ETF Research Center

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
Total	18.8 %
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 %

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	**	**	**	**	**	**	**
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	%

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.