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 260+. It underweights some of our benchmark's biggest holdings, like Petrobras and Ecopatrol, but for the most part its tilts are minor. (Insight updated 07/31/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/20/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GML -3.72% -14.18% -5.31% -7.74% -4.13% -3.22% --
GML (NAV) -2.60% -14.06% -4.57% -6.93% -3.81% -3.04% --
S&P Latin America BMI Index -2.72% -14.50% -4.35% -7.51% -3.12% -2.12% --
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

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.

$47.0 M

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

$785.46 K

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

0.42%

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

$28.4 B

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

16.49

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

1.54

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

2.48%

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.

154

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

S&P Latin America 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 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

FLN, AND, EEML

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

GML Commentary & News

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 nearly 3%. With over $50M in assets, GML is no behemoth, but it's stable and it leads the segment in AUM. (Insight updated 07/31/2014)

Total Return - 11/20/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/20/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GML -3.72% -14.18% -5.31% -7.74% -4.13% -3.22% --
GML (NAV) -2.60% -14.06% -4.57% -6.93% -3.81% -3.04% --
S&P Latin America BMI Index -2.72% -14.50% -4.35% -7.51% -3.12% -2.12% --
MSCI Emerging Markets Latin America Investable Markets -2.80% -14.99% -4.21% -7.86% -3.96% -2.84% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GML Portfolio Management

0.59%

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

-0.11%

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.

0.81%

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

-1.34%

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

GML 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.

GML 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.

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 07/31/2014)



Average Spread
Premium/Discount
Volume

GML ETF.com/ Block LiquidityAs of 11/21/2014

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

13,214

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

$785.46 K

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

3,103

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

$180.14 K

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

0.42%

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.

$0.26

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

-0.31%

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

1.18% / -1.39%

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.

100.00%

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.

0.03

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.

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.

3.22%

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.

$58.75

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

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 07/31/2014)

GML Geographic Exposure

GML Segment Benchmark
54.79% 51.96%

29.93% 28.76%

8.52% 9.33%

4.31% 6.83%

1.72% 2.25%

0.64% 0.82%

-- 0.06%

0.10% --

GML Segment Benchmark
99.27% 99.12%

0.73% 0.82%

-- 0.06%

0.73% / 99.27% 0.88% / 99.12%

GML Performance Statistics

0.95

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.

0.91

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.

0.96

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.

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.

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
154 Holdings
Segment Benchmark
263 Constituents
Shared Holdings
126 (Count)
 
82.94% (Weight)
GMLSegment Benchmark
$29.32 B$28.4 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.

59%59%
31%35%
9%5%
1%1%
16.0616.49

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

1.531.54

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

2.90%2.89%

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

263154

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.

MediumLow

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