GMF
SPDR S&P Emerging Asia Pacific ETF
SPDR S&P Emerging Asia Pacific ETF objective is to replicate the performance of the S&P Asia Pacific Emerging BMI Index, which includes companies in an emerging market in the Asia Pacific Emer
Emerging Market
EQUITY
Passive
MANAGEMENT STYLE
375.6 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 19, 2007 |
| Assets (mns) | $376 |
| Expense ratio | 49 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 +
| TAIWAN SEMICONDUCTOR-SP ADR | 9.3 % |
| TENCENT HOLDINGS LTD | 4.6 % |
| ALIBABA GROUP HOLDING LTD. | 2.6 % |
| SSI US GOV MONEY MARKET CLASS | 1.9 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 1.8 % |
| MEITUAN DIANPING | 1.5 % |
| HDFC BANK LIMITED | 1.5 % |
| RELIANCE INDS-SPONS GDR 144A | 1.4 % |
| HON HAI PRECISION INDUSTRY | 1.3 % |
| ICICI BANK LTD-SPON ADR | 1.2 % |
Constituent Breakdown
| Number of holdings | 890 |
| Herfindahl-Hirschman Index | 139 |
| Wgt avg mkt cap (mns) | $146,457 |
| Large cap (>$10bn) | 74.7% |
| Mid cap ($2-10bn) | 19.4% |
| Small cap (<$2bn) | 5.9% |
| Developed mkts. | 7.2% |
| Emerging mkts. | 92.8% |
Country Exposure
 |
CHINA | 27.4 % |
 |
INDIA | 26.9 % |
 |
TAIWAN | 26.0 % |
 |
MALAYSIA | 2.9 % |
 |
HONG KONG | 2.6 % |
 |
INDONESIA | 2.4 % |
 |
THAILAND | 1.9 % |
 |
PHILIPPINES | 0.9 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 20.6% | 27.7% | 19.3% | 1.9% | 7.7% | 6.1% | 6.5% | Volatility | 13.8% | 14.2% | 16.9% | 18.6% | 21.1% | 19.3% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 30% |
| MSCI EAFE | 0.72 | 50% |
| MSCI Emg Mkts | 1.01 | 93% |
Liquidity Measures
| Avg. volume (000) | 26 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.19% |
| ADV of underlying (mns) | $87,427 |
Technical Indicators
| Recent close | $123.14 |
| 30d moving avg. | $114.15 |
| Annualized volatility | 18.1% |
| Relative strength (RSI) | 60 |
| Short interest (ETF) | 1.1% |
| Short interest (underlying) | 0.0% |
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. GMF |
Expenses vs. GMF |
ALTAR Score™ vs. GMF |
|---|---|---|---|---|
| EEMA | iShares MSCI Emerging Markets Asia ETF | 54.4% | 0 bp | +0.4% |
| SPEM | SPDR Portfolio Emerging Markets ETF | 53.9% | -42 bp | +1.2% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 52.3% | +21 bp | +0.1% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 50.6% | -30 bp | +0.8% |
| VWO | Vanguard FTSE Emerging Markets ETF | 48.6% | -41 bp | +0.9% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 47.9% | -19 bp | +1.4% |
| EEM | iShares MSCI Emerging Markets ETF | 47.3% | +20 bp | +0.7% |
| SCHE | Schwab Emerging Markets Equity ETF | 47.1% | -38 bp | +1.0% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 46.6% | 0 bp | +2.1% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 44.5% | -34 bp | +1.3% |
Risk and Returns: GMF 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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 10/21/2024
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
GMF
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
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™
GMF
5.9%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.1%. GMF's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places GMF in the 34th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GMFSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive Emerging Market Equity ETFs |
| # of ETFs | 53 |
| Avg. Expense Ratio | 52.8 bp |
| Std. Deviation | 23.2 bp |
| GMF (49 bp) Percentile rank | 45 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GMF | 49.0 | 19.0 | 68 |
| Peer Avg. | 57.0 | 24.5 | 81.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .