SPDR S&P Capital Markets ETF
ALTAR
Score™		 8.9% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 13.6x P/Sales
ratio		 2.4x
P/BV
ratio		 2.1x Div.
yield		 2.7%


  • 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 08, 2005
Assets (mns) $24
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 58
Wgt avg mkt cap (mns) $19,369
Large cap (>$10bn) 46.0%
Mid cap ($2-10bn) 35.4%
Small cap (<$2bn) 18.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ARTISAN PARTNERS ASSET MA -A 2.4 %
KKR & CO LP 2.3 %
FACTSET RESEARCH SYSTEMS INC 2.2 %
INTERACTIVE BROKERS GRO-CL A 2.2 %
HAMILTON LANE INCORPORATED CLASS A 2.1 %
T ROWE PRICE GROUP INC 2.1 %
NASDAQ OMX GROUP/THE 2.1 %
FEDERATED INVESTORS INC-CL B 2.0 %
MSCI INC-A 2.0 %
BLACKROCK INC 2.0 %
Total 21.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.0 %
BRITAIN 1.7 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.1% 4.2% 5.3% 8.3% 2.7%

Market Correlations
versus... Beta R-squared
S&P500 1.11 83%
MSCI EAFE 1.15 76%
MSCI Emg. Mkts. 0.78 58%

Technical Indicators
Recent close $59.98
30d moving avg. $58.18
Annualized volatility 20.8%
Short interest (ETF) 0.9%
Short interest (Underlying) 4.5%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 5
Turnover 1.3%
Bid/Ask (% of price) 0.28%
ADV underlying (mns) $5,674

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the SPDR S&P Capital Markets ETF 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™: 8.9%


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 ETF 36.8 42 -7 6.8 -2.1
RYF Invesco S&P 500 Equal Weight Financials ETF 32.1 40 -5 9.3 +0.3
IYG iShares US Financial Services ETF 26.7 42 -7 6.7 -2.2
FNCL Fidelity MSCI Financials Index ETF 25.0 8 27 8.4 -0.5
VFH Vanguard Financials Index Fund 24.5 10 25 8.4 -0.5
JHMF John Hancock Multifactor Financials ETF 23.7 40 -5 7.4 -1.5
FXO First Trust Financials AlphaDEX Fund 23.6 63 -28 12.0 +3.1
XLF Financial Select Sector SPDR Fund 22.8 13 22 7.9 -1.0
IEFN iShares Evolved U.S. Financials ETF 18.9 18 17 8.9 -0.0
GFIN Goldman Sachs Motif Finance Reimagined ETF 17.3 50 -15 5.2 -3.8
PFI Invesco DWA Financial Momentum ETF 17.2 60 -25 5.3 -3.7
IYF iShares U.S. Financials ETF 17.0 42 -7 6.8 -2.1
KBWD Invesco KBW High Dividend Yield Financial ETF 13.4 158 -123 12.8 +3.8
IXG iShares Global Financials ETF 12.9 46 -11 9.7 +0.8
LEAD Reality Shares DIVCON Leaders Dividend ETF 12.8 43 -8 4.2 -4.8
DFND Reality Shares DIVCON Dividend Defender ETF 10.3 144 -109 3.3 -5.7
PSET Principal Price Setters Index ETF 9.7 29 6 4.5 -4.4
FOVL iShares Focused Value Factor ETF 9.5 25 10 9.7 +0.8
KNOW Direxion All Cap Insider Sentiment Shares 9.0 66 -31 6.0 -3.0
KLCD KFA Large Cap Quality Dividend Index ETF 8.9 41 -6 5.0 -4.0
PWV Invesco Dynamic Large Cap Value ETF 8.7 55 -20 8.5 -0.4
SPGP Invesco S&P 500 GARP ETF 8.4 35 0 6.7 -2.2
LSAF LeaderShares AlphaFactor US Core Equity ETF 7.8 75 -40 5.6 -3.3
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 7.7 38 -3 8.2 -0.7
SPHB Invesco S&P 500 High Beta ETF 7.5 25 10 8.7 -0.2
EQRR ProShares Equities for Rising Rates ETF 7.5 35 0 6.6 -2.4
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 7.3 60 -25 8.3 -0.6
CCOR Core Alternative ETF 7.2 123 -88 4.1 -4.8
ECOZ TrueMark ESG Active Opportunities ETF 6.9 58 -23 3.9 -5.1
DFNL Davis Select Financial ETF 6.8 64 -29 8.2 -0.8
TTAC TrimTabs All Cap U.S. Free-Cash-Flow ETF 6.8 59 -24 3.4 -5.5
FQAL Fidelity Quality Factor ETF 6.7 29 6 5.3 -3.7
FVL First Trust Value Line 100 Exchange-Traded Fund 6.7 70 -35 4.5 -4.4
BOSS Global X Founder-Run Companies ETF 6.5 45 -10 3.5 -5.4
ETHO Etho Climate Leadership U.S. ETF 6.5 47 -12 4.2 -4.7
EQWM Invesco S&P MidCap Quality ETF 6.4 25 10 5.9 -3.0
SCHD Schwab U.S. Dividend Equity ETF 6.4 6 29 7.7 -1.3
NULV Nuveen ESG Large-Cap Value ETF 6.4 35 0 7.0 -1.9
SPVU Invesco S&P 500 Enhanced Value ETF 6.3 13 22 11.0 +2.1
PWC Invesco Dynamic Market ETF 6.3 59 -24 4.6 -4.3
ESGS Columbia Sustainable U.S. Equity Income ETF 6.1 35 0 8.1 -0.9
BLOK Amplify Transformational Data Sharing ETF 6.1 70 -35 4.2 -4.7
CWS AdvisorShares Focused Equity ETF 6.0 85 -50 5.0 -3.9
QUAL iShares MSCI Usa Quality Factor ETF 6.0 15 20 5.2 -3.7
PSP Invesco Global Listed Private Equity ETF 6.0 178 -143 5.3 -3.6
QDIV Global X S&P 500 Quality Dividend ETF 6.0 20 15 7.3 -1.7
SPVM Invesco S&P 500 Value with Momentum ETF 5.9 39 -4 8.6 -0.4
RPV Invesco S&P 500 Pure Value ETF 5.7 35 0 10.5 +1.5
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 5.6 49 -14 4.9 -4.0
FTC First Trust Large Cap Growth AlphaDEX Fund 5.6 61 -26 2.7 -6.3
REVS Columbia Research Enhanced Value ETF 5.6 19 16 7.2 -1.8
KBWB Invesco KBW Bank ETF 5.5 35 0 9.9 +0.9
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 5.5 75 -40 3.1 -5.9
JKG iShares Morningstar Mid-Cap ETF 5.5 25 10 5.2 -3.8
VFMF Vanguard U.S. Multifactor ETF 5.4 19 16 6.7 -2.3
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 5.4 40 -5 5.9 -3.1
CFA VictoryShares US 500 Volatility Weighted Index ETF 5.4 35 0 5.6 -3.4
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 5.4 35 0 5.6 -3.4
PKW Invesco Buyback Achievers ETF 5.4 62 -27 6.5 -2.4
CVY Invesco Zacks Multi-Asset Income ETF 5.3 97 -62 10.9 +2.0
NKEF Sample Portfolio 5.2 0 35 3.8 -5.2
FEX First Trust Large Cap Core AlphaDEX Fund 5.2 60 -25 5.8 -3.2
VFQY Vanguard U.S. Quality Factor ETF 5.2 13 22 5.7 -3.3
FMK First Trust Mega Cap AlphaDEX Fund 5.1 70 -35 4.6 -4.3
DES WisdomTree U.S. SmallCap Dividend Fund 5.1 38 -3 8.0 -1.0
PLAT WisdomTree Modern Tech Platforms Fund 5.1 45 -10 1.4 -7.5
NULC Nuveen ESG Large-Cap ETF 5.1 20 15 4.8 -4.2
ADME Aptus Drawdown Managed Equity ETF 5.1 81 -46 3.2 -5.7
SCIU Global X Scientific Beta US ETF 5.0 19 16 5.6 -3.4
DSTL Distillate US Fundamental Stability & Value ETF 5.0 39 -4 5.8 -3.1
CLRG IQ Chaikin U.S. Large Cap ETF 4.9 25 10 5.8 -3.2
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 4.9 30 5 5.4 -3.5
ARKF ARK Fintech Innovation ETF 4.9 75 -40 0.4 -8.5
STLV iShares Factors US Value Style ETF 4.8 25 10 6.7 -2.2
SDY SPDR S&P Dividend ETF 4.8 35 0 6.8 -2.2
FDMO Fidelity Momentum Factor ETF 4.8 29 6 3.7 -5.3
FTA First Trust Large Cap Value AlphaDEX Fund 4.8 60 -25 8.9 -0.1
RPG Invesco S&P 500 Pure Growth ETF 4.7 35 0 4.3 -4.7
QSY WisdomTree U.S. LargeCap Value Fund 4.7 38 -3 6.5 -2.5
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 4.7 75 -40 5.4 -3.5
FFTY Innovator IBD 50 ETF 4.7 80 -45 3.7 -5.3
NOBL ProShares S&P 500 Dividend Aristocrats ETF 4.7 35 0 5.8 -3.1
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 4.7 9 26 5.8 -3.1
MOAT VanEck Vectors Morningstar Wide Moat ETF 4.7 49 -14 6.2 -2.8
EUSA iShares MSCI USA Equal Weighted ETF 4.5 15 20 5.9 -3.0
SIZE iShares Edge MSCI USA Size Factor ETF 4.5 15 20 6.0 -2.9
TPLC Timothy Plan US Large Cap Core ETF 4.5 52 -17 5.1 -3.8
QDYN FlexShares Quality Dividend Dynamic Index Fund 4.5 37 -2 5.9 -3.0
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 4.5 17 18 6.1 -2.9
DON WisdomTree U.S. MidCap Dividend Fund 4.4 38 -3 7.3 -1.6
SUSA iShares MSCI USA ESG Select ETF 4.4 25 10 4.6 -4.4
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 4.3 29 6 6.6 -2.3
LEGR First Trust Index Digital Transaction & Process Technology E 4.3 65 -30 6.9 -2.1
VFLQ Vanguard U.S. Liquidity Factor ETF 4.3 14 21 4.4 -4.5
VOE Vanguard Mid-Cap Value Index Fund 4.2 7 28 7.5 -1.4
QGRO American Century STOXX U.S. Quality Growth ETF 4.2 29 6 3.1 -5.9
SYV SPDR MFS Systematic Value Equity ETF 4.2 60 -25 7.1 -1.8
STLG iShares Factors US Growth Style ETF 4.2 25 10 3.5 -5.5
SQLV Legg Mason Small-Cap Quality Value 4.1 62 -27 7.2 -1.7

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 Capital Markets 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 18.0 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.64 CATEGORY
AVERAGE		 1.52
 
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.