KCE
SPDR S&P Capital Markets ETF
KBW Capital Markets ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate the performance of the KBW Capital Markets Index.
US
EQUITY
Passive
MANAGEMENT STYLE
546.9 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | SSGA Funds Management Inc |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 08, 2005 |
| Assets (mns) | $547 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Equal |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| BLUE OWL CAPITAL INC CLASS A | 2.1 % |
| COINBASE GLOBAL, INC. CLASS A | 2.1 % |
| CARLYLE GROUP/THE | 2.0 % |
| LPL FINANCIAL HOLDINGS INC | 1.9 % |
| MORGAN STANLEY | 1.9 % |
| ROBINHOOD MARKETS, INC. CLASS A | 1.9 % |
| EVERCORE PARTNERS INC-CL A | 1.8 % |
| PJT PARTNERS, INC. CLASS A | 1.8 % |
| STIFEL FINANCIAL CORP | 1.8 % |
| AMERIPRISE FINANCIAL INC | 1.8 % |
Constituent Breakdown
| Number of holdings | 57 |
| Herfindahl-Hirschman Index | 166 |
| Wgt avg mkt cap (mns) | $33,072 |
| Large cap (>$10bn) | 59.9% |
| Mid cap ($2-10bn) | 33.9% |
| Small cap (<$2bn) | 6.3% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 88.7 % |
 |
BRITAIN | 1.7 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 24.2% | 47.5% | 35.1% | 11.9% | 20.7% | 12.6% | 6.9% | Volatility | 15.0% | 16.2% | 21.8% | 22.6% | 25.6% | 22.7% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.23 | 76% |
| MSCI EAFE | 1.20 | 69% |
| MSCI Emg Mkts | 0.95 | 42% |
Liquidity Measures
| Avg. volume (000) | 31 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.13% |
| ADV of underlying (mns) | $10,347 |
Technical Indicators
| Recent close | $134.22 |
| 30d moving avg. | $121.05 |
| Annualized volatility | 25.4% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.9% |
| 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. KCE |
Expenses vs. KCE |
ALTAR Score™ vs. KCE |
|---|---|---|---|---|
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 39.3% | +5 bp | -1.6% |
| RSPF | Invesco S&P 500 Equal Weight Financials ETF | 31.2% | +5 bp | +0.2% |
| IYF | iShares U.S. Financials ETF | 25.1% | +5 bp | -0.5% |
| IYG | iShares US Financial Services ETF | 24.9% | +5 bp | -0.9% |
| FXO | First Trust Financials AlphaDEX Fund | 23.7% | +27 bp | +1.5% |
| VFH | Vanguard Financials ETF | 20.9% | -25 bp | -0.3% |
| FNCL | Fidelity MSCI Financials Index ETF | 20.4% | -27 bp | -0.3% |
| PFI | Invesco Dorsey Wright Financial Momentum ETF | 20.0% | +25 bp | +0.5% |
| XLF | Financial Select Sector SPDR Fund | 19.0% | -26 bp | -0.7% |
| BFIIX | Baron FinTech | 17.9% | +40 bp | -2.7% |
Risk and Returns: KCE 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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 10/21/2024
Peer Group Comparison Sample data. Subscribe for access.
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
KCE
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 Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
KCE
6.2%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. KCE's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places KCE in the 60th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
KCESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| KCE (35 bp) Percentile rank | 56 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| KCE | 35.0 | 13.1 | 48.1 |
| Peer Avg. | 26.1 | 10.4 | 36.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .