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
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 19, 2007 |
| Assets (mns) | $356 |
| 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 | 6.0 % |
| TENCENT HOLDINGS LTD | 4.9 % |
| ALIBABA GROUP HOLDING LTD. SPONSORED ADR | 2.9 % |
| RELIANCE INDS-SPONS GDR 144A | 1.9 % |
| MEITUAN DIANPING | 1.5 % |
| INFOSYS TECHNOLOGIES-SP ADR | 1.4 % |
| HOUSING DEVELOPMENT FINANCE | 1.2 % |
| CHINA CONSTRUCTION BANK-H | 1.1 % |
| HDFC BANK LIMITED | 1.0 % |
| ICICI BANK LTD-SPON ADR | 1.0 % |
Constituent Breakdown
| Number of holdings | 956 |
| Herfindahl-Hirschman Index | 98 |
| Wgt avg mkt cap (mns) | $38,453 |
| Large cap (>$10bn) | 36.3% |
| Mid cap ($2-10bn) | 24.0% |
| Small cap (<$2bn) | 6.8% |
| Developed mkts. | 8.9% |
| Emerging mkts. | 91.1% |
Country Exposure
 |
CHINA | 33.6 % |
 |
INDIA | 22.4 % |
 |
TAIWAN | 22.0 % |
 |
HONG KONG | 3.9 % |
 |
MALAYSIA | 3.0 % |
 |
INDONESIA | 2.9 % |
 |
THAILAND | 2.7 % |
 |
PHILIPPINES | 1.1 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 1.8% | -13.4% | -12.9% | 2.8% | 0.4% | 4.7% | 5.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.55 | 33% |
| MSCI EAFE | 0.68 | 48% |
| MSCI Emg Mkts | 0.87 | 90% |
Liquidity Measures
| Avg. volume (000) | 17 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $23,232 |
Technical Indicators
| Recent close | $97.49 |
| 30d moving avg. | $99.77 |
| Annualized volatility | 20.3% |
| Relative strength (RSI) | 35 |
| Short interest (ETF) | 0.2% |
| 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 |
|---|---|---|---|---|
| SPEM | SPDR Portfolio Emerging Markets ETF | 54.9% | -38 bp | +0.8% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 49.1% | +1 bp | +0.2% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 46.3% | 0 bp | +1.5% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 45.8% | +20 bp | -0.2% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 44.2% | -30 bp | +0.5% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 43.8% | -34 bp | +1.4% |
| VWO | Vanguard FTSE Emerging Markets ETF | 43.4% | -41 bp | +0.8% |
| AVEM | Avantis Emerging Markets Equity ETF | 43.0% | -16 bp | +2.6% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 42.9% | -13 bp | +0.6% |
| SCHE | Schwab Emerging Markets Equity ETF | 41.9% | -38 bp | +0.8% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 3/21/2023
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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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
GMF
7.6%
Cat. Avg
8.4%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.6% |
Recommendation
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.
Category Overview
There are 185 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 8.4% and a standard deviation of
4.3%. GMF's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places GMF in the 42nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GMF
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GMF | 49.0 | 18.2 | 67.2 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .