KBWR
Invesco KBW Regional Banking ETF
Invesco KBW Regional Banking Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the KBW Regional Banking Index (the "Underlying Index"). The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index.
Fund Basics
| Fund sponsor | Tax Exempt Securities Trust In |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 01, 2011 |
| Assets (mns) | $60 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| WEBSTER FINANCIAL CORP | 4.1 % |
| CULLEN/FROST BANKERS INC | 3.8 % |
| COMMERCE BANCSHARES INC | 3.7 % |
| NEW YORK COMMUNITY BANCORP | 3.0 % |
| BOK FINANCIAL CORPORATION | 2.8 % |
| UMB FINANCIAL CORP | 2.3 % |
| UNITED BANKSHARES INC | 2.2 % |
| FIRST BANCORP PUERTO RICO | 2.2 % |
| WINTRUST FINANCIAL CORP | 2.2 % |
| BANCORPSOUTH BANK | 2.2 % |
Constituent Breakdown
| Number of holdings | 50 |
| Herfindahl-Hirschman Index | 221 |
| Wgt avg mkt cap (mns) | $3,054 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 72.9% |
| Small cap (<$2bn) | 27.1% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 95.7 % |
 |
PUERTO RICO | 4.3 % |
Historical Performance
Standardized Annual Returns (as of 11/30/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -14.4% | -21.3% | -9.6% | 6.3% | 0.6% | 4.3% | 8.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.75 | 22% |
| MSCI EAFE | 0.83 | 25% |
| MSCI Emg Mkts | 0.63 | 16% |
Liquidity Measures
| Avg. volume (000) | 10 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.77% |
| ADV of underlying (mns) | $281 |
Technical Indicators
| Recent close | $50.04 |
| 30d moving avg. | $42.86 |
| Annualized volatility | 28.1% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 2.1% |
| Short interest (underlying) | 2.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. KBWR |
Expenses vs. KBWR |
ALTAR Score™ vs. KBWR |
|---|---|---|---|---|
| KRE | SPDR S&P Regional Banking ETF | 50.0% | 0 bp | +0.2% |
| QABA | First Trust NASDAQ ABA Community Bank Index Fund | 45.8% | +25 bp | -0.9% |
| KBE | SPDR S&P Bank ETF | 44.3% | 0 bp | +1.4% |
| SMCP | AlphaMark Actively Managed Small Cap ETF | 26.2% | +55 bp | -10.4% |
| FTXO | First Trust Nasdaq Bank ETF | 25.5% | +25 bp | +1.4% |
| IAT | iShares U.S. Regional Banks ETF | 23.7% | +5 bp | +1.5% |
| PSCF | Invesco S&P SmallCap Financials ETF | 17.9% | -6 bp | -0.3% |
| CSB | VictoryShares US Small Cap High Dividend Volatility Wtd Idx | 15.4% | 0 bp | -0.9% |
| FXO | First Trust Financials AlphaDEX Fund | 14.2% | +27 bp | -0.4% |
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 13.3% | +5 bp | -3.5% |
Risk and Returns: KBWR vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/6/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
KBWR
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
KBWR
10.4%
Cat. Avg
6.1%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 10.4% |
Recommendation
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.
Category Overview
There are 896 funds in the US Equities category, with an average ALTAR Score™
of 6.1% and a standard deviation of
3.0%. KBWR's ALTAR Score™ is approximately
1.4 standard deviations
above
the category average. This places KBWR in the 92nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
KBWR
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| KBWR | 35.0 | 77.4 | 112.4 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .