SPDR Portfolio Emerging Markets ETF
ALTAR
Score™
7.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
16.8x P/Sales
ratio
1.3x
P/BV
ratio
1.6x Div.
yield
2.5%


  • 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) $4,368
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 2270
Wgt avg mkt cap (mns) $125,245
Large cap (>$10bn) 67.8%
Mid cap ($2-10bn) 21.4%
Small cap (<$2bn) 8.7%
Developed mkts 9.6%
Emerging mkts 88.4%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 6.2 %
TENCENT HOLDINGS LTD 6.1 %
TAIWAN SEMICONDUCTOR MANUFAC 4.1 %
MEITUAN DIANPING 1.4 %
RELIANCE INDS-SPONS GDR 144A 1.3 %
NASPERS LTD-N SHS 1.2 %
CHINA CONSTRUCTION BANK-H 1.2 %
PING AN INSURANCE GROUP CO-H 1.0 %
JD.COM INC-ADR 0.9 %
IND & COMM BK OF CHINA - H 0.9 %
Total 24.5 %

TOP COUNTRY EXPOSURE
CHINA 36.3 %
TAIWAN 14.5 %
INDIA 11.5 %
BRAZIL 5.8 %
HONG KONG 4.5 %
SOUTH AFRICA 3.8 %
RUSSIA 3.1 %
MALAYSIA 2.2 %
SAUDI ARABIA 2.0 %
MEXICO 1.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.4% 5.3% 5.8% 3.4% 4.1%

Market Correlations
versus... Beta R-squared
S&P500 0.87 64%
MSCI EAFE 1.03 76%
MSCI Emg. Mkts. 0.90 95%

Technical Indicators
Recent close $37.08
30d moving avg. $35.70
Annualized volatility 18.7%
Short interest (ETF) 1.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 1,584
Turnover 1.3%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $87,166

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 7.7%


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
(%)
SCHE Schwab Emerging Markets Equity ETF 64.2 11 0 7.7 +0.1
VWO Vanguard FTSE Emerging Markets ETF 64.0 10 1 7.8 +0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 63.1 65 -54 7.3 -0.4
EEM iShares MSCI Emerging Markets ETF 61.2 68 -57 7.2 -0.5
GMF SPDR S&P Emerging Asia Pacific ETF 60.5 49 -38 7.1 -0.6
IEMG iShares Core MSCI Emerging Markets ETF 59.7 13 -2 7.7 +0.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 58.1 36 -25 7.9 +0.3
PBEE Invesco PureBeta FTSE Emerging Markets ETF 57.9 15 -4 8.4 +0.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 56.6 30 -19 7.6 -0.1
JHEM John Hancock Multifactor Emerging Markets ETF 53.7 49 -38 8.2 +0.6
EEMA iShares MSCI Emerging Markets Asia ETF 53.6 50 -39 7.3 -0.4
FLAX Franklin FTSE Asia Ex Japan ETF 53.1 19 -8 7.5 -0.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 52.6 68 -57 6.9 -0.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 50.6 32 -21 6.0 -1.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 48.1 45 -34 7.7 +0.0
BKEM BNY Mellon Emerging Markets Equity ETF 46.9 11 0 8.2 +0.6
ESGE iShares ESG MSCI EM ETF 46.5 25 -14 8.4 +0.7
BKF iShares MSCI BRIC ETF 44.4 69 -58 7.2 -0.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 44.3 30 -19 8.5 +0.9
AVEM Avantis Emerging Markets Equity ETF 44.2 33 -22 8.6 +0.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 42.8 20 -9 6.5 -1.2
GXC SPDR S&P China ETF 38.5 59 -48 7.7 +0.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 38.4 59 -48 10.8 +3.1
PXH Invesco FTSE RAFI Emerging Markets ETF 38.2 50 -39 13.2 +5.5
MCHI iShares MSCI China ETF 37.5 59 -48 7.5 -0.2
FLCH Franklin FTSE China ETF 36.7 19 -8 8.0 +0.3
DVEM WisdomTree Emerging Markets Dividend Fund 35.7 32 -21 8.1 +0.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 35.5 49 -38 7.7 +0.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 34.6 39 -28 12.7 +5.0
CN Xtrackers MSCI All China Equity ETF 33.3 50 -39 7.8 +0.1
KALL KraneShares FTSE Emerging Markets Plus ETF 33.2 49 -38 7.8 +0.2
ISEM Invesco Strategic Emerging Markets ETF 32.2 35 -24 10.2 +2.5
NUEM Nuveen ESG Emerging Markets Equity ETF 31.8 45 -34 6.9 -0.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 29.3 95 -84 9.0 +1.3
EMXC iShares MSCI Emerging Markets ex China ETF 27.9 25 -14 8.0 +0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 27.7 49 -38 7.6 -0.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 27.5 44 -33 8.8 +1.1
CHIL Global X MSCI China Large-Cap 50 ETF 26.5 29 -18 8.1 +0.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 26.3 32 -21 8.8 +1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 26.3 40 -29 7.1 -0.6
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 26.1 50 -39 10.2 +2.5
RNEM Emerging Markets Equity Select ETF 24.9 75 -64 11.6 +3.9
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 24.7 25 -14 7.7 -0.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 24.5 32 -21 5.8 -1.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 23.9 16 -5 6.8 -0.8
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 23.4 64 -53 4.5 -3.2
ROAM Hartford Multifactor Emerging Markets ETF 23.1 44 -33 14.5 +6.9
EMMF WisdomTree Emerging Markets Multifactor Fund 23.0 48 -37 9.2 +1.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 22.2 45 -34 9.4 +1.7
VSGX Vanguard ESG International Stock ETF 21.5 17 -6 7.1 -0.6
VYMI Vanguard International High Dividend Yield ETF 21.3 32 -21 10.1 +2.4
ECON Columbia Emerging Markets Consumer ETF 21.3 59 -48 4.4 -3.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 21.0 40 -29 7.0 -0.7
VEU Vanguard FTSE All-World ex-US Index Fund 20.8 8 3 7.5 -0.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 20.7 45 -34 8.6 +1.0
AIA iShares Asia 50 ETF 20.7 50 -39 7.8 +0.1
CWI SPDR MSCI ACWI ex-US ETF 20.4 30 -19 7.1 -0.6
ACWX iShares MSCI ACWI ex U.S. ETF 20.1 32 -21 7.2 -0.5
IXUS ishares Core MSCI Total International Stock ETF 19.7 9 2 7.3 -0.4
EEMO Invesco S&P Emerging Markets Momentum ETF 19.6 29 -18 6.2 -1.5
VXUS Vanguard Total International Stock Index Fund 19.3 8 3 7.5 -0.2
BICK First Trust BICK Index Fund 18.8 64 -53 4.4 -3.3
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 18.8 86 -75 2.0 -5.7
FDNI First Trust Dow Jones International Internet ETF 17.9 65 -54 2.1 -5.6
KWEB KraneShares CSI China Internet ETF 17.4 76 -65 1.7 -6.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 17.3 29 -18 9.9 +2.2
FXI iShares China Large-Cap ETF 16.6 74 -63 13.0 +5.3
XCEM Columbia EM Core ex-China ETF 16.5 16 -5 7.2 -0.5
TTTN UP Fintech China-U.S. Internet Titans ETF 15.9 59 -48 4.0 -3.7
PIE Invesco DWA Emerging Markets Momentum ETF 15.8 90 -79 4.5 -3.2
DEM WisdomTree Emerging Markets High Dividend Fund 15.2 63 -52 14.1 +6.4
OGIG O'Shares Global Internet Giants ETF 15.0 48 -37 0.6 -7.0
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 14.2 18 -7 5.3 -2.4
VIGI Vanguard International Dividend Appreciation ETF 13.6 25 -14 5.6 -2.1
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 12.6 45 -34 13.0 +5.4
FNI First Trust Chindia ETF 12.5 60 -49 2.6 -5.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.9 20 -9 11.1 +3.5
WUGI Esoterica NextG Economy ETF 11.8 75 -64 1.6 -6.1
EWT iShares MSCI Taiwan ETF 11.7 59 -48 5.5 -2.2
CHIQ Global X China Consumer ETF 11.6 65 -54 6.7 -1.0
FLTW Franklin FTSE Taiwan ETF 11.6 19 -8 6.0 -1.7
GBUY Goldman Sachs Motif New Age Consumer ETF 11.1 50 -39 1.7 -6.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.0 60 -49 8.7 +1.0
DINT Davis Select International ETF 10.7 68 -57 5.6 -2.1
JOYY Infusive Compounding Global Equities ETF 10.5 50 -39 3.6 -4.1
EDIV SPDR S&P Emerging Markets Dividend ETF 10.5 49 -38 11.1 +3.5
PGJ Invesco Golden Dragon China ETF 10.4 70 -59 3.1 -4.6
DWLD Davis Select Worldwide ETF 10.2 63 -52 6.4 -1.3
BUYZ Franklin Disruptive Commerce ETF 10.1 50 -39 -0.3 -7.9
CQQQ Invesco China Technology ETF 10.0 70 -59 3.6 -4.1
LOWC SPDR MSCI ACWI Low Carbon Target ETF 9.3 20 -9 5.9 -1.8
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 9.2 80 -69 3.7 -4.0
IGRO iShares International Dividend Growth ETF 9.1 22 -11 8.1 +0.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 8.8 20 -9 5.9 -1.7
PNQI Invesco NASDAQ Internet ETF 8.8 62 -51 1.0 -6.7
GENY Principal Millennials Index ETF 8.8 45 -34 3.7 -4.0
EMFM Global X MSCI Next Emerging & Frontier ETF 8.7 66 -55 9.1 +1.4
DEW WisdomTree Global High Dividend Fund 8.7 58 -47 9.2 +1.5

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 11.9 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 11 bp
Equals: ALTAR Score 7.7 %
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.