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KIESPDRINDEX

SPDR S&P Insurance ETF

$63.41+0.33% today
546652-WK

In seeking to track the performance of the S&P Insurance Select Industry Index (the "index"), the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the insurance segment of the S&P Total Market Index ("S&P TMI").

Price & daily flows
63.760.056.363.41DAILY NET FLOWAug 21Dec 18Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 3Y SHOWN · NET −$104M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$65M of net buying over the past month, about 9.2% of the fund's asset base, while the price has returned +6.6% so far this year. At 0.35% a year it is not the cheapest way in — IEFA runs the same ground at 0.07%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$701Massets under management
0.35%expense ratio · $35 per $10,000 a year
+$65Mnet flow, trailing month
1Mavg daily volume, 30 days
48holdings · US-domiciled
2005listed November 7, 2005 · beta 0.10
The book at a glance
BWIN+1.4%WTW+0.2%RYAN+0.6%KNSL+0.6%RLI+0.4%BRO+1.2%TRV-0.2%AJG+1.6%RGA+0.2%LNC+0.4%SKWD+1.8%PRU+0.5%OSCR+1.5%MRSH+0.9%PLMR+0.9%ERIE+1.0%ALL-0.3%THG+0.0%GNW+0.2%AIZ+0.7%EG+0.5%MET+0.9%RNR+0.4%KMPR-0.8%ACGL+0.1%AFG+0.0%FAF-0.3%ORI-0.5%CNO+0.8%PGR-0.5%PRI-0.7%AON+0.9%GL+0.3%HIG-0.7%WTM-0.3%MCY+1.8%CB-0.5%L-0.8%SPNT+0.1%AIG+0.5%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1BWINBaldwin Insurance2.51%$31.90+1.4%
2WTWWILLIS TOWERS WATSON1.81%$341.99+0.2%
3RYANRYAN SPECIALTY HOLDINGS1.99%$43.28+0.6%
4KNSLKINSALE CAPITAL GROUP1.92%$383.55+0.6%
5RLIRLI2.00%$65.38+0.4%
6BROBROWN & BROWN1.95%$72.92+1.2%
7TRVTRAVELERS COMPANIES1.99%$363.58-0.2%
8AJGARTHUR J GALLAGHER &1.90%$263.81+1.6%
9RGAREINSURANCE GROUP OF AMERICA1.89%$243.13+0.2%
10LNCLINCOLN NATIONAL1.78%$42.15+0.4%
11SKWDSKYWARD SPECIALTY INSURANCE GROUP2.18%$56.89+1.8%
12PRUPRUDENTIAL FINANCIAL1.88%$121.15+0.5%
13OSCROSCAR HEALTH1.87%$32.04+1.5%
14MRSHMarsh & McLennan1.82%$192.01+0.9%
15PLMRPALOMAR HOLDINGS2.04%$130.09+0.9%

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Sector weights
Finance99.86%
Financials98.13%
Financial Services97.94%
Healthcare2.06%
Mutual fund0.14%
Other0.06%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States95.91%
Bermuda13.77%
United Kingdom2.1%
Switzerland2%
Ireland1.92%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+0.3%
1 month-1.1%
3 months+10.1%
6 months+10.3%
YTD+6.6%
1 year+6.5%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week−$3M
1 month+$65M
3 months+$183M
YTD+$99M
1 year−$171M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
16%realized volatility, 30 days (annualized)
17%realized volatility, 1 year
-12.3%deepest fall from a peak, 1 year
-4.6%where it sits vs. that peak today

The top holding is 2.5% of the book; the top ten carry 21%. Spread across 54+ names, it behaves like roughly 53 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
25calls today
126puts today
5.04put/call ratio
818Kshares traded
Most-traded holdings, options premiumBullishBearish
OSCR OSCAR HEALTH$2M$2M
LMND LEMONADE$1M$877,661
PGR PROGRESSIVE$622,033$774,339
CB CHUBB$507,313$703,568
ALL ALLSTATE$494,885$459,426

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against KIE

Due diligence cuts both ways. These funds sit on the same shelf and beat KIE on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-31bp on fee · 47× the assets · +$104M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-31bp on fee · 33× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-31bp on fee · 27× the assets · +$312M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$193.2B+$631M-28bp on fee · 275× the assets · +$631M in over the monthHead-to-head
IGLB iShares 10+ Year Investment Grade Corporate Bond ETF0.04%$2.8B+$220M-31bp on fee · 4× the assets · +$220M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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