KBE — SPDR® S&P Bank ETF

KBE Fund Overview

KBE — SPDR® S&P Bank ETF is a US ETF managed by SPDR Series Trust, categorised as United States Small Cap Blend / Core Financials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: SPDR Series Trust
• Category: United States Small Cap Blend / Core Financials Equity
• Assets under management: $1.48B
• 1-year return: 25.3%
• Ticker: KBE
• SEC CIK: 0001064642
• SEC series ID: S000006977
• Share class ID: C000019030

KBE Investment Objective and Strategy

SPDR® S&P Bank ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by SPDR Series Trust.

Investment objective

The SPDR S&P Bank ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded national money centers and leading regional banks.

Principal investment strategy

In seeking to track the performance of the S&P Banks Select Industry Index (the Index), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (SSGA FM or the Adviser), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.

Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. In addition, in seeking to track the Index, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). In seeking to track the Index, the Fund's assets will generally be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. The Index represents the banks segment of the S&P Total Market Index (S&P TMI). The S&P TMI is designed to track the broad U.S. equity market.

The banks segment of the S&P TMI comprises the following sub-industries: Asset Management & Custody Banks, Diversified Banks, Regional Banks, Other Diversified Financial Services, and Thrifts & Mortgage Finance. The Index is one of twenty-one (21) of the S&P Select Industry Indices (the Select Industry Indices), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (GICS). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered.

The Index consists of the S&P TMI constituents belonging to the Asset Management & Custody Banks, Diversified Banks, Regional Banks, Other Diversified Financial Services, and Thrifts & Mortgage Finance sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization above $2 billion with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 100%; and (ii) are U.S. based companies. The length of time to evaluate liquidity is reduced to the available trading period for initial public offerings or spin-offs that do not have 12 months of trading history. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date.

Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $1 billion or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. Rebalancing occurs on the third Friday of the quarter ending month. The S&P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Select Market, Investors Exchange (IEX), NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. The Index is modified equal weighted. As of August 31, 2018, the Index comprised 80 stocks. The Index is sponsored by S&P Dow Jones Indices LLC (the Index Provider), which is not affiliated with the Fund or the Adviser.

The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

KBE Holdings

Top 10 holdings of SPDR® S&P Bank ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all KBE holdings

KBE Portfolio Allocation

Asset-class allocation of SPDR® S&P Bank ETF by percentage of net assets, from the latest SEC N-PORT filing.

KBE Performance

Total returns for KBE (as of 2026-10-01), from SEC filings.

KBE Risk Information

Risk metrics for KBE, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 16.42%

KBE Costs and Fees

KBE costs about $35 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.35%
• Gross expense ratio: 0.35%
• Portfolio turnover: 16%
• Brokerage commissions: 0.34 bps of average net assets (SEC N-CEN)

KBE Cashflows

Over the 12 months to 2026-06, SPDR® S&P Bank ETF had net outflows of $287.37M, from monthly SEC N-PORT filings.

KBE Debt Constituents

No individual debt constituents are reported in SPDR® S&P Bank ETF's latest SEC N-PORT filing.

KBE Prospectus and SEC Filings

Official SPDR® S&P Bank ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-10-24
• Prospectus (485BPOS) — filed 2024-10-24
• Prospectus (485BPOS) — filed 2023-10-26
• Portfolio holdings (N-PORT) — filed 2026-08-28
• Portfolio holdings (N-PORT) — filed 2026-05-29
• Portfolio holdings (N-PORT) — filed 2026-02-26
• Annual census (N-CEN) — filed 2026-09-11
• Annual census (N-CEN) — filed 2025-09-12

Related Funds

Other United States Small Cap Blend / Core Financials Equity funds tracked on ABC INVEST:

• SPDR® S&P Regional Banking(SM) ETF (KRE)
• VanEck Inflation Allocation ETF (RAAX)
• Applied Finance Explorer Fund (AFDVX)
• Regional Bank Fund (FRBAX)
• RMB Mendon Financial Services Fund (RMBKX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.