ACIM Fund Description

The SPDR MSCI ACWI IMI ETF tracks a market-cap-weighted index of global stocks covering 98% of the capitalization of the developed and emerging markets.

ACIM ETF.com Insight

ACIM holds global stocks tracking a broad-based market-cap-weighted index of developed and emerging market stocks. The fund's heavy index optimization means that its tracking has beenACIM's heavy index optimization raises questions about its tracking unpredictable, though deviations from the index have historically tended to be in investors' favor. The current portfolio closely reflects the market's sector and country allocations (the exclusion of frontier markets has only marginal impact). Investors holding ACIM benefit from its low cost, but do face significant friction when trading. (Insight updated 12/08/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 12/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
ACIM -2.43% -3.19% 4.67% -0.55% -- -- --
ACIM (NAV) -3.65% -4.36% 2.04% 5.79% -- -- --
MSCI ACWI IMI Index -3.92% -5.18% 0.20% 3.92% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ACIM Top 10 Countries View All

ACIM Top 10 Sectors

ACIM Top 10 Holdings View All

ACIM Summary Data

SSgA

A company that produces and manages ETFs.

02/28/12

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.25%

The net total annual fee a fund holder pays to the issuer.

$62.38 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$245.64 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.64%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

ACIM Portfolio Data

$81.44 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

17.79

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.01

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.93%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/29/14

The date on which a security's price excludes an upcoming dividend.

761

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ACIM Index Data

MSCI ACWI IMI Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI All Country World Investable Markets + Frontier

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to ACIM

VT, ACWI, ACWV, ONEF

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

ACIM ETF.com Efficiency Insight

ACIM charges a low 0.25%. Through securities lending, the fund has tended to claw back its entire fee and more—though this is not a rare feat in this segment. Tracking has been highly variable, likely due to the fund's heavy optimization—it holds just 750 names of the 8500+ in its target index. With $60M in AUM, ACIM is small but stable. (Insight updated 12/08/2014)

Total Return - 12/16/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 12/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
ACIM -2.43% -3.19% 4.67% -0.55% -- -- --
ACIM (NAV) -3.65% -4.36% 2.04% 5.79% -- -- --
MSCI ACWI IMI Index -3.92% -5.18% 0.20% 3.92% -- -- --
MSCI All Country World Investable Markets + Frontier -3.94% -5.22% 0.23% 3.94% 14.10% 8.83% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ACIM Portfolio Management

0.25%

The net annual fee a fund holder pays to the issuer.

0.57%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

1.89%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.24%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

ACIM Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.06%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

ACIM Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

ACIM ETF.com Tradability Insight

Despite its low fee, ACIM has not attracted much interest from investors. The fund trades less than $100K on most days, with wide spreads averaging more than 50 bps. The use of limit orders is essential for retail trades. There appears to be sufficient liquidity when trading large blocks, but creation costs are a bit steep. (Insight updated 12/08/2014)



Average Spread
Premium/Discount
Volume

ACIM ETF.com/ Block LiquidityAs of 12/17/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of ACIM. ACIM is rated a 4 out of 5.

ACIM Tradability

3,788

It is the daily number of shares traded, averaged over the past 45 trading days.

$245.64 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

1,195

Median number of shares traded over the past 45 trading days.

$78.09 K

Median dollar value of shares traded over the past 45 trading days.

0.64%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.41

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.15%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

7.61% / -4.98%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

67.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.02

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.10%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.02%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$62.38

The total market value of the assets that an ETF holds less fund expenses.

4

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

ACIM ETF.com Fit Insight

ACIM scores well in Fit, as it tracks a similar index to our benchmark. There are two key differences here: First, ACIM excludes frontier markets. Second, the fund is heavily optimized, holding just 750 or so of the nearly 9000 firms in our benchmark. As a result, most small- and micro-caps are excluded, though we don't see a significant large tilt overall. Sector and country tilts are minimal, and the fund mimics the performance of global stocks remarkably well. (Insight updated 12/08/2014)

ACIM Sector/Industry BreakdownView All

ACIM Segment Benchmark
21.97% 21.48%

12.90% 14.08%

12.90% 12.81%

12.27% 12.67%

10.69% 10.96%

7.73% 8.47%

5.33% 4.66%

3.27% 2.61%

ACIM Geographic ExposureView All

ACIM Segment Benchmark
51.65% 53.97%

7.47% 7.56%

7.11% 7.40%

3.76% 3.42%

2.96% 3.03%

2.98% 2.84%

2.97% 2.75%

2.41% 2.55%

1.73% 2.16%

16.96% 14.36%

ACIM Segment Benchmark
55.41% 57.39%

22.97% 22.73%

18.52% 17.70%

1.69% 1.22%

1.41% 0.96%

92.97% / 7.03% 94.72% / 5.28%

ACIM Performance Statistics

0.99

The degree to which the fund and its segment benchmark move up and down in unison.

1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.72%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.04%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI All Country World Investable Markets + Frontier

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

ACIM Benchmark Comparison

ACIM
761 Holdings
Segment Benchmark
8900 Constituents
Shared Holdings
759 (Count)
 
56.15% (Weight)
ACIMSegment Benchmark
$80.57 B$81.44 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

71%84%
21%14%
7%2%
1%0%
18.9017.79

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.962.01

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

2.14%2.17%

The weighted average of the current yield on the portfolio’s holdings.

8900761

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowLow

The level of return contribution attributable to the average portfolio constituent.