SPDR S&P China ETF

SPDR S&P China ETF (GXC) is a State Street index fund that tracks the S&P China BMI Index. The index covers Chinese companies of all sizes, including stocks listed on the mainland. As of June 30, 2026, Tencent and Alibaba made up about 17% of the fund. Its 0.59% expense ratio is the same as iShares MSCI China ETF (MCHI) but well above the 0.19% charged by Franklin FTSE China ETF (FLCH).

• Over the year to Oct 27, 2026, GXC returned -20.8%, 3rd of 8 among similar funds.
• Its 5-year annualized return was -4.1% and its 10-year +2.6%.
• In the 2020 COVID crash it fell 19.5% and regained its old high 2.6 months after the low.
• Its worst full calendar year was 2008 (-48.8%); its best was 2009 (+60.6%).
• The deepest fall in its price history was 72% (Oct 31, 2007 to Oct 27, 2008), recovered by Apr 22, 2015.

As of Jun 30, 2026, the fund held 1,310 securities; the ten largest made up 30.5% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $19.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.43%, -2.72%, -5.89%.

GXC tracks the S&P China BMI Index. S&P Dow Jones Indices runs the index and is not affiliated with State Street. The index is the China slice of the S&P Global BMI, and it aims to capture the publicly traded Chinese companies that foreign investors can buy. A company joins if its float-adjusted market value is at least $100 million and its shares trade often enough. It stays in as long as that value remains above $75 million. "Float-adjusted" means only shares available to public investors count. Larger companies get bigger weights.

The index is rebuilt each September. It is also rebalanced every quarter to reflect changes in share counts and to add new listings such as IPOs. It can include China A shares. These are shares of mainland companies that trade in renminbi on the Shanghai and Shenzhen exchanges, which foreign investors reach through the Stock Connect links with Hong Kong. As of November 30, 2025, the index held 3,558 securities.

The adviser, SSGA Funds Management, uses sampling. This means it does not have to buy every stock in the index. As of June 30, 2026, the fund held about 1,310. It invests at least 80% of its assets in index stocks and in depositary receipts, which are certificates that trade like shares and represent foreign stock. It may also use futures to manage cash. Portfolio turnover was 13%.

• GXC charges 0.59% a year, versus an average of 0.54% for the similar funds below (3rd of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).

GXC is a single-country emerging-market fund that once lost 72% of its value, so it works better as a small add-on than as a foundation.

GXC adds exposure to Chinese companies, which US stock funds mostly leave out. Its downturns have been severe. It fell 72% from October 2007 to October 2008 and did not recover until April 2015, about 78 months later. Its worst calendar year was 2008, when it lost about 49%. In the 2022 bear market it dropped 36% and did not regain its peak until August 2025. In the 2020 COVID crash it fell about 20% but recovered within three months. Anyone who has to sell shares during a slump like these could lock in deep losses. The trailing 12-month yield was 2.45% as of October 27, 2026, paid twice a year. In the SEC's standard $10,000 example, costs come to $60 after one year and $738 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.