SPDR S&P Global Nat. Resources
ALTAR
Score™
6.1% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
15.1x P/Sales
ratio
0.8x
P/BV
ratio
1.4x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Global Natural Resources ETF is an exchanged-traded fund incorporated in the United States. The Fund seeks to track the performance of the S&P Global Natural Resources Index which tracks the global natural resources and commodities businesses.

FUND BASICS
Category Global Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Sep 13, 2010
Assets (mns) $1,150
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 95
Wgt avg mkt cap (mns) $64,478
Large cap (>$10bn) 84.2%
Mid cap ($2-10bn) 12.9%
Small cap (<$2bn) 0.0%
Developed mkts 89.6%
Emerging mkts 10.4%

TOP TEN HOLDINGS
BHP BILLITON LTD 5.2 %
EXXON MOBIL CORP 4.2 %
TOTAL SA 3.3 %
CHEVRON CORP 3.2 %
BP PLC 3.2 %
ROYAL DUTCH SHELL PLC-A SHS 3.0 %
UPM-KYMMENE OYJ 2.8 %
VALE SA-SP ADR 2.8 %
ANGLO AMERICAN PLC 2.6 %
GLENCORE INTERNATIONAL PLC 2.2 %
Total 32.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 29.0 %
BRITAIN 13.2 %
AUSTRALIA 10.1 %
CANADA 8.8 %
RUSSIA 5.1 %
FINLAND 4.5 %
FRANCE 3.3 %
BRAZIL 3.3 %
JAPAN 2.9 %
SWITZERLAND 2.2 %

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.
16.3% 16.3% 4.2% -- 1.6%

Market Correlations
versus... Beta R-squared
S&P500 0.93 55%
MSCI EAFE 1.20 74%
MSCI Emg. Mkts. 0.86 65%

Technical Indicators
Recent close $45.85
30d moving avg. $45.77
Annualized volatility 15.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 104
Turnover 0.4%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $9,573

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the SPDR S&P Global Nat. Resources ETF based on the alternatives' overlap in portfolio holdings with GNR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GNR Expense: 40 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GNR
Ticker Fund
Name
Overlap1
vs GNR
(%)
Expense
ratio
(bp)
Savings
vs GNR
(bp)
ALTAR
Score™
(%)
ALTAR
vs GNR
(%)
GUNR Flexshares Global Upstream Natural Resources 54.1 46 -6 5.6 -0.5
HAP VanEck Vectors Hard Asset Producers 40.3 50 -10 5.4 -0.7
MXI iShares S&P Global Materials 33.0 46 -6 6.5 +0.4
IXC iShares Global Energy 29.0 46 -6 4.9 -1.2
GRES Index IQ Global Resources 28.6 77 -37 5.6 -0.5
FILL iShares MSCI Global Energy Producers 27.3 39 1 5.5 -0.6
NANR SPDR S&P N. American Nat. Resources 25.3 35 5 3.8 -2.3
IGE iShares North American Natural Resources 21.3 46 -6 3.8 -2.3
PICK iShares MSCI Global Select Metals & Mining 20.4 39 1 6.5 +0.4
CUT Invesco Timber 16.7 55 -15 7.0 +0.9
DEW WisdomTree Global Equity Income 14.3 58 -18 8.0 +1.9
RIDV Invesco International Ultra Dividend Revenue ETF 13.6 42 -2 8.8 +2.7
DTH WisdomTree DEFA Equity Income 13.2 58 -18 8.2 +2.1
XLE Energy Select Sector SPDR 12.9 13 27 4.2 -1.9
FENY Fidelity MSCI Energy 12.9 8 32 3.8 -2.3
IYE iShares DJ US Energy Sector 12.9 42 -2 3.8 -2.3
VDE Vanguard Energy 12.9 10 30 3.8 -2.3
JHME John Hancock Multifactor Energy 12.9 40 0 3.1 -3.1
WOOD iShares S&P Global Timber 12.9 46 -6 6.4 +0.3

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

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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 S&P Global Nat. Resources
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.4 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 40 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.