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
352.7 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) | $353 |
| 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 | 9.6 % |
| TENCENT HOLDINGS LTD | 5.2 % |
| ALIBABA GROUP HOLDING LTD. | 2.8 % |
| HDFC BANK LIMITED | 1.7 % |
| RELIANCE INDS-SPONS GDR 144A | 1.5 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 1.5 % |
| ICICI BANK LTD-SPON ADR | 1.3 % |
| CHINA CONSTRUCTION BANK-H | 1.3 % |
| XIAOMI CORP. CLASS B | 1.2 % |
| MEITUAN DIANPING | 1.2 % |
Constituent Breakdown
| Number of holdings | 885 |
| Herfindahl-Hirschman Index | 151 |
| Wgt avg mkt cap (mns) | $146,000 |
| Large cap (>$10bn) | 61.3% |
| Mid cap ($2-10bn) | 18.3% |
| Small cap (<$2bn) | 6.1% |
| Developed mkts. | 2.6% |
| Emerging mkts. | 88.5% |
Country Exposure
 |
CHINA | 29.8 % |
 |
TAIWAN | 26.2 % |
 |
INDIA | 24.5 % |
 |
HONG KONG | 2.6 % |
 |
MALAYSIA | 2.5 % |
 |
THAILAND | 1.8 % |
 |
INDONESIA | 1.7 % |
 |
PHILIPPINES | 0.8 % |
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 | 3.8% | 10.1% | 11.6% | 4.7% | 5.3% | 2.7% | -- | 3.7% |
| Dividend Yield | 0.0% | 2.1% | 2.7% | 2.5% | 2.4% | 2.4% | -- | 2.4% |
| Total Returns | 3.8% | 12.2% | 14.3% | 7.2% | 7.7% | 5.1% | -- | 6.1% | Ann. Volatility | 23.3% | 20.5% | 17.5% | 18.1% | 19.2% | 19.8% | -- | 25.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.55 | 26% |
| MSCI EAFE | 0.65 | 39% |
| MSCI Emg Mkts | 0.97 | 85% |
Liquidity Measures
| Avg. volume (000) | 19 |
| ADV traded (mns) | $2 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.19% |
Technical Indicators
| Recent close | $123.77 |
| 30d moving avg. | $121.42 |
| Annualized volatility | 18.0% |
| Relative strength (RSI) | 59 |
| Short interest | 0.1% |
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. |
|---|---|---|---|---|
| EEMA | iShares MSCI Emerging Markets Asia ETF | 53.2% | 0 bp | +10.4% |
| SPEM | SPDR Portfolio Emerging Markets ETF | 53.1% | -42 bp | +10.8% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 51.5% | +21 bp | +9.5% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 51.3% | -30 bp | +9.6% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 49.1% | 0 bp | +10.4% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 46.8% | -19 bp | +10.6% |
| VWO | Vanguard FTSE Emerging Markets ETF | 46.6% | -41 bp | +10.8% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 46.6% | -34 bp | +10.6% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 46.4% | +17 bp | +10.3% |
| EEM | iShares MSCI Emerging Markets ETF | 46.3% | +20 bp | +10.5% |
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
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
9.7%
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
0.6 standard deviations
above
the category average. This places in the 72nd 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 |
| (49 bp) Percentile rank | 46 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 49.0 | 0.0 | 49 | |
| Peer Avg. | 52.7 | 28.7 | 81.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .