SPDR Portfolio Emerging Markets ETF
ALTAR
Score™
9.1% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.1x P/Sales
ratio
1.1x
P/BV
ratio
1.4x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P Emerging Markets ETF objective is to replicate the performance of the S&P Emerging BMI Index. The Index measures the investable universe of publicly traded companies domiciled in emer

FUND BASICS
Category Emerging Market Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Mar 19, 2007
Assets (mns) $3,410
Currency USD
Expense ratio 11 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 2104
Wgt avg mkt cap (mns) $96,159
Large cap (>$10bn) 65.1%
Mid cap ($2-10bn) 23.6%
Small cap (<$2bn) 10.2%
Developed mkts 9.4%
Emerging mkts 88.5%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 6.0 %
TENCENT HOLDINGS LTD 5.7 %
TAIWAN SEMICONDUCTOR MANUFAC 3.4 %
CHINA CONSTRUCTION BANK-H 1.6 %
NASPERS LTD-N SHS 1.4 %
RELIANCE INDS-SPONS GDR 144A 1.1 %
IND & COMM BK OF CHINA - H 1.1 %
PING AN INSURANCE GROUP CO-H 1.1 %
MEITUAN DIANPING 1.0 %
JD.COM INC-ADR 0.9 %
Total 23.3 %

TOP COUNTRY EXPOSURE
CHINA 34.6 %
TAIWAN 14.7 %
INDIA 10.0 %
BRAZIL 5.2 %
HONG KONG 5.0 %
SOUTH AFRICA 4.1 %
RUSSIA 4.0 %
MALAYSIA 2.3 %
SAUDI ARABIA 2.0 %
MEXICO 2.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-18.7% -13.7% -0.4% 1.6% 2.9%

Market Correlations
versus... Beta R-squared
S&P500 0.85 63%
MSCI EAFE 1.01 76%
MSCI Emg. Mkts. 0.90 95%

Technical Indicators
Recent close $31.23
30d moving avg. $30.31
Annualized volatility 18.0%
Short interest (ETF) 1.6%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 2,511
Turnover 2.3%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $44,543

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR Portfolio Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with SPEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SPEM Expense: 11 bp ALTAR Score™: 9.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SPEM
Ticker Fund
Name
Overlap1
vs SPEM
(%)
Expense
ratio
(bp)
Savings
vs SPEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs SPEM
(%)
VWO Vanguard FTSE Emerging Markets ETF 62.2 10 1 9.4 +0.3
SCHE Schwab Emerging Markets Equity ETF 61.9 13 -2 9.2 +0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 60.0 65 -54 8.9 -0.2
GMF SPDR S&P Emerging Asia Pacific ETF 59.3 49 -38 8.5 -0.6
EEM iShares MSCI Emerging Markets ETF 58.6 68 -57 8.8 -0.3
IEMG iShares Core MSCI Emerging Markets ETF 56.9 14 -3 9.3 +0.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 56.4 14 -3 10.1 +1.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 54.5 30 -19 9.3 +0.2
JHEM John Hancock Multifactor Emerging Markets ETF 53.0 55 -44 9.5 +0.4
EEMA iShares MSCI Emerging Markets Asia ETF 52.1 50 -39 9.0 -0.1
FLAX Franklin FTSE Asia Ex Japan ETF 50.6 19 -8 9.1 -0.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 50.1 68 -57 8.5 -0.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 49.0 32 -21 7.3 -1.8
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 46.7 45 -34 9.1 +0.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 42.8 30 -19 9.8 +0.8
BKF iShares MSCI BRIC ETF 42.5 69 -58 9.0 -0.1
AVEM Avantis Emerging Markets Equity ETF 42.5 33 -22 10.1 +1.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 41.0 20 -9 8.1 -1.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 40.2 59 -48 11.8 +2.7
ESGE iShares ESG MSCI EM ETF 39.2 25 -14 10.3 +1.2
PXH Invesco FTSE RAFI Emerging Markets ETF 37.8 50 -39 14.6 +5.5
GXC SPDR S&P China ETF 37.8 59 -48 9.4 +0.4
MCHI iShares MSCI China ETF 36.5 59 -48 9.6 +0.5
FLCH Franklin FTSE China ETF 35.9 19 -8 9.7 +0.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 35.6 39 -28 14.0 +4.9
DVEM WisdomTree Emerging Markets Dividend Fund 35.5 32 -21 9.6 +0.6
WCHN WisdomTree ICBCCS S&P China 500 Fund 34.1 55 -44 9.3 +0.2
KALL KraneShares FTSE Emerging Markets Plus ETF 33.2 49 -38 9.6 +0.5
CN Xtrackers MSCI All China Equity ETF 32.8 50 -39 9.9 +0.8
ISEM Invesco Strategic Emerging Markets ETF 32.6 35 -24 11.1 +2.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 32.3 49 -38 9.6 +0.5
NUEM Nuveen ESG Emerging Markets Equity ETF 30.2 45 -34 8.2 -0.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 30.1 95 -84 10.9 +1.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 28.5 45 -34 9.4 +0.4
EMXC iShares MSCI Emerging Markets ex China ETF 27.6 49 -38 8.9 -0.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 27.2 49 -38 8.9 -0.2
CHIL Global X MSCI China Large-Cap 50 ETF 26.3 29 -18 10.0 +0.9
RNEM Emerging Markets Equity Select ETF 26.2 75 -64 11.2 +2.1
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 26.0 50 -39 10.6 +1.5
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 25.8 32 -21 10.1 +1.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 25.8 40 -29 8.1 -1.0
EMCG WisdomTree Emerging Markets Consumer Growth Fund 25.3 32 -21 8.0 -1.1
ROAM Hartford Multifactor Emerging Markets ETF 24.6 44 -33 15.9 +6.8
AXJL WisdomTree Asia Pacific ex-Japan Fund 23.1 48 -37 10.1 +1.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 22.8 32 -21 7.4 -1.7
EMMF WisdomTree Emerging Markets Multifactor Fund 22.7 48 -37 10.4 +1.3
FDEM Fidelity Targeted Emerging Markets Factor ETF 22.3 45 -34 10.4 +1.3
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 21.4 64 -53 5.8 -3.3
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 21.3 25 -14 8.9 -0.2
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 21.0 16 -5 7.5 -1.6
AIA iShares Asia 50 ETF 20.5 50 -39 9.4 +0.3
ECON Columbia Emerging Markets Consumer ETF 19.7 59 -48 5.2 -3.9
BICK First Trust BICK Index Fund 18.9 64 -53 4.8 -4.3
VSGX Vanguard ESG International Stock ETF 18.9 17 -6 7.9 -1.2
VYMI Vanguard International High Dividend Yield ETF 18.7 32 -21 10.8 +1.8
VEU Vanguard FTSE All-World ex-US Index Fund 18.6 8 3 8.3 -0.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 18.3 29 -18 10.3 +1.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 18.2 40 -29 7.9 -1.2
CWI SPDR MSCI ACWI ex-US ETF 18.0 30 -19 8.1 -1.0
ACWX iShares MSCI ACWI ex U.S. ETF 18.0 32 -21 8.0 -1.1
DEM WisdomTree Emerging Markets High Dividend Fund 18.0 63 -52 14.9 +5.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 17.7 86 -75 2.5 -6.6
FXI iShares China Large-Cap ETF 17.6 74 -63 14.2 +5.1
EEMO Invesco S&P Emerging Markets Momentum ETF 17.4 30 -19 7.6 -1.5
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 17.3 45 -34 10.4 +1.4
IXUS ishares Core MSCI Total International Stock ETF 17.2 9 2 8.1 -1.0
FDNI First Trust Dow Jones International Internet ETF 17.1 65 -54 3.0 -6.1
VXUS Vanguard Total International Stock Index Fund 17.1 8 3 8.3 -0.8
KWEB KraneShares CSI China Internet ETF 16.1 76 -65 3.8 -5.3
TTTN UP Fintech China-U.S. Internet Titans ETF 15.1 59 -48 5.2 -3.9
PIE Invesco DWA Emerging Markets Momentum ETF 14.5 90 -79 6.1 -3.0
JOYY Infusive Compounding Global Equities ETF 14.1 50 -39 4.0 -5.1
XCEM Columbia EM Core ex-China ETF 13.4 16 -5 8.3 -0.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 13.3 18 -7 6.5 -2.6
OGIG O'Shares Global Internet Giants ETF 12.1 48 -37 0.6 -8.5
VIGI Vanguard International Dividend Appreciation ETF 12.0 25 -14 6.3 -2.8
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 12.0 80 -69 1.9 -7.2
FNI First Trust Chindia ETF 11.8 59 -48 3.8 -5.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 11.7 45 -34 14.3 +5.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.6 20 -9 11.6 +2.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.5 60 -49 9.1 +0.1
EWT iShares MSCI Taiwan ETF 11.2 59 -48 6.7 -2.4
FLTW Franklin FTSE Taiwan ETF 11.1 19 -8 7.0 -2.1
CHIQ Global X China Consumer ETF 10.8 65 -54 10.1 +1.1
DINT Davis Select International ETF 10.5 75 -64 6.4 -2.7
GBUY Goldman Sachs Motif New Age Consumer ETF 10.3 50 -39 2.3 -6.8
GENY Principal Millennials Index ETF 10.3 45 -34 4.4 -4.7
EDIV SPDR S&P Emerging Markets Dividend ETF 10.1 49 -38 12.2 +3.1
PGJ Invesco Golden Dragon China ETF 10.0 70 -59 3.8 -5.3
BUYZ Franklin Disruptive Commerce ETF 9.8 50 -39 -0.1 -9.2
DWLD Davis Select Worldwide ETF 9.4 64 -53 7.0 -2.1
EMFM Global X MSCI Next Emerging & Frontier ETF 9.3 55 -44 9.2 +0.1
DEW WisdomTree Global High Dividend Fund 9.2 58 -47 9.5 +0.4
CQQQ Invesco China Technology ETF 9.0 70 -59 4.6 -4.5
PNQI Invesco NASDAQ Internet ETF 8.6 62 -51 1.3 -7.8
FEM First Trust Emerging Markets AlphaDEX Fund 8.6 80 -69 12.4 +3.3
ACWF iShares FactorSelect MSCI Global ETF 8.4 35 -24 8.4 -0.7
CHIC Global X Nasdaq China Technology ETF 8.3 65 -54 4.6 -4.5
LOWC SPDR MSCI ACWI Low Carbon Target ETF 8.2 20 -9 6.6 -2.5
PEK VanEck Vectors ChinaAMC CSI 300 ETF 8.1 60 -49 8.6 -0.5

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 Portfolio Emerging Markets 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 12.1 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 11 bp
Equals: ALTAR Score 9.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.45
 
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.