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
390.3 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) | $390 |
| 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 | 10.3 % |
| TENCENT HOLDINGS LTD | 6.0 % |
| ALIBABA GROUP HOLDING LTD. | 3.5 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 1.6 % |
| HDFC BANK LIMITED | 1.5 % |
| XIAOMI CORP. CLASS B | 1.3 % |
| RELIANCE INDS-SPONS GDR 144A | 1.3 % |
| HON HAI PRECISION INDUSTRY | 1.2 % |
| CHINA CONSTRUCTION BANK-H | 1.2 % |
| ICICI BANK LTD-SPON ADR | 1.1 % |
Constituent Breakdown
| Number of holdings | 884 |
| Herfindahl-Hirschman Index | 164 |
| Wgt avg mkt cap (mns) | $203,633 |
| Large cap (>$10bn) | 61.7% |
| Mid cap ($2-10bn) | 17.4% |
| Small cap (<$2bn) | 5.4% |
| Developed mkts. | 2.6% |
| Emerging mkts. | 86.3% |
Country Exposure
 |
CHINA | 31.4 % |
 |
TAIWAN | 26.6 % |
 |
INDIA | 21.8 % |
 |
HONG KONG | 2.6 % |
 |
MALAYSIA | 2.4 % |
 |
THAILAND | 1.7 % |
 |
INDONESIA | 1.5 % |
 |
PHILIPPINES | 0.7 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 13.6% | 16.0% | 14.9% | 9.3% | 3.2% | 6.0% | -- | 4.2% |
| Dividend Yield | 0.0% | 1.6% | 2.2% | 2.4% | 2.2% | 2.4% | -- | 2.3% |
| Total Returns | 13.6% | 17.6% | 17.1% | 11.7% | 5.4% | 8.4% | -- | 6.5% | Ann. Volatility | 19.6% | 19.8% | 17.1% | 17.6% | 18.7% | 19.4% | -- | 25.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.71 | 35% |
| MSCI EAFE | 0.73 | 44% |
| MSCI Emg Mkts | 0.98 | 82% |
Liquidity Measures
| Avg. volume (000) | 7 |
| ADV traded (mns) | $1 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.19% |
Technical Indicators
| Recent close | $136.94 |
| 30d moving avg. | $131.69 |
| Annualized volatility | 18.1% |
| Relative strength (RSI) | 67 |
| Short interest | 0.5% |
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. |
|---|---|---|---|---|
| FLAX | Franklin FTSE Asia Ex Japan ETF | 53.7% | -30 bp | +8.8% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 52.6% | 0 bp | +9.8% |
| SPEM | SPDR Portfolio Emerging Markets ETF | 52.4% | -42 bp | +10.4% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 50.5% | +21 bp | +9.0% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 49.6% | 0 bp | +9.9% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 48.7% | -34 bp | +10.1% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 48.6% | -38 bp | +9.7% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 48.5% | +17 bp | +9.4% |
| VWO | Vanguard FTSE Emerging Markets ETF | 47.9% | -42 bp | +10.5% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 47.4% | -13 bp | +9.5% |
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
| 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 9/15/2025
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™
GMF
9.2%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 121 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.6%. GMF's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places GMF in the 70th 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) |
|
|---|---|---|---|
| GMF | 49.0 | 0.0 | 49 |
| Peer Avg. | 46.3 | 23.1 | 69.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .