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) | $3,095 |
| 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 +
| TRUIST FINANCIAL CORPORATION | 3.2 % |
| M & T BANK CORP | 3.1 % |
| FIRST HORIZON NATIONAL CORP | 3.1 % |
| WESTERN ALLIANCE BANCORP | 3.1 % |
| HUNTINGTON BANCSHARES INC | 3.1 % |
| ZIONS BANCORPORATION | 3.0 % |
| CITIZENS FINANCIAL GROUP, INC. | 3.0 % |
| EAST WEST BANCORP INC | 2.8 % |
| REGIONS FINANCIAL CORP | 2.7 % |
| BANK OZK | 2.5 % |
Constituent Breakdown
| Number of holdings | 139 |
| Herfindahl-Hirschman Index | 165 |
| Wgt avg mkt cap (mns) | $5,340 |
| Large cap (>$10bn) | 15.6% |
| Mid cap ($2-10bn) | 55.8% |
| Small cap (<$2bn) | 28.5% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 94.4 % |
 |
PUERTO RICO | 2.4 % |
Historical Performance
Standardized Annual Returns (as of 11/30/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -20.4% | -27.0% | -16.9% | 1.2% | -1.3% | 3.6% | 2.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.79 | 21% |
| MSCI EAFE | 0.88 | 23% |
| MSCI Emg Mkts | 0.69 | 16% |
Liquidity Measures
| Avg. volume (000) | 15,903 |
| Turnover | 24.4% |
| Avg. Bid/Ask (% of price) | 0.02% |
| ADV of underlying (mns) | $818 |
Technical Indicators
| Recent close | $47.54 |
| 30d moving avg. | $40.68 |
| Annualized volatility | 30.8% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 71.7% |
| 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 | 63.4% | 0 bp | +1.2% |
| KBWR | Invesco KBW Regional Banking ETF | 50.0% | 0 bp | -0.2% |
| IAT | iShares U.S. Regional Banks ETF | 45.0% | +5 bp | +1.3% |
| QABA | First Trust NASDAQ ABA Community Bank Index Fund | 36.7% | +25 bp | -1.1% |
| FTXO | First Trust Nasdaq Bank ETF | 35.3% | +25 bp | +1.2% |
| FXO | First Trust Financials AlphaDEX Fund | 25.0% | +27 bp | -0.7% |
| PSCF | Invesco S&P SmallCap Financials ETF | 23.8% | -6 bp | -0.6% |
| SVAL | iShares US Small Cap Value Factor ETF | 22.5% | -15 bp | +0.8% |
| KBWB | Invesco KBW Bank ETF | 20.9% | 0 bp | +0.0% |
| SMCP | AlphaMark Actively Managed Small Cap ETF | 20.3% | +55 bp | -10.6% |
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 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
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
10.6%
Cat. Avg
6.1%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 10.6% |
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%. KRE's ALTAR Score™ is approximately
1.5 standard deviations
above
the category average. This places KRE in the 93rd 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 | 2.3 | 37.3 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .