GMF Fund Description

The SPDR S&P Emerging Asia Pacific fund tracks a market-cap-weighted index of emerging markets firms.

GMF ETF.com Insight

GMF offers size and liquidity in a segment that is low on assets and generally trades poorly. Its portfolio is inclusive, but narrower than our definition of broad emerging Asia. Thethe only choice that has sufficient liquidity to support regular trading absence of South Korean giant Samsung specifically helps explain GMF's underweighting in consumer cyclicals while exposures in Petro China and CNOOC lead to an overweighting in energy. GMF is a neutral market play as long as you believe South Korea belongs in a developed markets portfolio, therefore it earns a spot on our Opportunities List. GMF isn’t cheap to hold, but it is the only choice that has a hefty asset base and sufficient liquidity to support regular trading. (Insight updated 02/19/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

GMF (Mkt)
6.76% 13.24% 13.59% 18.76% 3.33% 8.71% --

GMF (NAV)

6.33% 12.27% 13.71% 17.60% 3.09% 8.84% --

S&P Asia Pacific Emerging BMI Index

5.77% 11.26% 13.24% 18.29% 3.88% 9.46% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GMF Top 10 Countries

GMF Top 10 Sectors

GMF Top 10 Holdings View All

GMF Summary Data

SSgA

A company that produces and manages ETFs.

03/19/07

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

Open-Ended Fund

The organizational structure of the fund or ETN.

0.59%

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

$503.83 M

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

$4.28 M

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

0.16%

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 60 days, as a percent.

GMF Portfolio Data

$42.85 B

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

14.33

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

1.78

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

1.41%

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

12/19/14

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

338

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.

GMF Index Data

S&P Asia Pacific
Emerging BMI 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 Emerging Markets
Asia Investable Markets

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

Related ETFs to GMF

FNI, EEMA

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

GMF ETF.com Efficiency Insight

GMF dominates the space by assets but isn’t the cheapest fund to hold. The fund’s $390M asset base is the segment’s largest by far. Still, it charges a bit more than competitor EEMA and really struggles to track its index—2 factors that drive up holding costs. Still, it’s the only fund in the segment with assets over $100M. (Insight updated 02/19/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

GMF (Mkt)
6.76% 13.24% 13.59% 18.76% 3.33% 8.71% --

GMF (NAV)
6.33% 12.27% 13.71% 17.60% 3.09% 8.84% --

S&P Asia Pacific Emerging BMI Index
5.77% 11.26% 13.24% 18.29% 3.88% 9.46% --

MSCI Emerging Markets Asia Investable Markets
4.59% 8.47% 10.70% 16.59% 2.49% 9.38% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GMF Portfolio Management

0.59%

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

-1.48%

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.

-0.44%

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

-2.27%

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

GMF Tax Exposures

20.00% / 39.60%

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

0.00%

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.

GMF 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.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

GMF ETF.com Tradability Insight

GMF is the only fund in the segment that tactical investors should focus on, trading about $2.5M on most days. While its 19 bp spreads aren't great, they're the tightest in the segment. Given its high Block Liquidity score and low Underlying Volume/Unit value, institutional investors should have little difficulty trading in size. (Insight updated 02/19/2014)

Average Spread

Premium/Discount

Volume

GMF ETF.com/ Block LiquidityAs of 07/25/2014

5
4
3
2
1

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

GMF Tradability

51,583

The average number of shares traded during a 60 day period.

$4.28 M

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

23,580

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

$1.95 M

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

0.16%

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 60 days, as a percent.

$0.13

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.05%

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

3.28% / -3.02%

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

21.05%

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

100,000

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.

0.19

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.

0.16%

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

0.37%

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.

$86.87

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

5

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

GMF ETF.com Fit Insight

GMF is a broad fund that differs in its country classification framework from our MSCI benchmark. S&P classifies South Korea as a developed market, so GMF excludes South Korea and overweights Chinese and Taiwanese stocks instead. In plainer terms, you won’t find Samsung in GMF while it’s the top holding in peer fund EEMA. Other than this key definitional difference, the fund lines up relatively well with our benchmark regarding sector exposure and firm size. (Insight updated 02/19/2014)

GMF Geographic ExposureView All

GMF Segment Benchmark
19.38% 27.83%
10.68% 17.10%
9.29% 8.37%
6.26% 6.16%
4.01% 4.97%
3.78% 4.78%
1.56% 2.30%
24.11% --
0.02% --

GMF Segment Benchmark
100.00% 100.00%
54.33% / 45.67% 36.87% / 63.13%

GMF Performance Statistics

0.91

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

0.94

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.

0.95

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.

0.91

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.

0.22%

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 Emerging Markets
Asia Investable Markets

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

GMF Benchmark Comparison

GMF
338 Holdings
Segment Benchmark
2005 Constituents
Shared Holdings
290 (Count)
 
49.45% (Weight)
GMFSegment Benchmark
$46.04 B$42.85 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.

51%59%
29%29%
14%10%
5%2%
13.8914.33

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

1.571.78

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

1.84%2.11%

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

2005338

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.