SPDR S&P Emerging Asia Pacific ETF
ALTAR
Score™		 7.2% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 16.8x P/Sales
ratio		 1.3x
P/BV
ratio		 1.7x Div.
yield		 2.4%


  • 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) $538
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 1277
Wgt avg mkt cap (mns) $153,497
Large cap (>$10bn) 71.7%
Mid cap ($2-10bn) 20.7%
Small cap (<$2bn) 6.2%
Developed mkts 12.2%
Emerging mkts 87.8%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.8 %
TENCENT HOLDINGS LTD 7.6 %
TAIWAN SEMICONDUCTOR-SP ADR 5.7 %
MEITUAN DIANPING 2.0 %
RELIANCE INDS-SPONS GDR 144A 1.8 %
CHINA CONSTRUCTION BANK-H 1.5 %
JD.COM INC-ADR 1.1 %
PING AN INSURANCE GROUP CO-H 1.1 %
HDFC BANK LIMITED 1.1 %
INFOSYS TECHNOLOGIES-SP ADR 1.0 %
Total 30.7 %

TOP COUNTRY EXPOSURE
CHINA 46.3 %
TAIWAN 19.0 %
INDIA 15.0 %
HONG KONG 5.9 %
MALAYSIA 2.9 %
INDONESIA 2.2 %
THAILAND 1.8 %
PHILIPPINES 1.2 %
PAKISTAN 0.2 %
UNITED STATES 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
5.2% 15.1% 8.2% 6.6% 7.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 62%
MSCI EAFE 0.91 66%
MSCI Emg. Mkts. 0.82 89%

Technical Indicators
Recent close $109.89
30d moving avg. $108.55
Annualized volatility 17.6%
Short interest (ETF) 0.2%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 35
Turnover 0.7%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $72,954

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 7.2%


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 61.6 50 -1 7.4 +0.2
SPEM SPDR Portfolio Emerging Markets ETF 60.3 11 38 7.8 +0.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 57.3 68 -19 7.0 -0.3
FLAX Franklin FTSE Asia Ex Japan ETF 56.9 19 30 7.6 +0.4
SCHE Schwab Emerging Markets Equity ETF 56.9 11 38 7.9 +0.6
VWO Vanguard FTSE Emerging Markets ETF 55.2 10 39 8.0 +0.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 52.4 65 -16 7.3 +0.1
BKF iShares MSCI BRIC ETF 52.4 69 -20 7.4 +0.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 51.7 15 34 8.6 +1.3
EEM iShares MSCI Emerging Markets ETF 51.7 68 -19 7.3 +0.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 50.3 30 19 7.7 +0.5
GXC SPDR S&P China ETF 49.6 59 -10 8.0 +0.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 49.2 36 13 8.0 +0.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 49.1 32 17 6.1 -1.1
IEMG iShares Core MSCI Emerging Markets ETF 48.1 13 36 7.8 +0.6
MCHI iShares MSCI China ETF 47.7 59 -10 7.8 +0.5
JHEM John Hancock Multifactor Emerging Markets ETF 46.8 49 0 8.3 +1.0
FLCH Franklin FTSE China ETF 46.5 19 30 8.3 +1.1
AVEM Avantis Emerging Markets Equity ETF 43.2 33 16 8.7 +1.4
CN Xtrackers MSCI All China Equity ETF 42.2 50 -1 8.1 +0.9
KALL KraneShares FTSE Emerging Markets Plus ETF 41.5 49 0 8.1 +0.8
BKEM BNY Mellon Emerging Markets Equity ETF 40.0 11 38 8.4 +1.1
ESGE iShares ESG MSCI EM ETF 39.8 25 24 8.5 +1.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.5 45 4 7.8 +0.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 39.2 20 29 6.7 -0.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 36.3 30 19 8.6 +1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 34.3 50 -1 13.2 +6.0
CHIL Global X MSCI China Large-Cap 50 ETF 33.2 29 20 8.3 +1.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 32.1 32 17 6.1 -1.2
DVEM WisdomTree Emerging Markets Dividend Fund 31.8 32 17 8.1 +0.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 30.5 59 -10 10.8 +3.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 29.7 49 0 7.6 +0.4
ISEM Invesco Strategic Emerging Markets ETF 29.7 35 14 10.2 +3.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 28.3 95 -46 9.2 +2.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 28.3 39 10 12.6 +5.4
NUEM Nuveen ESG Emerging Markets Equity ETF 28.1 45 4 7.0 -0.3
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 26.5 50 -1 10.3 +3.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 24.4 40 9 7.2 -0.1
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 23.8 64 -15 4.6 -2.7
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 23.7 25 24 7.7 +0.4
KWEB KraneShares CSI China Internet ETF 22.6 76 -27 1.8 -5.4
ECON Columbia Emerging Markets Consumer ETF 22.5 59 -10 4.5 -2.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 22.4 44 5 8.9 +1.6
EMMF WisdomTree Emerging Markets Multifactor Fund 22.0 48 1 9.3 +2.1
RNEM Emerging Markets Equity Select ETF 21.8 75 -26 11.4 +4.1
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 21.7 86 -37 2.1 -5.1
FDNI First Trust Dow Jones International Internet ETF 21.1 65 -16 2.2 -5.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 21.0 32 17 8.9 +1.6
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 20.8 18 31 5.3 -1.9
AIA iShares Asia 50 ETF 20.6 50 -1 7.9 +0.7
TTTN UP Fintech China-U.S. Internet Titans ETF 20.4 59 -10 4.1 -3.1
FXI iShares China Large-Cap ETF 20.4 74 -25 13.0 +5.8
ROAM Hartford Multifactor Emerging Markets ETF 20.1 44 5 14.4 +7.2
FDEM Fidelity Targeted Emerging Markets Factor ETF 18.2 45 4 9.3 +2.1
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 17.8 49 0 7.6 +0.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 17.8 45 4 8.8 +1.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 17.7 29 20 9.8 +2.6
CWI SPDR MSCI ACWI ex-US ETF 17.6 30 19 7.1 -0.2
BICK First Trust BICK Index Fund 17.3 64 -15 4.3 -2.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 17.1 16 33 6.8 -0.4
VEU Vanguard FTSE All-World ex-US Index Fund 16.5 8 41 7.4 +0.2
EEMO Invesco S&P Emerging Markets Momentum ETF 16.2 29 20 6.4 -0.9
OGIG O'Shares Global Internet Giants ETF 15.9 48 1 0.7 -6.6
VSGX Vanguard ESG International Stock ETF 15.8 17 32 7.0 -0.2
DEM WisdomTree Emerging Markets High Dividend Fund 15.6 63 -14 14.0 +6.7
CHIQ Global X China Consumer ETF 15.6 65 -16 7.0 -0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 15.5 40 9 6.9 -0.4
FNI First Trust Chindia ETF 15.3 60 -11 2.6 -4.6
ACWX iShares MSCI ACWI ex U.S. ETF 14.7 32 17 7.1 -0.1
EMXC iShares MSCI Emerging Markets ex China ETF 14.5 25 24 7.9 +0.7
PIE Invesco DWA Emerging Markets Momentum ETF 14.5 90 -41 4.6 -2.6
IXUS ishares Core MSCI Total International Stock ETF 14.5 9 40 7.3 +0.0
VXUS Vanguard Total International Stock Index Fund 14.0 8 41 7.4 +0.2
PGJ Invesco Golden Dragon China ETF 13.7 70 -21 3.2 -4.1
FRDM Freedom 100 Emerging Markets ETF 12.9 49 0 6.5 -0.7
CQQQ Invesco China Technology ETF 12.7 70 -21 3.8 -3.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 12.6 45 4 13.2 +5.9
GBUY Goldman Sachs Motif New Age Consumer ETF 12.5 50 -1 1.8 -5.5
VIGI Vanguard International Dividend Appreciation ETF 12.4 25 24 5.5 -1.7
VYMI Vanguard International High Dividend Yield ETF 12.1 32 17 9.9 +2.7
EWT iShares MSCI Taiwan ETF 11.7 59 -10 5.7 -1.6
DINT Davis Select International ETF 11.6 68 -19 5.7 -1.6
FLTW Franklin FTSE Taiwan ETF 11.6 19 30 6.1 -1.1
PNQI Invesco NASDAQ Internet ETF 11.2 62 -13 1.0 -6.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.0 20 29 10.8 +3.6
CHIC Global X Nasdaq China Technology ETF 10.9 66 -17 3.8 -3.4
BUYZ Franklin Disruptive Commerce ETF 10.5 50 -1 -0.3 -7.5
JOYY Infusive Compounding Global Equities ETF 10.0 50 -1 3.6 -3.7
XCEM Columbia EM Core ex-China ETF 9.9 16 33 7.0 -0.2
DWLD Davis Select Worldwide ETF 9.9 63 -14 6.4 -0.8
PEK VanEck Vectors ChinaAMC CSI 300 ETF 9.8 60 -11 7.2 -0.1
ONLN ProShares Online Retail ETF 9.7 58 -9 0.8 -6.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.5 60 -11 8.5 +1.2
SOCL Global X Social Media ETF 9.4 65 -16 1.8 -5.5
GIGE SoFi Gig Economy ETF 9.1 59 -10 -0.6 -7.8
LEGR First Trust Index Digital Transaction & Process Technology E 9.1 65 -16 6.9 -0.4
BLCN Reality Shares Nasdaq NextGen Economy ETF 9.0 68 -19 3.5 -3.7
EPI WisdomTree India Earnings Fund 8.8 85 -36 8.1 +0.9
ESPO VanEck Vectors Video Gaming & eSports ETF 8.5 55 -6 2.5 -4.7

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 12.6 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.38 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.