2.1
PEK VanEck Vectors ChinaAMC CSI 300 ETF 0.9 60 5 7.2 +1.2
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 0.8 80 -15 3.8 -2.1
FCA First Trust China AlphaDEX Fund 0.8 80 -15 13.5 +7.6
FLCH Franklin FTSE China ETF 0.8 19 46 8.3 +2.4
PAK Global X MSCI Pakistan ETF 0.8 88 -23 14.5 +8.5
DDLS WisdomTree Dynamic Currency Hedged Intl SmallCap Equity Fund 0.8 43 22 8.6 +2.6
GDAT Goldman Sachs Motif Data-Driven World Etf 0.8 50 15 4.7 -1.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.8 45 20 7.8 +1.9
LIT Global X Lithium & Battery Tech ETF 0.8 75 -10 2.8 -3.1
DLS WisdomTree International SmallCap Dividend Fund 0.8 58 7 8.4 +2.5
IRBO iShares Robotics & Artificial Intelligence ETF 0.7 47 18 2.6 -3.4
ROBO Robo Global Robotics & Automation Index ETF 0.7 95 -30 3.3 -2.6
GAMR ETFMG Video Game Tech ETF 0.7 75 -10 2.0 -3.9
EEM iShares MSCI Emerging Markets ETF 0.7 68 -3 7.3 +1.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.7 65 0 7.3 +1.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 ETF
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 6.1 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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