SPDR KBW Regional Banking
ALTAR
Score™
8.3% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
11.5x P/Sales
ratio
3.3x
P/BV
ratio
1.2x Div.
yield
2.7%


  • 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 22, 2006
Assets (mns) $2,026
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 122
Wgt avg mkt cap (mns) $10,853
Large cap (>$10bn) 36.2%
Mid cap ($2-10bn) 52.0%
Small cap (<$2bn) 11.9%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FIRST REPUBLIC BANK/CA 3.0 %
ZIONS BANCORPORATION 3.0 %
COMERICA INC 2.9 %
PNC FINANCIAL SERVICES GROUP 2.9 %
FIFTH THIRD BANCORP 2.8 %
SVB FINANCIAL GROUP 2.8 %
KEYCORP 2.8 %
M & T BANK CORP 2.8 %
CITIZENS FINANCIAL GROUP, INC. 2.7 %
BB&T CORP 2.7 %
Total 28.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.7 %
PUERTO RICO 2.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
17.2% 2.3% 8.1% 12.2% 3.1%

Market Correlations
versus... Beta R-squared
S&P500 1.51 57%
MSCI EAFE 1.09 25%
MSCI Emg. Mkts. 0.61 13%

Technical Indicators
Recent close $55.96
30d moving avg. $53.94
Annualized volatility 24.2%
Short interest (ETF) 96.6%
Short interest (Underlying) 4.6%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 5,540
Turnover 15.3%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $3,047

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR KBW Regional Banking 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™: 8.3%


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 KBW Bank ETF 74.5 35 0 8.3 +0.1
IAT iShares DJ US Regional Banks 63.0 42 -7 7.5 -0.7
FTXO First Trust Nasdaq Bank 44.3 60 -25 7.8 -0.4
KBWR Invesco KBW Regional Bank 44.3 35 0 8.6 +0.4
QABA First Trust NASDAQ ABA Community Bank 36.6 60 -25 8.2 -0.1
KBWB Invesco KBW Bank Portfolio 33.8 35 0 7.8 -0.5
FXO First Trust Financial Alphadex 21.7 63 -28 8.1 -0.2
RYF Invesco S&P Equal Weight Financials 21.5 40 -5 7.5 -0.7
IEFN iShares Evolved U.S. Financials 16.7 18 17 7.5 -0.8
JKL iShares Morningstar Small Cap Value 15.8 30 5 9.1 +0.8
JHMF John Hancock Multifactor Financials 15.3 40 -5 6.7 -1.5
SDVY First Trust SMID Cap Rising Dividend Achievers 14.7 60 -25 7.6 -0.7
IYG iShares DJ US Financial Services 14.7 42 -7 6.6 -1.7
FNCL Fidelity MSCI Financials 14.1 8 27 7.5 -0.8
FNK First Trust Mid Cap Value AlphaDEX 14.0 70 -35 9.1 +0.8
VFH Vanguard Financials 13.9 10 25 7.5 -0.8
IWN iShares Russell 2000 Value 13.1 24 11 6.5 -1.7
VTWV Vanguard Russell 2000 Value 12.9 20 15 6.6 -1.7
PSCF Invesco S&P Small Cap Financials 12.5 29 6 8.8 +0.5
PY Principal Shareholder Yield 12.2 29 6 8.0 -0.3

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

  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 Regional Banking
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 9.6 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 8.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.