SPDR MSCI ACWI Low Carbon Target
ALTAR
Score™
6.5% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
16.9x P/Sales
ratio
1.7x
P/BV
ratio
2.2x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR MSCI ACWI Low Carbon Target ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to provide investment results that correspond generally to the price and yeild performance of the MSCI ACWI Low Carbon Target Index.

FUND BASICS
Category Global Equities
Fund Sponsor SSgA Funds Management Inc
Website www.spdrs.com
Inception date Nov 26, 2014
Assets (mns) $87
Currency USD
Expense ratio 20 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Proprietary
Index replication Optimized
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1471
Wgt avg mkt cap (mns) $174,953
Large cap (>$10bn) 89.7%
Mid cap ($2-10bn) 9.7%
Small cap (<$2bn) 0.3%
Developed mkts 89.4%
Emerging mkts 10.5%

TOP TEN HOLDINGS
APPLE INC 2.5 %
MICROSOFT CORP 2.3 %
AMAZON.COM INC 1.5 %
FACEBOOK 1.0 %
ALPHABET INC. CLASS A 0.9 %
JPMORGAN CHASE & CO 0.9 %
ALPHABET INC. CLASS C 0.8 %
JOHNSON & JOHNSON 0.8 %
VISA INC-CLASS A SHARES 0.7 %
NESTLE SA-REG 0.7 %
Total 11.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 53.4 %
JAPAN 7.5 %
BRITAIN 5.1 %
CANADA 3.3 %
FRANCE 3.1 %
CHINA 3.1 %
SWITZERLAND 2.9 %
GERMANY 2.4 %
AUSTRALIA 2.0 %
HONG KONG 1.6 %

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.
20.8% 13.5% -- -- 7.0%

Market Correlations
versus... Beta R-squared
S&P500 0.90 91%
MSCI EAFE 0.95 85%
MSCI Emg. Mkts. 0.68 71%

Technical Indicators
Recent close $96.67
30d moving avg. $94.47
Annualized volatility 11.4%
Short interest (ETF) 0.2%
Relative strength (RSI) 87

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.7%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $187,433

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR MSCI ACWI Low Carbon Target ETF based on the alternatives' overlap in portfolio holdings with LOWC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: LOWC Expense: 20 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH LOWC
Ticker Fund
Name
Overlap1
vs LOWC
(%)
Expense
ratio
(bp)
Savings
vs LOWC
(bp)
ALTAR
Score™
(%)
ALTAR
vs LOWC
(%)
CRBN iShares MSCI ACWI Low Carbon 89.5 20 0 6.4 -0.0
ACWI iShares MSCI ACWI 77.2 31 -11 6.3 -0.2
URTH iShares MSCI World Index 74.8 24 -4 6.0 -0.4
TOK iShares MSCI Kokusai 72.2 25 -5 5.9 -0.5
VT Vanguard Total World Stock 68.7 9 11 6.4 -0.0
ACIM SPDR MSCI ACWI IMI 57.8 9 11 6.1 -0.4
QWLD SPDR MSCI World Quality Mix 55.6 30 -10 6.0 -0.5
PBUS Invesco PureBeta MSCI USA 53.1 4 16 6.0 -0.5
SCHX Schwab U.S. Large-Cap 52.8 3 17 5.8 -0.7
SCHK Schwab 1000 Index 52.8 5 15 5.8 -0.6
IYY iShares DJ US Total Market 52.7 20 0 5.7 -0.8
BBUS JP Morgan Betabuilders U.S. Equity 52.7 2 18 5.8 -0.6
IWB iShares Russell 1000 52.7 15 5 5.7 -0.7
VONE Vanguard Russell 1000 52.7 12 8 5.8 -0.7
SCHB Schwab U.S. Broad Market 52.6 3 17 5.7 -0.7
ITOT iShares Core S&P Total US 52.6 3 17 5.7 -0.8
VTI Vanguard Total Market 52.6 3 17 5.7 -0.8
JHML John Hancock Multifactor Large Cap 52.5 34 -14 5.9 -0.5
IWV iShares Russell 3000 52.5 20 0 5.6 -0.9
VTHR Vanguard Russell 3000 52.4 15 5 5.6 -0.9

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

  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 MSCI ACWI Low Carbon Target
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 13.7 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 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.