SPDR S&P Emerging Asia Pacific ETF
ALTAR
Score™
8.1% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
12.8x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Emerging Asia Pacific ETF objective is to replicate the performance of the S&P Asia Pacific Emerging BMI Index, which includes companies in an emerging market in the Asia Pacific Emer

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Mar 19, 2007
Assets (mns) $515
Currency USD
Expense ratio 49 bp
Distributions Semi-Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1299
Wgt avg mkt cap (mns) $114,084
Large cap (>$10bn) 71.1%
Mid cap ($2-10bn) 22.4%
Small cap (<$2bn) 6.3%
Developed mkts 11.3%
Emerging mkts 88.7%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.1 %
TENCENT HOLDINGS LTD 6.1 %
TAIWAN SEMICONDUCTOR-SP ADR 4.4 %
CHINA CONSTRUCTION BANK-H 1.9 %
RELIANCE INDS-SPONS GDR 144A 1.4 %
HDFC BANK LIMITED 1.4 %
HOUSING DEVELOPMENT FINANCE 1.4 %
PING AN INSURANCE GROUP CO-H 1.3 %
IND & COMM BK OF CHINA - H 1.2 %
CHINA MOBILE LIMITED 1.0 %
Total 27.2 %

TOP COUNTRY EXPOSURE
CHINA 42.4 %
TAIWAN 18.2 %
INDIA 16.8 %
HONG KONG 6.7 %
MALAYSIA 3.2 %
INDONESIA 3.0 %
THAILAND 2.4 %
PHILIPPINES 1.6 %
PAKISTAN 0.2 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.5% 4.9% 5.4% 6.6% 6.4%

Market Correlations
versus... Beta R-squared
S&P500 0.92 57%
MSCI EAFE 1.11 69%
MSCI Emg. Mkts. 0.97 90%

Technical Indicators
Recent close $97.17
30d moving avg. $102.24
Annualized volatility 14.8%
Short interest (ETF) 1.9%
Relative strength (RSI) 37

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.5%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $43,243

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: GMF Expense: 49 bp ALTAR Score™: 8.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GMF
Ticker Fund
Name
Overlap1
vs GMF
(%)
Expense
ratio
(bp)
Savings
vs GMF
(bp)
ALTAR
Score™
(%)
ALTAR
vs GMF
(%)
EEMA iShares MSCI Emerging Markets Asia ETF 62.3 50 -1 8.7 +0.6
SPEM SPDR Portfolio Emerging Markets ETF 56.4 11 38 8.8 +0.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 56.3 68 -19 8.1 +0.0
FLAX Franklin FTSE Asia Ex Japan ETF 56.2 19 30 8.6 +0.5
SCHE Schwab Emerging Markets Equity ETF 54.0 13 36 8.7 +0.6
VWO Vanguard FTSE Emerging Markets ETF 53.8 10 39 9.0 +0.9
BKF iShares MSCI BRIC ETF 50.5 69 -20 8.8 +0.8
PBEE Invesco PureBeta FTSE Emerging Markets ETF 50.1 14 35 9.4 +1.4
EEM iShares MSCI Emerging Markets ETF 48.6 68 -19 8.6 +0.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 48.3 65 -16 8.6 +0.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 47.5 30 19 8.8 +0.7
GXC SPDR S&P China ETF 47.0 59 -10 9.2 +1.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 46.4 32 17 7.1 -1.0
JHEM John Hancock Multifactor Emerging Markets ETF 46.3 55 -6 9.2 +1.2
IEMG iShares Core MSCI Emerging Markets ETF 45.6 14 35 9.0 +1.0
MCHI iShares MSCI China ETF 44.5 59 -10 9.3 +1.3
FLCH Franklin FTSE China ETF 43.9 19 30 9.5 +1.4
WCHN WisdomTree ICBCCS S&P China 500 Fund 41.1 55 -6 9.0 +1.0
KALL KraneShares FTSE Emerging Markets Plus ETF 40.4 49 0 9.2 +1.1
CN Xtrackers MSCI All China Equity ETF 39.8 50 -1 9.4 +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 Asia Pacific 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 12.9 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.48
 
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.