A sound investment process and strong management team underpin SPDR® S&P Emerging Markets Dividend ETF's Morningstar Medalist Rating of Gold. The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy's sensible investment philosophy merits a High Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant underweight position in quality exposure and an overweight in yield exposure compared with category peers. Low quality exposure is attributed to stocks with higher financial leverage and lower profitability. And a high yield exposure is rooted in holding high dividend-paying or buyback stocks. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

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Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. SPDR® S&P Emerging Markets Dividend ETF earns a High Process Pillar rating. 

The leading factor in the rating is that this fund tracks an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Noteworthy risk-adjusted performance also bolsters the rating. This can be seen in the fund's five-year alpha calculated relative to the category index, which suggests that the managers have shown skill in their allocation of risk. The parent firm's five-year risk-adjusted success ratio of 58% contributes to the process. The measure indicates the percentage of a firm's funds that survived and surpassed their respective category's median Morningstar Risk-Adjusted Return for the period. Their noteworthy success ratio suggests that this firm does well for investors and that this fund may benefit from that.

 This strategy tends to hold smaller, deeper value companies compared with its average peer in the Diversified Emerging Mkts Morningstar Category. Looking at additional factor exposure, this strategy tilts consistently toward stocks with lower quality or the shares of companies with more financial leverage and lower profitability, compared with Morningstar Category peers over the past few years. Such positions do not tend to provide much ballast for a portfolio. In the latest month, the strategy was also less exposed to the Quality factor compared with Morningstar Category peers. This strategy's portfolio also has had exposure to more stocks with high dividend or buyback yields over peers in these years. High-yield stocks tend to be connected to more mature companies earning enough cash to return some to shareholders. At times, however, extreme market pressure can force them to cut their dividends, which hurts stock performance. Compared with category peers, the strategy also had more exposure to the Yield factor in the most recent month. Additionally, this strategy has demonstrated a tilt toward low-volatility stocks in these years, meaning companies with a lower historical standard deviation of returns over its peers. Such holdings can limit a strategy's downside, but cause it to lag in bull markets. In recent months, the strategy also had less Volatility factor exposure than its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in utilities and real estate relative to the category average by 12.3 and 5.2 percentage points, respectively. The sectors with low exposure compared to category peers are technology and consumer cyclical, underweight the average by 9.1 and 6.3 percentage points of assets, respectively. The portfolio is positioned across 148 holdings and is relatively top-heavy. Of the strategy's assets, 29.2% are concentrated within the top 10 holdings, compared to the category’s 25.3% average. And in closing, in terms of portfolio turnover, looking at year-over-year movements, 99% of the fund's holdings have turned over, whether through increasing, decreasing, or changing a position.

High

Process

SPDR® S&P Emerging Markets Dividend ETF's strong team drives the strategy's Above Average People Pillar rating. There are two managers listed on the fund: Karl Schneider, Olga Winner. The team is well equipped, with an average of 20 years of portfolio management experience. Together, they manage a total of five strategies, with a Silver asset-weighted average Morningstar Medalist Rating, indicating the potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

State Street Global Advisors is under new leadership but continues to move along the positive trajectory established by former leaders. SSGA maintains its Above Average Parent Pillar rating.
Cyrus Taraporevala, who oversaw much of SSGA’s recent transformation, retired from the CEO position in December 2022 and passed the baton to his successor, Yie-Hsin Hung. She inherited a business that’s become more disciplined with its fund lineup. Fees have come down, while product development remains focused on fixed-income and sustainability funds, and many of SSGA’s launches have echoed that intention.
The seeds that SSGA planted over the past several years have been bearing fruit. It built out a low-cost series of portfolio building-block ETFs in the U.S. bearing the “SPDR Portfolio” branding. SSGA launched these later than its industry rivals, so they aren’t as large. But they’re competitive, with solid management and low fees, which helped them consistently take in new money over the past several years.
SSGA continued to overhaul its ETF business in Europe with most of its recent fixed-income and sustainability fund launches. Many of these funds track indexes and charge relatively low fees. With operations in the U.S. and Europe standing on a firm foundation, SSGA will put more focus on its Asia-Pacific business—the smallest regional segment of its business.

Parent

SPDR S&P Emerging Markets Dividend ETF

EDIV tracks a yield-weighted index of high-dividend-paying firms in emerging markets. The index screens for 3-year positive earnings growth and profitability.

The SPDR S&P Emerging Markets Dividend ETF (EDIV) was launched on 02/23/2011, and is a smart beta exchange traded fund designed to offer broad exposure to the Broad Emerging Market ETFs category of the market.

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SPDR® S&P Emerging Markets Dividend ETF focuses on high dividend-yielding stocks in emerging markets. The EDIV ETF's portfolio is sector-diverse, with significant allocations to financials, technology, and utilities. EDIV has outperformed similar ETFs in terms of total return, making it an attractive investment for income-seeking investors.

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Launched on 02/23/2011, the SPDR S&P Emerging Markets Dividend ETF (EDIV) is a smart beta exchange traded fund offering broad exposure to the Broad Emerging Market ETFs category of the market.

The SPDR S&P Emerging Markets Dividend ETF has outperformed US and global markets, delivering 40% returns over the past year. Yet, EDIV's multi-pronged screening process for selecting stocks has not translated into long-term alpha. Despite the strong growth landscape for emerging markets in 2024, EDIV is priced at a discount and could benefit from some mean-reversion given the dollar's prospects.

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SPDR S&P Emerging Markets Dividend ETF holds about 100 dividend stocks from emerging markets. It is well-diversified across holdings and sector, but it is overweight in Taiwan and China. Distributions have been cut by more than half in 10 years, and the share price has lost 43% since inception.

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Over the long run, EDIV has been able to generate a steady and decent yield between 3 and 6 percent and equally decent total returns of almost 9 percent. Almost 80 percent of EDIV's assets are invested in the markets of Taiwan and China. These two markets became highly lucrative during the past 10 years. Majority of EDIV's net assets are invested in high growth potential sectors of semiconductors, electronics manufacturing services and financial services.

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The SPDR S&P Emerging Markets Dividend ETF made its debut on 02/23/2011, and is a smart beta exchange traded fund that provides broad exposure to the Broad Emerging Market ETFs category of the market.

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