SPDR Solactive Hong Kong ETF
ALTAR
Score™
6.9% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
20.4x P/Sales
ratio
2.3x
P/BV
ratio
1.3x Div.
yield
2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR Solactive Hong Kong ETF tracks a market-cap-weighted index of large- and midcap Hong Kong stocks.

FUND BASICS
Category International Equities
Fund Sponsor State Street Global Advisors
Website us.spdrs.com
Inception date Sep 18, 2018
Assets (mns) $13
Currency USD
Expense ratio 14 bp
Distributions Semi-annual

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 51
Wgt avg mkt cap (mns) $43,662
Large cap (>$10bn) 90.6%
Mid cap ($2-10bn) 8.3%
Small cap (<$2bn) 0.0%
Developed mkts 96.5%
Emerging mkts 3.5%

TOP TEN HOLDINGS
AIA GROUP LTD 22.1 %
HONG KONG EXCHANGES & CLEAR 12.4 %
CLP HOLDINGS LTD 3.5 %
CK HUTCHISON HOLDINGS LTD 3.4 %
LINK REIT 3.2 %
TECHTRONIC INDUSTRIES CO 3.0 %
HONG KONG & CHINA GAS 2.9 %
GALAXY ENTERTAINMENT GROUP L 2.7 %
CK ASSET HOLDINGS LIMITED 2.5 %
GEELY AUTOMOBILE HOLDINGS LT 2.5 %
Total 58.2 %

TOP COUNTRY EXPOSURE
HONG KONG 91.5 %
MACAU 2.5 %
BERMUDA 1.5 %
CHINA 0.6 %







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.
-8.6% -8.4% -- -- 5.3%

Market Correlations
versus... Beta R-squared
S&P500 0.64 40%
MSCI EAFE 0.81 50%
MSCI Emg. Mkts. 0.75 71%

Technical Indicators
Recent close $58.13
30d moving avg. $58.38
Annualized volatility 21.2%
Short interest (ETF) 1.8%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.4%
Bid/Ask (% of price) 0.50%
ADV underlying (mns) $2,309

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR Solactive Hong Kong ETF ETF based on the alternatives' overlap in portfolio holdings with ZHOK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: ZHOK Expense: 14 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH ZHOK
Ticker Fund
Name
Overlap1
vs ZHOK
(%)
Expense
ratio
(bp)
Savings
vs ZHOK
(bp)
ALTAR
Score™
(%)
ALTAR
vs ZHOK
(%)
EWH iShares MSCI Hong Kong ETF 80.8 49 -35 7.1 +0.1
FLHK Franklin FTSE Hong Kong ETF 74.9 9 5 8.2 +1.3
EPP iShares MSCI Pacific ex-Japan ETF 26.1 48 -34 6.6 -0.4
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 25.4 19 -5 6.9 -0.1
FHK First Trust Hong Kong AlphaDEX Fund 22.2 80 -66 9.0 +2.1
SCIX Global X Scientific Beta Asia ex-Japan ETF 21.6 38 -24 6.7 -0.3
IDHD Invesco S&P Intl Developed High Dividend Low Volatility ETF 14.5 30 -16 8.8 +1.9
AIA iShares Asia 50 ETF 13.5 50 -36 8.0 +1.0
DVYA iShares Asia/Pacific Dividend ETF 11.5 49 -35 13.1 +6.1
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 9.4 80 -66 7.3 +0.4
IFGL iShares International Developed Real Estate ETF 9.1 48 -34 7.8 +0.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 8.9 80 -66 6.6 -0.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 8.5 68 -54 7.0 +0.1
WPS iShares International Developed Property ETF 8.1 48 -34 8.0 +1.1
FLAX Franklin FTSE Asia Ex Japan ETF 8.1 19 -5 7.7 +0.7
DRW WisdomTree Global ex-US Real Estate Fund 7.9 58 -44 10.8 +3.9
BJK VanEck Vectors Gaming ETF 7.3 66 -52 5.2 -1.8
DBAP Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF 7.1 10 4 9.3 +2.4
IPAC iShares Core MSCI Pacific ETF 7.1 9 5 7.4 +0.4
IDV iShares International Select Dividend ETF 6.9 49 -35 10.2 +3.3
EFAV iShares Edge MSCI Min Vol EAFE ETF 6.9 20 -6 5.5 -1.4
CHIH Global X MSCI China Health Care ETF 6.9 66 -52 3.4 -3.6
KURE KraneShares MSCI All China Health Care Index ETF 6.9 65 -51 2.6 -4.4
GQRE FlexShares Global Quality Real Estate Index Fund 6.8 45 -31 6.8 -0.1
EFAD ProShares MSCI EAFE Dividend Growers ETF 6.7 50 -36 6.2 -0.8
MOTI VanEck Vectors Morningstar International Moat ETF 6.7 57 -43 8.6 +1.6
IDLV Invesco S&P International Developed Low Volatility ETF 6.5 25 -11 6.8 -0.1
VNQI Vanguard Global ex-US Real Estate Index Fund 6.3 12 2 10.2 +3.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 6.1 30 -16 6.1 -0.9
HDEF Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF 6.0 20 -6 9.6 +2.7
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 5.9 32 -18 6.4 -0.6
VPL Vanguard FTSE Pacific ETF 5.7 8 6 7.6 +0.7
TPIF Timothy Plan International ETF 5.6 62 -48 6.3 -0.7
VGFO Virtus WMC Global Factor Opportunities ETF 5.5 49 -35 7.9 +1.0
FID First Trust S&P International Dividend Aristocrats ETF 4.9 60 -46 9.5 +2.6
RWX SPDR Dow Jones International Real Estate ETF 4.8 59 -45 6.8 -0.2
CHNA Loncar China BioPharma ETF 4.7 79 -65 1.6 -5.3
WDIV SPDR Global Dividend ETF 4.6 40 -26 9.5 +2.6
DWX SPDR S&P International Dividend ETF 4.6 45 -31 7.7 +0.7
GCOW Pacer Global High Dividend ETF 4.4 60 -46 10.2 +3.3
CID VictoryShares Intl High Dividend Volatility Wtd Index ETF 4.4 45 -31 10.0 +3.0
FGD First Trust Dow Jones Global Select Dividend Index Fund 4.3 59 -45 11.0 +4.0
DWMF WisdomTree International Multifactor Fund 4.3 38 -24 6.8 -0.2
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 4.3 60 -46 7.1 +0.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 4.1 29 -15 7.7 +0.8
IDOG ALPS International Sector Dividend Dogs ETF 4.1 50 -36 10.8 +3.9
QEFA SPDR MSCI EAFE Quality Mix ETF 4.1 30 -16 6.9 -0.0
IDY Pacific Global International Equity Income ETF 4.0 39 -25 8.1 +1.1
FIDI Fidelity International High Dividend ETF 3.9 39 -25 11.3 +4.4
CXSE WisdomTree China ex-State-Owned Enterprises Fund 3.8 32 -18 6.1 -0.9
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 3.7 83 -69 5.4 -1.6
FIVA Fidelity International Value Factor ETF 3.6 39 -25 10.0 +3.1
DINT Davis Select International ETF 3.6 68 -54 5.7 -1.2
MVIN Natixis Seeyond International Minimum Volatility ETF 3.5 56 -42 5.4 -1.6
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 3.5 20 -6 11.1 +4.1
JPIN JPMorgan Diversified Return International Equity ETF 3.5 37 -23 7.9 +1.0
GSID Goldman Sachs MarketBeta International Equity ETF 3.5 20 -6 7.4 +0.4
CIL VictoryShares International Volatility Weighted Index ETF 3.5 45 -31 6.7 -0.3
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 3.5 45 -31 6.7 -0.3
EFG iShares MSCI EAFE Growth ETF 3.5 40 -26 4.6 -2.4
LVHI Legg Mason International Low Volatility High Dividend ETF 3.4 40 -26 9.2 +2.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 3.4 95 -81 9.2 +2.3
CHIQ Global X China Consumer ETF 3.4 65 -51 7.0 +0.1
IQSI IQ Candriam ESG International Equity ETF 3.3 15 -1 7.3 +0.4
ISZE iShares Edge MSCI Intl Size Factor ETF 3.2 30 -16 7.4 +0.5
IXG iShares Global Financials ETF 3.2 46 -32 9.8 +2.9
VIGI Vanguard International Dividend Appreciation ETF 3.2 25 -11 5.6 -1.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 3.1 45 -31 8.9 +1.9
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 3.1 35 -21 7.0 +0.0
VIDI Vident International Equity Fund 3.1 59 -45 11.1 +4.1
IGRO iShares International Dividend Growth ETF 3.0 22 -8 8.0 +1.1
JHMD John Hancock Multifactor Developed International ETF 3.0 39 -25 7.5 +0.6
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 3.0 30 -16 0.0 -6.9
EFA iShares MSCI EAFE ETF 3.0 32 -18 7.1 +0.2
DIM WisdomTree International MidCap Dividend Fund 3.0 58 -44 7.7 +0.8
INFR Legg Mason Global Infrastructure ETF 3.0 40 -26 6.0 -0.9
FXI iShares China Large-Cap ETF 3.0 74 -60 13.2 +6.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 2.9 35 -21 6.9 -0.1
HFXI IQ 50 Percent Hedged FTSE International ETF 2.8 20 -6 7.4 +0.5
INTF iShares Edge MSCI Multifactor Intl ETF 2.8 30 -16 7.8 +0.8
MCHI iShares MSCI China ETF 2.8 59 -45 7.8 +0.9
IVLU iShares Edge MSCI Intl Value Factor ETF 2.8 30 -16 11.6 +4.7
ESGD iShares MSCI EAFE ESG Optimized ETF 2.8 20 -6 7.0 +0.0
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 2.8 20 -6 7.1 +0.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 2.8 47 -33 12.7 +5.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 2.6 7 7 7.6 +0.7
IEFA iShares Core MSCI EAFE ETF 2.6 7 7 7.3 +0.4
FLCH Franklin FTSE China ETF 2.6 19 -5 8.4 +1.4
RFDI First Trust Riverfront Dynamic Developed International ETF 2.6 83 -69 5.7 -1.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 2.5 35 -21 8.6 +1.6
FDEV Fidelity Targeted International Factor ETF 2.5 39 -25 6.6 -0.3
BKIE BNY Mellon International Equity ETF 2.5 4 10 7.4 +0.4
DVEM WisdomTree Emerging Markets Dividend Fund 2.5 32 -18 8.2 +1.2
SDG iShares Sustainable MSCI Global Impact ETF 2.5 49 -35 5.6 -1.4
DMDV AAM S&P Developed Markets High Dividend Value ETF 2.5 39 -25 11.2 +4.3
CARZ First Trust NASDAQ Global Auto Index Fund 2.5 70 -56 13.3 +6.4
MOTO SmartETFs Smart Transportation & Technology ETF 2.5 68 -54 7.2 +0.2
EFV iShares MSCI EAFE Value ETF 2.5 39 -25 9.7 +2.7
SCHF Schwab International Equity ETF 2.5 6 8 7.4 +0.4

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 Solactive Hong Kong ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.7 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 14 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.34 CATEGORY
AVERAGE
1.59
 
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.