SPDR S&P Emerging Asia Pacific ETF
ALTAR
Score™
8.4% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
13.7x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
2.9%


  • 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) $491
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 1284
Wgt avg mkt cap (mns) $116,540
Large cap (>$10bn) 69.0%
Mid cap ($2-10bn) 23.6%
Small cap (<$2bn) 7.4%
Developed mkts 12.1%
Emerging mkts 87.9%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.6 %
TENCENT HOLDINGS LTD 7.3 %
TAIWAN SEMICONDUCTOR-SP ADR 4.5 %
CHINA CONSTRUCTION BANK-H 2.0 %
RELIANCE INDS-SPONS GDR 144A 1.5 %
MEITUAN DIANPING 1.3 %
PING AN INSURANCE GROUP CO-H 1.2 %
IND & COMM BK OF CHINA - H 1.2 %
JD.COM INC-ADR 1.1 %
HDFC BANK LIMITED 1.0 %
Total 28.7 %

TOP COUNTRY EXPOSURE
CHINA 45.3 %
TAIWAN 19.1 %
INDIA 14.0 %
HONG KONG 6.5 %
MALAYSIA 3.2 %
INDONESIA 2.2 %
THAILAND 2.1 %
PHILIPPINES 1.4 %
PAKISTAN 0.2 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-10.4% 1.0% 2.5% 5.9% 5.8%

Market Correlations
versus... Beta R-squared
S&P500 0.78 63%
MSCI EAFE 0.88 68%
MSCI Emg. Mkts. 0.81 88%

Technical Indicators
Recent close $92.65
30d moving avg. $90.64
Annualized volatility 16.7%
Short interest (ETF) 1.5%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 18
Turnover 0.3%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $34,808

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 8.4%


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 63.4 50 -1 8.8 +0.5
SPEM SPDR Portfolio Emerging Markets ETF 59.3 11 38 9.0 +0.6
FLAX Franklin FTSE Asia Ex Japan ETF 57.8 19 30 8.9 +0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 57.5 68 -19 8.4 +0.0
SCHE Schwab Emerging Markets Equity ETF 57.2 13 36 9.1 +0.7
VWO Vanguard FTSE Emerging Markets ETF 56.2 10 39 9.3 +0.9
PBEE Invesco PureBeta FTSE Emerging Markets ETF 52.0 14 35 9.9 +1.6
BKF iShares MSCI BRIC ETF 52.0 69 -20 8.9 +0.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 51.7 65 -16 8.9 +0.5
EEM iShares MSCI Emerging Markets ETF 51.1 68 -19 8.7 +0.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 50.3 30 19 9.2 +0.8
GXC SPDR S&P China ETF 49.7 59 -10 9.2 +0.9
JHEM John Hancock Multifactor Emerging Markets ETF 49.1 55 -6 9.3 +1.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 48.3 32 17 7.2 -1.2
IEMG iShares Core MSCI Emerging Markets ETF 47.9 14 35 9.2 +0.8
MCHI iShares MSCI China ETF 47.2 59 -10 9.3 +1.0
FLCH Franklin FTSE China ETF 46.3 19 30 9.6 +1.2
WCHN WisdomTree ICBCCS S&P China 500 Fund 43.8 55 -6 9.3 +0.9
KALL KraneShares FTSE Emerging Markets Plus ETF 42.8 49 0 9.4 +1.1
CN Xtrackers MSCI All China Equity ETF 42.1 50 -1 9.7 +1.3
AVEM Avantis Emerging Markets Equity ETF 41.7 33 16 10.0 +1.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.7 45 4 9.0 +0.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 39.0 20 29 8.0 -0.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 36.1 30 19 9.7 +1.4
PXH Invesco FTSE RAFI Emerging Markets ETF 35.9 50 -1 14.5 +6.1
ESGE iShares ESG MSCI EM ETF 34.9 25 24 10.2 +1.8
DVEM WisdomTree Emerging Markets Dividend Fund 34.3 32 17 9.5 +1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 33.9 59 -10 11.7 +3.3
CHIL Global X MSCI China Large-Cap 50 ETF 33.4 29 20 9.8 +1.4
ISEM Invesco Strategic Emerging Markets ETF 32.3 35 14 11.1 +2.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 31.6 39 10 13.9 +5.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 30.7 32 17 7.2 -1.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 28.9 95 -46 10.7 +2.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 28.6 49 0 9.5 +1.1
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 28.2 50 -1 10.4 +2.0
NUEM Nuveen ESG Emerging Markets Equity ETF 28.0 45 4 8.1 -0.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 25.1 45 4 9.4 +1.0
AXJL WisdomTree Asia Pacific ex-Japan Fund 24.9 48 1 10.1 +1.7
EMCG WisdomTree Emerging Markets Consumer Growth Fund 24.5 32 17 8.0 -0.4
RNEM Emerging Markets Equity Select ETF 23.9 75 -26 11.1 +2.7
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 23.3 64 -15 5.7 -2.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 23.2 40 9 8.0 -0.4
FXI iShares China Large-Cap ETF 21.9 74 -25 13.9 +5.5
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 21.7 32 17 9.9 +1.5
AIA iShares Asia 50 ETF 21.7 50 -1 9.3 +0.9
KWEB KraneShares CSI China Internet ETF 21.4 76 -27 3.6 -4.7
ROAM Hartford Multifactor Emerging Markets ETF 20.8 44 5 15.7 +7.4
ECON Columbia Emerging Markets Consumer ETF 20.7 59 -10 5.1 -3.3
EMMF WisdomTree Emerging Markets Multifactor Fund 20.7 48 1 10.2 +1.9
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 20.5 25 24 8.8 +0.4
FDNI First Trust Dow Jones International Internet ETF 20.2 65 -16 2.9 -5.5
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 20.2 86 -37 2.4 -6.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 20.1 29 20 10.3 +1.9
FDEM Fidelity Targeted Emerging Markets Factor ETF 19.7 45 4 10.2 +1.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 19.0 18 31 6.5 -1.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 19.0 49 0 8.8 +0.4
TTTN UP Fintech China-U.S. Internet Titans ETF 18.9 59 -10 5.1 -3.3
BICK First Trust BICK Index Fund 18.6 64 -15 4.8 -3.6
DEM WisdomTree Emerging Markets High Dividend Fund 18.5 63 -14 14.8 +6.4
FNI First Trust Chindia ETF 15.8 59 -10 3.7 -4.7
EEMO Invesco S&P Emerging Markets Momentum ETF 15.7 30 19 7.5 -0.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 15.7 16 33 7.5 -0.9
EMXC iShares MSCI Emerging Markets ex China ETF 15.5 49 0 8.9 +0.5
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 15.5 45 4 10.3 +1.9
CWI SPDR MSCI ACWI ex-US ETF 15.3 30 19 8.0 -0.4
VEU Vanguard FTSE All-World ex-US Index Fund 15.1 8 41 8.2 -0.2
JOYY Infusive Compounding Global Equities ETF 14.9 50 -1 4.0 -4.4
VSGX Vanguard ESG International Stock ETF 14.6 17 32 7.8 -0.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 14.3 40 9 7.9 -0.5
CHIQ Global X China Consumer ETF 14.2 65 -16 9.8 +1.5
PIE Invesco DWA Emerging Markets Momentum ETF 13.8 90 -41 5.9 -2.5
ACWX iShares MSCI ACWI ex U.S. ETF 13.7 32 17 8.0 -0.4
PGJ Invesco Golden Dragon China ETF 13.5 70 -21 3.6 -4.7
IXUS ishares Core MSCI Total International Stock ETF 13.4 9 40 8.1 -0.3
VXUS Vanguard Total International Stock Index Fund 13.2 8 41 8.2 -0.1
EWT iShares MSCI Taiwan ETF 12.9 59 -10 6.7 -1.7
OGIG O'Shares Global Internet Giants ETF 12.8 48 1 0.5 -7.8
FLTW Franklin FTSE Taiwan ETF 12.7 19 30 7.0 -1.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 12.1 45 4 14.1 +5.7
GBUY Goldman Sachs Motif New Age Consumer ETF 11.9 50 -1 2.3 -6.1
FRDM Freedom 100 Emerging Markets ETF 11.8 49 0 8.0 -0.4
CQQQ Invesco China Technology ETF 11.7 70 -21 4.5 -3.9
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 11.5 80 -31 1.9 -6.5
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.4 20 29 11.6 +3.2
VYMI Vanguard International High Dividend Yield ETF 11.3 32 17 10.8 +2.5
CHIC Global X Nasdaq China Technology ETF 11.0 65 -16 4.5 -3.9
DINT Davis Select International ETF 10.8 75 -26 6.2 -2.1
VIGI Vanguard International Dividend Appreciation ETF 10.6 25 24 6.2 -2.2
BUYZ Franklin Disruptive Commerce ETF 10.3 50 -1 -0.1 -8.5
PNQI Invesco NASDAQ Internet ETF 10.2 62 -13 1.3 -7.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 10.1 60 -11 9.0 +0.6
PEK VanEck Vectors ChinaAMC CSI 300 ETF 9.5 60 -11 8.4 +0.0
ONLN ProShares Online Retail ETF 9.5 58 -9 1.7 -6.6
GENY Principal Millennials Index ETF 9.3 45 4 4.4 -4.0
BLCN Reality Shares Nasdaq NextGen Economy ETF 9.3 68 -19 4.6 -3.8
SOCL Global X Social Media ETF 9.2 65 -16 2.3 -6.1
XCEM Columbia EM Core ex-China ETF 9.0 16 33 8.2 -0.2
CHIX Global X China Financials ETF 8.9 65 -16 19.4 +11.0
GIGE SoFi Gig Economy ETF 8.9 59 -10 -0.4 -8.8
DWLD Davis Select Worldwide ETF 8.7 64 -15 7.0 -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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 12.7 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 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.