ETF Research Center

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
Total	27.2 %
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 %

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%.

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	**	**	**	**	**	**	**
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	12.9	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.1	%

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.