EWX
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P Emerging SmallCap ETF objective is to provide investment results that correspond generally to the total return performance of the S&P Emerging Markets Under USD2 Billion Index.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
689.2 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2008 |
| Assets (mns) | $689 |
| Expense ratio | 65 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| Global X HealthTech ETF | 11.2 % |
| Invesco Dorsey Wright Consumer Staples M | 0.9 % |
| SSI US GOV MONEY MARKET CLASS | 0.7 % |
| InfraCap Equity Income Fund ETF | 0.6 % |
| Invesco Dorsey Wright Emerging Markets M | 0.5 % |
| iShares MSCI India ETF | 0.5 % |
| VST INDUSTRIES LTD | 0.3 % |
| ZAI LAB LTD | 0.3 % |
| Vanguard Mega Cap ETF | 0.3 % |
| Clockwise Core Equity & Innovation ETF | 0.3 % |
Constituent Breakdown
| Number of holdings | 1392 |
| Herfindahl-Hirschman Index | 135 |
| Wgt avg mkt cap (mns) | $636 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 5.9% |
| Small cap (<$2bn) | 49.1% |
| Developed mkts. | 3.0% |
| Emerging mkts. | 54.8% |
Country Exposure
 |
TAIWAN | 17.1 % |
 |
CHINA | 8.4 % |
 |
INDIA | 7.2 % |
 |
MALAYSIA | 3.0 % |
 |
SOUTH AFRICA | 2.6 % |
 |
BRAZIL | 2.4 % |
 |
THAILAND | 2.2 % |
 |
HONG KONG | 2.0 % |
 |
SAUDI ARABIA | 1.9 % |
 |
TURKEY | 1.6 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 1.5% | 3.3% | 7.8% | 4.0% | 9.4% | 2.2% | -- | 0.6% |
| Dividend Yield | 0.0% | 0.8% | 1.7% | 2.2% | 2.5% | 2.6% | -- | 2.6% |
| Total Returns | 1.5% | 4.1% | 9.5% | 6.2% | 11.9% | 4.8% | -- | 3.2% | Ann. Volatility | 20.3% | 18.4% | 15.5% | 15.3% | 15.7% | 18.0% | -- | 22.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.59 | 52% |
| MSCI EAFE | 0.58 | 52% |
| MSCI Emg Mkts | 0.71 | 76% |
Liquidity Measures
| Avg. volume (000) | 20 |
| ADV traded (mns) | $1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.16% |
Technical Indicators
| Recent close | $60.99 |
| 30d moving avg. | $59.74 |
| Annualized volatility | 13.9% |
| Relative strength (RSI) | 60 |
| Short interest | 1.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| EEMS | iShares MSCI Emerging Markets Small Cap ETF | 33.1% | +5 bp | +7.6% |
| DGS | WisdomTree Emerging Markets SmallCap Dividend Fund | 19.7% | -7 bp | +9.7% |
| TLTE | FlexShares Morningstar Emerging Markets Factor Tilt Index | 13.4% | -6 bp | +12.0% |
| EIDO | iShares MSCI Indonesia ETF | 12.2% | -6 bp | +7.6% |
| AVES | Avantis Emerging Markets Value ETF | 11.9% | -29 bp | +11.5% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 10.9% | -58 bp | +6.9% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 10.3% | -27 bp | +9.7% |
| DFEV | Dimensional Emerging Markets Value ETF | 10.2% | -22 bp | +13.6% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 6/16/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
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™
8.3%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 112 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. 's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places in the 51st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
EWXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| (65 bp) Percentile rank | 50 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 65.0 | 0.0 | 65 | |
| Peer Avg. | 48.3 | 42.7 | 91.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .