SPDR S&P Regional Banking ETF
ALTAR
Score™		 14.9% info Recommen-
dation		 SPECULATIVE
2020E    2021E
P/E
ratio		 7.6x P/Sales
ratio		 1.9x
P/BV
ratio		 0.7x Div.
yield		 5.0%


  • 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) $1,100
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 123
Wgt avg mkt cap (mns) $6,184
Large cap (>$10bn) 17.7%
Mid cap ($2-10bn) 57.6%
Small cap (<$2bn) 24.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
FIRST REPUBLIC BANK/CA 3.6 %
M & T BANK CORP 3.1 %
SVB FINANCIAL GROUP 3.1 %
PNC FINANCIAL SERVICES GROUP 3.1 %
PEOPLE'S UNITED FINANCIAL 3.0 %
BB&T CORP 2.8 %
HUNTINGTON BANCSHARES INC 2.7 %
ZIONS BANCORPORATION 2.7 %
REGIONS FINANCIAL CORP 2.6 %
KEYCORP 2.6 %
Total 29.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.1 %
PUERTO RICO 2.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-43.5% -34.7% -2.5% 4.1% -0.6%

Market Correlations
versus... Beta R-squared
S&P500 1.65 75%
MSCI EAFE 1.58 67%
MSCI Emg. Mkts. 1.19 56%

Technical Indicators
Recent close $32.59
30d moving avg. $41.74
Annualized volatility 28.8%
Short interest (ETF) 115.7%
Short interest (Underlying) 4.6%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 11,988
Turnover 35.5%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $3,143

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 14.9%


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 73.2 35 0 14.7 -0.2
IAT iShares U.S. Regional Banks ETF 60.0 42 -7 14.3 -0.6
KBWR Invesco KBW Regional Banking ETF 44.9 35 0 14.2 -0.7
FTXO First Trust Nasdaq Bank ETF 44.7 60 -25 14.2 -0.7
QABA First Trust NASDAQ ABA Community Bank Index Fund 36.1 60 -25 13.1 -1.8
KBWB Invesco KBW Bank ETF 33.5 35 0 13.4 -1.5
FXO First Trust Financials AlphaDEX Fund 20.0 63 -28 13.1 -1.7
FOVL iShares Focused Value Factor ETF 17.9 25 10 13.3 -1.6
RYF Invesco S&P 500 Equal Weight Financials ETF 16.2 40 -5 11.4 -3.5
PSCF Invesco S&P SmallCap Financials ETF 15.9 29 6 14.1 -0.8
IEFN iShares Evolved U.S. Financials ETF 13.8 18 17 11.6 -3.3
JKL iShares Morningstar Small Cap Value ETF 13.6 30 5 14.0 -0.9
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 12.9 60 -25 12.2 -2.6
VTWV Vanguard Russell 2000 Value Index Fund 12.9 15 20 9.8 -5.0
FNK First Trust Mid Cap Value AlphaDEX Fund 12.8 70 -35 14.9 +0.0
IWN iShares Russell 2000 Value ETF 12.6 24 11 9.7 -5.2
VFH Vanguard Financials Index Fund 12.4 10 25 11.2 -3.7
MDYV SPDR S&P 400 Mid Cap Value ETF 12.3 15 20 11.4 -3.4
IJJ iShares S&P Mid-Cap 400 Value ETF 12.3 25 10 11.3 -3.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 12.2 15 20 11.5 -3.3
IYG iShares US Financial Services ETF 12.1 42 -7 9.4 -5.5
FNCL Fidelity MSCI Financials Index ETF 12.0 8 27 11.2 -3.7
SLYV SPDR S&P 600 Small Cap Value ETF 11.8 15 20 11.5 -3.4
VIOV Vanguard S&P Small-Cap 600 Value ETF 11.7 15 20 11.6 -3.3
EZM WisdomTree U.S. MidCap Earnings Fund 11.7 38 -3 13.0 -1.9
JHMF John Hancock Multifactor Financials ETF 11.4 40 -5 10.3 -4.6
IJS iShares S&P Small-cap 600 Value ETF 11.4 25 10 11.4 -3.5
XSLV Invesco S&P SmallCap Low Volatility ETF 11.0 25 10 10.8 -4.0
PXMV Invesco S&P MidCap Value with Momentum ETF 10.6 39 -4 13.0 -1.9
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 10.6 35 0 10.9 -3.9
CVY Invesco Zacks Multi-Asset Income ETF 10.5 97 -62 17.5 +2.6
TPSC Timothy Plan US Small Cap Core ETF 10.2 52 -17 10.4 -4.5
JKJ iShares Morningstar Small-Cap ETF 10.1 25 10 8.6 -6.3
AVUV Avantis U.S. Small Cap Value ETF 10.0 25 10 13.0 -1.9
PY Principal Shareholder Yield Index ETF 10.0 29 6 11.9 -2.9
DES WisdomTree U.S. SmallCap Dividend Fund 10.0 38 -3 12.0 -2.9
AUSF Global X Adaptive U.S. Factor ETF 9.9 27 8 10.0 -4.9
VBR Vanguard Small Cap Value Index Fund 9.5 7 28 11.4 -3.5
SLY SPDR S&P 600 Small Cap ETF 8.8 15 20 8.9 -5.9
SPSM SPDR Portfolio Small Cap ETF 8.8 5 30 9.0 -5.8
IJR iShares Core S&P Small Cap ETF 8.7 7 28 9.0 -5.8
VIOO Vanguard S&P Small-Cap 600 ETF 8.7 10 25 9.0 -5.9
CLRG IQ Chaikin U.S. Large Cap ETF 8.6 25 10 11.0 -3.9
JHSC John Hancock Multifactor Small Cap ETF 8.6 50 -15 8.2 -6.7
DON WisdomTree U.S. MidCap Dividend Fund 8.2 38 -3 10.4 -4.4
EES WisdomTree SmallCap Earnings Fund 8.2 38 -3 18.1 +3.3
SLT Salt TruBeta High Exposure ETF 8.2 29 6 11.5 -3.4
FNX First Trust Mid Cap Core AlphaDEX Fund 8.1 61 -26 9.5 -5.3
RFV Invesco S&P Midcap 400 Pure Value ETF 8.0 35 0 15.5 +0.6
CDL Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E 7.7 35 0 11.0 -3.9
VFVA Vanguard U.S. Value Factor ETF 7.7 13 22 15.5 +0.6
PSC Principal U.S. Small Cap Index ETF 7.6 38 -3 10.3 -4.5
XLF Financial Select Sector SPDR Fund 7.6 13 22 10.4 -4.5
FTHI First Trust High Income ETF 7.5 85 -50 7.5 -7.4
QVM Arrow QVM Equity Factor ETF 7.5 65 -30 13.7 -1.2
PVAL Principal Contrarian Value Index ETF 7.4 29 6 10.1 -4.8
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 7.4 40 -5 7.6 -7.3
FAB First Trust Multi Cap Value AlphaDEX Fund 7.4 71 -36 12.7 -2.2
RNMC Mid Cap US Equity Select ETF 7.4 60 -25 9.4 -5.5
CZA Invesco Zacks Mid-Cap ETF 7.3 76 -41 8.8 -6.1
WBIY WBI Power Factor High Dividend ETF 7.3 70 -35 20.1 +5.2
SCHA Schwab U.S. Small-Cap ETF 7.3 4 31 7.1 -7.8
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 7.1 39 -4 8.2 -6.7
IYF iShares U.S. Financials ETF 6.7 42 -7 8.9 -5.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 6.7 40 -5 8.4 -6.5
VFMF Vanguard U.S. Multifactor ETF 6.6 18 17 10.4 -4.5
EWMC Invesco S&P MidCap 400 Equal Weight ETF 6.5 40 -5 9.2 -5.6
ISMD Inspire Small/Mid Cap Impact ETF 6.4 61 -26 7.1 -7.8
FTLB First Trust Hedged BuyWrite Income ETF 6.4 85 -50 7.5 -7.4
JKI iShares Morningstar Mid-Cap Value ETF 6.4 30 5 12.8 -2.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 6.3 17 18 6.9 -8.0
VTWO Vanguard Russell 2000 Index Fund 6.3 10 25 5.5 -9.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 6.3 39 -4 6.0 -8.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 6.3 6 29 7.5 -7.3
FYT First Trust Small Cap Value AlphaDEX Fund 6.3 72 -37 12.8 -2.1
VFQY Vanguard U.S. Quality Factor ETF 6.3 13 22 8.2 -6.7
FYX First Trust Small Cap Core AlphaDEX Fund 6.2 63 -28 8.5 -6.4
IWM iShares Russell 2000 ETF 6.2 19 16 5.3 -9.6
SDY SPDR S&P Dividend ETF 6.2 35 0 7.9 -6.9
VFLQ Vanguard U.S. Liquidity Factor ETF 6.1 13 22 5.2 -9.6
SQLV Legg Mason Small-Cap Quality Value 6.1 62 -27 11.6 -3.2
MDY SPDR S&P Midcap 400 ETF Trust 6.0 23 12 8.5 -6.4
NUSC Nuveen ESG Small-Cap ETF 6.0 40 -5 7.2 -7.7
SPMD SPDR Portfolio Mid Cap ETF 6.0 5 30 8.7 -6.2
IJH iShares Core S&P Mid-Cap ETF 6.0 6 29 8.6 -6.2
IVOO Vanguard S&P Mid-Cap 400 ETF 6.0 10 25 8.6 -6.3
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 6.0 29 6 11.7 -3.2
FNDA Schwab Fundamental U.S. Small Co. Index ETF 6.0 25 10 9.1 -5.8
XSVM Invesco S&P SmallCap Value with Momentum ETF 5.7 39 -4 14.9 0.0
DVY iShares Select Dividend ETF 5.7 39 -4 10.5 -4.4
RPV Invesco S&P 500 Pure Value ETF 5.7 35 0 16.5 +1.7
AFSM First Trust Active Factor Small Cap ETF 5.7 75 -40 10.0 -4.9
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 5.5 20 15 8.4 -6.5
VB Vanguard Small-Cap ETF 5.4 5 30 7.7 -7.2
RNSC Small Cap US Equity Select ETF 5.4 60 -25 9.0 -5.9
SPYB SPDR S&P 500 Buyback ETF 5.4 35 0 11.0 -3.8
ESGS Columbia Sustainable U.S. Equity Income ETF 5.3 35 0 11.7 -3.2
AFMC First Trust Active Factor Mid Cap ETF 5.2 65 -30 9.1 -5.7
BFOR Barron's 400 ETF 5.1 66 -31 8.7 -6.1
EQRR ProShares Equities for Rising Rates ETF 5.0 35 0 11.3 -3.6

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

  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

Content on this tab for subscribers only

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 9.7 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 14.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.63 CATEGORY
AVERAGE		 1.51
 
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.