SPDR S&P China ETF
ALTAR
Score™
6.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
18.2x P/Sales
ratio
1.7x
P/BV
ratio
2.1x Div.
yield
1.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P China ETF objective is to replicate the performance of the S&P China BMI Index. The Index measures publicly traded companies domiciled in China, but legally available to foreign inves

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Mar 19, 2007
Assets (mns) $2,097
Currency USD
Expense ratio 59 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 797
Wgt avg mkt cap (mns) $207,022
Large cap (>$10bn) 78.9%
Mid cap ($2-10bn) 13.8%
Small cap (<$2bn) 2.2%
Developed mkts 22.6%
Emerging mkts 77.4%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 13.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR 12.2 %
MEITUAN DIANPING 5.2 %
JD.COM INC-ADR 2.2 %
NIO INC. SPONSORED ADR CLASS A 2.0 %
CHINA CONSTRUCTION BANK-H 1.9 %
PING AN INSURANCE GROUP CO-H 1.8 %
BAIDU INC - SPON ADR 1.8 %
PINDUODUO, INC. SPONSORED ADR CLAS 1.5 %
XIAOMI CORP. CLASS B 1.3 %
Total 43.3 %

TOP COUNTRY EXPOSURE
CHINA 91.2 %
HONG KONG 7.8 %
UNITED STATES 0.1 %
BRITISH VIRGIN ISLANDS 0.0 %
SINGAPORE 0.0 %






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.
28.3% 28.3% 14.1% 7.6% 8.6%

Market Correlations
versus... Beta R-squared
S&P500 0.77 46%
MSCI EAFE 0.72 39%
MSCI Emg. Mkts. 0.83 66%

Technical Indicators
Recent close $146.15
30d moving avg. $132.83
Annualized volatility 21.5%
Short interest (ETF) 0.5%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 88
Turnover 0.6%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $95,802

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the SPDR S&P China ETF ETF based on the alternatives' overlap in portfolio holdings with GXC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GXC Expense: 59 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GXC
Ticker Fund
Name
Overlap1
vs GXC
(%)
Expense
ratio
(bp)
Savings
vs GXC
(bp)
ALTAR
Score™
(%)
ALTAR
vs GXC
(%)
MCHI iShares MSCI China ETF 85.6 59 0 6.4 -0.1
FLCH Franklin FTSE China ETF 85.0 19 40 7.0 +0.5
DFAE Dimensional Emerging Core Equity Market ETF 83.2 35 24 7.0 +0.5
BKF iShares MSCI BRIC ETF 68.0 70 -11 6.2 -0.3
KALL KraneShares MSCI All China Index ETF 66.1 49 10 6.9 +0.4
CN Xtrackers MSCI All China Equity ETF 57.4 50 9 6.9 +0.4
CXSE WisdomTree China ex-State-Owned Enterprises Fund 52.1 32 27 5.3 -1.1
GMF SPDR S&P Emerging Asia Pacific ETF 51.7 49 10 5.9 -0.6
CHIL Global X MSCI China Large-Cap 50 ETF 50.5 29 30 6.2 -0.3
EEMA iShares MSCI Emerging Markets Asia ETF 46.2 50 9 6.3 -0.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 43.4 68 -9 5.7 -0.8
SCHE Schwab Emerging Markets Equity ETF 43.2 11 48 6.7 +0.3
PBEE Invesco PureBeta FTSE Emerging Markets ETF 41.9 15 44 7.3 +0.8
FLAX Franklin FTSE Asia Ex Japan ETF 41.8 19 40 6.2 -0.2
SPEM SPDR Portfolio Emerging Markets ETF 41.0 11 48 6.5 +0.1
VWO Vanguard FTSE Emerging Markets ETF 39.6 10 49 6.9 +0.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 39.4 30 29 6.4 -0.1
EEM iShares MSCI Emerging Markets ETF 38.9 70 -11 6.0 -0.5
KESG KraneShares MSCI China ESG Leaders Index ETF 38.1 59 0 8.1 +1.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 37.9 65 -6 6.0 -0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 37.9 20 39 5.5 -1.0
EEMO Invesco S&P Emerging Markets Momentum ETF 37.5 29 30 3.3 -3.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 36.7 36 23 6.8 +0.3
IEMG iShares Core MSCI Emerging Markets ETF 35.6 11 48 6.6 +0.1
KWEB KraneShares CSI China Internet ETF 34.3 76 -17 2.1 -4.3
JHEM John Hancock Multifactor Emerging Markets ETF 33.2 49 10 7.4 +0.9
ESGE iShares ESG Aware MSCI EM ETF 32.5 25 34 7.0 +0.5
FXI iShares China Large-Cap ETF 32.2 74 -15 10.5 +4.0
FDNI First Trust Dow Jones International Internet ETF 31.6 65 -6 1.9 -4.6
BKEM BNY Mellon Emerging Markets Equity ETF 31.3 11 48 6.7 +0.2
AVEM Avantis Emerging Markets Equity ETF 30.9 33 26 7.3 +0.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 30.6 86 -27 2.1 -4.4
EWEB Global X Emerging Markets Internet & E-commerce ETF 29.3 65 -6 2.5 -4.0
AIA iShares Asia 50 ETF 29.3 50 9 6.0 -0.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 29.3 45 14 6.3 -0.2
LDEM iShares ESG MSCI EM Leaders ETF 29.1 16 43 6.4 -0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 28.7 32 27 5.0 -1.5
NUEM Nuveen ESG Emerging Markets Equity ETF 28.0 45 14 5.4 -1.1
EMXF iShares ESG Advanced MSCI EM ETF 27.8 16 43 7.1 +0.6
CHIQ Global X MSCI China Consumer ETF 27.6 65 -6 4.6 -1.9
ECON Columbia Emerging Markets Consumer ETF 27.0 59 0 4.7 -1.8
RESE WisdomTree Emerging Markets ESG Fund 26.8 32 27 6.7 +0.2
ISEM Invesco RAFI Strategic Emerging Markets ETF 26.7 35 24 8.9 +2.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 26.3 30 29 7.5 +1.0
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 26.0 30 29 4.1 -2.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 26.0 95 -36 7.1 +0.7
PXH Invesco FTSE RAFI Emerging Markets ETF 25.8 50 9 11.6 +5.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 23.5 40 19 6.1 -0.4
FNI First Trust Chindia ETF 21.4 60 -1 2.3 -4.1
CQQQ Invesco China Technology ETF 21.1 70 -11 4.3 -2.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 19.9 32 27 7.4 +1.0
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 19.9 25 34 6.6 +0.1
BICK First Trust BICK Index Fund 19.8 64 -5 3.2 -3.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 19.6 59 0 10.6 +4.1
PGJ Invesco Golden Dragon China ETF 18.9 70 -11 3.7 -2.8
OGIG O'Shares Global Internet Giants ETF 18.1 48 11 0.6 -5.9
FDEM Fidelity Emerging Markets Multifactor ETF 17.9 45 14 7.7 +1.3
GLCN VanEck Vectors Ftse China A50 ETF 17.9 60 -1 4.1 -2.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 17.6 49 10 7.6 +1.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 17.3 39 20 11.6 +5.1
EMGF iShares MSCI Emerging Markets Multifactor ETF 16.8 45 14 8.6 +2.1
EMMF WisdomTree Emerging Markets Multifactor Fund 16.7 48 11 8.1 +1.6
CNYA iShares MSCI China A ETF 15.7 60 -1 5.7 -0.8
ASHX Xtrackers MSCI China A Inclusion Equity ETF 15.7 60 -1 5.6 -0.8
CHIC Global X MSCI China Communication Services ETF 15.4 66 -7 4.5 -2.0
KBA KraneShares Bosera MSCI China A Share ETF 15.4 60 -1 5.7 -0.8
DINT Davis Select International ETF 15.3 68 -9 5.3 -1.1
VSGX Vanguard ESG International Stock ETF 15.0 17 42 6.3 -0.2
PNQI Invesco NASDAQ Internet ETF 14.0 60 -1 1.0 -5.4
SOCL Global X Social Media ETF 13.5 65 -6 2.2 -4.3
DWLD Davis Select Worldwide ETF 13.3 63 -4 5.6 -0.8
GIGE SoFi Gig Economy ETF 13.3 59 0 -0.2 -6.7
ROAM Hartford Multifactor Emerging Markets ETF 13.2 44 15 11.5 +5.0
CEZ VictoryShares Emerging Market Volatility Wtd ETF 13.0 50 9 9.5 +3.0
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 12.8 60 -1 2.3 -4.2
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 12.8 45 14 12.1 +5.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 12.7 16 43 6.0 -0.5
ACWX iShares MSCI ACWI ex U.S. ETF 12.6 32 27 6.3 -0.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 12.5 65 -6 5.9 -0.6
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF 12.4 44 15 8.2 +1.7
CHIX Global X MSCI China Financials ETF 12.4 66 -7 18.3 +11.8
BUYZ Franklin Disruptive Commerce ETF 12.3 50 9 -0.3 -6.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 12.2 40 19 6.1 -0.4
CWI SPDR MSCI ACWI ex-US ETF 12.0 30 29 6.2 -0.3
PIE Invesco DWA Emerging Markets Momentum ETF 11.9 90 -31 1.8 -4.7
AIQ Global X Future Analytics Tech ETF 11.6 68 -9 3.4 -3.1
VEU Vanguard FTSE All-World ex-US Index Fund 11.4 8 51 6.7 +0.2
IXUS ishares Core MSCI Total International Stock ETF 11.2 9 50 6.4 -0.1
FPXI First Trust International Equity Opportunities ETF 11.0 70 -11 3.7 -2.8
JOYY Infusive Compounding Global Equities ETF 10.9 50 9 3.4 -3.1
DSTX Distillate International Fundamental Stability & Value ETF 10.7 55 4 5.9 -0.6
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.5 68 -9 5.0 -1.5
GENY Principal Millennials Index ETF 10.3 45 14 3.4 -3.1
ESPO VanEck Vectors Video Gaming & eSports ETF 10.3 55 4 3.0 -3.5
VIGI Vanguard International Dividend Appreciation ETF 9.9 20 39 5.0 -1.4
IXP iShares Global Comm Services ETF 9.9 46 13 5.2 -1.3
ANEW ProShares MSCI Transformational Changes ETF 9.4 45 14 2.4 -4.1
DEM WisdomTree Emerging Markets High Dividend Fund 9.2 63 -4 12.9 +6.5

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 China ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.8 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.23 CATEGORY
AVERAGE
1.39
 
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.