SPDR S&P Global Infrastructure ETF
ALTAR
Score™
5.3% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
24.2x P/Sales
ratio
2.4x
P/BV
ratio
1.8x Div.
yield
3.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR FTSE/Macquarie Global Infrastructure 100 ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the Macquarie Global Infrastructure 100 Index, an equity index based upon the global infrastructure industry market.

FUND BASICS
Category Global Equities
Fund Sponsor State Street Global Advisors
Website www.spdretfs.com
Inception date Jan 25, 2007
Assets (mns) $350
Currency USD
Expense ratio 40 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 76
Wgt avg mkt cap (mns) $34,787
Large cap (>$10bn) 75.9%
Mid cap ($2-10bn) 21.9%
Small cap (<$2bn) 2.2%
Developed mkts 94.4%
Emerging mkts 5.6%

TOP TEN HOLDINGS
NEXTERA ENERGY GROUP 6.1 %
TRANSURBAN GROUP 5.8 %
ENBRIDGE INC 4.9 %
AENA SA 4.4 %
IBERDROLA SA 3.6 %
DOMINION RESOURCES INC/VA 3.5 %
ENEL SPA 3.5 %
ATLANTIA SPA 3.4 %
TRANSCANADA CORP 3.3 %
DUKE ENERGY CORP 3.0 %
Total 41.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 40.3 %
CANADA 10.4 %
AUSTRALIA 10.3 %
SPAIN 8.1 %
ITALY 7.4 %
FRANCE 5.8 %
BRITAIN 3.3 %
MEXICO 3.0 %
HONG KONG 2.9 %
NEW ZEALAND 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.5% -15.1% 2.0% 5.5% 2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.87 65%
MSCI EAFE 1.00 75%
MSCI Emg. Mkts. 0.73 63%

Technical Indicators
Recent close $44.59
30d moving avg. $44.79
Annualized volatility 18.3%
Short interest (ETF) 0.1%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 68
Turnover 0.9%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $8,773

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P Global Infrastructure ETF ETF based on the alternatives' overlap in portfolio holdings with GII. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GII Expense: 40 bp ALTAR Score™: 5.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GII
Ticker Fund
Name
Overlap1
vs GII
(%)
Expense
ratio
(bp)
Savings
vs GII
(bp)
ALTAR
Score™
(%)
ALTAR
vs GII
(%)
IGF iShares Global Infrastructure ETF 98.1 46 -6 5.3 -0.0
JXI iShares Global Utilities ETF 43.4 46 -6 6.0 +0.6
GLIF AGFiQ Global Infrastructure ETF 35.7 45 -5 5.2 -0.1
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 35.2 46 -6 5.4 +0.0
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 33.8 47 -7 6.5 +1.1
INFR Legg Mason Global Infrastructure ETF 33.7 40 0 6.1 +0.7
XLU Utilities Select Sector SPDR Fund 32.4 13 27 5.9 +0.6
FUTY Fidelity MSCI Utilities Index ETF 32.4 8 32 5.9 +0.5
VPU Vanguard Utilities Index Fund 32.4 10 30 5.8 +0.5
IDU iShares U.S. Utilities ETF 32.4 43 -3 5.6 +0.3
EMLP First Trust North American Energy Infrastructure Fund 30.3 96 -56 5.7 +0.4
RYU Invesco S&P 500 Equal Weight Utilities ETF 29.8 40 0 6.3 +1.0
JHMU John Hancock Multifactor Utilities ETF 29.5 40 0 6.1 +0.8
FXU First Trust Utilities AlphaDEX Fund 23.2 63 -23 6.4 +1.0
ECLN First Trust EIP Carbon Impact ETF 21.8 96 -56 3.8 -1.5
PUI Invesco DWA Utilities Momentum ETF 20.7 60 -20 4.7 -0.6
ENFR Alerian Energy Infrastructure ETF 18.0 65 -25 5.1 -0.2
USAI Pacer American Energy Independence ETF 18.0 75 -35 2.7 -2.6
UTES Virtus Reaves Utilities ETF 17.9 49 -9 4.7 -0.6
TPYP Tortoise North American Pipeline Fund 16.9 40 0 6.0 +0.7
MLPX Global X MLP & Energy Infrastructure ETF 16.1 45 -5 3.8 -1.6
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 13.8 30 10 9.8 +4.5
IFRA iShares U.S. Infrastructure ETF 13.7 40 0 6.1 +0.7
IXC iShares Global Energy ETF 13.4 46 -6 5.8 +0.5
DVY iShares Select Dividend ETF 12.7 39 1 9.7 +4.4
DTN WisdomTree U.S. Dividend ex-Financials Fund 12.5 38 2 8.0 +2.6
SPYD SPDR S&P 500 High Dividend ETF 11.4 7 33 10.4 +5.1
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 11.2 35 5 8.7 +3.4
JDIV JPMorgan U.S. Dividend ETF 11.0 12 28 7.9 +2.6
FDL First Trust Morningstar Dividend Leaders Index Fund 10.8 45 -5 10.3 +5.0
LSLT Salt Low truBeta US Market ETF 10.5 29 11 6.1 +0.7
JMIN JPMorgan U.S. Minimum Volatility ETF 10.2 12 28 5.9 +0.6
TPHD Timothy Plan High Dividend Stock ETF 10.2 52 -12 7.7 +2.4
BIBL Inspire ETF 10.1 35 5 4.9 -0.5
DHS WisdomTree U.S. High Dividend Fund 10.0 38 2 8.7 +3.3
NLR VanEck Vectors Uranium+Nuclear Energy ETF 9.7 61 -21 9.1 +3.7
PWV Invesco Dynamic Large Cap Value ETF 9.6 55 -15 8.9 +3.6
FLCA Franklin FTSE Canada ETF 9.5 9 31 7.4 +2.0
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 9.4 35 5 8.7 +3.3
HDV iShares Core High Dividend ETF 9.4 8 32 6.8 +1.4
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 9.3 15 25 6.9 +1.6
DURA VanEck Vectors Morningstar Durable Dividend ETF 9.1 29 11 7.2 +1.9
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 9.1 75 -35 6.0 +0.7
QCAN SPDR MSCI Canada Quality Mix ETF 9.0 14 26 7.2 +1.8
YMLP VanEck Vectors High Income MLP ETF 8.9 45 -5 5.3 -0.0
BBCA JPMorgan BetaBuilders Canada ETF 8.8 19 21 7.1 +1.8
FAN First Trust Global Wind Energy ETF 8.8 62 -22 6.3 +0.9
SDOG ALPS Sector Dividend Dogs ETF 8.7 40 0 10.4 +5.0
EWC iShares MSCI Canada ETF 8.7 49 -9 6.9 +1.6
EMIF iShares Emerging Markets Infrastructure ETF 8.4 60 -20 8.4 +3.1
ABEQ Absolute Core Strategy ETF 8.4 85 -45 4.7 -0.6
LVHD Legg Mason Low Volatility High Dividend ETF 8.2 27 13 8.8 +3.5
YLDE ClearBridge Dividend Strategy ESG ETF 8.0 60 -20 5.0 -0.3
SPMV Invesco S&P 500 Minimum Variance ETF 8.0 10 30 5.9 +0.5
PEY Invesco High Yield Equity Dividend Achievers ETF 7.9 53 -13 9.2 +3.8
IDMO Invesco S&P International Developed Momentum ETF 7.9 26 14 4.6 -0.8
USMV iShares Edge MSCI Min Vol USA ETF 7.8 15 25 5.5 +0.2
PID Invesco International Dividend Achievers ETF 7.8 54 -14 9.7 +4.4
JKI iShares Morningstar Mid-Cap Value ETF 7.8 30 10 9.3 +3.9
IWS iShares Russell Mid-Cap Value ETF 7.7 24 16 7.3 +2.0
VETS Pacer Military Times Best Employers ETF 7.5 60 -20 7.0 +1.6
SCIU Global X Scientific Beta US ETF 7.5 19 21 5.8 +0.5
VYM Vanguard High Dividend Yield Index ETF 7.5 6 34 7.4 +2.1
DIV Global X SuperDividend US ETF 7.4 46 -6 7.1 +1.7
DEW WisdomTree Global High Dividend Fund 7.4 58 -18 9.4 +4.0
ESGS Columbia Sustainable U.S. Equity Income ETF 7.3 35 5 8.6 +3.2
EWP iShares MSCI Spain ETF 7.2 50 -10 8.6 +3.2
IGE iShares North American Natural Resources ETF 7.1 46 -6 4.1 -1.2
FENY Fidelity MSCI Energy Index ETF 6.9 8 32 4.2 -1.1
IYE iShares U.S. Energy ETF 6.9 42 -2 4.0 -1.4
VDE Vanguard Energy Index Fund 6.9 10 30 3.9 -1.5
FVD First Trust Value Line Dividend Index Fund 6.8 70 -30 6.4 +1.1
JHME John Hancock Multifactor Energy ETF 6.8 40 0 3.7 -1.6
SPMO Invesco S&P 500 Momentum ETF 6.5 13 27 4.4 -0.9
ACWV iShares Edge MSCI Min Vol Global ETF 6.5 20 20 5.7 +0.4
VRAI Virtus Real Asset Income ETF 6.5 55 -15 11.2 +5.9
JPUS JPMorgan Diversified Return U.S. Equity ETF 6.4 18 22 6.3 +0.9
EWI iShares MSCI Italy ETF 6.4 49 -9 7.6 +2.3
VOE Vanguard Mid-Cap Value Index Fund 6.2 7 33 8.0 +2.7
FTXN First Trust Nasdaq Oil & Gas ETF 6.1 60 -20 2.1 -3.2
FLIY Franklin FTSE Italy ETF 6.1 9 31 7.6 +2.3
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 6.1 30 10 7.4 +2.1
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 6.1 60 -20 5.4 +0.1
JKF iShares Morningstar Large Cap Value ETF 6.1 25 15 7.6 +2.3
FEZ SPDR EURO STOXX 50 ETF 6.0 29 11 7.1 +1.8
ACSI American Customer Satisfaction Core Alpha ETF 6.0 66 -26 5.8 +0.5
VONV Vanguard Russell 1000 Value Index Fund 5.9 8 32 7.4 +2.0
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 5.9 20 20 9.5 +4.1
VTV Vanguard Value Index Fund 5.9 4 36 7.5 +2.2
IWD iShares Russell 1000 Value ETF 5.9 19 21 7.2 +1.9
JETS US Global Jets ETF 5.8 60 -20 4.5 -0.8
SPYV SPDR Portfolio S&P 500 Value ETF 5.8 4 36 7.5 +2.1
IVE iShares S&P 500 Value ETF 5.8 18 22 7.3 +2.0
DLN WisdomTree U.S. LargeCap Dividend Fund 5.8 28 12 6.4 +1.1
VOOV Vanguard S&P 500 Value ETF 5.8 15 25 7.4 +2.1
PXI Invesco DWA Energy Momentum ETF 5.8 60 -20 4.1 -1.3
KLCD KFA Large Cap Quality Dividend Index ETF 5.8 41 -1 5.4 +0.1
MGV Vanguard Mega Cap Value ETF 5.7 7 33 7.3 +2.0
SPDV AAM S&P 500 High Dividend Value ETF 5.6 29 11 11.0 +5.7
EQAL Invesco Russell 1000 Equal Weight ETF 5.5 20 20 5.7 +0.4

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 Global Infrastructure ETF
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 10.1 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.50
 
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.