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) | $1,820 |
| 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 | 11.4 % |
| ALIBABA GROUP HOLDING LTD. SPONSORED ADR | 9.1 % |
| MEITUAN DIANPING | 4.1 % |
| CHINA CONSTRUCTION BANK-H | 2.2 % |
| JD.COM INC-ADR | 2.2 % |
| NIO INC. SPONSORED ADR CLASS A | 1.5 % |
| WUXI BIOLOGICS (CAYMAN) INC. | 1.5 % |
| BAIDU INC - SPON ADR | 1.4 % |
| PING AN INSURANCE GROUP CO-H | 1.4 % |
| XIAOMI CORP. CLASS B | 1.3 % |
Constituent Breakdown
| Number of holdings | 550 |
| Herfindahl-Hirschman Index | 488 |
| Wgt avg mkt cap (mns) | $132,104 |
| Large cap (>$10bn) | 76.0% |
| Mid cap ($2-10bn) | 14.7% |
| Small cap (<$2bn) | 3.2% |
| Developed mkts. | 25.9% |
| Emerging mkts. | 74.1% |
Country Exposure
 |
CHINA | 76.7 % |
 |
HONG KONG | 8.3 % |
Historical Performance
Standardized Annual Returns (as of 09/30/2021)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -14.9% | -6.1% | 11.9% | 6.1% | 8.5% | 9.1% | 7.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.65 | 32% |
| MSCI EAFE | 0.63 | 28% |
| MSCI Emg Mkts | 0.84 | 64% |
Liquidity Measures
| Avg. volume (000) | 99 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.17% |
| ADV of underlying (mns) | $52,610 |
Technical Indicators
| Recent close | $117.80 |
| 30d moving avg. | $112.35 |
| Annualized volatility | 21.7% |
| Relative strength (RSI) | 47 |
| 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. GXC |
Expenses vs. GXC |
ALTAR Score™ vs. GXC |
|---|---|---|---|---|
| MCHI | iShares MSCI China ETF | 66.4% | 0 bp | -0.2% |
| FLCH | Franklin FTSE China ETF | 62.1% | -40 bp | +0.5% |
| KALL | KraneShares MSCI All China Index ETF | 47.9% | -10 bp | +0.2% |
| BKF | iShares MSCI BRIC ETF | 47.5% | +11 bp | -0.5% |
| CN | Xtrackers MSCI All China Equity ETF | 44.7% | -9 bp | +0.4% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 42.9% | -27 bp | -1.6% |
| GMF | SPDR S&P Emerging Asia Pacific ETF | 40.8% | -10 bp | -1.8% |
| CHIL | Global X MSCI China Large-Cap 50 ETF | 39.6% | -30 bp | -1.2% |
| KWEB | KraneShares CSI China Internet ETF | 34.1% | +17 bp | -4.8% |
| KESG | KraneShares MSCI China ESG Leaders Index ETF | 33.9% | 0 bp | +0.2% |
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Results & Estimates
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021E | 2022E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2020 | 2021E | Fwd Est | 2022E | |
| 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 10/19/2021
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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
8.3%
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™ | 8.3% |
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 170 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.2%. GXC's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places GXC in the 57th 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 | 16.7 | 75.7 |
| Peer Avg. | 39.0 | 6.5 | 45.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .