SPDR S&P China ETF
ALTAR
Score™
8.3% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.7x P/Sales
ratio
1.2x
P/BV
ratio
1.6x Div.
yield
2.3%


  • 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) $1,395
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 735
Wgt avg mkt cap (mns) $236,888
Large cap (>$10bn) 78.2%
Mid cap ($2-10bn) 16.8%
Small cap (<$2bn) 2.5%
Developed mkts 22.2%
Emerging mkts 77.8%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 16.4 %
TENCENT HOLDINGS LTD 12.3 %
MEITUAN DIANPING 4.1 %
JD.COM INC-ADR 2.3 %
CHINA CONSTRUCTION BANK-H 2.1 %
PING AN INSURANCE GROUP CO-H 2.0 %
IND & COMM BK OF CHINA - H 1.4 %
BAIDU INC - SPON ADR 1.2 %
NETEASE.COM INC-ADR 1.2 %
XIAOMI CORP. CLASS B 1.2 %
Total 44.2 %

TOP COUNTRY EXPOSURE
CHINA 88.1 %
HONG KONG 9.5 %
BRITISH VIRGIN ISLANDS 0.0 %
SINGAPORE 0.0 %
UNITED STATES 0.0 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
19.1% 36.3% 14.1% 7.9% 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.86 50%
MSCI EAFE 0.94 50%
MSCI Emg. Mkts. 0.87 69%

Technical Indicators
Recent close $116.26
30d moving avg. $119.32
Annualized volatility 21.3%
Short interest (ETF) 0.8%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 90
Turnover 0.8%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $11,464

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 8.3%


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 ETF 85.0 59 0 8.1 -0.3
FLCH Franklin FTSE China ETF 84.6 19 40 8.6 +0.2
BKF iShares MSCI BRIC ETF 67.6 69 -10 7.7 -0.6
KALL KraneShares FTSE Emerging Markets Plus ETF 65.3 49 10 8.3 -0.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 58.4 32 27 6.1 -2.3
CN Xtrackers MSCI All China Equity ETF 57.0 50 9 8.4 +0.1
CHIL Global X MSCI China Large-Cap 50 ETF 50.8 29 30 8.0 -0.4
GMF SPDR S&P Emerging Asia Pacific ETF 50.4 49 10 7.5 -0.8
EEMA iShares MSCI Emerging Markets Asia ETF 47.6 50 9 7.8 -0.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 44.6 68 -9 7.2 -1.1
SCHE Schwab Emerging Markets Equity ETF 43.0 11 48 8.2 -0.2
FLAX Franklin FTSE Asia Ex Japan ETF 42.9 19 40 7.9 -0.5
PBEE Invesco PureBeta FTSE Emerging Markets ETF 41.6 15 44 8.9 +0.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 40.5 30 29 7.9 -0.4
EEM iShares MSCI Emerging Markets ETF 39.7 68 -9 7.6 -0.7
SPEM SPDR Portfolio Emerging Markets ETF 39.5 11 48 8.1 -0.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 39.4 65 -6 7.6 -0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 39.2 32 27 6.0 -2.3
VWO Vanguard FTSE Emerging Markets ETF 38.8 10 49 8.2 -0.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 38.6 20 39 7.0 -1.4
EEMO Invesco S&P Emerging Markets Momentum ETF 36.5 29 30 6.5 -1.8
IEMG iShares Core MSCI Emerging Markets ETF 36.3 13 46 8.1 -0.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 36.2 36 23 7.7 -0.7
JHEM John Hancock Multifactor Emerging Markets ETF 34.7 49 10 8.8 +0.4
ESGE iShares ESG MSCI EM ETF 33.4 25 34 8.8 +0.5
KWEB KraneShares CSI China Internet ETF 32.4 76 -17 2.0 -6.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 31.8 45 14 7.7 -0.6
BKEM BNY Mellon Emerging Markets Equity ETF 31.4 11 48 8.6 +0.2
FXI iShares China Large-Cap ETF 31.2 74 -15 14.0 +5.7
AVEM Avantis Emerging Markets Equity ETF 30.5 33 26 9.1 +0.8
NUEM Nuveen ESG Emerging Markets Equity ETF 30.4 45 14 7.1 -1.3
FDNI First Trust Dow Jones International Internet ETF 30.2 65 -6 2.2 -6.2
ISEM Invesco Strategic Emerging Markets ETF 29.3 35 24 11.1 +2.8
DVEM WisdomTree Emerging Markets Dividend Fund 29.1 32 27 7.4 -0.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 28.7 95 -36 8.4 +0.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 28.5 86 -27 2.3 -6.1
AIA iShares Asia 50 ETF 28.2 50 9 8.2 -0.2
PXH Invesco FTSE RAFI Emerging Markets ETF 28.1 50 9 13.9 +5.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 26.9 30 29 9.0 +0.6
ECON Columbia Emerging Markets Consumer ETF 26.6 59 0 4.6 -3.7
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 26.5 18 41 5.5 -2.9
TTTN UP Fintech China-U.S. Internet Titans ETF 25.3 59 0 4.3 -4.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 24.4 40 19 7.4 -0.9
CHIQ Global X China Consumer ETF 24.2 65 -6 7.4 -0.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 21.5 59 0 11.4 +3.0
EMMF WisdomTree Emerging Markets Multifactor Fund 20.9 48 11 9.7 +1.3
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 20.7 25 34 8.1 -0.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 19.9 39 20 13.5 +5.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 19.4 45 14 9.2 +0.9
FNI First Trust Chindia ETF 19.4 60 -1 2.6 -5.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 19.3 49 10 8.1 -0.3
FDEM Fidelity Targeted Emerging Markets Factor ETF 19.2 45 14 8.8 +0.4
CQQQ Invesco China Technology ETF 18.8 70 -11 4.1 -4.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 18.5 32 27 9.2 +0.8
PGJ Invesco Golden Dragon China ETF 18.3 70 -11 3.3 -5.0
BICK First Trust BICK Index Fund 18.2 64 -5 4.6 -3.7
PEK VanEck Vectors ChinaAMC CSI 300 ETF 18.2 60 -1 7.2 -1.1
GBUY Goldman Sachs Motif New Age Consumer ETF 17.4 50 9 1.8 -6.6
OGIG O'Shares Global Internet Giants ETF 16.6 48 11 0.8 -7.6
ASHX Xtrackers MSCI China A Inclusion Equity ETF 16.2 60 -1 6.9 -1.5
KBA KraneShares Bosera MSCI China A Share ETF 16.2 60 -1 6.8 -1.5
CNYA iShares MSCI China A ETF 16.1 60 -1 6.7 -1.6
DINT Davis Select International ETF 16.0 68 -9 6.1 -2.3
CHIC Global X Nasdaq China Technology ETF 15.3 66 -7 4.2 -4.1
PNQI Invesco NASDAQ Internet ETF 14.3 60 -1 1.0 -7.3
ROAM Hartford Multifactor Emerging Markets ETF 14.0 44 15 13.4 +5.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 13.7 44 15 9.2 +0.9
DWLD Davis Select Worldwide ETF 13.6 63 -4 6.7 -1.7
CHIX Global X China Financials ETF 13.3 66 -7 20.7 +12.3
DEM WisdomTree Emerging Markets High Dividend Fund 13.1 63 -4 15.4 +7.0
GIGE SoFi Gig Economy ETF 13.0 59 0 -0.7 -9.0
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 13.0 50 9 10.7 +2.4
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 12.7 65 -6 7.2 -1.2
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 12.7 45 14 14.7 +6.4
PIE Invesco DWA Emerging Markets Momentum ETF 12.5 90 -31 5.0 -3.3
BUYZ Franklin Disruptive Commerce ETF 12.4 50 9 -0.2 -8.5
VSGX Vanguard ESG International Stock ETF 12.3 17 42 7.1 -1.2
ACWX iShares MSCI ACWI ex U.S. ETF 11.9 32 27 7.3 -1.1
RNEM Emerging Markets Equity Select ETF 11.8 75 -16 12.4 +4.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 11.8 16 43 6.9 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 11.6 40 19 7.1 -1.3
SOCL Global X Social Media ETF 11.4 65 -6 1.8 -6.5
CWI SPDR MSCI ACWI ex-US ETF 11.3 30 29 7.2 -1.2
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 11.2 60 -1 4.5 -3.9
FCA First Trust China AlphaDEX Fund 11.0 80 -21 15.0 +6.7
VEU Vanguard FTSE All-World ex-US Index Fund 10.7 8 51 7.6 -0.8
IXUS ishares Core MSCI Total International Stock ETF 10.5 9 50 7.4 -1.0
JOYY Infusive Compounding Global Equities ETF 10.4 50 9 6.1 -2.3
AIQ Global X Future Analytics Tech ETF 10.2 68 -9 4.1 -4.2
IXP iShares Global Comm Services ETF 9.8 46 13 5.8 -2.6
GENY Principal Millennials Index ETF 9.7 45 14 4.1 -4.2
WUGI Esoterica NextG Economy ETF 9.6 75 -16 1.6 -6.8
VXUS Vanguard Total International Stock Index Fund 9.6 8 51 7.5 -0.8
ESPO VanEck Vectors Video Gaming & eSports ETF 9.4 55 4 2.6 -5.7
EBIZ Global X E-Commerce ETF 9.4 50 9 2.7 -5.7
BLCN Reality Shares Nasdaq NextGen Economy ETF 9.1 68 -9 3.7 -4.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 9.0 20 39 11.5 +3.1
VIGI Vanguard International Dividend Appreciation ETF 8.3 20 39 5.5 -2.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 8.3 29 30 10.2 +1.9

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 13.5 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.25 CATEGORY
AVERAGE
1.44
 
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.