SPDR S&P Insurance
ALTAR
Score™
6.9% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
13.3x P/Sales
ratio
1.3x
P/BV
ratio
1.3x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The SPDR S&P Insurance ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Insurance Select Industry Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $900
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 51
Wgt avg mkt cap (mns) $18,879
Large cap (>$10bn) 55.5%
Mid cap ($2-10bn) 43.8%
Small cap (<$2bn) 0.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BROWN & BROWN INC 2.4 %
ALLSTATE CORP 2.4 %
ARCH CAPITAL GROUP LTD 2.4 %
PROGRESSIVE CORP 2.3 %
AXIS CAPITAL HOLDINGS LTD 2.3 %
MARKEL CORP 2.3 %
OLD REPUBLIC INTL CORP 2.3 %
WILLIS TOWERS WATSON PUBLIC LIMITE 2.3 %
WR BERKLEY CORP 2.3 %
AON PLC 2.3 %
Total 23.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 79.0 %
BERMUDA 14.1 %
BRITAIN 4.6 %
SWITZERLAND 2.2 %







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% 11.7% 13.8% 6.9%

Market Correlations
versus... Beta R-squared
S&P500 0.80 62%
MSCI EAFE 0.76 46%
MSCI Emg. Mkts. 0.48 32%

Technical Indicators
Recent close $35.70
30d moving avg. $35.62
Annualized volatility 12.3%
Short interest (ETF) 1.1%
Short interest (Underlying) 2.3%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 225
Turnover 0.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $2,882

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KIE Expense: 35 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KIE
Ticker Fund
Name
Overlap1
vs KIE
(%)
Expense
ratio
(bp)
Savings
vs KIE
(bp)
ALTAR
Score™
(%)
ALTAR
vs KIE
(%)
IAK iShares US Insurance 58.0 43 -8 6.9 +0.0
KBWP Invesco KBW Property & Casualty Insurance 40.1 35 0 5.2 -1.7
RYF Invesco S&P Equal Weight Financials 33.7 40 -5 7.1 +0.2
RWW Invesco S&P Financials Revenue 25.6 45 -10 7.1 +0.3
FXO First Trust Financial Alphadex 23.2 63 -28 7.6 +0.8
JHMF John Hancock Multifactor Financials 21.8 40 -5 6.4 -0.4
IEFN iShares Evolved U.S. Financials 20.9 18 17 7.2 +0.4
LGLV SPDR Russell 1000 Low Volatility 20.7 12 23 5.0 -1.9
FNCL Fidelity MSCI Financials 19.0 8 27 7.2 +0.4
VFH Vanguard Financials 18.9 10 25 7.2 +0.3
DVLU First Trust Dorsey Wright Momentum & Value 18.6 60 -25 8.2 +1.4
XLF Financials Select Sector SPDR 18.1 13 22 6.8 -0.1
PFI Invesco Dynamic Financial Sector 17.7 60 -25 5.1 -1.8
SPVM Invesco S&P 500 Value with Momentum 17.2 39 -4 8.0 +1.2
RPV Invesco S&P 500 Pure Value ETF 16.1 35 0 10.7 +3.9
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility 15.9 25 10 5.7 -1.1
VSMV VictoryShares US Multi-Factor Minimum Volatility 14.2 35 0 6.2 -0.7
IYF iShares DJ US Financials 13.3 42 -7 5.9 -1.0
DVOL First Trust Dorsey Wright Momentum & Low Volatility 12.9 60 -25 4.2 -2.6
SPVU Invesco S&P 500 Value 12.2 13 22 10.4 +3.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 S&P Insurance
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.7 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 6.9 %
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.