SPDR S&P China ETF
ALTAR
Score™
9.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
11.5x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
2.4%


  • 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) $1,183
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 732
Wgt avg mkt cap (mns) $138,060
Large cap (>$10bn) 74.5%
Mid cap ($2-10bn) 21.1%
Small cap (<$2bn) 4.1%
Developed mkts 23.5%
Emerging mkts 76.5%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 12.7 %
TENCENT HOLDINGS LTD 10.4 %
CHINA CONSTRUCTION BANK-H 3.5 %
PING AN INSURANCE GROUP CO-H 2.9 %
IND & COMM BK OF CHINA - H 2.5 %
MEITUAN DIANPING 1.9 %
CHINA MOBILE LIMITED 1.9 %
BAIDU INC - SPON ADR 1.4 %
BANK OF CHINA LTD - H 1.4 %
JD.COM INC-ADR 1.3 %
Total 40.0 %

TOP COUNTRY EXPOSURE
CHINA 82.8 %
HONG KONG 13.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
11.5% 11.3% 5.5% 5.3% 6.5%

Market Correlations
versus... Beta R-squared
S&P500 1.25 58%
MSCI EAFE 1.38 60%
MSCI Emg. Mkts. 1.25 81%

Technical Indicators
Recent close $95.37
30d moving avg. $94.91
Annualized volatility 19.8%
Short interest (ETF) 1.5%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 45
Turnover 0.4%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $24,522

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™: 9.3%


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 81.0 59 0 9.5 +0.2
FLCH Franklin FTSE China 80.8 19 40 10.1 +0.8
KALL KraneShares MSCI China All Shares 63.7 49 10 9.2 -0.1
WCHN WisdomTree ICBCCS S&P China 500 59.2 55 4 9.2 -0.1
BKF iShares MSCI BRIC 58.8 67 -8 8.9 -0.5
CN Xtrackers Harvest MSCI All China 56.2 50 9 9.7 +0.4
CXSE WisdomTree China ex-State Owned Enterprises 50.3 32 27 7.3 -2.1
CHIL Global X MSCI China Large-Cap 50 49.3 29 30 10.6 +1.3
GMF SPDR S&P Emerging Asia Pacific 45.9 49 10 8.2 -1.1
EEMA iShares MSCI Emg Mkts Asia 42.3 50 9 8.7 -0.6
FXI iShares China Large-Cap 37.1 74 -15 14.0 +4.7
AAXJ iShares MSCI Asia ex-Japan 36.5 67 -8 8.3 -1.0
FLAX Franklin FTSE Asia Ex Japan 35.6 19 40 8.7 -0.6
SCHE Schwab Emerging Markets Equity 34.1 13 46 8.7 -0.6
PBEE Invesco PureBeta FTSE Emerging Markets 34.1 14 45 9.3 -0.0
2800-HK Tracker Fund of Hong Kong 32.8 9 50 9.7 +0.4
SPEM SPDR Portfolio Emerging Markets 31.7 11 48 8.5 -0.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 31.6 30 29 8.6 -0.7
EEM iShares MSCI Emerging Markets 30.8 67 -8 8.6 -0.7
VWO Vanguard Emerging Markets 30.4 12 47 8.8 -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 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

Content on this tab for subscribers only

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 1.4 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 9.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.29 CATEGORY
AVERAGE
1.49
 
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.