SPDR S&P Bank ETF
ALTAR
Score™		 8.2% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 18.2x P/Sales
ratio		 2.2x
P/BV
ratio		 1.1x Div.
yield		 2.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KBW Bank ETF, before expenses, seeks to closely match the returns and characteristics of the KBW Bank Index. The index is a float adjusted modified-market capitalization weighted index of geographically diverse companies representing national money center banks and regional banking institutions listed on U.S. stock markets.

FUND BASICS
Category US Equities
Fund Sponsor State Street Global Advisors
Website www.ssgafunds.com
Inception date Nov 08, 2005
Assets (mns) $2,979
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Equal
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 91
Wgt avg mkt cap (mns) $30,121
Large cap (>$10bn) 35.6%
Mid cap ($2-10bn) 61.5%
Small cap (<$2bn) 2.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SVB FINANCIAL GROUP 2.3 %
STERLING BANCORP 2.1 %
FIRST REPUBLIC BANK/CA 2.1 %
SIGNATURE BANK 2.1 %
COMERICA INC 2.1 %
REGIONS FINANCIAL CORP 2.0 %
ZIONS BANCORPORATION 2.0 %
KEYCORP 2.0 %
FIRST HORIZON NATIONAL CORP 2.0 %
FIFTH THIRD BANCORP 2.0 %
Total 20.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.1 %
PUERTO RICO 1.5 %
BERMUDA 1.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.8% -8.8% 6.6% 7.0% 0.9%

Market Correlations
versus... Beta R-squared
S&P500 1.43 71%
MSCI EAFE 1.39 66%
MSCI Emg. Mkts. 1.23 66%

Technical Indicators
Recent close $45.13
30d moving avg. $42.97
Annualized volatility 32.0%
Short interest (ETF) 12.3%
Short interest (Underlying) 4.4%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 3,262
Turnover 4.9%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $12,157

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR S&P Bank ETF ETF based on the alternatives' overlap in portfolio holdings with KBE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KBE Expense: 35 bp ALTAR Score™: 8.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBE
Ticker Fund
Name		 Overlap1
vs KBE
(%)		 Expense
ratio
(bp)		 Savings
vs KBE
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KBE
(%)
KRE SPDR S&P Regional Banking ETF 70.0 35 0 7.5 -0.7
IAT iShares U.S. Regional Banks ETF 54.1 42 -7 7.9 -0.3
FTXO First Trust Nasdaq Bank ETF 48.1 60 -25 6.7 -1.5
KBWB Invesco KBW Bank ETF 40.4 35 0 7.9 -0.3
KBWR Invesco KBW Regional Banking ETF 38.4 35 0 7.6 -0.6
FXO First Trust Financials AlphaDEX Fund 35.9 63 -28 9.2 +1.0
RYF Invesco S&P 500 Equal Weight Financials ETF 31.7 40 -5 7.5 -0.7
IEFN iShares Evolved U.S. Financials ETF 26.8 18 17 7.5 -0.7
IYG iShares US Financial Services ETF 24.8 42 -7 5.9 -2.4
FNCL Fidelity MSCI Financials Index ETF 24.4 8 27 7.2 -1.1
VFH Vanguard Financials Index Fund 23.7 10 25 7.2 -1.1
JHMF John Hancock Multifactor Financials ETF 23.6 40 -5 6.4 -1.9
QABA First Trust NASDAQ ABA Community Bank Index Fund 22.1 60 -25 7.6 -0.7
XLF Financial Select Sector SPDR Fund 20.0 13 22 6.8 -1.4
IYF iShares U.S. Financials ETF 18.3 42 -7 6.0 -2.3
FOVL iShares Focused Value Factor ETF 18.2 25 10 7.7 -0.5
DVY iShares Select Dividend ETF 18.1 39 -4 8.0 -0.2
SPYD SPDR S&P 500 High Dividend ETF 16.5 7 28 9.2 +0.9
RFV Invesco S&P Midcap 400 Pure Value ETF 16.5 35 0 8.9 +0.7
DFNL Davis Select Financial ETF 15.9 64 -29 6.8 -1.5
AUSF Global X Adaptive U.S. Factor ETF 14.8 27 8 8.0 -0.2
PFI Invesco DWA Financial Momentum ETF 14.6 60 -25 4.9 -3.3
WBIY WBI Power Factor High Dividend ETF 14.2 70 -35 8.4 +0.2
EQRR ProShares Equities for Rising Rates ETF 13.9 35 0 6.2 -2.1
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 13.9 60 -25 6.1 -2.1
IXG iShares Global Financials ETF 13.9 46 -11 8.5 +0.3
RPV Invesco S&P 500 Pure Value ETF 13.8 35 0 9.9 +1.6
FNK First Trust Mid Cap Value AlphaDEX Fund 13.7 70 -35 7.7 -0.5
PSC Principal U.S. Small Cap Index ETF 13.3 38 -3 4.6 -3.6
IJJ iShares S&P Mid-Cap 400 Value ETF 13.3 18 17 6.9 -1.3
MDYV SPDR S&P 400 Mid Cap Value ETF 13.2 15 20 6.9 -1.3
JKL iShares Morningstar Small Cap Value ETF 13.2 30 5 7.6 -0.7
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 13.0 35 0 7.7 -0.6
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 13.0 35 0 7.7 -0.6
QDIV Global X S&P 500 Quality Dividend ETF 12.9 20 15 6.5 -1.7
PKW Invesco Buyback Achievers ETF 12.9 62 -27 5.4 -2.8
RDVY First Trust Rising Dividend Achievers ETF 12.6 50 -15 6.4 -1.8
FDL First Trust Morningstar Dividend Leaders Index Fund 12.6 45 -10 9.1 +0.9
FYT First Trust Small Cap Value AlphaDEX Fund 12.3 72 -37 8.0 -0.2
SPVU Invesco S&P 500 Enhanced Value ETF 12.2 13 22 9.4 +1.2
FAB First Trust Multi Cap Value AlphaDEX Fund 12.0 71 -36 7.5 -0.7
PY Principal Shareholder Yield Index ETF 12.0 15 20 7.8 -0.5
AVUV Avantis U.S. Small Cap Value ETF 11.9 25 10 6.4 -1.9
JKJ iShares Morningstar Small-Cap ETF 11.8 25 10 5.1 -3.2
EZM WisdomTree U.S. MidCap Earnings Fund 11.7 38 -3 7.6 -0.7
IVOV Vanguard S&P Mid-Cap 400 Value ETF 11.7 15 20 6.7 -1.5
SVAL iShares US Small Cap Value Factor ETF 11.7 20 15 8.3 +0.1
RDIV Invesco S&P Ultra Dividend Revenue ETF 11.5 39 -4 8.7 +0.5
LEND Amplify CrowdBureau Peer-to-Peer Lending & Crowdfunding ETF 11.5 65 -30 15.3 +7.1
VYM Vanguard High Dividend Yield Index ETF 11.3 6 29 6.6 -1.6
RAFE PIMCO RAFI ESG U.S. ETF 11.3 30 5 6.6 -1.6
VFVA Vanguard U.S. Value Factor ETF 11.3 14 21 8.4 +0.2
DON WisdomTree U.S. MidCap Dividend Fund 11.2 38 -3 6.7 -1.5
DIVB iShares U.S. Dividend & Buyback ETF 10.9 25 10 5.9 -2.4
ALTL Pacer Lunt Large Cap Alternator ETF 10.8 60 -25 5.6 -2.6
SPHB Invesco S&P 500 High Beta ETF 10.7 25 10 5.9 -2.3
PSCF Invesco S&P SmallCap Financials ETF 10.5 29 6 9.0 +0.7
FLV American Century Focused Large Cap Value ETF 10.3 42 -7 5.8 -2.4
VOOV Vanguard S&P 500 Value ETF 10.0 10 25 6.6 -1.7
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 9.8 15 20 6.0 -2.3
PWV Invesco Dynamic Large Cap Value ETF 9.8 56 -21 6.8 -1.4
FTA First Trust Large Cap Value AlphaDEX Fund 9.8 60 -25 7.3 -0.9
DBLV AdvisorShares DoubleLine Value Equity ETF 9.8 91 -56 5.4 -2.8
VLU SPDR S&P 1500 Value Tilt ETF 9.6 12 23 6.1 -2.1
JKF iShares Morningstar Large Cap Value ETF 9.5 25 10 6.6 -1.7
DGRO iShares Core Dividend Growth ETF 9.5 8 27 6.0 -2.3
FUNL CornerCap Fundametrics Large-Cap ETF 9.5 50 -15 7.2 -1.1
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.5 20 15 7.1 -1.1
BFOR Barron's 400 ETF 9.5 65 -30 5.6 -2.7
KVLE KFA Value Liner Dynamic Core Equity Index ETF 9.4 56 -21 5.7 -2.6
SYV SPDR MFS Systematic Value Equity ETF 9.4 60 -25 5.9 -2.3
FDVV Fidelity Core Dividend ETF 9.4 29 6 6.1 -2.2
DUSA Davis Select U.S. Equity ETF 9.2 63 -28 5.5 -2.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 9.2 40 -5 5.6 -2.6
VBR Vanguard Small Cap Value Index Fund 9.2 7 28 6.4 -1.8
IWN iShares Russell 2000 Value ETF 9.1 24 11 5.1 -3.2
SCHD Schwab U.S. Dividend Equity ETF 9.1 6 29 7.1 -1.1
DHS WisdomTree U.S. High Dividend Fund 9.0 38 -3 8.4 +0.1
HOMZ Hoya Capital Housing ETF 9.0 30 5 6.8 -1.4
SPGP Invesco S&P 500 GARP ETF 8.8 34 1 6.2 -2.1
NIFE Direxion Fallen Knives ETF 8.8 50 -15 4.2 -4.1
ESGS Columbia Sustainable U.S. Equity Income ETF 8.8 35 0 7.4 -0.8
FCTR First Trust Lunt U.S. Factor Rotation ETF 8.7 65 -30 1.2 -7.0
FYX First Trust Small Cap Core AlphaDEX Fund 8.6 63 -28 5.4 -2.8
FGD First Trust Dow Jones Global Select Dividend Index Fund 8.5 59 -24 10.0 +1.8
VETS Pacer Military Times Best Employers ETF 8.5 60 -25 6.1 -2.2
BKSE BNY Mellon US Small Cap Core Equity ETF 8.5 4 31 4.7 -3.6
IUSV iShares Core S&P U.S. Value ETF 8.4 4 31 6.4 -1.8
MGV Vanguard Mega Cap Value ETF 8.3 7 28 6.4 -1.8
VONV Vanguard Russell 1000 Value Index Fund 8.3 8 27 6.1 -2.1
IWX iShares Russell Top 200 Value ETF 8.1 20 15 6.0 -2.2
VTV Vanguard Value Index Fund 8.1 4 31 6.5 -1.7
FNX First Trust Mid Cap Core AlphaDEX Fund 8.1 61 -26 5.1 -3.2
SLYV SPDR S&P 600 Small Cap Value ETF 8.1 15 20 7.0 -1.3
TPSC Timothy Plan US Small Cap Core ETF 8.1 52 -17 5.7 -2.5
IWD iShares Russell 1000 Value ETF 8.0 19 16 6.0 -2.2
VTWV Vanguard Russell 2000 Value Index Fund 8.0 15 20 5.2 -3.0
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 7.9 35 0 6.0 -2.2
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 7.9 35 0 6.0 -2.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 SPDR S&P Bank ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 CATEGORY
AVERAGE		 1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.