KRE
SPDR S&P Regional Banking ETF
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
| Fund sponsor | SSGA Funds Management Inc |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 19, 2006 |
| Assets (mns) | $3,825 |
| 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 +
| EAST WEST BANCORP INC | 2.1 % |
| REGIONS FINANCIAL CORP | 2.1 % |
| WEBSTER FINANCIAL CORP | 2.1 % |
| M & T BANK CORP | 2.1 % |
| PNC FINANCIAL SERVICES GROUP | 2.0 % |
| WINTRUST FINANCIAL CORP | 2.0 % |
| CITIZENS FINANCIAL GROUP, INC. | 2.0 % |
| POPULAR INC | 2.0 % |
| CULLEN/FROST BANKERS INC | 2.0 % |
| FIFTH THIRD BANCORP | 1.9 % |
Constituent Breakdown
| Number of holdings | 141 |
| Herfindahl-Hirschman Index | 129 |
| Wgt avg mkt cap (mns) | $9,161 |
| Large cap (>$10bn) | 23.4% |
| Mid cap ($2-10bn) | 61.3% |
| Small cap (<$2bn) | 15.3% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 95.6 % |
 |
PUERTO RICO | 3.5 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 4.8% | -15.1% | 0.1% | 12.1% | 2.6% | 9.6% | 3.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.00 | 44% |
| MSCI EAFE | 1.02 | 45% |
| MSCI Emg Mkts | 0.91 | 41% |
Liquidity Measures
| Avg. volume (000) | 14,243 |
| Turnover | 16.2% |
| Avg. Bid/Ask (% of price) | 0.02% |
| ADV of underlying (mns) | $1,719 |
Technical Indicators
| Recent close | $43.44 |
| 30d moving avg. | $58.50 |
| Annualized volatility | 31.5% |
| Relative strength (RSI) | 18 |
| Short interest (ETF) | 33.1% |
| Short interest (underlying) | 2.3% |
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. KRE |
Expenses vs. KRE |
ALTAR Score™ vs. KRE |
|---|---|---|---|---|
| KBE | SPDR S&P Bank ETF | 70.0% | 0 bp | +0.2% |
| KBWR | Invesco KBW Regional Banking ETF | 50.6% | 0 bp | -2.0% |
| IAT | iShares U.S. Regional Banks ETF | 46.6% | +4 bp | +0.9% |
| QABA | First Trust NASDAQ ABA Community Bank Index Fund | 44.7% | +25 bp | -3.0% |
| FTXO | First Trust Nasdaq Bank ETF | 43.6% | +25 bp | +1.0% |
| SVAL | iShares US Small Cap Value Factor ETF | 24.4% | -15 bp | -1.6% |
| PSCF | Invesco S&P SmallCap Financials ETF | 23.4% | -6 bp | -2.3% |
| KBWB | Invesco KBW Bank ETF | 21.2% | 0 bp | +0.3% |
| FXO | First Trust Financials AlphaDEX Fund | 18.9% | +26 bp | -0.2% |
| XSLV | Invesco S&P SmallCap Low Volatility ETF | 17.1% | -10 bp | -5.7% |
Risk and Returns: KRE 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 3/17/2023
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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
KRE
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™
KRE
13.4%
Cat. Avg
6.6%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 13.4% |
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 889 funds in the US Equities category, with an average ALTAR Score™
of 6.6% and a standard deviation of
3.4%. KRE's ALTAR Score™ is approximately
2.0 standard deviations
above
the category average. This places KRE in the 98th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
KRE
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) |
|
|---|---|---|---|
| KRE | 35.0 | 1.8 | 36.8 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .