FTXO vs KBE: Grades, Fees and Holdings Compared

First Trust Nasdaq Bank ETF

FTXODNasdaq

State Street SPDR S&P Bank ETF

KBEBNYSE Arca

Overlap

39.1%by weight

Expense ratio

KBE −0.25pt a year

FTXO0.60%KBE0.35%

Avg volume · 30D

KBE 17.5×the volume

FTXO91.4KKBE1.6M

10Y return · a year

KBE +0.1pt

FTXO+9.6%KBE+9.7%

FTXO vs KBE Performance

Nov 2, 2021 – Nov 2, 2026

+32.9%FTXO+35.9%KBE

Expense ratio: FTXO 0.60%; KBE 0.35%, better
Fund size: FTXO $240M; KBE $1.54B
1Y total return: FTXO +18.8%; KBE +21.3%, better
Yield (12M): FTXO 1.91%; KBE 2.19%, better
Holdings: FTXO 51; KBE 109
Avg volume (30D): FTXO 91.4K sh; KBE 1.6M sh, better
NAV per share: FTXO $39.69; KBE $66.47
52W range

ETF.net Grade

Pillar letters and Scores for FTXO, KBE, with each pillar’s weight
Pillar	FTXO	KBE
Cost30% weight	F13	B62Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C46	C46
Tradability15% weight	B58	B68Higher
Holdings10% weight	C53	A86Higher
Durability5% weight	B55	A76Higher

Rank among Banks funds

How we build Categories ›

Same Category. FTXO and KBE are both graded against the same 9 Banks funds, so their Grades compare head to head.

Banks⁠

Category · 9 funds

See all 9 ›

KBE ranks 2nd and FTXO 8th of 9 funds in the Banks Category.

Rank 1BKREState Street SPDR S&P Regional Banking ETFScore 67
Rank 2BKBEState Street SPDR S&P Bank ETFScore 63
Rank 2BKBWBInvesco KBW Bank ETFScore 63
Rank 7DQABAFirst Trust NASDAQ ABA Community Bank Index FundScore 37
Rank 8DFTXOFirst Trust Nasdaq Bank ETFScore 36
Rank 8DIATiShares U.S. Regional Banks ETFScore 36

Our read on each fund

ETF.net Research

FTXODFirst Trust Nasdaq Bank ETF

KBEBState Street SPDR S&P Bank ETF

In short

FTXO Most bank ETFs just buy the sector by size. FTXO screens US banks on value, momentum and profitability, then holds roughly 40 that clear the bar. A stock-picker's bank fund, run by rules instead of a manager.

KBE One of the original bank ETFs, running since 2005. It holds roughly 100 US banks in one ticker, spanning the whole bank segment of the market rather than a shortlist of household-name giants.

Stated mandate

FTXO The fund seeks to track the performance of the Nasdaq US Smart BanksTM Index before fees and expenses, using a replication strategy.

KBE The fund seeks to match, before fees and expenses, the total return of the S&P Banks Select Industry Index and provides targeted exposure to the bank segment of the S&P Total Market Index.

Why people hold it

FTXO Rules do the picking: the Nasdaq US Smart Banks Index ranks US banks on value, momentum and profitability, and the fund replicates it rather than weighting purely by size.ftportfolios.com
A tight book of roughly 40 banks, so individual names carry real weight instead of being diluted across the whole sector.ftportfolios.com
Live since 2016, with a track record of hugging its index very closely and paying distributions quarterly.

KBE Launched in 2005, so it has been trading through every bank cycle since, including 2008 and the 2023 regional-bank stress.
Roughly 100 holdings covering the bank slice of the S&P Total Market Index, so no single lender's headline defines the whole fund.
The job is simple (match the S&P Banks Select Industry Index before fees) and the tracking is among the tightest in the bank-ETF group.
A billion-dollar-plus fund that trades actively, which is what keeps bid-ask costs modest for ordinary-sized orders.

Worth knowing

FTXO The screening costs: 0.60% a year against 0.35% for plain-vanilla bank funds like KBE, KBWB and KRE. You are paying for the ranking process, not just sector exposure.
Screens can tilt it away from the biggest banks, so its path can look quite different from a standard market-cap bank index in either direction.ftportfolios.com
Mid-sized and moderately traded rather than a category heavyweight, so spreads can run wider than the largest bank ETFs.

KBE The 0.35% expense ratio sits right at the middle of the bank-ETF pack, not below it. PBEU charges 0.25%, though it buys European banks.
One sector, one country. US bank stocks tend to move together with rates and credit conditions, so this concentrates risk rather than spreading it.
Distributions land quarterly, not monthly.

Full FTXO profile⁠

Full KBE profile⁠

FTXO vs KBE Holdings

How FTXO and KBE differ

Overlap by weight

39.1%

Shared holdings make up 99.3% of FTXO and 46.0% of KBE.

Level by level

Holdings49 in both39.1%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in FTXO and KBE, widest gap first
Sector	More in FTXOMore in KBE	FTXO	KBE
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in FTXO and KBE, widest gap first
Country	More in FTXOMore in KBE	FTXO	KBE
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

FTXO58.0%
KBE10.2%

Securities held

FTXO50
KBE107

Asset class

FTXO: Equity
KBE: Equity

Holdings

Only in FTXO1
In both49
Only in KBE58

Only in FTXO

1 security, 0.5% of FTXO by weight

Mechanics Bancorp (Class A)0.53%

Only in KBE

58 securities, 53.9% of KBE by weight

Customers Bancorp Inc1.06%
Central Bancompany1.06%
Glacier Bancorp Inc1.01%
Texas Capital Bancshares Inc1.00%
Equitable Holdings Inc0.99%
Corebridge Financial Inc0.99%
Columbia Banking System Inc0.98%
First Interstate Bancsys A0.98%
Cvb Financial Corp0.98%
Pinnacle Financial Partners0.97%
Simmons First Natl Corp Class A0.97%
Independent Bank Corp/Ma0.96%
Stock Yards Bancorp Inc0.96%
Community Financial System I0.96%
Lakeland Financial Corp0.96%
Banc of California Inc0.96%
First Merchants Corp0.96%
Fnb Corp0.95%
Bancfirst Corp0.95%
First Bancorp/Nc0.95%
First Hawaiian Inc0.95%
First Commonwealth Finl Corp0.95%
City Holding Co0.95%
Northwest Bancshares Inc0.95%
Renasant Corp0.94%
Trustmark Corp0.94%
Beacon Financial Corp0.93%
Essent Group Ltd0.93%
Jackson Financial Inc A0.93%
Enterprise Financial Service0.93%
Banner Corporation0.93%
Truist Financial Corp0.93%
Fb Financial Corp0.93%
Radian Group Inc0.93%
Seacoast Banking Corp/Fl0.93%
Western Alliance Bancorp0.93%
First Busey Corp0.92%
Ofg Bancorp0.92%
Nmi Holdings Inc0.92%
Pathward Financial Inc0.92%
Voya Financial Inc0.91%
Huntington Bancshares Inc0.91%
Bankunited Inc0.91%
Triumph Financial Inc0.91%
First Finl Bankshares Inc0.89%
Bank of Hawaii Corp0.89%
Northern Trust Corp0.89%
Hilltop Holdings Inc0.89%
Columbia Financial Inc0.89%
Mgic Investment Corp0.89%

Weight gaps

All 49 Holdings in both funds, largest gap first.

Holding weights in FTXO and KBE, widest gap first
Holding	More in FTXOMore in KBE	FTXO	KBE
Wells Fargo & CompanyWFC	FTXO +7.04 points	7.94%	0.90%
U.S. BancorpUSB	FTXO +7.02 points	7.94%	0.92%
JPMorgan Chase & Co.JPM	FTXO +6.87 points	7.79%	0.92%
Citigroup Inc.C	FTXO +6.80 points	7.66%	0.86%
Bank of America CorporationBAC	FTXO +5.87 points	6.64%	0.77%
First Citizens BancShares, Inc. (Class A)FCNCA	FTXO +3.41 points	4.47%	1.06%
Fifth Third BancorpFITB	FTXO +3.02 points	3.97%	0.95%
The PNC Financial Services Group, Inc.PNC	FTXO +3.00 points	3.91%	0.91%
M&T Bank CorporationMTB	FTXO +2.99 points	3.88%	0.89%
Citizens Financial Group, Inc.CFG	FTXO +2.92 points	3.81%	0.89%
KeyCorpKEY	FTXO +2.53 points	3.47%	0.94%
Regions Financial CorporationRF	FTXO +2.43 points	3.35%	0.92%
SouthState Bank CorporationSSB	FTXO +0.85 points	1.80%	0.95%
East West Bancorp, Inc.EWBC	FTXO +0.84 points	1.82%	0.98%
First Horizon CorporationFHN	FTXO +0.70 points	1.61%	0.91%
Old National BancorpONB	FTXO +0.67 points	1.61%	0.94%
The Bancorp, Inc.TBBK	KBE +0.59 points	0.37%	0.96%
Prosperity Bancshares, Inc.PB	FTXO +0.56 points	1.52%	0.96%
Valley National BancorpVLY	FTXO +0.55 points	1.53%	0.98%
UMB Financial CorporationUMBF	FTXO +0.48 points	1.39%	0.91%
Zions Bancorporation, National AssociationZION	FTXO +0.46 points	1.38%	0.92%
NBT Bancorp Inc.NBTB	KBE +0.45 points	0.53%	0.98%
Park National CorporationPRK	KBE +0.45 points	0.47%	0.92%
Nicolet Bankshares, Inc.NIC	KBE +0.43 points	0.53%	0.96%
TowneBankTOWN	KBE +0.43 points	0.51%	0.94%
ServisFirst Bancshares, Inc.SFBS	KBE +0.42 points	0.49%	0.91%
First BanCorp.FBP	KBE +0.42 points	0.49%	0.91%
First Financial Bancorp.FFBC	KBE +0.42 points	0.54%	0.96%
Wintrust Financial CorporationWTFC	FTXO +0.40 points	1.37%	0.97%
WSFS Financial CorporationWSFS	KBE +0.40 points	0.55%	0.95%
Provident Financial Services, Inc.PFS	KBE +0.40 points	0.55%	0.95%
Cathay General BancorpCATY	KBE +0.40 points	0.61%	1.01%
Axos Financial, Inc.AX	KBE +0.35 points	0.59%	0.94%
Fulton Financial CorporationFULT	KBE +0.31 points	0.65%	0.96%
International Bancshares CorporationIBOC	KBE +0.29 points	0.61%	0.90%
United Community Banks, Inc.UCB	KBE +0.25 points	0.76%	1.01%
Popular, Inc.BPOP	FTXO +0.24 points	1.15%	0.91%
WesBanco, Inc.WSBC	KBE +0.19 points	0.73%	0.92%
BOK Financial CorporationBOKF	FTXO +0.19 points	1.12%	0.93%
Commerce Bancshares, Inc.CBSH	KBE +0.19 points	0.72%	0.91%
Bank OZKOZK	FTXO +0.19 points	1.19%	1.00%
Ameris BancorpABCB	KBE +0.14 points	0.79%	0.93%
United Bankshares, Inc.UBSI	FTXO +0.14 points	1.12%	0.98%
Eastern Bankshares, Inc.EBC	KBE +0.11 points	0.88%	0.99%
Home BancShares, Inc.HOMB	KBE +0.10 points	0.86%	0.96%
Hancock Whitney CorporationHWC	KBE +0.06 points	0.86%	0.92%
Cullen/Frost Bankers, Inc.CFR	KBE +0.06 points	0.86%	0.92%
Associated Banc-CorpASB	KBE +0.02 points	0.94%	0.96%
Atlantic Union Bankshares CorporationAUB	FTXO +0.02 points	0.97%	0.95%

All 50 FTXO holdings⁠All 107 KBE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTXO vs KBE Cost

Overpaying FTXO vs KBE

$4,691

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FTXO 0.60%
$11,817
KBE 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

FTXO 0.60%
KBE 0.35%
Overpaying

Year by year

Year	FTXO	KBE	Overpaying
10	$1,076	$634	$442
20	$4,116	$2,454	$1,662
30	$11,817	$7,126	$4,691

Expense ratio

0.60%FTXO
0.35%KBE, cheaper

KBE0.35%FTXO0.60%

0.13%0.60%

Middle half of Banks funds
Median 0.35%

KBE 2nd cheapest of 9 funds

FTXO 8th cheapest of 9 funds

FTXO vs KBE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FTXO 1.91%; KBE 2.19%, better
Payout (12M): FTXO $0.77; KBE $1.47
Last payment: FTXO $0.21; KBE $0.38
Ex-dividend: FTXO Sep 24, 2026; KBE Sep 21, 2026
Paid on: FTXO Sep 30, 2026; KBE Sep 23, 2026
Frequency: FTXO Quarterly; KBE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FTXOQuarterly · 39 paymentsAll FTXO payments⁠

KBEQuarterly · 39 paymentsAll KBE payments⁠

FTXO vs KBE Risk

Fall from peak · 5 years

FTXO
KBE

Risk facts

VolatilityStd dev, 3 years: FTXO 21.3%, betterKBE 22.2%
Return per unit of riskSharpe ratio, 3 years: FTXO 1.12, betterKBE 0.96
Worst fallMax drawdown, 5 years: FTXO −46.6%KBE −45.3%, better
Market sensitivityBeta, 5 years: FTXO 1.05KBE 1.12; Market = 1

FTXO and KBE in the news

All news⁠

New ETFs
iShares' new AI fund holds $220 million, and Walmart is its largest stock
Oct 5, 2026KBE
New ETFs
A new US bank ETF puts 42% in four megabanks and charges 0.14%
Oct 5, 2026KBE
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026KBE
News
Better Markets sues the Fed and Bowman to halt the bank-capital rewrite
Sep 10, 2026KBE

Popular comparisons

FTXODvsKREB
First Trust Nasdaq Bank ETF · State Street SPDR S&P Regional Banking ETF
Expense ratio
0.60% · 0.35%
Category
KBEBvsKREB
State Street SPDR S&P Bank ETF · State Street SPDR S&P Regional Banking ETF
Expense ratio
0.35% · 0.35%
Category
FTXODvsKBWBB
First Trust Nasdaq Bank ETF · Invesco KBW Bank ETF
Expense ratio
0.60% · 0.35%
Category
KBEBvsKBWBB
State Street SPDR S&P Bank ETF · Invesco KBW Bank ETF
Expense ratio
0.35% · 0.35%
Category
FTXODvsGSIBB
First Trust Nasdaq Bank ETF · Themes Global Systemically Important Banks ETF
Expense ratio
0.60% · 0.35%
Category
KBEBvsGSIBB
State Street SPDR S&P Bank ETF · Themes Global Systemically Important Banks ETF
Expense ratio
0.35% · 0.35%
Category