At a glance
GMF charges 0.49% a year, above the 0.39% average of the 8 funds most like it (the 6th cheapest of 9). It has $438.1M in assets, the 6th largest of that group; it paid 1.24% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +19.0% a year. At its worst it fell 25.9% in the 2020 crash (S&P 500: 33.7%) and 30.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 24 months after the lows. Its ten largest positions make up 31.8% of the fund, out of 1,281 in all.
The short version
SPDR S&P Emerging Asia Pacific ETF (GMF) is a State Street index fund. It tracks the S&P Emerging Asia Pacific BMI Index, a broad basket of stocks from emerging Asian markets such as Taiwan, India and China. Its 0.49% expense ratio matches iShares' EEMA but is above the 0.39% average of similar funds. It leans heavily on Taiwan: as of June 30, 2026, Taiwan Semiconductor alone made up about 18% of assets.
Price history
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GMF +6.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GMF official prospectus, to Dec 31, 2025 | — | +21.94% | — | +4.20% | +8.77% | — |
| GMF price data to Oct 27, 2026 | +8.3% | +6.0% | +19.0% | +5.6% | +8.5% | +6.9% |
- Over the year to Oct 27, 2026, GMF returned +6.0%, 8th of 9 among similar funds.
- Its 5-year annualized return was +5.6% and its 10-year +8.5%.
- In the 2020 COVID crash it fell 25.9% and regained its old high 3.4 months after the low.
- Its worst full calendar year was 2008 (-48.9%); its best was 2009 (+70.4%).
- The deepest fall in its price history was 67.2% (Oct 31, 2007 to Nov 20, 2008), recovered by Jul 24, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.3% | — |
| 2025 | +22.0% | +21.94% |
| 2024 | +16.6% | +17.01% |
| 2023 | +8.2% | +7.88% |
| 2022 | -19.0% | -19.00% |
| 2021 | -1.9% | -1.49% |
| 2020 | +25.0% | +25.30% |
| 2019 | +19.9% | +19.06% |
| 2018 | -14.2% | -13.68% |
| 2017 | +41.7% | +40.09% |
| 2016 | +4.7% | +4.58% |
| 2015 | -8.5% | — |
| 2014 | +9.8% | — |
| 2013 | +1.9% | — |
| 2012 | +19.6% | — |
| 2011 | -19.1% | — |
| 2010 | +19.6% | — |
| 2009 | +70.4% | — |
| 2008 | -48.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.8% over that stretch · deepest drop along the way 67.2%, back to its old high 68.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.9% over that stretch · deepest drop along the way 25.9%, back to its old high 3.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 30.3%, back to its old high 23.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6600 | |
| 2025 | $2.0600 | -7.2% |
| 2024 | $2.2200 | -20.1% |
| 2023 | $2.7800 | +13.9% |
| 2022 | $2.4400 | -26.1% |
| 2021 | $3.3000 | +96.4% |
| 2020 | $1.6800 | -7.2% |
| 2019 | $1.8100 | -9.0% |
| 2018 | $1.9900 | +11.8% |
| 2017 | $1.7800 | -4.8% |
| 2016 | $1.8700 | -32.5% |
| 2015 | $2.7700 | +113.1% |
| 2014 | $1.3000 | -23.1% |
| 2013 | $1.6900 | +23.4% |
| 2012 | $1.3700 | -47.3% |
| 2011 | $2.6000 | -31.0% |
| 2010 | $3.7700 | +416.4% |
| 2009 | $0.7300 | +25.9% |
| 2008 | $0.5800 |
What's inside
As of Jun 30, 2026, the fund held 1,281 securities; the ten largest made up 31.76% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 13.17% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.23% | |
| Tencent Holdings Ltd | 3.30% | |
| Alibaba Group Holding Ltd | 2.22% | |
| MediaTek Inc | 2.21% | |
| Delta Electronics Inc | 1.26% | |
| Hon Hai Precision Industry Co Ltd | 1.21% | |
| ASE Technology Holding Co Ltd | 1.15% | |
| China Construction Bank Corp | 1.04% | |
| HDFC Bank Ltd | 0.98% | |
| United Microelectronics Corp | 0.96% | |
| Reliance Industries Ltd | 0.94% | |
| ICICI Bank Ltd | 0.88% | |
| Yageo Corp | 0.79% | |
| Industrial & Commercial Bank of China Ltd | 0.70% |
By country
Taiwan 41.9%India 19.64%China 17.73%Cayman Islands 13.21%Malaysia 2.45%By asset type
Stocks 100.3%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $31.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.40%, +5.14%, +0.74%.
How it works
GMF aims to match the total return of the S&P Emerging Asia Pacific BMI Index, before fees. S&P Dow Jones Indices runs the index. It is the regional slice of the S&P Global BMI that covers public companies based in emerging Asia Pacific markets. A company needs a float-adjusted market value of at least $100 million and enough trading activity to join. Once in, it stays if it remains above $75 million. "Float-adjusted" means only shares that the public can actually buy are counted.
Stocks are weighted by that float-adjusted size, so the largest companies carry the most weight. The index is rebuilt each September. It is also rebalanced every quarter to reflect changes in share counts, new listings and IPOs. As of November 30, 2025, the index held 6,120 securities. The adviser, SSGA Funds Management, does not buy every one. It uses sampling, which means holding a smaller set of stocks chosen to behave like the index. As of June 30, 2026, that set was 1,281 holdings.
At least 80% of the fund's assets go into index stocks or depositary receipts. Depositary receipts, such as ADRs, are certificates that trade in the US and represent foreign shares. This is why Taiwan Semiconductor shows up twice: as an ADR at about 13.2% of assets and as locally listed shares at about 5.2%. The fund may use futures contracts to manage cash coming in and going out. Portfolio turnover was 6%, so the fund trades very little.
What it really costs
- GMF charges 0.49% a year, versus an average of 0.39% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GMF | $50 | $157 | $274 | $616 |
In a retirement portfolio
It is a concentrated bet on emerging Asian markets and has suffered deep, slow-healing losses, so it fits better as a small add-on than as a foundation.
GMF could add exposure to emerging Asian companies that a US-focused portfolio may lack. Its history also shows how hard it can fall. It lost 67.2% from October 31, 2007, to November 20, 2008, and took about 68 months, until July 2014, to get back to its old high. Its worst calendar year was 2008, at -48.9%. In the 2020 COVID crash it fell 25.9% and recovered in about 3.4 months. In 2022 it fell 30.3% and needed about 23.5 months to recover. Anyone forced to sell shares during stretches like these would lock in losses. Income is modest: the trailing yield was 1.24% as of October 27, 2026, paid twice a year. In the SEC's standard $10,000 example, costs come to $50 after one year and $616 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund for emerging Asia: about 42% Taiwan, 20% India and 18% China as of June 30, 2026.
- Patient long-term holders who can wait out deep slumps; after its 2008 crash, the fund took about 68 months to recover.
- Those wanting broad reach, with 1,281 holdings including smaller companies, sampled from an index of 6,120 securities.
Look elsewhere if
- Cost-focused investors: the 0.49% expense ratio is above the 0.39% peer average, and Vanguard's broader VWO charges 0.07%.
- Anyone uneasy with concentration: Taiwan Semiconductor made up about 18% of assets, and the top 10 holdings about 32%, as of June 30, 2026.
- Income seekers: the trailing yield was 1.24% as of October 27, 2026, and dividends are paid only twice a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GMF this fund | — | 0.49% | $438.1M | +6.0% | +19.0% |
| EEMA iShares MSCI Emerging Markets Asia ETF | 51% | 0.49% | $877.0M | +13.5% | +23.4% |
| AAXJ iShares MSCI All Country Asia ex-Japan ETF | 45% | 0.72% | $3.72B | +15.1% | +23.3% |
| VWO Vanguard FTSE Emerging Markets ETF | 44% | 0.07% | $162.04B | +3.3% | +16.8% |
| EEM iShares MSCI Emerging Markets ETF | 40% | 0.72% | $31.21B | +12.7% | +20.3% |
| BKEM BNY Mellon Emerging Markets Equity ETF | 39% | 0.11% | $89.2M | +13.7% | +21.8% |
| EEMX SPDR MSCI Emerging Markets Fossil Fuel Free… | 39% | 0.3% | $181.2M | +15.3% | +23.6% |
| AVEM Avantis Emerging Markets Equity ETF | 39% | 0.33% | $28.05B | +14.1% | +21.5% |
Questions investors ask
What does GMF invest in?
GMF owns stocks from emerging markets in the Asia Pacific region and tracks the S&P Emerging Asia Pacific BMI Index. As of June 30, 2026, it had 1,281 holdings. By country, about 42% of assets were in Taiwan, 20% in India, 18% in China and 13% in the Cayman Islands, where companies such as Tencent and Alibaba are registered. Taiwan Semiconductor was the largest position at about 18%, split across two share lines. Tencent, Alibaba and MediaTek came next.
Is GMF good for retirement?
It may suit a small, higher-risk part of a retirement portfolio rather than a core holding. The fund lost 67.2% from October 2007 to November 2008 and took about 68 months to recover. It also fell 30.3% in 2022. Its yield was 1.24% as of October 27, 2026, and its 0.49% expense ratio is above the 0.39% average of similar funds. Anyone who may need to sell during a downturn could end up locking in steep losses.
What's the difference between GMF and EEMA?
Both cover emerging Asia and both charge 0.49%, but they follow different index providers. GMF tracks an S&P index, while iShares MSCI Emerging Markets Asia ETF (EEMA) follows an MSCI index. Their holdings overlap by about 51%. As of October 27, 2026, EEMA had returned 13.5% over one year, versus 6% for GMF. Over three years it returned 23.4% a year, versus 19% for GMF. EEMA is larger: $877 million in net assets as of August 31, 2026, against GMF's $438 million as of June 30, 2026.
Does GMF pay monthly dividends?
No. GMF pays dividends twice a year, not monthly. Over the 12 months through October 27, 2026, it paid about $1.86 per share, a trailing yield of 1.24%. Dividends from emerging-market stocks can rise or fall with company profits and currency swings. That makes this fund's income modest and less predictable than a fund built around dividends.
What is GMF's 10-year return?
According to its prospectus, GMF returned an average of 8.77% a year over the 10 years ended December 31, 2025, and 4.2% a year over five years. The ride was bumpy. Calendar-year results ranged from a 40.09% gain in 2017 to a 19% loss in 2022, and 2018 lost 13.68%. Based on market prices through October 27, 2026, its 10-year annualized return was 8.5%.