ETF Research Center

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)	$1,445
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	730
Wgt avg mkt cap (mns)	$174,244
Large cap (>$10bn)	76.4%
Mid cap ($2-10bn)	19.9%
Small cap (<$2bn)	3.4%
Developed mkts	22.4%
Emerging mkts	77.7%

TOP TEN HOLDINGS
Total	41.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR	13.9 %
TENCENT HOLDINGS LTD	11.5 %
CHINA CONSTRUCTION BANK-H	3.4 %
PING AN INSURANCE GROUP CO-H	2.8 %
IND & COMM BK OF CHINA - H	2.3 %
MEITUAN DIANPING	2.0 %
CHINA MOBILE LIMITED	1.8 %
BAIDU INC - SPON ADR	1.5 %
JD.COM INC-ADR	1.4 %
BANK OF CHINA LTD - H	1.3 %

TOP COUNTRY EXPOSURE
	CHINA	84.0 %
	HONG KONG	12.9 %
	SINGAPORE	0.0 %
	BRITISH VIRGIN ISLANDS	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.
23.1%	23.1%	7.4%	5.8%	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.29	62%
MSCI EAFE	1.50	68%
MSCI Emg. Mkts.	1.27	85%

Technical Indicators
Recent close	$103.94
30d moving avg.	$102.64
Annualized volatility	19.9%
Short interest (ETF)	0.4%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	99
Turnover	0.7%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$34,067

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

8.4%

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	83.6	59	0	8.4	0.0
FLCH	Franklin FTSE China	81.2	19	40	8.8	+0.4
KALL	KraneShares MSCI China All Shares	64.8	49	10	8.4	+0.0
WCHN	WisdomTree ICBCCS S&P China 500	64.1	55	4	8.3	-0.1
BKF	iShares MSCI BRIC	60.7	67	-8	7.9	-0.5
CN	Xtrackers Harvest MSCI All China	57.8	50	9	8.5	+0.1
CXSE	WisdomTree China ex-State Owned Enterprises	52.4	32	27	6.3	-2.1
CHIL	Global X MSCI China Large-Cap 50	51.9	29	30	9.6	+1.2
GMF	SPDR S&P Emerging Asia Pacific	47.4	49	10	7.6	-0.8
EEMA	iShares MSCI Emg Mkts Asia	44.3	50	9	8.2	-0.2
AAXJ	iShares MSCI Asia ex-Japan	39.1	67	-8	7.6	-0.8
FLAX	Franklin FTSE Asia Ex Japan	38.2	19	40	8.1	-0.3
FXI	iShares China Large-Cap	37.1	74	-15	13.2	+4.8
PBEE	Invesco PureBeta FTSE Emerging Markets	36.8	14	45	8.6	+0.3
SCHE	Schwab Emerging Markets Equity	36.6	13	46	8.1	-0.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	34.4	30	29	8.0	-0.4
SPEM	SPDR Portfolio Emerging Markets	33.8	11	48	8.0	-0.4
EEM	iShares MSCI Emerging Markets	33.4	67	-8	7.9	-0.5
VWO	Vanguard Emerging Markets	32.9	12	47	8.1	-0.3
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	32.8	65	-6	7.8	-0.6

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	**	**	**	**	**	**	**
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 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	13.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	8.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.29	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.