KBE(KBE)
AI Look-Through Summary
AI GeneratedThe KBE ETF maintains a total asset under management of $1.3 billion and exhibits a pronounced sector concentration within Financial Services, which accounts for 44.1% of its portfolio weight. This heavy allocation suggests the fund's performance will be highly correlated with macroeconomic factors influencing the banking and financial industries rather than offering broad diversification across other economic sectors. The top ten holdings reveal a distinct pattern where multiple entities are categorized under Financial Services while others lack specific sector tags in the provided data, indicating that nearly half of the immediate concentration is driven by this single industry vertical.
Geographic exposure cannot be definitively determined from the available holding names alone, as many institutions operate globally or have complex cross-border structures; however, the presence of regional bank tickers like EWBC and CATY alongside larger financial entities implies a potential tilt toward domestic or North American markets rather than emerging economies. Quantitatively, the fund displays moderate concentration risk within its top holdings, with individual positions hovering around 1.1% to 1.2%, which prevents any single name from dominating the index but still results in significant exposure if that specific sub-sector faces headwinds. The absence of sector classifications for several top-tier names introduces a layer of opacity regarding true diversification, as these untagged assets may inadvertently reinforce existing financial service exposures or introduce unrelated risks without clear labeling.
Ultimately, KBE functions as a leveraged vehicle into the Financial Services complex rather than a broadly diversified equity basket. Investors seeking exposure to this specific sector should note that the fund's beta and volatility will likely mirror those of its underlying holdings closely, with limited hedging provided by non-financial assets within the top tier. The data indicates a strategy focused on capturing returns from financial institutions, making it susceptible to regulatory changes or interest rate fluctuations more acutely than balanced portfolios would be.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 09:55:13.437888+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker KBE is Small-Cap Banking, and the fund's composition demonstrates a strong alignment with this specific sector focus. The top holdings are predominantly regional banks and financial institutions such as APO, CATY, NTRS, and C, which fits the small-cap banking narrative rather than broader financial services or unrelated industries. While some entries in the top fifteen lack explicit industry labels in the provided data, their inclusion alongside clearly identified bank stocks suggests a concentration within the same asset class rather than a drift into disparate sectors like technology or healthcare that would dilute thematic purity.
Sector coherence is high, with Financial Services accounting for 44.1% of the portfolio across forty-four holdings, indicating a dedicated strategy rather than an accidental sector exposure. The low top-ten concentration of 11.1% suggests effective diversification within the small-cap space, reducing reliance on any single mega-cap stock to anchor performance while maintaining true thematic differentiation from broad market indices. This structure supports the premise that the fund is actively targeting smaller financial entities rather than simply holding a basket of large established names under a thematic label, thereby validating its classification as a specialized small-cap banking vehicle based solely on the provided data points.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 16:50:34.783516+00
🏢 Sector Analysis
AI GeneratedThe KBE ETF exhibits a pronounced sector concentration, with Financial Services comprising 44.1% of its portfolio and represented by forty-four distinct holdings. This heavy weighting suggests an investment thesis heavily anchored in the financial industry's performance potential rather than broad market diversification. The presence of multiple top-tier holdings within this single sector indicates that the fund's alpha generation strategy relies significantly on the cyclical dynamics, regulatory environment, and earnings trajectories specific to banks and other financial institutions. Such a structure implies that the fund is positioned to capture upside from interest rate fluctuations or credit cycle expansions while simultaneously exposing investors to heightened volatility if those macroeconomic conditions deteriorate.
Concentration risk appears elevated given the singular reliance on one sector for nearly half of all assets, despite a relatively dispersed top-ten concentration metric of 11.1%. While the specific weightings of individual names like VOYA or APO remain modest at approximately 1.2% each, the sheer number of financial holdings amplifies systemic risk inherent to that industry. The fund does not appear tilted toward value or growth factors through its sector choice alone; rather, it leans into a classic cyclical play where valuation multiples often expand during economic upturns and contract during downturns. This allocation strategy sacrifices breadth for depth within the financial space, meaning portfolio performance will likely mirror broader indices like the KBW Bank Index more closely than a diversified equity benchmark would.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 22:38:57.897543+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share KBE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of KBE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VFHVFH | $13B | — | 100 | 98.7% |
| SPTMSPTM | $12B | — | 90 | 89.0% |
| KREKRE | $4B | — | 79 | 76.5% |
| VYMVanguard High Dividend Yield Index Fund ETF Shares | $90B | — | 67 | 68.2% |
| VBRVBR | $62B | — | 58 | 58.9% |
99% of KBE's portfolio by weight is also held by VFH, which commands 10× more assets under management. When VFH receives inflows, it mechanically buys these shared stocks — dragging KBE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofKBE's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 83% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside KBE collectively pay out 38% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 60% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryKBE is up 21.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +11.8%. The remaining +9.7% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 98% of fund weight with earnings data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
KBE has a Passive Crowding Score of 27/100. On average, 8.2% of the market capitalization of KBE's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 14 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | VOYA | VOYA FINANCIAL INC | 1.16% | 10.6x | 4/9 |
| 2 | APO | APOLLO GLOBAL MANAGEMENT INC Financial Services | 1.15% | 80.4x | 4/9 |
| 3 | CATY | CATHAY GENERAL BANCORP Financial Services | 1.12% | 10.8x | 6/9 |
| 4 | FBP | FIRST BANCORP PUERTO RICO | 1.11% | 9.7x | 7/9 |
| 5 | BNY | BANK OF NEW YORK MELLON CORP | 1.11% | 17.3x | — |
| 6 | NTRS | NORTHERN TRUST CORP Financial Services | 1.11% | 17.3x | 5/9 |
| 7 | CRBG | COREBRIDGE FINANCIAL INC Financial Services | 1.10% | 70.1x | — |
| 8 | UMBF | UMB FINANCIAL CORP | 1.09% | 11.5x | 6/9 |
| 9 | TFIN | TRIUMPH FINANCIAL INC | 1.09% | 64.2x | 4/9 |
| 10 | EWBC | EAST WEST BANCORP INC Financial Services | 1.09% | 12.2x | 6/9 |
| 11 | BPOP | POPULAR INC Financial Services | 1.08% | 11.0x | 6/9 |
| 12 | WAFD | WAFD INC | 1.07% | 10.8x | 6/9 |
| 13 | C | CITIGROUP INC Financial Services | 1.07% | 15.5x | 2/9 |
| 14 | WSFS | WSFS FINANCIAL CORP | 1.07% | 12.5x | 4/9 |
| 15 | PNFP | PINNACLE FINANCIAL PARTNERS Financial Services | 1.07% | 13.6x | 5/9 |
Historical Holdings Snapshots
Browse how KBE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 16.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VOYA | 1.16% | 217,370 | — |
| 2 | APO | 1.15% | 135,799 | — |
| 3 | CATY | 1.12% | 301,847 | — |
| 4 | FBP | 1.11% | 711,914 | — |
| 5 | BNY | 1.11% | 123,099 | — |
| 6 | NTRS | 1.11% | 102,284 | — |
| 7 | CRBG | 1.10% | 613,750 | — |
| 8 | UMBF | 1.09% | 128,980 | — |
| 9 | TFIN | 1.09% | 252,349 | — |
| 10 | EWBC | 1.09% | 136,323 | — |
| 11 | BPOP | 1.08% | 111,809 | — |
| 12 | WAFD | 1.07% | 469,936 | — |
| 13 | C | 1.07% | 131,954 | — |
| 14 | WSFS | 1.07% | 230,401 | — |
| 15 | PNFP | 1.07% | 169,297 | — |
2026-05-23
15 holdings · 16.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VOYA | 1.16% | 217,370 | — |
| 2 | APO | 1.15% | 135,799 | — |
| 3 | CATY | 1.12% | 301,847 | — |
| 4 | FBP | 1.11% | 711,914 | — |
| 5 | BNY | 1.11% | 123,099 | — |
| 6 | NTRS | 1.11% | 102,284 | — |
| 7 | CRBG | 1.10% | 613,750 | — |
| 8 | UMBF | 1.09% | 128,980 | — |
| 9 | TFIN | 1.09% | 252,349 | — |
| 10 | EWBC | 1.09% | 136,323 | — |
| 11 | BPOP | 1.08% | 111,809 | — |
| 12 | WAFD | 1.07% | 469,936 | — |
| 13 | C | 1.07% | 131,954 | — |
| 14 | WSFS | 1.07% | 230,401 | — |
| 15 | PNFP | 1.07% | 169,297 | — |
2026-05-22
15 holdings · 16.5% tracked weight2026-05-21
15 holdings · 16.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | APO | 1.18% | 114,519 | — |
| 2 | VOYA | 1.15% | 183,322 | — |
| 3 | CATY | 1.12% | 254,575 | — |
| 4 | NTRS | 1.12% | 86,248 | — |
| 5 | BK | 1.11% | 103,795 | — |
| 6 | FBP | 1.11% | 600,422 | — |
| 7 | EWBC | 1.09% | 114,967 | — |
| 8 | RDN | 1.09% | 372,570 | — |
| 9 | WAFD | 1.09% | 396,368 | — |
| 10 | CRBG | 1.09% | 517,610 | — |
| 11 | BPOP | 1.08% | 94,329 | — |
| 12 | WSFS | 1.08% | 194,301 | — |
| 13 | UMBF | 1.08% | 108,764 | — |
| 14 | PNFP | 1.06% | 142,773 | — |
| 15 | FFBC | 1.06% | 450,932 | — |
2026-05-20
15 holdings · 16.6% tracked weight2026-05-19
15 holdings · 16.6% tracked weightSource: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove KBE Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedKBE is currently trading at $63.54, a price point that exists within the broader context of market volatility and underlying fundamental shifts. Without access to historical drawdown data or specific volume trends, it remains unclear whether this current level represents a structural inflection driven by long-term value realization or a fragile equilibrium susceptible to sudden repricing based on macroeconomic headwinds. The absence of visible support or resistance zones in the provided snapshot suggests that momentum is not yet anchored by confirmed technical patterns, leaving the asset's trajectory highly dependent on incoming fundamental catalysts rather than established price action alone. In this environment, risk dynamics appear ambiguous; any upward movement could be interpreted as a recovery phase following an unseen correction, while downward pressure might signal further erosion of confidence if the current backdrop lacks sufficient liquidity to absorb shocks. The interplay between potential volatility spikes and the unknown fundamental narrative creates a scenario where price stability is not guaranteed. Observers must weigh whether $63.54 serves as a temporary resting point before significant expansion or contraction, noting that without corroborating indicators regarding past drawdowns or future earnings visibility, the structural integrity of this momentum remains unverified and potentially precarious against shifting market regimes.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How KBE’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.