SPDR S&P Insurance ETF
ALTAR
Score™		 8.1% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 15.3x P/Sales
ratio		 1.2x
P/BV
ratio		 1.0x 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 08, 2005
Assets (mns) $345
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 53
Wgt avg mkt cap (mns) $16,551
Large cap (>$10bn) 50.0%
Mid cap ($2-10bn) 45.9%
Small cap (<$2bn) 4.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
BRIGHTHOUSE FINANCIAL, INC. 2.5 %
ASSURED GUARANTY LTD 2.4 %
CINCINNATI FINANCIAL CORP 2.3 %
TRUPANION INC 2.3 %
HARTFORD FINANCIAL SVCS GRP 2.3 %
AMERICAN EQUITY INVT LIFE HL 2.2 %
UNUM GROUP 2.2 %
PRINCIPAL FINANCIAL GROUP 2.2 %
EHEALTH INC 2.2 %
METLIFE INC 2.2 %
Total 22.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 79.8 %
BERMUDA 13.7 %
BRITAIN 4.1 %
SWITZERLAND 2.0 %







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.
-3.1% -3.1% 9.7% 10.9% 6.2%

Market Correlations
versus... Beta R-squared
S&P500 0.94 73%
MSCI EAFE 0.97 77%
MSCI Emg. Mkts. 0.76 60%

Technical Indicators
Recent close $34.18
30d moving avg. $33.70
Annualized volatility 20.7%
Short interest (ETF) 4.1%
Short interest (Underlying) 2.3%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 334
Turnover 3.3%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $4,850

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P Insurance ETF 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™: 8.1%


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 U.S. Insurance ETF 55.7 42 -7 7.7 -0.4
KBWP Invesco KBW Property & Casualty Insurance ETF 35.9 35 0 6.1 -2.0
RYF Invesco S&P 500 Equal Weight Financials ETF 32.6 40 -5 7.5 -0.6
FXO First Trust Financials AlphaDEX Fund 31.3 63 -28 9.2 +1.0
JHMF John Hancock Multifactor Financials ETF 22.9 40 -5 6.4 -1.8
IEFN iShares Evolved U.S. Financials ETF 19.5 18 17 7.5 -0.6
RPV Invesco S&P 500 Pure Value ETF 19.0 35 0 9.9 +1.7
FNCL Fidelity MSCI Financials Index ETF 18.3 8 27 7.2 -1.0
VFH Vanguard Financials Index Fund 17.5 10 25 7.2 -1.0
XLF Financial Select Sector SPDR Fund 17.3 13 22 6.8 -1.3
LGLV SPDR Russell 1000 Low Volatility ETF 15.7 12 23 5.2 -3.0
RDVY First Trust Rising Dividend Achievers ETF 14.2 50 -15 6.4 -1.8
IYF iShares U.S. Financials ETF 13.0 42 -7 6.0 -2.2
RFV Invesco S&P Midcap 400 Pure Value ETF 11.2 35 0 8.9 +0.8
SPVU Invesco S&P 500 Enhanced Value ETF 10.9 13 22 9.4 +1.3
JKI iShares Morningstar Mid-Cap Value ETF 10.8 30 5 7.6 -0.5
VTRN Victory Portfolios II VictoryShares Top Veteran Employers ET 10.3 60 -25 6.2 -2.0
RDIV Invesco S&P Ultra Dividend Revenue ETF 10.1 39 -4 8.7 +0.6
PY Principal Shareholder Yield Index ETF 9.8 15 20 7.8 -0.4
STLV iShares Factors US Value Style ETF 9.7 25 10 6.5 -1.6
VSDA VictoryShares Dividend Accelerator ETF 9.5 35 0 4.6 -3.5
VETS Pacer Military Times Best Employers ETF 9.3 60 -25 6.1 -2.1
FNK First Trust Mid Cap Value AlphaDEX Fund 9.3 70 -35 7.7 -0.4
DFNL Davis Select Financial ETF 9.3 64 -29 6.8 -1.4
KLCD KFA Large Cap Quality Dividend Index ETF 9.3 42 -7 5.0 -3.1
CVY Invesco Zacks Multi-Asset Income ETF 9.1 94 -59 8.2 +0.1
NUMV Nuveen ESG Mid-Cap Value ETF 8.9 40 -5 6.0 -2.1
ONEV SPDR Russell 1000 Low Volatility Focus ETF 8.8 20 15 6.1 -2.0
PEY Invesco High Yield Equity Dividend Achievers ETF 8.7 52 -17 8.2 +0.1
FCTR First Trust Lunt U.S. Factor Rotation ETF 8.6 65 -30 1.2 -6.9
IXG iShares Global Financials ETF 8.5 46 -11 8.5 +0.4
FTA First Trust Large Cap Value AlphaDEX Fund 8.3 60 -25 7.3 -0.8
LSAT Leadershares Alphafactor Tactical Focused ETF 8.3 99 -64 6.0 -2.2
SPYD SPDR S&P 500 High Dividend ETF 8.2 7 28 9.2 +1.0
FTCS First Trust Capital Strength ETF 7.8 58 -23 5.0 -3.1
SPMV Invesco S&P 500 Minimum Variance ETF 7.8 10 25 5.4 -2.7
SPVM Invesco S&P 500 Value with Momentum ETF 7.7 39 -4 7.7 -0.5
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 7.6 60 -25 6.1 -2.0
DVY iShares Select Dividend ETF 7.6 39 -4 8.0 -0.1
VFVA Vanguard U.S. Value Factor ETF 7.6 14 21 8.4 +0.3
SPGP Invesco S&P 500 GARP ETF 7.5 34 1 6.2 -2.0
FAB First Trust Multi Cap Value AlphaDEX Fund 7.5 71 -36 7.5 -0.6
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 7.4 41 -6 5.4 -2.7
VNMC Natixis Vaughan Nelson Mid Cap ETF 7.2 90 -55 6.0 -2.1
PWV Invesco Dynamic Large Cap Value ETF 7.2 56 -21 6.8 -1.4
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF 7.1 35 0 6.6 -1.6
ALTL Pacer Lunt Large Cap Alternator ETF 7.1 60 -25 5.6 -2.6
SPHB Invesco S&P 500 High Beta ETF 7.1 25 10 5.9 -2.2
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 7.0 35 0 7.7 -0.5
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 7.0 35 0 7.7 -0.5
FDLO Fidelity Low Volatility Factor ETF 7.0 29 6 4.9 -3.2
FOVL iShares Focused Value Factor ETF 7.0 25 10 7.7 -0.4
GBDV Global Beta Smart Income ETF 6.9 29 6 8.3 +0.1
NULV Nuveen ESG Large-Cap Value ETF 6.7 35 0 6.0 -2.2
CZA Invesco Zacks Mid-Cap ETF 6.6 69 -34 5.6 -2.6
XMVM Invesco S&P MidCap Value with Momentum ETF 6.5 39 -4 8.0 -0.1
USMV iShares Edge MSCI Min Vol USA ETF 6.4 15 20 5.3 -2.8
ABEQ Absolute Core Strategy ETF 6.4 88 -53 4.3 -3.9
RWK Invesco S&P MidCap 400 Revenue ETF 6.3 39 -4 6.3 -1.8
VOE Vanguard Mid-Cap Value Index Fund 6.2 7 28 6.6 -1.5
VUSE Vident Core US Equity Fund 6.2 48 -13 7.3 -0.8
VFLQ Vanguard U.S. Liquidity Factor ETF 6.1 14 21 3.5 -4.7
DON WisdomTree U.S. MidCap Dividend Fund 6.0 38 -3 6.7 -1.4
FVD First Trust Value Line Dividend Index Fund 6.0 70 -35 5.8 -2.4
FUNL CornerCap Fundametrics Large-Cap ETF 5.9 50 -15 7.2 -1.0
LEAD Reality Shares DIVCON Leaders Dividend ETF 5.9 43 -8 4.8 -3.4
SPDV AAM S&P 500 High Dividend Value ETF 5.9 29 6 8.5 +0.3
FDL First Trust Morningstar Dividend Leaders Index Fund 5.9 45 -10 9.1 +1.0
HUSV First Trust Horizon Managed Volatility Domestic ETF 5.9 70 -35 4.8 -3.4
PFI Invesco DWA Financial Momentum ETF 5.8 60 -25 4.9 -3.2
USMF WisdomTree U.S. Multifactor Fund 5.8 28 7 5.4 -2.8
TMDV ProShares Russell US Dividend Growers ETF 5.6 36 -1 5.2 -2.9
FVL First Trust Value Line 100 ETF 5.6 70 -35 6.0 -2.2
SDY SPDR S&P Dividend ETF 5.6 35 0 6.4 -1.8
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 5.6 35 0 5.1 -3.1
MDYV SPDR S&P 400 Mid Cap Value ETF 5.5 15 20 6.9 -1.2
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 5.5 29 6 6.0 -2.2
IJJ iShares S&P Mid-Cap 400 Value ETF 5.5 18 17 6.9 -1.2
KBWD Invesco KBW High Dividend Yield Financial ETF 5.5 124 -89 10.2 +2.1
TPHD Timothy Plan High Dividend Stock ETF 5.4 52 -17 5.6 -2.6
FNX First Trust Mid Cap Core AlphaDEX Fund 5.4 61 -26 5.1 -3.1
RVRS Reverse Cap Weighted U.S. Large Cap ETF 5.4 29 6 6.1 -2.1
PSET Principal Price Setters Index ETF 5.4 15 20 4.6 -3.5
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 5.3 48 -13 5.5 -2.6
AUSF Global X Adaptive U.S. Factor ETF 5.3 27 8 8.0 -0.1
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 5.2 17 18 5.6 -2.5
PSCF Invesco S&P SmallCap Financials ETF 5.2 29 6 9.0 +0.8
SCHD Schwab U.S. Dividend Equity ETF 5.2 6 29 7.1 -1.1
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 5.2 75 -40 5.3 -2.9
NOBL ProShares S&P 500 Dividend Aristocrats ETF 5.2 35 0 5.7 -2.5
QSY WisdomTree U.S. LargeCap Value Fund 5.1 38 -3 6.7 -1.4
RFG Invesco S&P Midcap 400 Pure Growth ETF 5.1 35 0 3.3 -4.8
YLDE ClearBridge Dividend Strategy ESG ETF 5.0 60 -25 4.4 -3.7
IWS iShares Russell Mid-Cap Value ETF 5.0 24 11 5.9 -2.2
ESGS Columbia Sustainable U.S. Equity Income ETF 5.0 35 0 7.4 -0.7
DFND Reality Shares DIVCON Dividend Defender ETF 5.0 144 -109 3.9 -4.3
NIFE Direxion Fallen Knives ETF 5.0 50 -15 4.2 -4.0
STMB iShares Factors US Mid Blend Style ETF 5.0 30 5 4.9 -3.2
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 5.0 20 15 7.1 -1.0
BKMC BNY Mellon US Mid Cap Core Equity ETF 4.9 4 31 4.8 -3.3

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 Insurance 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 7.6 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.62 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.