EWX
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P Emerging SmallCap ETF objective is to provide investment results that correspond generally to the total return performance of the S&P Emerging Markets Under USD2 Billion Index.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
705.3 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2008 |
| Assets (mns) | $705 |
| Expense ratio | 65 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 +
| Invesco Dorsey Wright Consumer Staples M | 0.8 % |
| InfraCap Equity Income Fund ETF | 0.6 % |
| Invesco Dorsey Wright Emerging Markets M | 0.5 % |
| iShares MSCI India ETF | 0.5 % |
| Clockwise Core Equity & Innovation ETF | 0.3 % |
| VST INDUSTRIES LTD | 0.3 % |
| Vanguard Mega Cap ETF | 0.3 % |
| ProShares S&P Global Core Battery Metals | 0.2 % |
| AVI LTD | 0.2 % |
| BUMI RESOURCES MINERALS TBK | 0.2 % |
Constituent Breakdown
| Number of holdings | 1387 |
| Herfindahl-Hirschman Index | 7 |
| Wgt avg mkt cap (mns) | $621 |
| Large cap (>$10bn) | 0.1% |
| Mid cap ($2-10bn) | 6.5% |
| Small cap (<$2bn) | 91.2% |
| Developed mkts. | 7.8% |
| Emerging mkts. | 92.2% |
Country Exposure
 |
TAIWAN | 17.2 % |
 |
INDIA | 8.3 % |
 |
CHINA | 7.1 % |
 |
MALAYSIA | 3.0 % |
 |
SOUTH AFRICA | 2.8 % |
 |
THAILAND | 2.6 % |
 |
BRAZIL | 2.0 % |
 |
TURKEY | 2.0 % |
 |
SAUDI ARABIA | 1.8 % |
 |
HONG KONG | 1.7 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.5% | 12.6% | 13.0% | 4.3% | 9.6% | 5.6% | 4.0% | Volatility | 14.7% | 14.5% | 13.4% | 14.9% | 19.1% | 17.6% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.61 | 58% |
| MSCI EAFE | 0.68 | 71% |
| MSCI Emg Mkts | 0.77 | 91% |
Liquidity Measures
| Avg. volume (000) | 29 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.16% |
| ADV of underlying (mns) | $9,542 |
Technical Indicators
| Recent close | $59.77 |
| 30d moving avg. | $61.07 |
| Annualized volatility | 14.1% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.1% |
| 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. EWX |
Expenses vs. EWX |
ALTAR Score™ vs. EWX |
|---|---|---|---|---|
| EEMS | iShares MSCI Emerging Markets Small Cap ETF | 31.4% | +5 bp | -0.3% |
| DGS | WisdomTree Emerging Markets SmallCap Dividend Fund | 17.1% | -7 bp | +2.2% |
| TLTE | FlexShares Morningstar Emerging Markets Factor Tilt Index | 12.5% | -6 bp | +3.3% |
| AVES | Avantis Emerging Markets Value ETF | 12.5% | -29 bp | +4.0% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 11.8% | -58 bp | -1.5% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 10.9% | -27 bp | -0.3% |
Risk and Returns: EWX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 12/18/2024
Peer Group Comparison Sample data. Subscribe for access.
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
EWX
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 Rating
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.
ALTAR Score™
EWX
8.1%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
4.1%. EWX's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places EWX in the 53rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
EWXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| EWX (65 bp) Percentile rank | 51 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| EWX | 65.0 | 15.6 | 80.6 |
| Peer Avg. | 49.4 | 30.3 | 79.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .