SPDR Solactive Hong Kong
ALTAR
Score™
7.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
15.3x P/Sales
ratio
2.2x
P/BV
ratio
1.3x Div.
yield
3.0%


  • 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) $8
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) $43,308
Large cap (>$10bn) 90.6%
Mid cap ($2-10bn) 9.4%
Small cap (<$2bn) 0.0%
Developed mkts 96.1%
Emerging mkts 3.9%

TOP TEN HOLDINGS
AIA GROUP LTD 22.7 %
HONG KONG EXCHANGES & CLEAR 6.9 %
CK HUTCHISON HOLDINGS LTD 4.6 %
LINK REIT 4.1 %
HONG KONG & CHINA GAS 3.6 %
CLP HOLDINGS LTD 3.6 %
CK ASSET HOLDINGS LIMITED 3.1 %
HANG SENG BANK LTD 2.8 %
JARDINE MATHESON HLDGS LTD 2.8 %
GALAXY ENTERTAINMENT GROUP L 2.6 %
Total 56.7 %

TOP COUNTRY EXPOSURE
HONG KONG 89.6 %
MACAU 3.1 %
BERMUDA 2.2 %
CHINA 0.6 %







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.
10.5% -- -- -- 16.4%

Market Correlations
versus... Beta R-squared
S&P500 0.83 53%
MSCI EAFE 1.17 64%
MSCI Emg. Mkts. 1.13 87%

Technical Indicators
Recent close $61.36
30d moving avg. $61.68
Annualized volatility 19.4%
Short interest (ETF) 1.9%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 2
Turnover 1.6%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $1,540

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR Solactive Hong Kong 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™: 7.1%


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 82.6 48 -34 7.2 +0.1
FLHK Franklin FTSE Hong Kong 76.4 9 5 7.6 +0.5
FHK First Trust Hong Kong 35.7 80 -66 9.3 +2.2
2800-HK Tracker Fund of Hong Kong 35.3 9 5 9.7 +2.6
EPP iShares MSCI Pacific ex-Japan 25.8 48 -34 6.4 -0.7
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 25.4 19 -5 6.6 -0.5
SCIX Global X Scientific Beta Asia ex-Japan 19.5 38 -24 6.2 -0.9
TAO Invesco China Real Estate 17.7 70 -56 13.3 +6.2
AIA iShares S&P Asia 50 15.9 50 -36 9.6 +2.5
FPA First Trust Asia Pac Ex-Japan AlphaDEX 14.2 80 -66 8.8 +1.7
AAXJ iShares MSCI Asia ex-Japan 10.5 67 -53 8.3 +1.2
FLAX Franklin FTSE Asia Ex Japan 9.7 19 -5 8.7 +1.6
IFGL iShares FTSE EPRA/NARIET Developed REIT 9.7 48 -34 6.6 -0.6
DRW WisdomTree Global ex-US Real Estate 9.3 58 -44 8.9 +1.8
WPS iShares S&P Developed ex-US Property 8.8 48 -34 6.8 -0.3
AXJL WisdomTree Asia Pacific Ex-Japan 8.6 48 -34 9.2 +2.1
GQRE FlexShares Global Quality Real Estate 8.0 45 -31 6.4 -0.7
BJK VanEck Vectors Gaming 7.9 66 -52 6.4 -0.7
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 7.2 10 4 7.8 +0.7
EFAV iShares MSCI EAFE Minimum Volatility 7.1 20 -6 5.8 -1.3

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

Content on this tab for subscribers only

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 Solactive Hong Kong
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 8.8 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 14 bp
Equals: ALTAR Score 7.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.63
 
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.