SPDR KBW Capital Markets
ALTAR
Score™
7.9% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
14.6x P/Sales
ratio
2.5x
P/BV
ratio
2.3x Div.
yield
2.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KBW Capital Markets ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate the performance of the KBW Capital Markets Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $40
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 59
Wgt avg mkt cap (mns) $20,017
Large cap (>$10bn) 48.3%
Mid cap ($2-10bn) 32.4%
Small cap (<$2bn) 19.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
LAZARD LTD-CL A 2.1 %
BLACKSTONE GROUP LP/THE 2.0 %
GOLDMAN SACHS GROUP INC 2.0 %
ARTISAN PARTNERS ASSET MA -A 2.0 %
S&P GLOBAL, INC. 2.0 %
ARES MANAGEMENT LP 2.0 %
MOODY'S CORP 2.0 %
HOULIHAN LOKEY, INC. CLASS A 2.0 %
MORNINGSTAR INC 2.0 %
LPL FINANCIAL HOLDINGS INC 2.0 %
Total 20.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %
BRITAIN 1.9 %









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.
27.2% 27.2% 5.6% 7.4% 2.9%

Market Correlations
versus... Beta R-squared
S&P500 1.04 65%
MSCI EAFE 0.96 46%
MSCI Emg. Mkts. 0.64 35%

Technical Indicators
Recent close $61.45
30d moving avg. $59.71
Annualized volatility 15.6%
Short interest (ETF) 2.0%
Short interest (Underlying) 4.5%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.6%
Bid/Ask (% of price) 0.32%
ADV underlying (mns) $4,096

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR KBW Capital Markets ETF based on the alternatives' overlap in portfolio holdings with KCE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KCE Expense: 35 bp ALTAR Score™: 7.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KCE
Ticker Fund
Name
Overlap1
vs KCE
(%)
Expense
ratio
(bp)
Savings
vs KCE
(bp)
ALTAR
Score™
(%)
ALTAR
vs KCE
(%)
IAI iShares U.S. Broker Dealers 36.5 42 -7 6.4 -1.4
RYF Invesco S&P Equal Weight Financials 32.3 40 -5 7.0 -0.9
IYG iShares DJ US Financial Services 24.7 42 -7 6.1 -1.8
FNCL Fidelity MSCI Financials 21.0 8 27 7.1 -0.8
VFH Vanguard Financials 20.9 10 25 7.1 -0.8
XLF Financials Select Sector SPDR 20.8 13 22 6.7 -1.2
JHMF John Hancock Multifactor Financials 19.8 40 -5 6.4 -1.5
PFI Invesco Dynamic Financial Sector 19.6 60 -25 5.1 -2.7
IEFN iShares Evolved U.S. Financials 17.4 18 17 7.1 -0.7
FXO First Trust Financial Alphadex 16.3 63 -28 7.6 -0.3
GFIN Goldman Sachs Motif Finance Reimagined 16.1 50 -15 4.6 -3.3
IYF iShares DJ US Financials 14.6 42 -7 5.8 -2.0
KBWD Invesco KBW High Dividend Financial 13.5 242 -207 8.4 +0.5
LEAD Reality Shares DIVCON Leaders Dividend 12.6 43 -8 4.7 -3.2
GARD Reality Shares DIVCON Dividend Guard 12.6 129 -94 3.8 -4.0
RWW Invesco S&P Financials Revenue 12.2 45 -10 7.0 -0.9
PLAT WisdomTree Modern Tech Platforms 11.2 45 -10 2.7 -5.2
IXG iShares S&P Global Financial Sector 10.5 46 -11 8.1 +0.2
OUSM O'Shares FTSE Russell Small Cap Quality Dividend 10.4 48 -13 6.3 -1.5
RDVY First Trust Nasdaq Rising Dividend Achievers 9.8 50 -15 6.8 -1.1

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR KBW Capital Markets
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 16.6 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 7.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.67 CATEGORY
AVERAGE
1.55
 
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.