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
395.0 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) | $395 |
| 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 | 182 |
| 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 | $138.61 |
| 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)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
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 | +8.7% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 52.6% | 0 bp | +9.7% |
| SPEM | SPDR Portfolio Emerging Markets ETF | 52.4% | -42 bp | +10.2% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 50.5% | +21 bp | +8.9% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 49.6% | 0 bp | +9.8% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 48.7% | -34 bp | +9.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 48.6% | -38 bp | +9.5% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 48.5% | +17 bp | +9.3% |
| VWO | Vanguard FTSE Emerging Markets ETF | 47.9% | -42 bp | +10.4% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 47.4% | -13 bp | +9.4% |
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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 9/17/2025
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.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 122 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 71st 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 .