GXC
SPDR S&P China ETF
SPDR S&P China ETF objective is to replicate the performance of the S&P China BMI Index. The Index measures publicly traded companies domiciled in China, but legally available to foreign inves
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 19, 2007 |
| Assets (mns) | $838 |
| Expense ratio | 59 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 +
| TENCENT HOLDINGS LTD | 10.0 % |
| ALIBABA GROUP HOLDING LTD. | 6.8 % |
| MEITUAN DIANPING | 2.7 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 2.6 % |
| CHINA CONSTRUCTION BANK-H | 2.3 % |
| NETEASE, INC | 1.6 % |
| BAIDU, INC. CLASS A | 1.5 % |
| JD.COM, INC. CLASS A | 1.5 % |
| PING AN INSURANCE GROUP CO-H | 1.5 % |
| IND & COMM BK OF CHINA - H | 1.4 % |
Constituent Breakdown
| Number of holdings | 592 |
| Herfindahl-Hirschman Index | 226 |
| Wgt avg mkt cap (mns) | $78,627 |
| Large cap (>$10bn) | 58.3% |
| Mid cap ($2-10bn) | 18.1% |
| Small cap (<$2bn) | 4.7% |
| Developed mkts. | 21.4% |
| Emerging mkts. | 78.6% |
Country Exposure
 |
CHINA | 71.5 % |
 |
HONG KONG | 7.2 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -4.7% | -7.6% | -18.2% | -13.7% | -3.8% | 2.5% | 3.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.28 | 3% |
| MSCI EAFE | 0.64 | 16% |
| MSCI Emg Mkts | 1.30 | 64% |
Liquidity Measures
| Avg. volume (000) | 147 |
| Turnover | 1.3% |
| Avg. Bid/Ask (% of price) | 0.20% |
| ADV of underlying (mns) | $14,713 |
Technical Indicators
| Recent close | $72.59 |
| 30d moving avg. | $73.00 |
| Annualized volatility | 29.1% |
| Relative strength (RSI) | 40 |
| Short interest (ETF) | 1.6% |
| 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. GXC |
Expenses vs. GXC |
ALTAR Score™ vs. GXC |
|---|---|---|---|---|
| MCHI | iShares MSCI China ETF | 72.9% | -1 bp | -0.1% |
| FLCH | Franklin FTSE China ETF | 71.5% | -40 bp | +0.1% |
| KALL | KraneShares MSCI All China Index ETF | 55.0% | -10 bp | +0.2% |
| CN | Xtrackers MSCI All China Equity ETF | 49.8% | -9 bp | +0.2% |
| BKF | iShares MSCI BRIC ETF | 47.9% | +11 bp | -2.3% |
| FXI | iShares China Large-Cap ETF | 45.2% | +15 bp | +2.5% |
| KESG | KraneShares MSCI China ESG Leaders Index ETF | 41.9% | 0 bp | +0.9% |
| AIA | iShares Asia 50 ETF | 37.5% | -9 bp | -1.5% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 33.7% | -27 bp | -3.9% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 33.0% | -10 bp | -3.0% |
Risk and Returns: GXC 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 9/22/2023
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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
GXC
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™
GXC
10.5%
Cat. Avg
7.6%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 10.5% |
Recommendation
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.
Category Overview
There are 186 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.1%. GXC's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places GXC in the 76th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GXC
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) |
|
|---|---|---|---|
| GXC | 59.0 | 20.4 | 79.4 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .