SPDR S&P Regional Banking ETF
ALTAR
Score™		 7.5% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 22.7x P/Sales
ratio		 3.3x
P/BV
ratio		 1.2x Div.
yield		 2.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR KBW Regional Banking ETF objective is to replicate as closely as possible the performance of the KBW Regional Banking Index, an equal-weighted index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Jun 19, 2006
Assets (mns) $2,482
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 130
Wgt avg mkt cap (mns) $11,700
Large cap (>$10bn) 36.8%
Mid cap ($2-10bn) 52.3%
Small cap (<$2bn) 10.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SVB FINANCIAL GROUP 4.2 %
FIRST REPUBLIC BANK/CA 3.8 %
REGIONS FINANCIAL CORP 3.7 %
KEYCORP 3.6 %
FIFTH THIRD BANCORP 3.6 %
M & T BANK CORP 3.6 %
HUNTINGTON BANCSHARES INC 3.6 %
CITIZENS FINANCIAL GROUP, INC. 3.6 %
BB&T CORP 3.5 %
PNC FINANCIAL SERVICES GROUP 3.4 %
Total 36.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.4 %
PUERTO RICO 1.6 %









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.
-7.5% -7.5% 6.8% 9.2% 2.9%

Market Correlations
versus... Beta R-squared
S&P500 1.43 66%
MSCI EAFE 1.40 62%
MSCI Emg. Mkts. 1.26 64%

Technical Indicators
Recent close $57.25
30d moving avg. $53.74
Annualized volatility 33.1%
Short interest (ETF) 56.7%
Short interest (Underlying) 4.6%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 8,987
Turnover 20.7%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $4,048

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the SPDR S&P Regional Banking ETF ETF based on the alternatives' overlap in portfolio holdings with KRE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KRE Expense: 35 bp ALTAR Score™: 7.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KRE
Ticker Fund
Name		 Overlap1
vs KRE
(%)		 Expense
ratio
(bp)		 Savings
vs KRE
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KRE
(%)
KBE SPDR S&P Bank ETF 70.0 35 0 8.2 +0.7
IAT iShares U.S. Regional Banks ETF 65.0 42 -7 7.9 +0.4
FTXO First Trust Nasdaq Bank ETF 50.1 60 -25 6.7 -0.8
KBWB Invesco KBW Bank ETF 43.2 35 0 7.9 +0.4
KBWR Invesco KBW Regional Banking ETF 36.7 35 0 7.6 +0.1
QABA First Trust NASDAQ ABA Community Bank Index Fund 27.9 60 -25 7.6 +0.0
FXO First Trust Financials AlphaDEX Fund 26.1 63 -28 9.2 +1.6
RYF Invesco S&P 500 Equal Weight Financials ETF 21.1 40 -5 7.5 -0.0
IEFN iShares Evolved U.S. Financials ETF 16.4 18 17 7.5 -0.0
FOVL iShares Focused Value Factor ETF 16.3 25 10 7.7 +0.2
EQRR ProShares Equities for Rising Rates ETF 15.5 35 0 6.2 -1.4
SPYD SPDR S&P 500 High Dividend ETF 15.3 7 28 9.2 +1.6
PFI Invesco DWA Financial Momentum ETF 14.9 60 -25 4.9 -2.6
FYT First Trust Small Cap Value AlphaDEX Fund 14.6 72 -37 8.0 +0.5
PSC Principal U.S. Small Cap Index ETF 14.6 38 -3 4.6 -2.9
RFV Invesco S&P Midcap 400 Pure Value ETF 14.5 35 0 8.9 +1.4
WBIY WBI Power Factor High Dividend ETF 14.4 70 -35 8.4 +0.9
DVY iShares Select Dividend ETF 14.2 39 -4 8.0 +0.5
FNCL Fidelity MSCI Financials Index ETF 14.2 8 27 7.2 -0.4
PSCF Invesco S&P SmallCap Financials ETF 14.2 29 6 9.0 +1.4
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 14.0 60 -25 6.1 -1.4
VFH Vanguard Financials Index Fund 13.6 10 25 7.2 -0.4
SVAL iShares US Small Cap Value Factor ETF 13.6 20 15 8.3 +0.7
IYG iShares US Financial Services ETF 13.0 42 -7 5.9 -1.7
JHMF John Hancock Multifactor Financials ETF 12.6 40 -5 6.4 -1.2
SLYV SPDR S&P 600 Small Cap Value ETF 12.4 15 20 7.0 -0.6
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 12.4 35 0 6.0 -1.5
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 12.3 35 0 6.0 -1.5
TPSC Timothy Plan US Small Cap Core ETF 12.3 52 -17 5.7 -1.8
IWN iShares Russell 2000 Value ETF 12.1 24 11 5.1 -2.5
IJJ iShares S&P Mid-Cap 400 Value ETF 12.1 18 17 6.9 -0.6
MDYV SPDR S&P 400 Mid Cap Value ETF 12.1 15 20 6.9 -0.6
AVUV Avantis U.S. Small Cap Value ETF 12.1 25 10 6.4 -1.2
IJS iShares S&P Small-cap 600 Value ETF 12.0 18 17 6.9 -0.6
AUSF Global X Adaptive U.S. Factor ETF 11.8 27 8 8.0 +0.5
BFOR Barron's 400 ETF 11.8 65 -30 5.6 -2.0
DES WisdomTree U.S. SmallCap Dividend Fund 11.8 38 -3 6.7 -0.8
JKJ iShares Morningstar Small-Cap ETF 11.5 25 10 5.1 -2.5
QDIV Global X S&P 500 Quality Dividend ETF 11.4 20 15 6.5 -1.0
VIOV Vanguard S&P Small-Cap 600 Value ETF 11.4 15 20 7.0 -0.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 11.4 15 20 6.7 -0.8
JKL iShares Morningstar Small Cap Value ETF 11.2 30 5 7.6 +0.0
FYX First Trust Small Cap Core AlphaDEX Fund 11.2 63 -28 5.4 -2.1
RNSC Small Cap US Equity Select ETF 10.9 60 -25 6.0 -1.6
VTWV Vanguard Russell 2000 Value Index Fund 10.6 15 20 5.2 -2.4
VFVA Vanguard U.S. Value Factor ETF 10.4 14 21 8.4 +0.9
EZM WisdomTree U.S. MidCap Earnings Fund 10.1 38 -3 7.6 +0.0
NIFE Direxion Fallen Knives ETF 10.1 50 -15 4.2 -3.4
FNK First Trust Mid Cap Value AlphaDEX Fund 10.1 70 -35 7.7 +0.2
FAB First Trust Multi Cap Value AlphaDEX Fund 10.0 71 -36 7.5 -0.0
PY Principal Shareholder Yield Index ETF 9.9 15 20 7.8 +0.2
DON WisdomTree U.S. MidCap Dividend Fund 9.7 38 -3 6.7 -0.8
RDIV Invesco S&P Ultra Dividend Revenue ETF 9.6 39 -4 8.7 +1.2
FDL First Trust Morningstar Dividend Leaders Index Fund 9.5 45 -10 9.1 +1.6
SPGP Invesco S&P 500 GARP ETF 9.3 34 1 6.2 -1.4
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 9.3 20 15 7.1 -0.4
XJR iShares ESG Screened S&P Small-Cap ETF 9.2 12 23 5.8 -1.8
RPV Invesco S&P 500 Pure Value ETF 9.2 35 0 9.9 +2.3
XLF Financial Select Sector SPDR Fund 9.2 13 22 6.8 -0.7
VBR Vanguard Small Cap Value Index Fund 8.9 7 28 6.4 -1.1
SPSM SPDR Portfolio Small Cap ETF 8.8 5 30 5.7 -1.8
SLY SPDR S&P 600 Small Cap ETF 8.8 15 20 5.6 -1.9
VIOO Vanguard S&P Small-Cap 600 ETF 8.7 10 25 5.6 -2.0
IJR iShares Core S&P Small Cap ETF 8.5 6 29 5.7 -1.9
EWMC Invesco S&P MidCap 400 Equal Weight ETF 8.4 40 -5 5.6 -1.9
DBLV AdvisorShares DoubleLine Value Equity ETF 8.0 91 -56 5.4 -2.1
SCHD Schwab U.S. Dividend Equity ETF 7.9 6 29 7.1 -0.4
ALTL Pacer Lunt Large Cap Alternator ETF 7.9 60 -25 5.6 -2.0
SPHB Invesco S&P 500 High Beta ETF 7.8 25 10 5.9 -1.6
BKSE BNY Mellon US Small Cap Core Equity ETF 7.8 4 31 4.7 -2.9
IYF iShares U.S. Financials ETF 7.8 42 -7 6.0 -1.6
EES WisdomTree SmallCap Earnings Fund 7.7 38 -3 7.6 +0.1
FGD First Trust Dow Jones Global Select Dividend Index Fund 7.5 59 -24 10.0 +2.5
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 7.4 35 0 7.7 +0.1
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 7.4 35 0 7.7 +0.1
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 7.4 40 -5 5.2 -2.4
FNDA Schwab Fundamental U.S. Small Co. Index ETF 7.3 25 10 4.8 -2.8
GBDV Global Beta Smart Income ETF 7.3 29 6 8.3 +0.7
LVHD Legg Mason Low Volatility High Dividend ETF 7.2 27 8 7.7 +0.1
SDY SPDR S&P Dividend ETF 7.1 35 0 6.4 -1.2
DFNL Davis Select Financial ETF 7.1 64 -29 6.8 -0.8
VFLQ Vanguard U.S. Liquidity Factor ETF 7.1 14 21 3.5 -4.1
NUSC Nuveen ESG Small-Cap ETF 7.0 40 -5 4.0 -3.6
XJH iShares ESG Screened S&P Mid-Cap ETF 7.0 12 23 5.4 -2.2
RYJ Invesco Raymond James SB-1 Equity ETF 7.0 76 -41 3.7 -3.9
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 6.9 17 18 4.0 -3.5
PBSM Invesco PureBeta MSCI USA Small Cap ETF 6.9 6 29 4.0 -3.5
VFQY Vanguard U.S. Quality Factor ETF 6.8 13 22 5.3 -2.3
VTWO Vanguard Russell 2000 Index Fund 6.7 10 25 2.7 -4.9
SCHA Schwab U.S. Small-Cap ETF 6.7 4 31 3.6 -3.9
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 6.7 29 6 4.9 -2.6
MDY SPDR S&P Midcap 400 ETF Trust 6.7 23 12 5.1 -2.4
SPMD SPDR Portfolio Mid Cap ETF 6.7 5 30 5.3 -2.3
IJH iShares Core S&P Mid-Cap ETF 6.6 5 30 5.3 -2.3
SDOG ALPS Sector Dividend Dogs ETF 6.6 40 -5 8.7 +1.2
IVOO Vanguard S&P Mid-Cap 400 ETF 6.5 10 25 5.3 -2.3
CSB VictoryShares US Small Cap High Dividend Volatility Wtd Idx 6.4 35 0 7.2 -0.3
JHSC John Hancock Multifactor Small Cap ETF 6.4 42 -7 4.5 -3.0

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 Regional Banking 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 8.8 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 7.5 %
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.