SPDR FTSE/Macquarie Global Infrastructure
ALTAR
Score™
4.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.5x P/Sales
ratio
2.5x
P/BV
ratio
2.1x Div.
yield
3.9%


  • 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 31, 2007
Assets (mns) $438
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 77
Wgt avg mkt cap (mns) $33,348
Large cap (>$10bn) 75.3%
Mid cap ($2-10bn) 24.1%
Small cap (<$2bn) 0.6%
Developed mkts 93.1%
Emerging mkts 6.9%

TOP TEN HOLDINGS
NEXTERA ENERGY GROUP 5.2 %
ENBRIDGE INC 5.1 %
TRANSURBAN GROUP 5.1 %
AENA SA 4.8 %
ATLANTIA SPA 3.9 %
TRANSCANADA CORP 3.3 %
SOUTHERN CO 2.9 %
DUKE ENERGY CORP 2.9 %
DOMINION RESOURCES INC/VA 2.8 %
ENEL SPA 2.7 %
Total 38.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 39.5 %
CANADA 11.1 %
AUSTRALIA 9.9 %
SPAIN 7.5 %
ITALY 7.0 %
FRANCE 6.3 %
MEXICO 4.0 %
BRITAIN 3.0 %
HONG KONG 3.0 %
NEW ZEALAND 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.
26.2% 26.2% 6.0% 6.3% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.51 40%
MSCI EAFE 0.68 59%
MSCI Emg. Mkts. 0.49 52%

Technical Indicators
Recent close $56.20
30d moving avg. $55.18
Annualized volatility 9.8%
Short interest (ETF) 0.3%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 35
Turnover 0.5%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $4,921

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR FTSE/Macquarie Global Infrastructure 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™: 4.6%


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 S&P Global Infrastructure 98.7 46 -6 4.5 -0.1
INFR Legg Mason Global Infrastructure 50.6 40 0 5.3 +0.7
JXI iShares S&P Global Utilities 39.3 46 -6 4.9 +0.3
GLIF AGFiQ Global Infrastructure 37.7 45 -5 4.9 +0.3
TOLZ ProShares Global Infrastructure 36.8 46 -6 4.9 +0.3
NFRA FlexShares STOXX Global Broad Infrastructure 34.1 47 -7 6.2 +1.6
EMLP First Trust N. American Energy Infrastructure 33.2 95 -55 4.6 0.0
XLU Utilities Select Sector SPDR 30.2 13 27 4.8 +0.2
FUTY Fidelity MSCI Utilities 30.2 8 32 4.8 +0.2
VPU Vanguard Utilities ETF 30.2 10 30 4.7 +0.1
IDU iShares DJ US Utilities 30.2 43 -3 4.5 -0.1
RYU Invesco S&P Equal Weight Utilities 28.6 40 0 4.7 +0.1
JHMU John Hancock Multifactor Utilities 28.3 40 0 4.8 +0.2
ENFR Alerian Energy Infrastructure 20.0 55 -15 3.9 -0.7
YMLP Yorkville High Income MLP 20.0 84 -44 3.8 -0.8
USAI Pacer American Energy Independence ETF 20.0 75 -35 2.0 -2.6
UTES Reaves Utilities 19.7 49 -9 4.0 -0.7
FXU First Trust Utilities Alphadex 19.4 63 -23 5.1 +0.5
TPYP Tortoise North American Pipeline 18.8 40 0 4.5 -0.1

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

Content on this tab for subscribers only

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 FTSE/Macquarie Global Infrastructure
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 10.4 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 4.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.68 CATEGORY
AVERAGE
1.54
 
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.