GML Fund Description

The SPDR S&P Emerging Latin America ETF tracks a market-cap-weighted index of Latin American firms.

GML ETF.com Insight

GML is the old guard, dominating the segment's assets and volume with its broad, market-cap-weighted portfolio. It is the only fund in the segment that offers any semblance of liquidity,the only fund in the segment that offers any semblance of liquidity and even then it can be a challenge to trade. It is, however, one of only two funds that offers comprehensive market coverage. That is not to say the fund is without flaws, as its heavy optimization of its index leaves the fund with roughly 150 holdings compared with our benchmark's 250+. It underweights some of our benchmark's biggest holdings, like Petrobras and Ecopatrol, but for the most part its tilts are minor. (Insight updated 12/12/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GML
-8.47% -20.77% -14.15% -13.31% -6.04% -5.13% --

GML (NAV)
-8.83% -21.08% -14.82% -13.77% -6.36% -5.14% --

S&P Latin America BMI Index
-8.98% -21.37% -14.73% -13.55% -5.78% -4.17% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GML Top 10 Countries

GML Top 10 Sectors

GML Top 10 Holdings View All

GML Summary Data

Issuer SSgA

A company that produces and manages ETFs.

Inception Date 03/19/07

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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.59%

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

Assets Under Management $36.71 M

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

Average Daily $ Volume $769.08 K

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 0.33%

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.

GML Portfolio Data

Weighted Average Market Cap $27.41 B

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

Price / Earnings Ratio 17.11

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

Price / Book Ratio 1.49

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

Distribution Yield 2.78%

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

Next Ex-Dividend Date 12/29/14

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

Number of Holdings 152

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.

GML Index Data

Index Tracked S&P Latin America BMI Index

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

Index Weighting Methodology Market Cap

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

Index Selection Methodology Market Cap

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

Segment Benchmark MSCI Emerging Markets Latin America 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 GML

Top Competing ETFs FLN, AND, EEML

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

GML ETF.com Efficiency Insight

GML is not a particularly efficient fund. Its 59 bp expense ratio is high, though fair in the context of this expensive segment. Thankfully, it has been tax efficient to date. Unfortunately, GML has struggled to track its index well—at times it has lagged its index by over 1%. GML is no behemoth, but it's stable and it leads the segment in AUM. (Insight updated 12/12/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GML
-8.47% -20.77% -14.15% -13.31% -6.04% -5.13% --

GML (NAV)
-8.83% -21.08% -14.82% -13.77% -6.36% -5.14% --

S&P Latin America BMI Index
-8.98% -21.37% -14.73% -13.55% -5.78% -4.17% --

MSCI Emerging Markets Latin America Investable Markets
-9.00% -21.68% -14.74% -13.65% -6.69% -4.90% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GML Portfolio Management

Expense Ratio 0.59%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.05%

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.

GML Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions Qualified dividends

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

Distributes K1 No

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

GML Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active Yes

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

ETN Counterparty N/A

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

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure Daily

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

GML ETF.com Tradability Insight

GML may be the easiest fund in the segment to trade, but it is no walk in the park. Less than $200K trades on most days, and spreads currently hover around 35 bps. Worse yet, the underlying portfolio is not liquid enough to accommodate creations without adversely affecting prices. Proceed with caution. (Insight updated 12/12/2014)

Average Spread

Premium/Discount

Volume

GML ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of GML. GML is rated a 3 out of 5.

GML Tradability

Avg. Daily Share Volume 13,186

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

Average Daily $ Volume $769.08 K

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

Median Daily Share Volume 3,372

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 0.33%

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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.19

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 1.18% / -1.77%

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.

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 0.03

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.01%

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

Underlying Volume / Unit 3.39%

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.

Open Interest on ETF Options --

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

ETF.com Implied Liquidity 3

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

GML ETF.com Fit Insight

GML's market-cap-weighted portfolio has a heavy-handed optimization process that results in a portfolio of roughly 150 names from 250+. Currently, GML Fits the market quite well as its optimization has resulted in a portfolio that does not stray far from neutral exposure. None of its fairly minor tilts stand out in comparison to our benchmark. (Insight updated 12/12/2014)

GML Geographic Exposure

Countries GML Segment Benchmark
Brazil 54.83% 52.13%

Mexico 29.94% 28.91%

Chile 8.75% 8.63%

Colombia 3.77% 6.30%

Peru 1.90% 2.48%

United States 0.69% 0.90%

Spain -- 0.60%

Luxembourg -- 0.05%

Canada 0.12% --

Regions GML Segment Benchmark
Latin America 99.19% 98.45%

North America 0.81% 0.90%

Europe -- 0.65%

Developed /
Emerging Split
0.81% / 99.19% 1.55% / 98.45%

GML Performance Statistics

Beta 0.95

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.

Up Beta 0.93

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.

Down Beta 0.96

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.

Downside Standard Deviation 0.27%

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.

Segment Benchmark MSCI Emerging Markets Latin America Investable Markets

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

GML Benchmark Comparison

GML
152 Holdings
Segment Benchmark
253 Constituents
Shared Holdings
124 (Count)
 
82.95% (Weight)
GMLSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$27.38 B$27.41 B

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

Size Split

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

Large (>12.9B)59%58%
Mid (>2.7B)31%36%
Small (>600M)8%5%
Micro (<600M)2%1%
Price / Book Ratio1.501.49

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

Dividend Yield3.05%3.09%

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

Holdings | 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." href="javascript:void(0)" class="term">Number Of
Holdings
253152

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.

ConcentrationMediumMedium

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