SPDR® Solactive Hong Kong ETF

ZHOK

Key Features

  • The SPDR® Solactive Hong Kong ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Solactive GBS Hong Kong Large & Mid Cap USD Index NTR (the "Index")
  • Seeks to track a free float market cap weighted index with coverage targets of 85% of free float market cap coverage with an 80-90% buffer
  • Designed to offer broad based exposure to the equity market of Hong Kong including Common stock, preferred stock, REITs, Stapled Security, ADRs and other comparable DRs, Tracking Stock, Royalty Trust, Units

Fund Information

As of 12/05/2019
Ticker Symbol ZHOK
Primary Benchmark Solactive GBS Hong Kong Large & Mid Cap USD Index NTR
CUSIP 78463X145
Options Available Yes
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.20%
Net Expense Ratio

^SSGA Funds Management, Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse certain expenses, until January 31, 2020, so that the net annual Fund operating expenses of the Fund, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, are limited to 0.14% of the Fund’s average daily net assets. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be cancelled or modified at any time after January 31, 2020. The waiver and/or reimbursement may not be terminated prior to January 31, 2020 except with the approval of the Fund's Board of Trustees.

0.14%
Inception Date 09/18/2018
Investment Manager SSGA Funds Management, Inc.
Management Team Global Equity Beta Solutions
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Semi-Annually
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month5.71%-1.01%
QTD5.71%-10.71%
YTD10.10%4.15%
1 Year16.71%-1.29%
3 YearN/AN/A
5 YearN/AN/A
10 YearN/AN/A
Inception
5.12%0.04%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/04/2019
Est. 3-5 Year EPS Growth

Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

13.73%
Number of Holdings 51
Price/Book Ratio

Price/Book Ratio

The weighted harmonic average of closing market price divided by the most recent reported book value for each security in the fund’s portfolio as calculated for the last twelve months.

1.11
Price/Earnings Ratio FY1

Price/Earnings Ratio FY1

The weighted harmonic average of current share price divided by the forecasted one year earnings per share for each security in the fund. Negative and positive outliers are included in the calculation.

14.77
Weighted Average Market Cap $46,628.80 M

Fund Market Price

As of 12/04/2019
Bid/Ask $60.60
Closing Price $60.64
Day High $60.71
Day Low $60.64
Exchange Volume (shares) 1,264
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.80%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

2.72%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

2.66%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

1.96%
Index Dividend Yield

Index Dividend Yield

The weighted average of the underlyings' indicated annual dividend divided by price, expressed as a percentage.

2.93%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$60.12
Shares Outstanding 125,000
Total Net Assets $7.51 M

Index Characteristics

As of 12/04/2019
Est. 3-5 Year EPS Growth 13.74%
Number of Holdings 51
Price/Cash Flow 5.21
Price/Earnings 13.72
Price/Earnings Ratio FY1 14.77

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $11,488.83

Index Statistics

As of 12/04/2019
Weighted Average Market Cap $38,984.14 M
Average Size
Mean $10,387.31 M
Median $6,289.94 M
Size Range
Largest $119,894.25 M
Smallest $1,043.10 M

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
09/18/2018
Month End
NAV 10/31/2019 5.71% 5.71% 10.10% 16.71% N/A N/A N/A 5.12%
Market Value 10/31/2019 5.91% 5.91% 10.61% 16.46% N/A N/A N/A 5.13%
Return after Taxes on Distributions 10/31/2019 5.71% 5.71% 9.42% 15.81% N/A N/A N/A 4.40%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 3.38% 3.38% 5.99% 9.89% N/A N/A N/A 3.60%
Solactive GBS Hong Kong Large & Mid Cap USD Index NTR 10/31/2019 5.74% 5.74% 10.31% 16.96% N/A N/A N/A 5.30%
Quarter End
NAV 09/30/2019 -1.01% -10.71% 4.15% -1.29% N/A N/A N/A 0.04%
Market Value 09/30/2019 -0.84% -11.09% 4.44% -1.31% N/A N/A N/A -0.13%
Return after Taxes on Distributions 09/30/2019 -1.01% -10.71% 3.51% -2.05% N/A N/A N/A -0.70%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.60% -6.34% 2.49% -0.74% N/A N/A N/A -0.25%
Solactive GBS Hong Kong Large & Mid Cap USD Index NTR 09/30/2019 -1.00% -10.71% 4.32% -1.11% N/A N/A N/A 0.20%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
09/18/2018
Month End
NAV 10/31/2019 5.71% 5.71% 10.10% 16.71% N/A N/A N/A 5.12%
Market Value 10/31/2019 5.91% 5.91% 10.61% 16.46% N/A N/A N/A 5.13%
Return after Taxes on Distributions 10/31/2019 5.71% 5.71% 9.42% 15.81% N/A N/A N/A 4.40%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 3.38% 3.38% 5.99% 9.89% N/A N/A N/A 3.60%
Solactive GBS Hong Kong Large & Mid Cap USD Index NTR 10/31/2019 5.74% 5.74% 10.31% 16.96% N/A N/A N/A 5.30%
Quarter End
NAV 09/30/2019 -1.01% -10.71% 4.15% -1.29% N/A N/A N/A 0.04%
Market Value 09/30/2019 -0.84% -11.09% 4.44% -1.31% N/A N/A N/A -0.13%
Return after Taxes on Distributions 09/30/2019 -1.01% -10.71% 3.51% -2.05% N/A N/A N/A -0.70%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.60% -6.34% 2.49% -0.74% N/A N/A N/A -0.25%
Solactive GBS Hong Kong Large & Mid Cap USD Index NTR 09/30/2019 -1.00% -10.71% 4.32% -1.11% N/A N/A N/A 0.20%
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Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.20%

Net Expense Ratio: 0.14%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 09/18/2018

Index Inception Date: 07/24/2018

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Quarter End as of 09/30/2019

Fund Inception Date: 09/18/2018

Index Inception Date: 07/24/2018

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Fund Top Holdings

Subject to change.

Subject to change.

As of 12/04/2019
Name Weight Shares Held
AIA Group Limited 23.24 % 175,800
Hong Kong Exchanges & Clearing Ltd. 7.17 % 17,200
CK Hutchison Holdings Ltd 4.56 % 39,000
Link Real Estate Investment Trust 4.08 % 30,500
Sun Hung Kai Properties Limited 3.96 % 21,000
Hong Kong & China Gas Co. Ltd. 3.59 % 143,000
CLP Holdings Limited 3.57 % 26,500
CK Asset Holdings Limited 3.08 % 35,500
Hang Seng Bank Limited 2.80 % 10,500
Jardine Matheson Holdings Limited 2.69 % 3,700

Index Top Holdings

As of 12/04/2019
Name Weight
AIA Group Limited 23.29 %
Hong Kong Exchanges & Clearing Ltd. 7.21 %
CK Hutchison Holdings Ltd 4.56 %
Link Real Estate Investment Trust 4.09 %
Sun Hung Kai Properties Limited 3.98 %
Hong Kong & China Gas Co. Ltd. 3.60 %
CLP Holdings Limited 3.57 %
CK Asset Holdings Limited 3.08 %
Hang Seng Bank Limited 2.81 %
Jardine Matheson Holdings Limited 2.69 %

Fund Sector Allocation

As of 12/04/2019
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Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>34.11</rawValue><value>34.11%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>21.93</rawValue><value>21.93%</value><label>Real Estate</label><order>2</order></attribute><attribute><rawValue>13.08</rawValue><value>13.08%</value><label>Industrials</label><order>3</order></attribute><attribute><rawValue>11.77</rawValue><value>11.77%</value><label>Utilities</label><order>4</order></attribute><attribute><rawValue>10.51</rawValue><value>10.51%</value><label>Consumer Discretionary</label><order>5</order></attribute><attribute><rawValue>4.49</rawValue><value>4.49%</value><label>Health Care</label><order>6</order></attribute><attribute><rawValue>2.39</rawValue><value>2.39%</value><label>Consumer Staples</label><order>7</order></attribute><attribute><rawValue>0.96</rawValue><value>0.96%</value><label>Communication Services</label><order>8</order></attribute><attribute><rawValue>0.76</rawValue><value>0.76%</value><label>Information Technology</label><order>9</order></attribute></attributes></component>

Fund Country Weights

As of 12/04/2019
Hong Kong 89.30%
China 10.70%

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR Solactive Hong Kong ETF.

Global Equity Beta Solutions

Portfolio Manager Olga G. Winner Vice President Show BioHide Bio

Olga Winner, CFA, is a Vice President at SSGA and a Senior Portfolio Manager in the Global Equity Beta Solutions Group. She is responsible for the management of several domestic, international developed and emerging market strategies, including separate accounts, commingled funds, mutual funds and ETFs. Additionally, Ms. Winner manages hedged and futures overlay strategies.

Prior to joining SSGA, Ms. Winner worked as an acquisitions associate at Boston Capital Partners, a real estate investment firm, analyzing investment opportunities. She holds an MBA and MSF from the Carroll School of Management at Boston College and a BS in Finance from the University of Massachusetts. She also earned the Chartered Financial Analyst designation and is a member of the CFA Boston Society.

Portfolio Manager Kathleen Morgan Senior Portfolio Manager Show BioHide Bio

Kathleen Morgan is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the Global Equity Beta Solutions Group. In this capacity, Kathleen is responsible for the management of various equity index funds that are benchmarked to both domestic and international strategies.

Prior to joining SSGA, Kathleen worked in Equity Product Management at Wellington Management, conducting independent risk oversight and developing investment product marketing strategy. Prior experience also includes index equity portfolio management at BlackRock.

Kathleen holds a Bachelor of Arts degree in Economics from Wellesley College and a MBA from The Wharton School at the University of Pennsylvania. She also earned the Chartered Financial Analyst designation.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Solactive GBS Hong Kong Large & Mid Cap USD Index NTR

The Solactive GBS Hong Kong Large & Mid Cap USD Index NTR is a free float-adjusted market capitalization index that is designed to measure the equity market performance of large- and mid-cap companies in Hong Kong. Securities eligible for inclusion in the Index include common stock, preferred stock, real estate investment trusts ("REITs") and depositary receipts.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Real Estate Investment Trusts (REITS) investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrowers.

Foreign (non-U.S.) Securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Solactive Hong Kong ETF ZHOK $60.12 $60.64 $60.60 0.80%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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