SPDR Portfolio Emerging Markets
ALTAR
Score™
8.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
13.4x P/Sales
ratio
1.1x
P/BV
ratio
1.5x Div.
yield
3.0%


  • 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) $2,868
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 2116
Wgt avg mkt cap (mns) $71,692
Large cap (>$10bn) 65.1%
Mid cap ($2-10bn) 24.6%
Small cap (<$2bn) 9.1%
Developed mkts 8.6%
Emerging mkts 89.4%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 4.2 %
TENCENT HOLDINGS LTD 3.8 %
TAIWAN SEMICONDUCTOR MANUFAC 3.0 %
CHINA CONSTRUCTION BANK-H 1.4 %
PING AN INSURANCE GROUP CO-H 1.1 %
IND & COMM BK OF CHINA - H 1.1 %
HDFC BANK LIMITED 1.1 %
RELIANCE INDS-SPONS GDR 144A 1.0 %
NASPERS LTD-N SHS 1.0 %
HOUSING DEVELOPMENT FINANCE 1.0 %
Total 18.8 %

TOP COUNTRY EXPOSURE
CHINA 28.8 %
TAIWAN 13.4 %
INDIA 11.3 %
BRAZIL 7.6 %
HONG KONG 5.2 %
SOUTH AFRICA 4.8 %
RUSSIA 4.4 %
MEXICO 2.5 %
THAILAND 2.4 %
INDONESIA 2.3 %

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% 13.4% 3.0% 4.3% 4.1%

Market Correlations
versus... Beta R-squared
S&P500 0.78 44%
MSCI EAFE 1.04 66%
MSCI Emg. Mkts. 0.97 95%

Technical Indicators
Recent close $36.31
30d moving avg. $35.36
Annualized volatility 14.2%
Short interest (ETF) 0.1%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 824
Turnover 1.0%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $29,657

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Portfolio Emerging Markets 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™: 8.3%


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 Emerging Markets 60.8 12 -1 8.5 +0.2
SCHE Schwab Emerging Markets Equity 59.1 13 -2 8.6 +0.3
DBEM Xtrackers MSCI Emg. Mkts. Hedged 57.3 65 -54 8.3 +0.0
EEM iShares MSCI Emerging Markets 56.1 67 -56 8.4 +0.1
IEMG iShares Core MSCI Emerging Markets 55.2 14 -3 8.5 +0.2
GMF SPDR S&P Emerging Asia Pacific 55.2 49 -38 8.0 -0.3
PBEE Invesco PureBeta FTSE Emerging Markets 54.2 14 -3 9.1 +0.8
JHEM John Hancock Multifactor Emerging Markets 52.3 55 -44 8.6 +0.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 50.7 30 -19 8.4 +0.1
EEMA iShares MSCI Emg Mkts Asia 47.4 50 -39 8.5 +0.2
FLAX Franklin FTSE Asia Ex Japan 46.4 19 -8 8.5 +0.2
AAXJ iShares MSCI Asia ex-Japan 45.7 67 -56 8.0 -0.3
XSOE WisdomTree Emg Mkt ex-SOE 44.8 32 -21 6.8 -1.5
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 43.9 45 -34 9.0 +0.7
QEMM SPDR MSCI Emerging Markets Quality Mix 43.4 30 -19 9.1 +0.8
DVEM WisdomTree Emerging Markets Dividend 39.9 32 -21 11.0 +2.7
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 39.2 59 -48 10.3 +2.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 38.2 20 -9 8.2 -0.1
BKF iShares MSCI BRIC 38.2 67 -56 8.6 +0.3
PXH Invesco FTSE-RAFI Emerging Markets 37.8 50 -39 12.2 +3.9

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 Portfolio Emerging Markets
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 1.4 x
Less: Expense ratio 11 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 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.